800.610.1460

PO Box 2500

Walla Walla, WA 99362

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Monitoring Managers

We diligently monitor the managing firms by reviewing their investment performance based on a global view of all other same-sector managers and the appropriate benchmark. In addition, we contact the managers directly each month and when any relevant changes occur in the market.

There are several categories of action by the managing firm that are closely monitored:

• When there is deviation from its market sector. This represents "style drift," which is when the firm moves away from its original strategy or sector. An example is when a large cap value firm moves towards a large cap growth strategy because large cap growth is the current trend.
• When there is a change in the portfolio manager. The reason for the change is ascertained and it is determined if it was due to a reorganization, promotion, termination, or other cause.
• When the performance falls below the benchmark typically over three consecutive quarters.