All Cap Equity

E4881 8/13 exp. 10/13

eagleasset.com |
FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE ON O...
All Cap Equity

E4881 8/13 exp. 10/13

eagleasset.com |
FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-O...
ABOUT Eagle Asset Management

I More than 35 years of investment management experience for institutional investors
I Eagle...
INVESTMENT TEAM All Cap Equity

David Blount, CFA, CPA
Portfolio Co-manager

Ed Cowart, CFA

Consumer Discretionary,
Consu...
TEAM ASSETS
The Eagle All Cap Equity team currently manages $3.2 billion* in three primary investment
disciplines:

All Ca...
MISSION STATEMENT All Cap Equity

Eagle’s All Cap Equity program strives to:
I

I

Maintain a high conviction portfolio th...
DISTINGUISHING FEATURES
VARG

I – “Momentum Investing”: nonsustainable growth

Deteriorating

I We avoid:
– “Deep Value”: ...
INVESTMENT PROCESS

All Cap Equity
Russell 3000 Value Index

Valuation-driven Criteria

Growth-driven Criteria

Risk Manag...
INVESTMENT PROCESS
Valuation-driven Criteria

I Less than the Market:
– P/E to growth rate
– Price/Sales and Price/Book
– ...
BUY DISCIPLINE All Cap Equity

SPX has leading technologies
in attractive end markets with
secular drivers, margin expansi...
SELL DISCIPLINE All Cap Equity

A position is sold or trimmed in the following instances:
I
I

Trim position size above 5%...
SELL DISCIPLINE All Cap Equity

Hudson Pacific Properties
benefited from strong stock
performance that pushed
valuation be...
SECTOR ALLOCATION All Cap Equity
(Composite data shown as of June 30, 2013)

All Cap Equity

Russell 3000
Index

Russell 3...
PORTFOLIO CONSTRUCTION All Cap Equity
(Composite data shown as of June 30, 2013)

All Cap Equity Construction

All Cap Equ...
PORTFOLIO SUMMARY All Cap Equity
(Composite data shown as of June 30, 2013)

All Cap Equity

Gross

Russell 3000
Index

Ru...
PORTFOLIO SUMMARY All Cap Equity
(Composite data shown as of June 30, 2013)

Performance statistics relative to the
Russel...
RISK MANAGEMENT All Cap Equity
(Composite data shown as of June 30, 2013)

With constant oversight, the All Cap Equity Por...
SUMMARY
Our VARG philosophy keeps us from investing at the edges of the market where we see
the most risk. We focus on sen...
PERFORMANCE All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

1st Quarter

2nd Quarter

3rd Quarter...
FOOTNOTES All Cap Equity
Gross
Composite
Return
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Rus...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Returns vs. Peers for All C...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
PERFORMANCE VS. PEERS All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Statistics for All Cap Equi...
RISK VS. RETURN All Cap Equity
(Composite data shown gross of fees as of June 30, 2013)

Risk vs. Return for All Cap Equit...
REPRESENTATIVE HOLDINGS All Cap Equity
(Composite data shown as of June 30, 2013)

Atwood Oceanics (Energy, $3.4 B Market ...
PORTFOLIO MANAGEMENT All Cap Equity
ED COWART, CFA
Portfolio Co-manager
I Joined Eagle in 1999
I 41 years of experience as...
TEAM BIOGRAPHIES All Cap Equity
CHRIS KOUFFMAN Research Associate
I Joined Eagle in 2004
I 10 years of investment experien...
FOOTNOTES All Cap Equity
The risks associated with Value investing are based on the potential for a company’s stock price ...
DEFINITIONS Important Terms
Alpha – Alpha is a measure of the difference between a manager’s actual returns and its expect...
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2 q13 all cap equity r3000 and r3000v

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2 q13 all cap equity r3000 and r3000v

