Michael W. Wagner

NTI-IM employs a variety of security analysis methods in providing investment advisory services. The firm applies quantitative analysis methodologies in creating overlay investment strategies. Each investment strategy of the firm is managed by a team comprised of portfolio managers and investment analysts. Their asset class capabilities include equity, fixed income, liquidity and asset allocation. Strategy implementation ranges from passive and factor-based quantitative, to fundamental active and multi-manager.

LIP designs portfolios to meet each client's needs and objectives emphasizing tolerance for risk, need for current and future income, tax planning, and time horizon. They believe their main responsibility to their clients is to preserve and enhance capital. The firm invests predominantly in large-cap growth stocks and investment grade fixed-income securities. Their team of investment professionals uses internal and external research sources to identify securities that best suit their long-term growth expectations. For equities, LIP believes that long-term wealth is created through investment in companies that have shown an ability to consistently increase earnings and cash flow. Fundamental analysis determines the merit of any investment. They evaluate earnings quality and sustainability, industry position and strength of management. They look for businesses that are expanding market share. LIP seeks companies that are involved in niche markets with the ability to sustain high profit margins and those that are able to maintain earnings growth because of sales growth. The firm invests in firms with leading, differentiated products and services, broad franchises, a global competitive advantage and exceptional management teams that keep shareholder interests in mind. They choose individual securities for their own prospects and build portfolios in a bottom-up fashion. Securities are sold for a variety of reasons, including deteriorating fundamentals, overvaluation and superior alternative investment opportunities. They do not sell securities as a means of market timing. LIP's focus on fixed-income investing is preservation of capital and generation of income. They aim to maximize total return within this objective. The firm generally ladders bond maturities to diversify reinvestment risk and typically owns bonds with maturities of less than ten years. Bonds are generally investment grade. They monitor relative attractiveness of various sectors of the fixed-income markets, maximizing total return without taking undue interest rate risk. Their approach relies on municipal bonds, U.S. Treasury securities and domestic corporate bonds depending upon available yield and tax status of the client. LIP purchases securities from large, highly liquid markets for optimal flexibility, diligently researches and monitors credit qualities and buy investment grade bonds (generally A or higher) to limit credit risks. They analyze the shape of the yield curve to determine whether to emphasize a shorter or longer duration within their ten-year maturity horizon.