KAMG was established in 2000 by Kip Knelman and grew significantly before being acquired by Lazard Asset Management in 2005. In 2008, Kip reacquired the firm. KAMG utilizes fundamental research and relative valuation in their growth investment strategy, searching for growth opportunities across all market capitalizations and economic sectors. Their process combines analysis, qualitative assessments, credit cycle analysis, and relative valuation for portfolio construction. KAMG aims to provide long-term alpha through stock selection and believes their proven process, founder's experience, boutique size, and client service focus contribute to their success.

1. ORGANIZATION
KAMG was established in 2000 by Kip
Knelman upon the conclusion of his 20-year
tenure at the large institutional money
management firm, Investment Advisers Inc.,
where he retired as CEO. Over a five-year
period KAMG grew its asset and investor
base and was ultimately acquired by Lazard
Asset Management to be the cornerstone of
their growth equity platform. In December
of 2008, Kip reacquired the firm from
Lazard and currently manages growth
equities for institutional and taxable clients.
CORE BELIEFS
Over the long term earnings drive stock
prices and careful stock selection is
paramount in generating long-term “Alpha”
to portfolio returns. Fundamental research
is the foundation of our relative growth
investment discipline with relative valuation
a key determinate in our portfolio
construction.
PROCESS
Unique to the process is our belief that we
can find growth opportunities in virtually all
economic sectors. Unlike others, we do not
use one consistent methodology in
appraising stocks. We firmly believe that
using metrics most appropriate for the
specific stock and the industry it resides in
provides our clients with a diversified group
of companies possessing relative growth
characteristics. The combination of
fundamental analysis, qualitative
assessments, our unique credit cycle
analysis and relative growth valuation is the
genesis for portfolio construction.
WHY KAMG
• Proven investment process that has been
successful over the long term
• Founder has a successful track record of
building and growing businesses
• Small boutique firm that can leverage its
growth without compromising the integrity
of their investment process
• The firm values client service as a key
element of its success
ALL CAP OPPORTUNISTIC GROWTH
Opportunistic Growth Strategy will invest across all segments of market capitalization. The
relative growth strategy will look at the relative attractiveness of small, mid and large cap
companies. There are no minimum or maximum ranges within market capitalization.
Portfolio Characteristics
As of 3/31/15
Median Market Cap
NTM P/E
EPS Growth F12M
ROE
Sales Growth F12M
Number of Holdings
% in Top 10 Holdings
Source: KAMG
Top 10 Holdings
As of 3/31/15
Company Name % of Portfolio Company Name
Apple Inc. 7.4% Microsoft
Amphenol Corp. 3.3% Lowe's
Signature Bank 3.0% Manpower Group Inc.
SPS Commerce 2.6% Facebook
Union Pacific 2.6% Starbuck's
* Partial list of holdings in porfolio by percent. These are absolute weights and not relative to benchmark.
Sector Allocation versus Russell 3000 Growth
As of 3/31/15
Sector allocation is subject to change at any time.
-10 -5 0
Consumer Staples -8.2
Energy -0.2
Financials -1.7
Industrials
Information Technology 2.1
Materials
Utilities -2.1
all segments of market capitalization. The
relative growth strategy will look at the relative attractiveness of small, mid and large cap
companies. There are no minimum or maximum ranges within market capitalization.
R3000
KAMG Growth Index
$16.1 B $1.9B
20.2X 22.0X
6.7% 11.2%
44.2% 22.6%
18.4% 16.9%
50 1867
30.4% 19.0%
Company Name % of Portfolio
Microsoft 2.4%
2.4%
Manpower Group Inc. 2.4%
Facebook 2.2%
Starbuck's 2.2%
* Partial list of holdings in porfolio by percent. These are absolute weights and not relative to benchmark.
000 Growth
5 10
Healthcare 3.7
Industrials 0.4
Information Technology 2.1
Materials 0.9
Consumer Discretionary 3.1

2. Performance
INVESTMENT PROFESSIONAL
I.P. (Kip) Knelman
Senior Managing Partner, CEO
39 Years Experience
DISCLOSURE
The composite represents the returns all fully discretionary, fee-paying, portfolios with an all cap growth investment mandate and a minimum of
$200,000 in assets under management.
KAMG’s account inclusion policy is the first full month or the end of the month in which the account is fully invested. The returns of the individual
portfolios within the composite are time-weighted, use trade date accounting, are based upon monthly portfolio valuations, and include the
reinvestment of all earnings as the payment date. The composite returns are asset-weighted based upon beginning period market value. A complete
list and description of all composites is available upon request. Additional information regarding policies for calculating and reporting returns is
available upon request. The composite returns presented represent past performance and do not indicate future results, which may vary.
Composite returns are shown both gross and net of fees.
All Cap Growth Composite creation date 12/31/09.
Periods Inception (12/31/09) Annualized
Ending 3/31/15 to date (3/31/15) Periods Ending 12/31/14
KAMG All Cap Growth QTD YTD 5-Year 3-Year 1-Year
(Gross of fees) 4.1% 4.1% 15.5% 15.37% 18.4% 9.8%
(Net of fees) 3.8% 3.8% 14.4% 14.29% 17.3% 8.8%
Russell 3000 Growth Index 4.0% 4.0% 16.0% 15.88% 20.3% 12.4%