  1. 1. All Cap Equity E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE ON ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 1
  2. 2. All Cap Equity E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 2
  3. 3. ABOUT Eagle Asset Management I More than 35 years of investment management experience for institutional investors I Eagle and its affiliates manage $27.8 billion in assets* with investment offices in Boston, Stowe, San Diego and St. Petersburg I Employs more than 180 people, including 65 investment professionals* I Eagle is structured as a series of independent investment teams dedicated to proprietary fundamental research with a focus on consistent performance and alpha generation I Established operating infrastructure provides high level of client service and support, enabling investment teams to focus on investment management I Stable, conservatively managed NYSE-listed parent company Information as of June 30, 2013 *Includes Eagle Boston Investment Management, Inc., a wholly owned subsidiary of Eagle Asset Management, Inc. and ClariVest Asset Management LLC, an affiliate of Eagle Asset Management, Inc. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 3
  4. 4. INVESTMENT TEAM All Cap Equity David Blount, CFA, CPA Portfolio Co-manager Ed Cowart, CFA Consumer Discretionary, Consumer Staples, Telecommunications Portfolio Co-manager Energy, Technology John Pandtle, CFA Portfolio Co-manager Financials (non-REIT) Materials, Utilities Chris Kouffman Research Associate E4881 8/13 exp. 10/13 Jeff Vancavage, CFA Portfolio Co-manager Healthcare, Industrials, REITs James F. Short, CFA, CFP, CIMA Client Portfolio Manager eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 4
  5. 5. TEAM ASSETS The Eagle All Cap Equity team currently manages $3.2 billion* in three primary investment disciplines: All Cap Equity Large Cap Equity Value Income About 60 percent of All Cap Equity stocks are also held in other disciplines. *As of June 30, 2013 E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 5
  6. 6. MISSION STATEMENT All Cap Equity Eagle’s All Cap Equity program strives to: I I Maintain a high conviction portfolio that utilizes strong risk management and a steadfast stock selection discipline I E4881 8/13 exp. 10/13 Utilize a VARG (Value and Reasonable Growth) philosophy where we focus on sensible valuations and solid fundamentals that keep us from investing at the edges of the market where we see the most risk Generate superior long-term, risk-adjusted performance vs. the Russell 3000 Value with downside protection over a market cycle eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 6
  7. 7. DISTINGUISHING FEATURES VARG I – “Momentum Investing”: nonsustainable growth Deteriorating I We avoid: – “Deep Value”: cheap stocks with poor fundamentals Momentum Investing VARG FUNDAMENTALS I Our VARG philosophy is the mirror image of GARP (Growth at a Reasonable Price) and keeps us from investing at the edges of the market where we see the most risk. Excellent Value and Reasonable Growth Deep Value Cheap Expensive VALUATION E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 7
  8. 8. INVESTMENT PROCESS All Cap Equity Russell 3000 Value Index Valuation-driven Criteria Growth-driven Criteria Risk Management Fundamental analysis Portfolio Typically 30-50 stocks E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 8
  9. 9. INVESTMENT PROCESS Valuation-driven Criteria I Less than the Market: – P/E to growth rate – Price/Sales and Price/Book – Enterprise value/EBITDA I Price to Free Cash Flow is less than industry peers I Public market value attractive relative to private market value Growth-driven Criteria Risk Management I I I I Sound business with stabilizing or improving earnings outlook Evolutionary catalysts to "unlock" unrealized value Disciplined capital-allocation model Shareholder-oriented management I Philosophy: Avoid “value traps” with a bias toward quality I Discipline: – Thorough investment thesis with value targets – Focus on quality metrics – Daily meetings to monitor/review sectors/stocks – Weekly strategy/risk meetings I Trim stocks when they become too large of a position Portfolio I Market capitalization: greater than $100 million at time of purchase I I I I E4881 8/13 exp. 10/13 Typical number of holdings: 30-50 Typical position size: 2 to 3 percent at time of purchase Maximum position size: 5% Sector weightings: generally +/- 10 percentage points relative to the Russell 3000 Value Index eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 9
