High Quality Mid-Cap - BFM Capital

High Quality

(as of December 31, 2022)

	BFM High Quality Mid-Cap
Return on Invested Capital	17%
Debt to EBITDA	1.9x

Source: BFM estimates, Capital IQ, Bloomberg, Results are median weighted

Our portfolios have higher returns and lower leverage than the index.

High Conviction

(as of December 31, 2022)

	BFM High Quality Mid-Cap	Morningstar Category Average¹
Top ten holdings as a % of total	67%	30%

Source: Morningstar, Results are median weighted
¹US Mid-Cap Growth category

Low Turnover

(as of December 31, 2022)

	BFM High Quality Mid-Cap	Morningstar Category Average
Turnover	17%	51%

Source: Morningstar, Results are median weighted

Together with our clients, we have a long-term mindset.

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy or product made reference to directly or indirectly by BFM in its website, or indirectly via a link to an unaffiliated third-party website, will be profitable or equal past performance. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client or prospective client. Investment in securities involves risks, including the risk of loss of principal.