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 50 issues of undervalued securities with strong financial and business characteristics. Management selects small sized quality companies with market capitalizations 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.