  10. 10. BUY DISCIPLINE All Cap Equity SPX has leading technologies in attractive end markets with secular drivers, margin expansion opportunities, and a strong growth outlook. I Home Depot has the opportunity to leverage increasing sales per square foot as the housing market and economy recover. I EOG Resources is a high quality energy exploration and production company with exposure to all of the major North American unconventional (shale) plays. Cardinal Financial Home Depot SPX EOG Resources Deteriorating I Cardinal Financial boasts highquality management, franchise strength and superior asset quality. FUNDAMENTALS I Excellent Buy companies that fall in the VARG target area. Cheap Expensive VALUATION E4881 8/13 exp. 10/13 Examples are as of June 30, 2013. There is no guarantee that the investment goals/objectives will be met. eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 10
  11. 11. SELL DISCIPLINE All Cap Equity A position is sold or trimmed in the following instances: I I Trim position size above 5% I Trim absolute industry weighting above 25% I New investment idea is relatively more attractive I E4881 8/13 exp. 10/13 Price appreciation to level where valuation case can no longer be made Fundamentals of the company or industry deteriorate eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 11
  12. 12. SELL DISCIPLINE All Cap Equity Hudson Pacific Properties benefited from strong stock performance that pushed valuation beyond our target The Blackstone Group bought Equity Office Properties at a significant premium at what was, at the time, the second-largest leveraged buyout in U.S. history. I I E4881 8/13 exp. 10/13 Bank of America’s deteriorating fundamentals made it less attractive than other stocks in the industry that traded at similar valuations. Sprint was showing expenditures on the horizon which would limit the company’s cash flow production, limiting the stock’s potential upside. Equity Office Properties Deteriorating I Hudson Pacific Properties FUNDAMENTALS I Excellent Sell companies that move out of the VARG target area. Bank of America Sprint Cheap Examples are as of June 30, 2013. There is no guarantee that the investment goals/objectives will be met. Expensive VALUATION eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 12
  13. 13. SECTOR ALLOCATION All Cap Equity (Composite data shown as of June 30, 2013) All Cap Equity Russell 3000 Index Russell 3000 Value Index Consumer Discretionary 13.04% 13.06% 8.89% Consumer Staples 5.76% 9.34% 6.84% Energy 14.15% 9.59% 14.60% Financials 19.78% 17.67% 29.33% Health Care 13.88% 12.40% 11.22% Industrials 13.68% 11.22% 9.25% Information Technology 14.73% 17.12% 7.31% Materials 2.23% 3.69% 3.46% Telecommunication Services 2.75% 2.54% 2.82% Utilities 0.00% 3.36% 6.29% Economic sector Generally sector weightings are +/- 10 percentage points of benchmark weightings; however, there may be industries that do not meet our stringent investment criteria and therefore may result in a greater than 10 percentage-point sector weighting variance from the benchmark sector weighting. E4881 8/13 exp. 10/13 Source: FactSet, Eagle research. eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 13
  14. 14. PORTFOLIO CONSTRUCTION All Cap Equity (Composite data shown as of June 30, 2013) All Cap Equity Construction All Cap Equity Characteristics Typical Number Of Holdings Typical Position Sizes Maximum Position Size generally greater than $100 million Statistics All Cap Equity Russell 3000 Index Russell 3000 Value Index Estimated EPS Growth Rate (3-5 Yr.)3 11.61% 11.63% 9.18% Dividend Yield Market Capitalization 1.59% 1.98% 2.30% 30 to 50 2% to 3% 5% +/- 10 percentage points relative to benchmark Price/Earnings2 (Next 12 Months) 13.03x 14.17x 12.93x Price/Book Value2 1.97x 2.30x 1.64x Typical Cash Levels less than 5% Price/Cash Flow2 9.53x 9.43x 8.00x Anticipated Annual Turnover 35% to 40% Median ROE 13.28% 9.42% 7.94% 51.54% 35.02% 34.90% $59.69 B $88.20 B $90.57 B Sector Weightings1 Weighted Average LT Debt/ Capital Weighted Average Market Cap Small Cap Allocation: Up to 15 percent Mid Cap Allocation: 20-30 percent Large Cap Allocation: 55-65 percent 1 2 3 E4881 8/13 exp. 10/13 Generally sector weightings are +/- 10 percentage points of benchmark weightings; however, there may be industries that do not meet our stringent investment criteria and therefore may result in a greater than 10 percentage-point sector weighting variance from the benchmark sector weighting. Weighted harmonic average Weighted average Source: FactSet, Eagle research. eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 14
  15. 15. PORTFOLIO SUMMARY All Cap Equity (Composite data shown as of June 30, 2013) All Cap Equity Gross Russell 3000 Index Russell 3000 Value Index One year 35.29% 21.46% 25.28% Three years 24.47% 18.63% 18.41% Five years 12.94% 7.25% 6.83% Seven years 9.91% 5.84% 4.57% 10 years 11.66% 7.81% 7.90% 9.20% 4.31% 5.93% Since inception (Oct. 1, 1999) E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 15
  16. 16. PORTFOLIO SUMMARY All Cap Equity (Composite data shown as of June 30, 2013) Performance statistics relative to the Russell 3000 Index Portfolio statistics Five years Performance statistics relative to the Russell 3000 Value Index Portfolio statistics Five years Alpha 5.33 Alpha 5.95 Beta 1.04 Beta 1.00 Up Market Capture 140.47 Up Market Capture 136.15 Down Market Capture 98.64 Down Market Capture 95.41 Information Ratio 1.05 Information Ratio 1.08 Residual Risk 5.07 Residual Risk 5.53 Tracking Error 5.21 Tracking Error 5.91 Batting Average 0.700 Batting Average 0.800 Following the VARG philosophy, the All Cap Equity portfolio has generated superior riskadjusted returns over the long-term. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 16
