Timothy Jenkins

Missouri Valley Partners' (MVP) investment products include: Large-Cap Value Equity, Large-Cap Core Equity, Small-Cap Core Equity, Small-Cap Growth Equity, Fixed-Income and Balanced Portfolios. MVP seeks to provide superior risk-adjusted returns through the use of traditional, fundamental security analysis. The firm believes that stocks purchased at the best relative value based on expected future levels of earnings, cash flow and return on investment provide the best opportunity for appreciation potential with the least amount of risk. Their investment process includes bottom-up stock selection and managed portfolio construction. MVP tends to invest in stocks with below-average p/e ratios and above-average dividend yields that maintain reasonable earnings growth prospects. MVP's investment approach begins with the use of a variety of qualitative and quantitative sector-specific screens, to narrow the universe to a manageable list of around 300 companies. The firm has direct contact with the companies and seeks information from their customers, suppliers and competitors. They evaluate drivers of corporate performance and provide detailed projections of earnings, cash flow and return on investments. These inputs form the basis of MVP's Price Discovery and Relative Value models from which each stock in the universe is ranked. Based on this internal ranking process, the firm's analysts recommend buy and sell ideas to the firm's portfolio management team. Analysts identify why the stock is a timely purchase, potential risks and what would lead the stock to be sold. MVP's portfolio construction process considers sector and industry exposure, cross-correlation analysis and theme exposure. During the holding period, the position is monitored for performance, size and fundamental execution relative to expectations. A stock will be sold if it no longer screens attractive, company or industry fundamentals deteriorate, economic issues change the firm's sector view or the risk/return profile no longer fits the portfolio strategy. MVP's Small-Cap Core and Small-Cap Growth strategies focus on the stocks of companies with a market-cap of $100 million to $2 billion. Their Large-Cap Core and Large-Cap Value strategies focus on stocks with a market-cap greater than $2 billion in size. Though not limited by sector, the firm tends to invest in the stocks of US large-cap companies in the finance, electronic technology, energy minerals, consumer non-durables, healthcare technology and technology services sectors. MVP maintains a medium turnover rate. MVP's fixed-income investment process focuses on: (1) maturity structure (2) sector allocation and (3) duration. The major sectors of the firm's fixed-income universe include: US Treasuries, agencies, mortgage pass-throughs and investment grade corporate bonds. To avoid risk, the portfolio's duration is constrained to 80% to 120% of the appropriate benchmark. Portfolios are broadly diversified and highly liquid. The benchmarks are typically the Lehman Government/Credit, the Lehman Aggregate and/or the Lehman Intermediate Government/Credit Indices. The firm's balanced portfolios are managed with an asset allocation mix that is customized to meet each client's objectives and risk tolerance. The stocks and bonds used in these portfolios are the same as those that are used in MVP's equity and fixed-income portfolios, depending on which is the most appropriate for the client.