Spyglass Investment Strategy Overview

10 Portfolio Construction Portfolio diversified by company growth rates Bucket 3 Bucket 2 Bucket 1 +25% revenue growth rate will sometimes exceed earnings growth rates as the company invests in long-term growth which will eventually achieve scale 15-25% revenue and earnings growth with a balanced relationship between revenue growth and operating leverage 10-15% revenue growth, 12-17% earnings growth with earnings growing more rapidly than revenues Growth Rate +25% 15-25% 10-15% 1 2 3 9% 10.5% 12% Discount Rate 5% 4% 5.5% 7% Risk-Free Rate Equity Risk Premium

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