INSTITUTIONAL CAPITAL LLC

Institutional Capital is a private investment management company that was founded in 1970 in Chicago. The company’s investment philosophy focuses on “exploiting pricing inefficiencies by combining our valuation discipline with dynamic catalyst identification through independent, fundamental, in-depth research.” The firm values its investment professionals with its Investment Committee members on average having over two decades of experience in the industry. Institutional Capital, although having independent autonomy, is a subsidiary of New York Life Investment Management Holdings LLC. Institutional Capital currently has 60 employees and approximately $23.5 billion in total assets under management, which, although a significant increase from under $15 billion amount five years ago, is a decrease from its $29.2 billion in 2014. The company’s total number of accounts held has increased from around 130 to its current amount of 465. The majority of its clients are high net worth individuals, which alone makes up over a third of its total client base, and the company also caters to pension and profit sharing plans, charities, pooled investment vehicles, individuals, investment companies, corporations or other businesses, state or municipal entities, investment advisors, and insurance companies, among others, listed in order of decreasing clientele. Institutional Capital conducts its research in house, employing a fundamental analysis with a bottom up stock selection approach in order to make its investment decisions on the value stocks of large cap companies in public equity markets around the world. The company focuses on the financial and services sectors, together making up almost half of its total investment asset allocations, and also invests in the health care, technology, capital goods, basic materials, and consumer cyclical sectors, among others to a lesser degree, in order of decreasing sector allocations. The company currently offers a variety of strategies include ICAP Select Equity, Focused Equity, International, Euro Select Equity, Global, and Global Dividend Yield.