  17. 17. RISK MANAGEMENT All Cap Equity (Composite data shown as of June 30, 2013) With constant oversight, the All Cap Equity Portfolio has performed well in up and down markets. Up/down market capture vs. Russell 3000 Index Five-year Ten-year Since Inception Up/down market capture vs. Russell 3000 Value Index Five-year Ten-year 150 150 Since Inception 150 136.15 100 100 129.56 95.41 50 Down 95.47 50 0 Up 131.96 92.86 50 0 E4881 8/13 exp. 10/13 100 0 Up Down Up Down eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 17
  18. 18. SUMMARY Our VARG philosophy keeps us from investing at the edges of the market where we see the most risk. We focus on sensible valuations and solid fundamentals causing us to avoid: - Cheap stocks with poor fundamentals - High-quality companies that are excessively priced - Momentum stocks that have non-sustainable growth We strive to provide clients with above-market investment performance and downside protection over a market cycle. We rank among the top decile of all-cap managers on returns, alpha and information ratio over long-term periods.   We manage risk through our quality bias, our diversified portfolio construction, and an effective sell discipline. Our risk management discipline and portfolio of conviction has helped us avoid many of the market disasters or pitfalls of years past. We recognize that “what we do not own is just as important as what we do own.” E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 18
  19. 19. PERFORMANCE All Cap Equity (Composite data shown gross of fees as of June 30, 2013) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year to Date Gross Gross Gross Gross Gross Russell 3000 Index Russell 3000 Value Index 2.28% 2.28%* 16.22%* 5.14%* 1999 2000 -5.11% 11.74% 4.50% 12.43% -7.46% 8.04% 2001 -5.25% 6.35% -9.92% 11.95% 1.62% -11.46% -4.33% 2002 6.98% -8.67% -16.93% 7.01% -13.15% -21.54% -15.20% 2003 -3.12% 13.23% 2.47% 11.76% 25.62% 31.06% 31.13% 2004 6.00% 2.68% 1.60% 9.16% 20.71% 11.95% 16.94% 2005 -1.39% 1.10% 4.74% 2.60% 7.15% 6.12% 6.87% 2006 4.61% 0.39% 2.39% 5.91% 13.89% 15.72% 22.33% 2007 3.52% 7.47% -0.05% -5.05% 5.58% 5.14% -1.02% 2008 -4.08% -3.96% -1.99% -22.65% -30.16% -37.31% -36.25% 2009 -8.66% 19.98% 17.05% 5.24% 35.00% 28.34% 19.74% 2010 9.68% -15.12% 13.05% 12.94% 18.87% 16.93% 16.24% 2011 9.38% -0.30% -15.76% 15.51% 6.11% 1.03% -0.09% 2012 11.75% -5.86% 8.44% 4.09% 18.75% 16.43% 17.56% 2013 E4881 8/13 exp. 10/13 1.47% 12.37% 6.66% 19.85% 14.06% 15.78% *Returns from Oct. 1, 1999, through Dec. 31, 1999. Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 19
  20. 20. FOOTNOTES All Cap Equity Gross Composite Return 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Russell 3000 Value Benchmark* Return Russell 3000 Benchmark* Return Composite Dispersion Number of Portfolios Assets ($ Millions) Percent of Eagle’s Assets Total Firm Assets ($ Millions) 12.43% 1.62% -13.15% 25.62% 20.71% 7.15% 13.89% 5.59% -30.17% 35.00% 18.87% 6.11% 18.75% 8.03% -4.33% -15.20% 31.13% 16.94% 6.87% 22.33% -1.02% -36.25% 19.74% 16.24% -0.09% 17.56% -7.46% -11.45% -21.55% 31.04% 11.95% 6.13% 15.74% 12.56% -37.31% 28.33% 16.93% 1.02% 16.43% 0.20% N.M 0.88% 1.14% 0.82% 1.18% 1.16% 2.64% 0.63% 1.13% 0.69% 0.74% 1.01% 10 33 44 47 50 51 40 41 34 24 27 49 117 1.8 11.7 11.2 14.4 16.7 14.3 7.2 11.5 3.9 4.0 5.2 13.6 33.3 0.03% 0.20% 0.20% 0.18% 0.16% 0.12% 0.06% 0.08% 0.04% 0.03% 0.03% 0.08% 0.17% 6,131 5,867 5,685 8,151 10,394 11,584 12,952 14,224 10,538 13,668 16,468 16,578 19,165 Notes: 1. Eagle Asset Management, Inc. ("Eagle") has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 2. Results are time weighted and calculated monthly for the periods beginning January 1, 2001. Prior to that, results were calculated quartery. The composites are size-weighted by beginning-of-month asset values. 3. The Composite Dispersion is a size weighted standard deviation of annual returns for those accounts that were in the composite for the entire year. Dispersion is not meaningful (N.M.) because there was only 1 portfolio in the composite for the full year. 4. See Note # 5 which refers to Fees and Transaction Costs within Notes to Schedules of Rates of Return. 5.* The benchmarks are the (a) RUSSELL 3000 VALUE Index and the (b) RUSSELL 3000 Index which have been derived from published sources and have not been examined by independent accountants. 6. The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three year standard deviation is not presented for 1999 through 2010 because monthly benchmark returns were not applicable and is not required for periods prior to 2011. 