Mar Vista’s Focus strategy seeks long-term capital appreciation by investing in a concentrated portfolio of 15-20 of our highest conviction ideas. Following a bottom-up process, we look for companies exhibiting above-average intrinsic value growth, strong financial strength, dominant business models, pricing power, significant free cash flows, and the ability to prosper in a variety of market environments. Position sizes average 5% at cost, though that weighting can vary depending on a stock’s risk/reward characteristics. For clients with a longer time horizon and greater tolerance for volatility, we believe Focus has the potential to provide superior risk-adjusted returns relative to more diversified strategies over a full market cycle.