HCM employs a value style of investing, utilizing a disciplined process of rigorous quantitative and fundamental research. This disciplined approach refers to a structured and orderly method of analysis, which attempts to minimize the corrosive impact that emotional factors often have on the investment decision-making process. It is by applying this approach to each individual security that we construct a portfolio with attractive return potential. We pursue growth, but only at a reasonable price.

It is our goal to identify sufficient under-priced candidates for investment so as to be fully invested. As a practical matter, this is not always possible. When prices are high and there is a scarcity of attractively priced opportunities, we are perfectly willing to wait patiently for opportunities to develop. We would rather hold cash than overpay for securities.