INVESTMENT STYLES

Tandem offers the following five investment styles for Separately Managed Accounts, all based on the same Investment Philosophy and Investment Process:

• LARGE CAP CORE (formerly called Equity Income):  Investing principally in equity securities and equity-related instruments that meet our TVM criteria and pay dividends. The primary objective of this account is growth of principal. The secondary objective of this account is income growth over time.
• EQUITY (formerly called Tax-Deferred Equity): Investing principally in equity securities and equity-related instruments that meet our TVM criteria. Dividends are not required. The primary objective of this account is growth of principal, and capital gains consequences will not be considered. This style is ideally suited for tax-exempt entities and retirement accounts.
• TAXABLE EQUITY (formerly called Equity): Investing principally in equity securities and equity-related instruments that meet our TVM criteria. Dividends are not required. The primary objective of this account is growth of principal, and capital gains consequences are considered.
• MID CAP CORE: Identical in process and objectives to the Equity style, limiting our universe of potential stocks principally to the Russell MidCap Index.
• BALANCED: Clients are free to choose any of our equity styles paired with a bond portfolio that is constructed chiefly U.S. Treasury obligations. The primary objective if the bond component of our balanced portfolio is preservation of capital.

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