The Value Income Equity portfolio seeks investment opportunities in medium and large public companies which are generating excess free cash flow and whose equity securities are trading at a discount to WCM's estimate of intrinsic value. Our relative value discipline allows us to measure risk and reward for each security within a company’s capital structure and invest where we see the best opportunity. Every security identified for investment must have a specific objective within the portfolio, and one or more clearly defined catalysts capable of producing an 18% total return over the ensuing 12-18 months.