PRIMECAP Management Company is an independent investment advisory firm established in 1983 in Pasadena, California. The firm's goal is to provide superior long-term investment results tailored to meet clients' specific requirements and objectives. PRIMECAP focuses on managing equity portfolios for a select number of clients, including employee benefit and pension plans, endowments, foundations, and mutual funds for the Vanguard Group. The firm's investment philosophy revolves around fundamental research and bottom-up stock picking, with a focus on long-term value creation. PRIMECAP manages assets totaling $117,232,900,412 as of December 31, 2022, all on a discretionary basis. For separately managed accounts, PRIMECAP charges a management fee based on a percentage of assets under management, with fees calculated on a tiered scale. The firm also charges asset-based fees for managing the Vanguard Funds and PRIMECAP Odyssey Funds. PRIMECAP does not charge performance-based fees and primarily serves institutional clients with a minimum initial account size of $250 million. The PRIMECAP Odyssey Funds have a minimum investment requirement of $2,000 for regular accounts, $1,000 for IRA accounts, and $100 for additional investments. PRIMECAP acts as a fiduciary, providing investment discretion to make decisions on behalf of clients. The firm's investment strategies focus on equity securities, and it does not engage in short sales, margin transactions, or investments in derivatives or currency hedging. Clients have the option to impose reasonable limitations and restrictions on their investments, provided they are clearly stated in writing.

Shuster Advisory Group, LLC is an independent registered investment adviser founded in February 2014 by Mark Allan Shuster, with a focus on providing unbiased and objective advice. The firm offers Investment Supervisory services tailored to individual client needs, with a detailed investment strategy that includes various types of securities like stocks, bonds, mutual funds, and ETFs. Shuster does not participate in wrap fee programs and charges fees based on factors like asset size, types of securities managed, and services provided. Clients have the option to pay fees monthly or quarterly, with the ability to negotiate fees. The firm does not have a minimum account size requirement. Shuster's investment analysis includes historical performance evaluation and modern portfolio theory, aiming to maximize returns while managing risk. The firm offers Tactical Asset Allocation as an investment strategy to adjust asset allocation based on market valuations. Shuster does not accept performance-based fees and acts as a fiduciary, always prioritizing clients' best interests. The firm reviews client accounts quarterly and provides detailed reports. Shuster does not engage in directed brokerage and does not charge different advisory fees based on referrals. Clients receive account statements directly from the custodian, and the firm may accept voting authority for client securities. Shuster has a Code of Ethics in place and does not engage in prepayment of fees exceeding $1,200 per client. The firm's financial condition is sound, with no recent bankruptcy petitions.

Flaherty & Crumrine Incorporated, established in 1983, specializes in managing preferred securities portfolios. The firm is independently owned, with 50.2% of shares owned by employees and the rest by retired employees. They manage assets for various funds, including closed-end investment companies and open-end investment companies. As of December 31, 2022, the firm's regulatory assets under management were approximately $3.94 billion. Flaherty & Crumrine charges fees based on the market value of assets managed, with annual fee rates ranging from 0.35% to 0.45%, with a minimum fee of $150,000. The firm primarily invests in preferred securities, contingent capital securities, and similar debt securities, focusing on after-tax income and interest-rate hedging strategies. Flaherty & Crumrine's investment strategies are based on internally generated research, public filings, industry data, and interactions with management. The firm discloses various risks associated with investing, including market risk, credit risk, interest rate risk, and derivatives risk. Flaherty & Crumrine is a registered investment adviser and does not charge any fees based on client transactions. The firm has a code of ethics in place to ensure compliance with applicable laws and regulations, and they do not engage in soft dollar practices or principal transactions for client accounts.

Western International Securities is a financial advisory firm based in Pasadena, California. It currently has approximately $3,477,372,522 of assets under management and employs about 424 people. Western International Securities uses a fee structure of a percentage of assets under your management, hourly charges and fixed fees.

