Security selection focuses on companies with improving growth prospects and earnings trends as well as reasonable valuation given the economic cycle. Target market capitalization is between $4 billion and $20 billion with a minimum and maximum of $3 billion and $30 billion, respectively. Returns and standard deviation reflect a well diversified portfolio of 65-85 names that results from our top-down sector/industry allocation process.

We utilize several procedures to control risk in our Mid Cap Equity portfolio. On an individual stock level, we have a maximum position limit of 4%, ensuring proper diversification across different securities. For the portfolio, we impose a maximum/minimum sector overweight/underweight of +/- 1000 basis points versus the benchmark sector weight, with an overall maximum sector exposure of 30%. Our investment policies and procedures also call for a review of securities by Investment Committee that have underperformed to the benchmark on a rolling three-month basis.



Asset Class: Mid Cap Equity
Investment Style: Core-Growth
Primary Benchmark: Russell Mid Cap
Secondary Benchmark: Russell Mid Cap Growth
Inception Date: June 30, 2008
Average Number of Positions: 65 - 85
Max Position Size: 4%
Weighted Average Market Cap: $13.77 billion
Sector Constraint: +/- 1000 basis points vs. benchmark (30%)
Target Annual Turnover: 50 - 70%
Data Provided as of: September 30, 2017