The GS+A U.S. Equity Portfolio's objective is to achieve long-term capital gains through investing in a diversified portfolio of publicly traded securities, trading on recognized U.S. exchanges. The companies are selected for their absolute return potential and favourable risk-reward profile and generally display the following characteristics:

• sustainable competitive advantage
• evidence of strategic execution over the course of the business cycle
• proven management ability
• ability to generate high or improving returns on invested capital

We monitor the companies which we own and which we are tracking to discern whether our investment objectives have been realized in light of relevant economic and company-specific factors.