An Investment Philosophy Focused on
Risk-Adjusted Returns

We believe that the opportunity to generate superior risk-adjusted returns over an entire market cycle is best achieved by:

• Participating in rising markets while avoiding speculative investments.
• Protecting capital in down markets.
• Reducing volatility in client portfolios.
• Concentrating on stocks with superior dividends.
• Maintaining a long-term focus on value realization.

First Fiduciary’s value-oriented equity philosophy is centered on investing in large, well-established companies selling at significant discounts relative to their intrinsic values. Importantly, we look for these companies to be rich in assets and possess strong dividend-paying capacity.

Our emphasis in fixed income management is on:

• Quality
• Treasurys, agencies, investment-grade corporate bonds
• High-grade municipals, when appropriate
• Marketability
• Highly liquid
• Maturity structure
• Typically laddered to an average maturity of ten years or less