Investment Strategy
Research Process
Sell Discipline
Portfolio Management
Composite Profile Sheet

Investment Strategy
Our objective is to seek long-term capital growth by investing principally in mid-cap growth companies across a broad range of industries.

Research Process
Our broadest mid-cap stock universe begins with approximately 900 companies. On a semi-monthly basis, we run a number of screens to narrow the universe to a more manageable population of 200 companies on which we practice fundamental research. These screens include earnings-per-share growth, EPS revisions, relative strength, and accumulation/distribution.

With the universe narrowed, we look for companies that possess an "earnings growth catalyst"; a particular element that can drive earnings growth and ultimately share price appreciation. This catalyst can be varied; it may include a new product introduction, sale or divestiture of a business unit, new management team, or a strategy to maximize an undervalued asset.

Sell Discipline
We consider selling a stock when:

• A stock reaches our upside price objective;
• A stock declines 15% from our purchase price;
• Negative fundamental changes occur relating to:
• Management
• Product
• Economic environment; and/or,
• We identify more attractive investment opportunities.

Portfolio Management

 
 
Stephen J. Bishop (RS) has been co-portfolio manager of RS Technology Fund (formerly The Information Age Fund^®) since July 2001, of RS Emerging Growth Fund since January 2007, of RS Select Growth Fund since May 2007, and of RS MidCap Opportunities Fund since August 2008. Mr. Bishop joined RS Investments in 1996 as a research analyst, primarily covering the technology sector. Prior to joining the firm, he worked as an analyst in the corporate finance department of Dean Witter Reynolds, Inc. for three years. Mr. Bishop holds a B.A. in economics from the University of Notre Dame and an M.B.A. from Harvard Business School.

 
 
Melissa Chadwick-Dunn(RS) has been a co-portfolio manager of RS Emerging Growth Fund since January 2007, of RS Select Growth Fund since May 2007, and of RS MidCap Opportunities Fund since August 2008. Before joining the firm in 2001, she was an equity analyst at Putnam Investments for two years. Prior to that, she spent four years in investment banking, working on corporate finance and mergers-and-acquisition transactions for Lehman Brothers and McDaniels S.A. Ms. Chadwick-Dunn holds a B.A. in economics and an M.A. in international relations from the University of Chicago and an M.B.A. from the Wharton School of Business.

 
 
John H. Seabern, CFA (RS) has been a co-portfolio manager of RS MidCap Opportunities Fund since May 2007. In August 2008 he became sole portfolio manager of RS Growth Fund, a fund he had co-managed since May 2007. Mr. Seabern also served on the management team of RS Select Growth Fund from August 1996 until May 2007. Prior to joining the firm in 1993, he was a performance analyst at Duncan-Hearst Capital Management for two years. Mr. Seabern holds a B.S. in finance from the University of Colorado.

 
 
Allison K. Thacker (RS) has been a co-portfolio manager of RS Technology Fund (formerly The Information Age Fund^®) since April 2003, of RS Emerging Growth Fund since January 2007, of RS Select Growth Fund since May 2007, and of RS MidCap Opportunities Fund since August 2008. Prior to joining RS Investments in 2000 as an analyst covering Internet and consumer discretionary stocks, she worked as a summer associate at Putnam Investments, and, prior to that, she was an analyst in the energy group at Merrill Lynch & Company for two years. Ms. Thacker holds a B.A. in economics from Rice University and an M.B.A. from Harvard Business School.

 
 
D. Scott Tracy, CFA (RS) has been a co-portfolio manager of RS Emerging Growth Fund and of RS Smaller Company Growth Fund since January 2007, of RS Select Growth Fund since May 2007, and of RS MidCap Opportunities Fund since August 2008. Prior to joining RS Investments in 2001, he spent three years at Shoreline Investment Management, the in house asset management arm of Hewlett-Packard. He has also served as an equity analyst at Montgomery Securities. Mr. Tracy holds a B.A. in history from Trinity College and an M.B.A. from the University of California at Berkeley.

Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investments in technology companies may be highly volatile.