Sell Discipline

A company will be sold from the Jensen Value Discipline if:


> It drops from the top one-third of the universe, subject to optimization, as determined by the quarterly process of ranking all qualifying companies


> Its fundamentals deteriorate lowering ROE below 15%, indicating a loss of competitive advantage

There is no assurance that the investment process will lead to successful investing or that the stated objective(s) will be met. Investing involves risk; principal loss is possible.

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