7. Figures include accounts under Eagle's management from their respective inception dates, including accounts of clients no longer with the firm. 8. No selective periods of presentation have been utilized. Data from all accounts have been continuous from their inception to the present or to the cessation of the client relationship with the firm. 9. No alteration of composites as presented here has occurred because of changes in personnel or other reasons at any time. 10. A complete list and description of firm composites and calculation of performance results is available upon request. The composite creation date for GIPS® purposes was October 1, 1999. Performance is based upon U.S. dollar returns. 11. From composite creation thru 2012, non-fee paying accounts were below 1%. All Cap Equity – Designed to provide investors with long-term capital appreciation through equity ownership of companies with typical market capitalization in the $1 billion to $100 billion range, and purchased at a discount to the estimated value of the security. All Cap Value Equity invests in under valued small, medium, and large cap companies with potential to retain their value in all economic climates and to increase their value over time. As of December 31, 2012, the composite contains less than 1% of accounts that did not pay fees.   The definition of the accounts included in All Cap Equity Composite is as follows: 1999 - 2011 The All Cap Equity Composite reported on herein from inception through current is defined as all retail accounts with the above defined objective. 2012 The All Cap Equity Composite was re-defined January 1, 2012 to include all accounts managed in the All Cap Equity income strategy including accounts where assets exceeded $2,000,000 and granted Eagle brokerage discretion for executing portfolio transactions regardless of fee schedules. Prior to January 1, 2012 the composite was called the “Retail All Cap Value Equity Composite” and did not include accounts where account assets were greater than $2,000,000 (i.e. Institutional accounts). Starting January 1, 2012 the benchmark was changed to the RUSSELL 3000, which is more in accordance to the management style of the composite. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 20
  21. 21. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Returns vs. Peers for All Cap Equity Group: All Cap Value Returns (Various Time Periods ending June 30, 2013) 40.0 30.0 20.0 10.0 0.0 (10.0) A (5) C (44) B (68) Last Year 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Eagle All Cap Equity - Gross Russell 3000 Index Russell 3000 Value Index A (1) B (21) C (29) A (9) B (41) C (49) Last 3 Years Last 5 Years Last 7 Years Last 10 Years 32.06 26.48 24.24 20.32 18.82 A B C 19.35 18.54 17.32 15.96 14.03 12.40 8.85 6.82 5.61 3.39 8.11 6.86 6.35 3.55 2.33 13.23 10.07 8.76 7.86 6.08 35.29 21.46 25.28 24.47 18.63 18.41 12.94 7.25 6.83 9.91 5.84 4.57 11.66 7.81 7.90 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 A (12) C (73) B (77) A (4) B (53) C (62) eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 21
  22. 22. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Group: All Cap Value (For Five Years Ending June 30, 2013) 40.0 30.0 A (53) B (68) 20.0 A (9) B (41) 10.0 B (1) A (51) 0.0 A (48) B (66) A (10) B (41) A (4) B (41) A (34) B (100) A (62) B (99) (10.0) Returns 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Eagle All Cap Equity - Gross Russell 3000 Index Standard RDeviation Squared Alpha Beta Tracking Error 12.40 8.85 6.82 5.61 3.39 A B 28.57 25.06 24.39 20.48 14.91 0.99 0.97 0.96 0.93 0.91 5.37 3.31 (0.62) (1.88) (4.26) 1.24 1.10 1.03 0.89 0.64 0.88 0.66 (0.14) (0.38) (0.78) 7.47 5.75 4.73 3.75 3.01 10.19 8.46 5.90 4.18 3.51 12.94 7.25 23.92 22.38 0.96 1.00 5.33 0.00 1.04 1.00 1.05 0.00 5.07 0.00 5.21 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 22
  23. 23. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Value Group: All Cap Value (For Five Years Ending June 30, 2013) 35.0 A (53) B (57) 25.0 15.0 A (9) B (49) 5.0 B (4) A (47) B (48) A (48) A (10) B (53) A (17) B (53) A (58) B (97) A (49) B (98) (5.0) (15.0) Returns Eagle All Cap Equity - Gross Russell 3000 Value Index A B RSquared Alpha Beta 12.40 8.85 6.82 5.61 3.39 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Standard Deviation 28.57 25.06 24.39 20.48 14.91 0.99 0.97 0.95 0.92 0.89 5.83 3.71 0.01 (1.22) (3.53) 1.19 1.05 0.99 0.86 0.61 1.19 0.73 0.00 (0.20) (0.56) 7.97 7.05 5.49 3.59 2.63 10.80 8.87 6.90 5.65 2.96 12.94 6.83 23.92 23.30 0.95 1.00 5.95 0.00 1.00 1.00 1.08 0.00 5.53 0.00 5.91 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk Tracking Error eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 23
