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To: david james who wrote (2896)8/25/1999 7:04:00 PM
From: david james  Respond to of 3541
 

Gardner Lewis Asset Management of Chaddsford, PA was appointed in January
1994. This manager employs a strictly bottom-up process. The portfolio is managed by
a team approach. The firm primarily invests in companies whose growth is spurred by
an internal change such as a new product, a new distribution strategy, a new
manufacturing technology or new management. Meetings with company management
and contact with their customers, competitors and suppliers are critical to the process.
The firm views leverage, cash flow, asset quality and asset control as indicators of a
company's ability to prosper. Generally, they will not invest if debt as a percent of capital
exceeds 40%. Price valuation is also a factor and typically Gardner Lewis will pay
between 5 to 15 times their earnings forecast for the next 12 months. Portfolios typically
hold 80 to 100 stocks. Gardner Lewis will sell a stock if it realizes its price objective, is
displaced by a better idea or fundamentals deteriorate.