The strategy aims to grow capital over the long term through the application of a disciplined value investing approach emphasizing capital preservation and a focus on absolute risk and return. Investment approach The Beutel Goodman Large-Cap Value Equity strategy (“the strategy”) uses bottom-up, fundamental research to invest in companies at discounts to their business value, as defined by the present value of their sustainable free cash flow. The Strategy’s investment team believes that stocks purchased at a significant discount to business value have an inherent margin of safety. This approach combined with a focus on quality, growing companies with strong balance sheets, helps avoid the possibility of capital loss. The strategy’s portfolio management team employs a concentrated portfolio of their highest conviction ideas. A fully diversified portfolio typically holds 25 to 30 stocks. The team ensures there is adequate diversification by imposing limitations on the maximum weight in any individual security or sector. The strategy incorporates a process-driven approach to risk management, where there is an automatic review for stocks that exceed their upside or downside targets. Stocks that exceed their upside target are automatically reduced by one-third.