  24. 24. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Group: All Cap Value (For Seven Years Ending June 30, 2013) 30.0 A (54) B (67) 20.0 10.0 A (4) B (53) B (1) A (57) 0.0 A (56) B (66) A (1) B (53) A (34) A (52) B (99) A (5) B (52) B (100) (10.0) Returns 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Eagle All Cap Equity - Gross Russell 3000 Index Standard RDeviation Squared Alpha Beta Tracking Error 8.11 6.86 6.35 3.55 2.33 A B 24.95 22.20 21.26 18.27 13.61 0.98 0.97 0.95 0.90 0.87 2.71 1.48 0.60 (2.34) (3.47) 1.22 1.11 1.04 0.89 0.66 0.52 0.30 0.15 (0.47) (0.62) 8.14 6.05 4.41 3.72 2.95 9.18 7.90 5.58 3.94 3.39 9.91 5.84 20.84 19.64 0.94 1.00 3.96 0.00 1.03 1.00 0.74 0.00 5.31 0.00 5.41 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 24
  25. 25. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Value Group: All Cap Value (For Seven Years Ending June 30, 2013) 35.0 25.0 A (54) B (56) 15.0 A (4) 5.0 B (2) A (41) B (62) B (50) A (59) A (3) B (62) A (51) A (59) B (99) A (7) B (100) B (98) (5.0) Returns Eagle All Cap Equity - Gross Russell 3000 Value A B RSquared Alpha Beta 8.11 6.86 6.35 3.55 2.33 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Standard Deviation 24.95 22.20 21.26 18.27 13.61 0.98 0.96 0.93 0.91 0.88 3.79 2.63 2.01 (0.85) (1.96) 1.15 1.04 1.00 0.86 0.63 0.82 0.51 0.37 (0.13) (0.29) 8.13 6.81 5.37 3.63 3.00 9.34 8.43 6.89 5.23 3.15 9.91 4.57 20.84 20.62 0.94 1.00 5.30 0.00 0.98 1.00 0.99 (0.70) 5.34 0.00 5.64 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk Tracking Error eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 25
  26. 26. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Group: All Cap Value (For 10 Years Ending June 30, 2013) 25.0 A (62) B (68) 15.0 A (12) B (77) 5.0 B (2) A (49) A (65) B (66) A (13) B (75) A (38) A (54) B (99) A (6) B (75) B (99) (5.0) Returns 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Eagle All Cap Equity - Gross Russell 3000 Index Standard RDeviation Squared Alpha Beta Tracking Error 13.23 10.07 8.76 7.86 6.08 A B 22.35 20.32 18.62 16.08 12.07 0.98 0.96 0.93 0.89 0.83 5.13 2.23 1.76 (0.01) (1.96) 1.23 1.11 1.06 0.90 0.67 0.73 0.58 0.23 0.00 (0.37) 9.05 5.57 4.05 3.70 2.91 9.26 7.53 5.64 3.90 3.27 11.66 7.81 17.81 17.08 0.93 1.00 3.71 0.00 1.01 1.00 0.77 0.00 4.81 0.00 4.86 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 26
  27. 27. PERFORMANCE VS. PEERS All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Statistics for All Cap Equity Relative to the Russell 3000 Value Group: All Cap Value (For 10 Years Ending June 30, 2013) 25.0 20.0 B (59) A (62) 15.0 A (12) 10.0 B (73) 5.0 A (12) B (1) A (49) 0.0 A (49) B (52) A (63) B (83) B (99) A (12) B (93) A (57) B (99) (5.0) Returns Eagle All Cap Equity - Gross Russell 3000 Value A B RSquared Alpha Beta 13.23 10.07 8.76 7.86 6.08 10th Percentile 25th Percentile Median 75th Percentile 90th Percentile Standard Deviation 22.35 20.32 18.62 16.08 12.07 0.97 0.95 0.93 0.89 0.84 5.14 2.46 1.68 0.11 (1.74) 1.17 1.07 1.00 0.87 0.64 0.85 0.50 0.24 0.03 (0.27) 8.82 6.35 4.85 3.49 2.91 8.94 7.99 5.91 4.76 3.06 11.66 7.90 17.81 17.93 0.93 1.00 3.83 0.00 0.96 1.00 0.79 (0.46) 4.86 0.00 5.11 0.00 Eagle All Cap Equity inception date is Oct. 1, 1999. Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 Information Residual Ratio Risk Tracking Error eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 27
  28. 28. RISK VS. RETURN All Cap Equity (Composite data shown gross of fees as of June 30, 2013) Risk vs. Return for All Cap Equity (Five years ending June 30, 2013) 19.0 Eagle All Cap Equity - Gross Returns 14.0 9.0 Russell 3000 Index 4.0 Russell 3000 Value Index CAI:All Cap Value (1.0) (6.0) 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.0 Standard Deviation Standard Deviation Returns All Cap Equity 23.92 12.94% Russell 3000 22.38 7.25% Russell 3000 Value 23.45 6.83% . Source: CAI; Eagle Research Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 28
  29. 29. REPRESENTATIVE HOLDINGS All Cap Equity (Composite data shown as of June 30, 2013) Atwood Oceanics (Energy, $3.4 B Market Cap) Global offshore drilling contractor Honeywell (Industrials, $62.4 B Market Cap) Diversified technology and manufacturing company American Campus Communities (Financials, $4.3 B Market Cap) REIT that manages high quality student housing Apple (Information Technology, $372.2 B Market Cap) Personal computer and mobile communications device manufacturer DIRECTV (Consumer Discretionary, $35.2 B Market Cap) Digital entertainment services The information presented is for a representative account and for illustrative purposes only and should not be used as the sole basis for an investment decision. Actual account holdings will vary depending on the size of an account, cash flows within an account, and restrictions on an account. This list of representative holdings is intended to show the types of securities Eagle may own in this program. No inference should be drawn that Eagle portfolios will hold these stocks in the future. References to specific securities are not intended as representative of investment recommendations by Eagle, past or present. Under no circumstances does the information contained represent a recommendation or solicitation to buy, hold or sell any security and it should not be assumed that the securities transactions or holdings discussed were or will prove to be profitable. All holdings are subject to change daily. Material regarding individual securities is based on information obtained from third-party sources that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 29
