The Investment Committee closely monitors security, sector, and industry weights. The team follows a policy that requires portfolios maintain appropriate diversification by holding 25 to 35 companies in over 20 unique industries with significant exposure to global markets (revenues from global operation account for over 40% of portfolio company’s total revenues.) Sector exposure is typically capped at 2x the S&P 500 sector weight or 10%, whichever is higher. Sector exposure is determined primarily by the investment process, with a tendency to overweight sectors with strong fundamentals, but typical exposures are well within these limits. The normal position size (at market) for a stock is 3–5%, with a minimum floor of 2% and a maximum of 6%. No position will ever be weighted heavier than 5% at cost. Average industry weights vary, ranging from 3–8% of the total portfolio.