Dean Chase Global Value, LLC

IMPLEMENTATION

PORTFOLIO CHARACTERISTICS
The Dean Chase portfolios tends to purchase unloved and out of favor companies that are temporarily mispriced by the marketplace, yet have absolute determinable value. Dean Chase believes that the temporary disparity that exists between the price of a stock and the true worth of the business will close over time creating a profit for the investor.

The Dean Chase portfolio characteristics tend to exhibit stocks with low price-earnings, low price-book, and low price-cash flow valuation ratios. High dividend yields are simply a by-product of the investment process. Dean Chase has a bias for companies with conservative capital structures. Turnover tends to be low and holding periods are typically three to five years.

SELL DISCIPLINE
Before a purchase is made in the Dean Chase portfolio, sell targets are established, and are wholly based on internal estimates of a company’s fundamental value. Price targets may be readjusted as fundamentals change. A stock will be sold for any of the following reasons:

The stock becomes fully valued
The fundamentals have deteriorated
There are more value-enhancing investment alternatives
Rebalancing due to appreciation

HOLDING PERIOD
The Dean Chase process typically implies a long-term holding period of between three to five years. However, market conditions may cause Dean Chase to sell a stock outside that range. Once a stock is purchased, it is actively monitored.

CONSTRAINTS
Risk is controlled not only through stock diversification, but also by industry and country product constraints.






IMPLEMENTATION PORTFOLIO CHARACTERISTICS The Dean Chase portfolios tends to purchase unloved and out of favor companies that are temporarily mispriced by the marketplace, yet have absolute determinable value. Dean Chase believes that the temporary disparity that exists between the price of a stock and the true worth of the business will close over time creating a profit for the investor. The Dean Chase portfolio characteristics tend to exhibit stocks with low price-earnings, low price-book, and low price-cash flow valuation ratios. High dividend yields are simply a by-product of the investment process. Dean Chase has a bias for companies with conservative capital structures. Turnover tends to be low and holding periods are typically three to five years. SELL DISCIPLINE Before a purchase is made in the Dean Chase portfolio, sell targets are established, and are wholly based on internal estimates of a company’s fundamental value. Price targets may be readjusted as fundamentals change. A stock will be sold for any of the following reasons: The stock becomes fully valued The fundamentals have deteriorated There are more value-enhancing investment alternatives Rebalancing due to appreciation HOLDING PERIOD The Dean Chase process typically implies a long-term holding period of between three to five years. However, market conditions may cause Dean Chase to sell a stock outside that range. Once a stock is purchased, it is actively monitored. CONSTRAINTS Risk is controlled not only through stock diversification, but also by industry and country product constraints.