  30. 30. PORTFOLIO MANAGEMENT All Cap Equity ED COWART, CFA Portfolio Co-manager I Joined Eagle in 1999 I 41 years of experience as a portfolio manager and research director I A.B., Dartmouth College (1969) I Earned his Chartered Financial Analyst designation in 1977 DAVID BLOUNT, CFA, CPA Portfolio Co-manager I Joined Eagle in 1993 I 29 years of investment experience as a portfolio co-manager and analyst I B.S. in finance, University of Florida (1983) I Certified Public Accountant I Earned his Chartered Financial Analyst designation in 1993 JOHN PANDTLE, CFA Portfolio Co-manager I Was at Eagle from 1999-2002; returned in 2009 I 19 years of investment experience as a portfolio manager and analyst I B.B.A. in finance, University of Georgia (1993) I Earned his Chartered Financial Analyst designation in 1998 JEFF VANCAVAGE, CFA E4881 8/13 exp. 10/13 Portfolio Co-manager I Joined Eagle in 2001 I 14 years of investment-related experience I B.S. in aeronautical science, Embry-Riddle Aeronautical University (1990) I M.B.A., University of Florida (2001) I Earned his Chartered Financial Analyst designation in 2006 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 30
  31. 31. TEAM BIOGRAPHIES All Cap Equity CHRIS KOUFFMAN Research Associate I Joined Eagle in 2004 I 10 years of investment experience I B.A. in economics, Georgetown University (2003) JAMES F. SHORT, CFA, CFP, CIMA® Director of Institutional Client Relations Senior Vice President, Client Portfolio Manager I Joined Eagle in 2004 I 22 years of investment experience, including time as a chief investment officer and portfolio manager I B.A. in government, College of William and Mary (1990) I M.B.A. in economics and investment management, University of Georgia (1996) I Holds numerous certifications, including Chartered Financial Analyst (2002), Certified Financial Planner (2000) and Certified Investment Management Analyst (2003) E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 31
  32. 32. FOOTNOTES All Cap Equity The risks associated with Value investing are based on the potential for a company’s stock price to rise based upon anticipated changes in the market or within the company itself. As with all equity investing, there is the risk that a company will not achieve its expected earnings results, or that an unexpected change in the market or within the company will occur, both of which may adversely affect investment results. Of course, other factors relating to a company or to general market conditions may also contribute to price declines. Value stocks have historically been sensitive to economic cycles and investor sentiment that can affect volatility and risk. As with all equity investing, there is the risk that a company will not achieve its expected earnings results, or that an unexpected change in the market or within the company will occur, both of which may adversely affect investment results. The biggest risk of equity investing is that returns can fluctuate and investors can lose money. Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested. Past performance does not guarantee or indicate future results. No inference should be drawn by present or prospective clients that managed accounts will achieve similar performance in the future. Investment in a portfolio, investment manager or security should not be based on past performance alone. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated. Individual portfolio/performance results may vary due to market conditions, trading costs and certain other factors, which may be unique to each account. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Investing involves risk and you may incur a profit or a loss. Investment returns and principal value will fluctuate so that an investor’s portfolio, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against a loss. All performance data is shown on a time-weighted and size-weighted basis and is shown before the deduction of management fees, custodial fees and miscellaneous charges to client accounts; all performance is shown after transaction costs. Calculations include reinvestment of all income and gains. Performance figures include all internal, retail Value accounts of Eagle Asset Management, a St. Petersburg, Florida-based firm. A client’s return will be reduced by the advisory fees. Eagle’s fees are set forth in Eagle’s Form ADV, Part II. Over a period of five years, an advisory fee of 1 percent could reduce the total value of a client’s portfolio by 5 percent or more. Investing in equities may result in a loss of capital. Current performance may be lower or higher than the performance information quoted. Performance results through 2012 have been examined by an internationally recognized accounting