PORTFOLIO MANAGEMENT STYLE
Customized portfolios of individual securities Focus on sector allocation and stock selection Blended research approach takes advantage of both value and growth opportunities Large capitalization stock concentration combined with measured mid-cap, small-cap, and international equity exposure Blending of select etfs with individual large cap stocks to take advantage of all capital asset markets Disciplined diversification provides cushion against market and individual stock volatility
PORTFOLIO MANAGEMENT PROCESS
Client objectives and risk tolerance determine overall asset allocation Original portfolio holdings are added to the research database Quarterly reporting In-person meetings Ongoing review of holdings and buy candidates:
BUY DISCIPLINE	SELL DISCIPLINE (Warning Signs)
Quarterly rotation of 96 industries includes the following screens: P/E and P/CF lower than historical average Positive revenue and earnings growth Reasonable growth estimates versus historical average Upward revisions in EPS estimates Competitive net margins Increasing ROE with decreasing leverage Attractive dividend yield and dividend growth Low dividend payout ratio Insider buying Positive industry or company developments "Black box" model results	Daily monitoring of news and price changes Monthly review of valuation and performance factors: P/E and P/CF greater than historical average Significant price out-performance versus market or sector Quarterly rotation of 96 industries: Decreasing or static ROE with increasing leverage Downward revisions in earnings estimates Downward revisions in ratings Negative industry or company developments "Black box" model results

Buckingham Capital Management is an affiliated entity ofBuckingham & Company