The strategy implemented in the U.S. Small Cap product attempts to remedy the underlying risk/return weaknesses of both pure-value and pure-growth portfolios. Value stocks can be cheap for good reason, and can remain that way for extended periods of time. By identifying potential catalysts for change with the (Market Theme) research, an element of timing is added to a standard value strategy. Growth strategies require a highly-speculative determination regarding the timing of a trend's dissipation or termination. By adding a valuation component, downside risk can be reduced. Sometimes the term Growth at a Reasonable Price (GARP) is used to describe similar strategies; however, Mr. Roalstad likes to refer to this strategy as (VARG) or Value with A Reasonable expectation for Growth. This is a Managed Account.