Fayez Sarofim & Co. currently offers five equity strategies: domestic, global, international, concentrated growth and equity income, based on one overarching investment philosophy that stock price appreciation is based on a company’s earnings growth over the long term. The Investment Committee relies primarily on the fundamental research of our in-house analysts to evaluate the long-term attractiveness of various industries and to assess the competitive strengths of industry participants. We seek to emphasize businesses where competitive advantages can be maintained, where earnings streams are sustainable and growing, and where valuations are judged to be reasonable. Our research-driven discipline leads us to construct a portfolio that can result in allocations that differ significantly from the benchmark weightings.