What is the investment philosophy behind managing the Johnson Disciplined Mid-Cap Fund?
Our investment philosophy is based on the belief that a disciplined, multi-factor approach to stock selection is critical for the long-term success of a portfolio. We believe that while no single factor consistently delivers superior results, a diversified mix of quantitative factors with low correlations does. As a result, our holdings have a combination of growth in earnings and revenue, reasonable valuation, good momentum, and improving profitability. In other words, we have a quantitative philosophy that embraces both growth and value factors. We have relied on this style and philosophy since 2003, when we formally changed the investment process towards a quantitative approach. Previously, we relied on buying quality growth stocks at a reasonable price. We opted for the change because our analysis suggested that by applying a disciplined framework, we could avoid the behavioral pitfalls and the emotions that sometimes can get in the way of investment decisions. More importantly, ou
