With an 11.2% gain, this concentrated U.S. offering handily outpaced the S&P 500 and the U.S. equity category average in the first half of the year. Managers Brent Loder and Chris Anderson look for financially strong companies with favourable growth potential and sustainable competitive advantages. Their process is a mix of both quantitative and qualitative analysis, with a focus on larger companies. The concentrated portfolio has a growth tilt to it, with tech, financials and healthcare making up the bulk of the fund. Historically it has tended to outperform in rising markets, but dramatically underperform when markets are falling or flat. While it may very well post strong numbers in the second half of the year, I would likely avoid it because of its poor downside protection, above average volatility, and higher than average cost.