CAPITAL COUNSEL LLC

Capital Counsel LLC is an SEC-registered investment advisor established in 1999. The firm provides asset management services based on disciplined valuation-based fundamental analysis and patient execution. Capital Counsel specializes in evaluating individual businesses to determine their ability to generate free cash flow for reinvestment and sustained profit growth. Capital Counsel manages client accounts on a discretionary basis for individuals, families, foundations, endowments, pooled investment vehicles, pension and profit sharing plans, and corporations. The minimum account size is $1 million, but Capital Counsel may waive this requirement at its discretion. The firm does not receive compensation for the sale of securities or other investment products, including asset-based sales charges, distribution or service fees from the sale of mutual funds, or performance-based fees.

Capital Counsel's investment strategy focuses on disciplined valuation-based fundamental analysis and patient execution. They prioritize stock selection, aiming to acquire stocks in well-managed companies at a price that offers a "margin of safety." This strategy is based on the belief that investors' short-term focus often creates opportunities to buy undervalued stocks. The firm invests in companies with consistent, internally financed, profitable growth. They analyze financial statements, earnings reports, press releases, and SEC filings to confirm that companies have recurring revenues, growth financed by free cash flow, and strong balance sheets. They also track key performance statistics such as growth of revenues, earnings, and free cash flow, return on equity and invested capital, price/earnings ratio, operating margin, percentage of after-tax foreign earnings, and intrinsic growth rate.

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