Our stock selection is driven by our analysis of mid and smaller companies. We seek to identify undervalued companies with growing dividends. As these companies typically have higher than average yields a client's portfolio should produce a reasonable income, with the potential for significant capital appreciation as investors reappraise the real attractions of the company. We are prepared to wait for investments to perform which leads to lower turnover in our clients' portfolios than our competitors. This approach has been at the heart of our success over the last 20 years.