Cambiar applies a disciplined, relative-value philosophy to investing and focuses attention to individual companies that meet the firm’s investment criteria. Portfolios typically consist of 45-55 issues of undervalued securities with strong financial and business characteristics. Management selects small sized quality companies with market capitalizations that are typically less than $3 billion that are attractively priced, that demonstrate positive developments not yet recognized by the market and that offer significant appreciation potential within a 12 to 18 month time horizon.