Our goal is to maximize risk-adjusted returns, while staying true to the individual portfolio objectives. We strive to generate consistent returns with lower volatility than the commensurate benchmarks.Our primary focus is to generate performance through stock selection. We achieve this by leveraging BofA Global Research's Risk framework and its robust global research team. Generally our approach is to avoid sizeable variations in sector weightings from the benchmark. However, at times, we may deviate from benchmark weights to reflect our broader market views or to better position a portfolio to help meet its objective.We marry fundamental analysis with a valuation framework, all while considering both absolute and relative metrics. This framework, along with our conviction in a fundamental thesis, help to create a consistent buy and sell discipline that also assists in position sizing. This also may allow us to capitalize on market dislocations.We manage our portfolios with fewer stocks than the relevant benchmarks, but remain keenly aware of the importance of diversification, which we achieve by owning stocks across many sectors, subsectors and geographical locations. Holding fewer stocks allows us to gain a deeper understating of a company's fundamentals and in turn, greater conviction in an investment idea. Generating performance is only one part of portfolio management, in our view.Risk management is of equal importance in an attempt to minimize losses and provide the best investor experience. We think the ability to manage risk during different market conditions is a better indicator of a successful portfolio manager, rather than taking unnecessary risks to drive performance. We view risk management as an integral component of the team's investment process and use a defined framework to provide guardrails for the portfolio.We view risk in four primary categories; Absolute, Relative, Forward-Looking and Backward-Looking. The team employs a number of tools to help mitigate known and unknown risk, including trade simulation, portfolio optimization and stress testing.*Any information presented in connection with BofA Global Research is general in nature and is not intended to provide personal investment advice. The information does not take into account the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Investors should understand that statements regarding future prospects may not be realized. BofA Global Research is research produced by BofA Securities, Inc. ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation. BofA Global Research does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.