Mutual Funds – Domestic Equity Style Definitions

CAI Mutual Fund Large Cap Broad Style
Managers who concentrate their holdings in large capitalization domestic equity regardless of style (growth, value, or core). The purpose of this group is to allow a comparison with the universe of large cap equity funds without focusing on a particular investment style.

CAI Mutual Fund Large Cap Growth Style
Mutual funds invested mainly in large companies that are expected to have above average prospects for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation levels in stock selection.

CAI Mutual Fund Large Cap Core Style
The mutual funds in the Mutual Fund Large Cap Core Style have characteristics similar to those of the broader market as represented by the Standard & Poor’s 500 Index. Their objective is to add value over and above the index, typically from sector or issue selection.

CAI Mutual Fund Large Cap Value Style
Mutual funds invested predominantly in large cap companies believed to be currently undervalued in the general market. The companies are expected to have a near-term earnings rebound and eventual realization of expected value.

CAI Mutual Fund Mid Cap Broad Style
Mutual funds invested primarily in middle-range companies with an average capitalization of $3 billion. The Mutual Fund Mid Cap Broad Style invests in securities with greater volatility than the broader market as measured by the risk statistics Beta and Standard Deviation.

CAI Mutual Fund Mid Cap Growth Style
Mutual funds invested primarily in middle capitalization range that are expected to have above average prospects for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation levels in the stock selection process. Invests in companies with P/E ratios, Price-to Book values, and Growth-in Earnings values above the broader market as well as the middle capitalization market segment. The Mutual Fund Mid Cap Growth Style invests in securities with greater volatility than the broader market and the middle capitalization segment as measured by the risk statistics Beta and Standard Deviation.

CAI Mutual Fund Mid Cap Value Style
Mutual funds invested primarily in middle capitalization range believed to be currently undervalued in the general market. Valuation issues take precedence over near-term earnings prospects in the stock selection process. The Mutual Fund Mid Cap Value Style invests in companies with P/E ratios, Return-on-Equity values, and Price-to-Book values below the broader market and the middle capitalization segment. This style invests in securities with risk/reward profiles in the lower risk range of the middle capitalization market.

CAI Mutual Fund Small Cap Broad Style
Mutual funds invested in companies with relatively small capitalization. The Mutual Fund Small Cap Growth Style consists of both Small Cap Growth and Small Cap Value managers, as well as managers investing in the broad market in the small capitalization universe.

CAI Mutual Fund Small Cap Growth Style
Mutual funds invested in small capitalization companies that have demonstrated consistently high growth in earnings and profitability.

CAI Mutual Fund Small Cap Value Style
Mutual funds invested in small capitalization companies that are currently undervalued, typically, due to earnings weakness. These companies are expected to have near-term earnings rebound.