firm. Performance data for the current year has not been audited and are subject to revision. Thus, the composite returns shown here may be revised and Eagle will publish any revised performance data. Eagle believes that the performance shown is reasonably representative of its management style and is sufficiently relevant for consideration by a potential or existing client. Index Definition The Russell 3000 Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns do not reflect the deduction of fees, trading costs or other expenses. The index is referred to for comparative purposes only and the composition of an index is different from the composition of the accounts included in the performance shown. Indices are unmanaged and one cannot invest directly in the index. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 32
  33. 33. DEFINITIONS Important Terms Alpha – Alpha is a measure of the difference between a manager’s actual returns and its expected performance, given its level of risk as measured by Beta. A positive Alpha figure indicates the manager has performed better than its Beta would predict. A negative Alpha indicates the manager performed worse than expected based on its level of risk. Thus it is possible for a manager to outperform an index and still have a negative Alpha. In general, however, the higher the Alpha the better. Batting Average – A measure of a manager’s ability to beat the market consistently. It is calculated by dividing the number of quarters (or months) in which the manager beat or matched an index by the total number of quarters (or months) in the period. For example, a manager who meets or outperforms the market every quarter in a given period would have a batting average of 100. A manager who beats the market half of the time would have a batting average of 50. Beta – Beta is a measure of a manager’s sensitivity to market movements. In general, the larger the Beta, the more volatile the historical performance. Beta compares the manager’s excess return over Treasury bills to the benchmark’s excess return over Treasury bills. By definition the Beta of the index is 1.00. A Beta of 1.10 shows that a manager has performed 10 percent better than its benchmark in up markets and 10 percent worse in down markets. Conversely, a Beta of 0.85 indicates that the manager is expected to perform 15 percent worse than the market’s excess return during up markets and 15 percent better during down markets. Down-Market Capture Ratio – A measure of managers’ performance in down markets relative to the market itself. A down market is one in which the market’s quarterly return is less than zero. Information Ratio – The information ratio, as defined by alpha over residual risk, is a risk measure that is used to determine the amount of excess return over a specific benchmark per unit of risk associated with the securities within the portfolio and can, by definition, be diversified away. This risk measure helps determine the degree in which the “bets” taken within the portfolio are paying off. Negative Information Ratios are considered not meaningful and are represented with an NM. R2 – The usefulness of most benchmark dependant statistics are reliant upon a statistically significant R2 measurement. R2 reflects the percentage of a manager’s movements that can be explained by movements in its benchmark index. An R2 of 1.00 indicates all movements of a manager can be explained by movements in the index. Likewise, an R2 measure of 0.35 reveals that only 35 percent of the manager’s movements can be explained by movements in the index. An R2 of 0.65 or higher is required for the benchmark dependant statistics to be meaningful. Sharpe Ratio – Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. The ratio is equal to the excess return divided by the Standard Deviation of the portfolio. The higher the Sharpe Ratio is the better the portfolio’s historical risk-adjusted performance. Sortino Ratio – The Sortino ratio measures the risk-adjusted return of an investment asset, portfolio or strategy. It is a modification of the Sharpe Ratio but penalizes only those returns falling below a user-specified target, or required rate of return, while the Sharpe Ratio penalizes both upside and downside volatility equally. Standard Deviation – Standard Deviation is a measure of the dispersal or uncertainty in a random variable. For example, if a financial variable is highly volatile, it has a high Standard Deviation. Standard Deviation is frequently used as a measure of the volatility of a random financial variable. Up-Market Capture Ratio – Up-market capture ratio is a measure of managers’ performance in up markets relative to the market itself. An up market is one in which the market’s quarterly return is greater than or equal to zero. E4881 8/13 exp. 10/13 eagleasset.com | FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE-ON-ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION 33
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