Tandem Investment Advisors, Inc.

A DIFFERENT INVESTMENT PHILOSOPHY Common Sense Analysis Companies capable of growing earnings regardless of economic circumstances are more likely to reward patient shareholders. To perform well over a complete market cycle, companies should demonstrate: Consistent earnings and cash flow growth through any economic cycle Consistent dividend growth as a result of earnings and cash flow growth Consistency in and depth of management Uniqueness, dominance, technological advantages or barriers to entry A DIFFERENT INVESTMENT PROCESS A Disciplined System Developed Around our Proprietary Ratio Quantitative analysis: Proprietary ratio computation across our 1,600+ stock universe. Semi-quantitative review: Detailed fundamental review of quantitative findings. Human Intervention: Results reviewed by investment team. Technical Analysis: Price action determines key entry and exit points A DIFFERENT SELL DISCIPLINE Tandem’s sell discipline is prescribed by methodology and is not subject to sentiment, emotion or interpretation Fundamental Sale: A stock violating our fundamental requirements must be sold. Valuation Sale: A stock meeting our fundamental requirements but considered overvalued will have 25% of our holding sold. Significant Price Movement: A stock experiencing significant relative price appreciation will have 25% of our position sold. A stock experiencing significant relative underperformance is reviewed. Protective Stops: When a stock is to be sold, a protective stop is placed under the current price and moved up if the stock’s price continues to rise. A DIFFERENT EXPERIENCE We exhibit uncommonly low volatility and low downside capture We hold cash when few buy opportunities present themselves. We manage tax consequences. We manage the assets clients entrust to us, even if we didn’t buy them. We buy stocks when they ought to be bought — not because we sold something.

Address: 145 King Street, Suite 400 Charleston, SC 29401 USA

Phone: +1 843 720 3413
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