Equity allocations range from 50%-100% for clients seeking maximum appreciation. The relatively broad range of potential equity exposure allows for factors such as excessive valuations, economic and political concerns, and perceived lack of opportunities. A combination of cash and fixed income securities will be used as alternative investments to equities.

Our strategy is to invest in 20 to 35 individual stocks. The number of issues held will largely depend on the number of perceived opportunities for investment in undervalued securities that we believe offer above-average total return prospects. Our belief is that over-diversification can result in mediocre investment performance and those investors whose goal is broad diversification and adherence to a benchmark would be better served by passive or index strategies.

LSC seeks to balance appropriate portfolio diversification with a focus on over- weighting areas of opportunity. Our industry sector weightings will not be driven by our performance benchmark indices, rather, by our perception of value.