Clifford Swan Investment Counselors is a financial advisory firm based in Pasadena, California. It currently has approximately $3,090,738,559 of assets under management and employs about 31 people. Clifford Swan Investment Counselors uses a fee structure of a percentage of assets under your management, hourly charges and fixed fees.

Gamble Jones Investment Counsel is a registered investment advisory firm founded in 1956 by Jim Gamble. The firm specializes in providing investment advice to individuals, family groups, foundations, and endowments. They offer traditional portfolio management and four distinct investment strategies: Focused Equity, Growth, Equity Income, and Balanced. Gamble Jones primarily works in a fully discretionary capacity but also offers advisory relationships. The firm's assets under management as of December 31, 2022, were $1,598,925,743, with both discretionary and non-discretionary assets. For fees, Gamble Jones charges a maximum fee of 1.00% on assets under management, with fees negotiable. The firm does not accept performance-based fees and serves various types of clients, with a minimum relationship size of $500,000 for Gamble Jones Capital Management and $1,000,000 for traditional portfolio management. Gamble Jones primarily employs a long-term investment strategy using fundamental analysis and offers personalized attention to client portfolios. The firm does not participate in wrap fee programs, and all client accounts are held at a qualified custodian. Gamble Jones accepts discretionary authority to manage client accounts and does not vote proxies on behalf of clients. The team at Gamble Jones includes experienced professionals with various certifications, such as CFA and CFP. Clients are provided with quarterly newsletters and invoices for services rendered. Gamble Jones Investment Counsel upholds high ethical standards and provides comprehensive knowledge in investment decision-making.

Poplar Forest Capital LLC is an independent SEC-registered investment adviser established in September 2007. The firm specializes in providing superior investment results through a value-oriented, long-term approach. They offer investment management services to individuals, institutions, mutual funds, and pooled investment vehicles. The firm's mission is to achieve market-beating results by investing in under-appreciated companies and industries. Poplar Forest manages assets on both discretionary and non-discretionary bases, with total assets under management of $1.28 billion as of December 31, 2023. Their investment strategies include Contrarian Value Equity and Contrarian Value Balanced accounts, focusing on long-term growth and current income. Fees for separate accounts range from 0.50% to 0.80%, while Private Wealth Management accounts are charged 1.00% on the first $3 million. Poplar Forest does not charge performance-based fees and acts as a fiduciary, prioritizing clients' interests. The firm conducts bottom-up, fundamental analysis to evaluate investment opportunities and manages risks associated with value-style investing, debt securities, and foreign securities. Clients have the option to participate in wrap fee programs and may have investment discretion over their accounts. Poplar Forest also discloses its brokerage practices, custody arrangements, and financial stability in the brochure.

Felicitas Global Partners, LLC is an investment adviser firm established in September 2017 and registered with the U.S. Securities and Exchange Commission. The firm offers investment supervisory services, managing various private funds primarily focused on alternative asset classes. As of December 31, 2024, the firm managed approximately $866,911,610 in client assets on a discretionary basis. Clients are typically charged management fees between 0.50% and 1.75% of committed capital, with fees withdrawn directly from client accounts quarterly. Felicitas does not participate in wrap fee programs and may waive the minimum account size requirement of $1,000,000 at its discretion. The firm employs fundamental analysis and various investment strategies, including private investments, long-term trading, and short sales. Clients are responsible for third-party fees, and Felicitas does not receive economic benefits for advice rendered to clients. The firm exercises investment discretion over client accounts and provides periodic reviews of client accounts. Felicitas does not have any financial conditions impairing its ability to meet contractual commitments to clients.

Pasadena Private Wealth, LLC is a financial advisory firm based in Pasadena, California. It currently has approximately $697,980,366 of assets under management and employs about 10 people. Pasadena Private Wealth, LLC uses a fee structure of a percentage of assets under your management, hourly charges, fixed fees and performance-based fees.