An Independent Firm
	Unique Investment Approach

Independent Firm
Employee-owned. Pinnacle Associates Ltd. is an Independent Registered Investment Advisor and is employee owned by several senior investment principals. We have been in business since 1984 and manage portfolios for public funds, endowments, foundations, corporations, religious orders, municipalities, and high net worth individuals.

Pinnacle currently has over $3 billion under management. Approximately 60% of assets are high net-worth individual and 40% are institutional. The company has a number of product offerings including Multi-Cap Equity, Small/Mid Cap Equity, International Equity, International Small Cap Equity, and Balanced (used primarily for individuals and small institutions) portfolios. Pinnacle plans to continue to expand its product line and grow its existing offerings. All senior portfolio managers are stockholders of Pinnacle and have 15 to 20 years of investment management experience.

Action-Oriented Professionals. Pinnacle is a small action-oriented organization with a minimum of bureaucracy. Unlike larger organizations, we are able to make decisions immediately without the need for committees and long meetings. We are also committed to hands-on client service. Clients are always able to reach the manager who is responsible for their portfolios.

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Unique Investment Approach
Pinnacle Associates' domestic equity portfolios are based on the concept that undervalued securities can be found in any sector of the equity market. We do not limit ourselves to a single “growth universe” or “value universe”. While we utilize several traditional measures of valuation, we believe that these traditional measures, while still useful, cannot completely address all of the opportunities that exist in the domestic equity market today. Indeed, over the last thirty years, the security markets have changed, accounting standards have been redefined, and sectors that never existed before now drive market performance. Pinnacle's domestic equity strategies strive to utilize both traditional methodologies and innovative valuation measures to build diversified portfolios with the goal of delivering superior performance. Regardless of the valuation approach, we employ a consistent bottom-up style that is based on our proprietary fundamental analysis.

Pinnacle's international portfolios are structured by combining top-down macroeconomics analysis with bottom-up stock analysis. The focus is on quality, unique companies with high visibility growth characteristics in sales and earnings. Companies frequently are dominant within their industry niche and may have a near monopoly position within their country. Investments are concentrated into a limited number of companies per country that we understand well. Every stock in the portfolio has been carefully selected through our own research and management contact.

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