Performance Monitoring and Controlling Risk

CSM constantly monitors the performance of all of its investment managers. We review periodic investment performance data, both on an absolute basis and relative to appropriate indices, as well as any qualitative written material provided by our managers and by third parties. Although we are long term investors on behalf of our clients, we carefully look for any evidence of degradation in a manager’s capabilities. Through dialogue at the most senior level, we seek to understand the sources of both outperformance and underperformance.