Investment Team:
Carl L. Goldsmith, CIO, Delta view profile
Marla K. Ryan, CFA view profile
David P.Garza, CPA, CFA view profile
Brenda Cullen, Analyst view profile
Ilene Alperstein, Trader view profile

Investment Philosophy

Change is the primary principle of Delta’s Large Cap investment philosophy. The approach is designed to identify positive change that will result in earnings acceleration and valuation improvement. Delta looks for investment catalysts from one or more of the following:.

• Macro environment
  
• Industry and company fundamentals
  
• Stock price valuation
  

Buy Discipline

• Evaluate company catalysts based on:
  
  • Economic sensitivity
  • Fundamental momentum
  • Current valuation
• Assign valuation-based price targets
• Weightings determined based on strength of investment catalysts
  

Sell Discipline

• Reverse of buy discipline:
  
  • Stock inappropriate for current macro environment
  • Negative change in company fundamentals
  • Exceeds valuation-based price target
• 25% decline relative to the market

Portfolio Constraints

• Portfolio averages 100-110 securities
  
• Typically exposed to all 10 economic sectors
  
• Target sector weights within 50-150% of the benchmark weighting
  
• Individual securities may not exceed 5% of portfolio
  
• Positions will typically not exceed more than 1% of benchmark weighting
  
• Turnover typically under 25%