HERNDON CAPITAL MANAGEMENT

Herndon Capital Management is an investment management company based out of Atlanta. The company was stablished in 2001 and currently operates as a subsidiary of Atlanta Life Finance Group, a financial services company that has had over a century of history. Herndon Capital Management utilizes fundamental and quantitative analysis and a bottom up investment approach, investing in public equity markets on a global scale. The company benchmarks its performance against various Russell, S&P 500 and MCSI Indexes and currently operates with 47 employees with 13 of them being investment professionals. Herndon Capital Management invests most heavily in the energy and finance sectors, each making approximately a fifth of its total asset allocations, and also invests in the information technology, consumer staples, consumer discretionary, industrials, materials, and health care sectors, among others to a lesser degree, in order of decreasing allocation. The company currently has over $8 billion in total assets under management spread across over 2,300 accounts, all of which are discretionary. Both of its total number of accounts and total assets under management have been increasing in recent years, with its total number of accounts held growing from under a hundred five years ago to over 20 times that amount today and its assets under management growing nearly every year prior to 2014 except for the financial crisis of 2008 to as high as $10.2 billion, although it has decreased somewhat in the past year. Herndon Capital Management mainly caters to public funds, which alone makes up approximately a third of its entire client base, and also provides services to mutual funds, UMA, WRAP, and a variety of other clientele in order of decreasing percentage of client base. The company currently offers a variety of products for its clients including its Large Cap Core equity, Core International, Growth, and Value Equity and its Mid Cap Growth and Value Equity strategies.