Van Cleef believes above-average equity returns are generated from a balance of capital appreciation and dividend income.

• Research efforts consider both opportunities and risks on a limited number of ideas, leading to a patient approach.
• We evaluate positions using a 2-3 year time horizon and will employ low-cost, passive strategies as appropriate.
• A typical portfolio will normally hold 15-25 securities and is generally fully invested.
• Annual turnover in a portfolio holding is estimated to be 15-30 percent.