David E. Norris

OAM is an equity manager that focuses on fundamental analysis, identifying secular trends and resulting investment themes, which is the core of their investment process. This thematic growth approach reduces the risk of market timing and directs them to superior growth potential in important industries and companies. Individual stocks are chosen because they are considered good companies at good prices. They invest in a select group of stocks that are fundamentally strong, growing companies that they feel are undervalued by the market and which fit within the firm's identified secular investment themes. Their portfolios are usually fully invested, but at times they raise appropriate levels of cash reserves. OAM believes that a selling disciple is vital to long-term investment success. They stress the need for a selling strategy aimed at maximizing profits and protecting capital. They also heavily emphasize that diversification is important and that heavy concentration in a particular industrial sector or an individual issue or fund is explicitly avoided. They are not growth investors in the strictest sense because they believe many growth stocks are overpriced. On the other hand, they are not pure value investors either, as many value stocks are cheap for very good reasons. Companies that are targeted for purchase based upon OAM's investment research and analysis will share certain basic characteristics. They generally have strong balance sheets with relatively low levels of long-term debt and a strong ROE. These corporations also have strong management teams with a depth of experience in their business. Frequently, these firms enjoy a market position protected by product patents, proprietary distribution channels or other factors that serve to restrict entry by competitors. When bonds are used, OAM invests in high-quality taxable and tax-free issues. Bonds having maturities exceeding 10 years are rarely used, to reduce the volatility in portfolio valuations.

Operates commercial bank

Provides banking products and services

Deutsche Bank Investment Management (DBIM) offers a broad range of investment products that span the risk/return spectrum. The firm's primary investment strategies and products include equity, fixed-income, alternatives, private equity, cash management and multi-asset. Within each investment strategy, there is a team that manages and specializes in the particular asset category being employed. The team may use a variety of quantitative and qualitative techniques in trying to meet clients' investment objectives. DBIM may use bottom-up research that focuses on companies they believe have a history of above average growth, strong competitive positioning, attractive prices relative to potential growth, sound financial strength and effective management, among other factors. The firm may also use top-down research to identify investments that may benefit from changes in the overall business environment.

Provides banking services