The best performing position over the past year was Epoch Holdings Corp. (EPHC), which climbed over 70 percent and added 210 basis points of return to the portfolio. We think that the asset manager continues to be underfollowed by sell side analysts despite impressive results over the past few years. Although cash flow into equity mutual funds has been challenged since the downturn, Epoch has been successful at growing assets. We believe that the company is attractively priced as a percentage of its assets under management, and we that believe the company has the capacity to double assets from current levels.
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