Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System

Businesses We Generally Avoid We are not interested in owning roughly two-thirds of public companies regardless of price. We typically have less exposure to the following types of businesses given a lack of predictability or an inability to defend their competitive moats: COMMODITY-LINKED BUSINESSES CAPITAL-INTENSIVE BUSINESSES WITH UNDIFFERENTIATED PRODUCTS HIGHLY REGULATED BUSINESSES BUSINESSES WITH UNPREDICTABLE PRODUCT LIFECYCLES 9

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