"Over the long term, superior earnings growth drives superior investment returns."
- William C. Miller IV

At Hartwell, our investment approach is based on a highly disciplined approach that has remained remarkably consistent for over four decades:

• Earnings growth is the key determinant of stock price performance and we focus on accurately identifying future earnings potential of superior growth companies.
  
  
• We invest in those few companies whose unique or proprietary advantages offer the best prospects for above-average increases in revenues and earnings.
  
  
• The companies we select tend to be grouped in industries that are less likely to be affected by the business cycle and have the strongest prospects for unit volume growth.
  
  
• We vigilantly monitor companies and their industries to make certain they retain the investment and financial characteristics that led to their selection in the first place.

Stage I Early Development Stage II Rapid Expansion Stage III Mature Growth Stage IV Decline/Stabilization Style Revenue Growth Exponential Very High High but Peaking Low/Negative Profitability Negative Accelerating Growing but Decelerating Stable or Negative Market Position Insignificant Leading/Gaining Maintaining Declining

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