What Value Means to Barrow Hanley

Barrow, Hanley, Mewhinney & Strauss has a strict definition of value. Our equity portfolios will always exhibit below-market price-to-earnings ratios, below-market price-to-book ratios, and above-market dividend yields, regardless of market conditions. As a result, each of our clients can feel confident that we will do our part to maintain the style integrity of their overall portfolio.

In fixed income, we define value as temporarily mispriced securities with yield-to-maturity advantages over Treasury bonds of comparable maturity. We identify each opportunity from the bottom up, building a duration-neutral portfolio that "out-yields" the market. In this way, Barrow Hanley can achieve higher total returns for our fixed income clients with below-benchmark volatility.

Product Offerings

Barrow, Hanley, Mewhinney & Strauss offers U.S. equity, fixed income, and balanced investment management. Our strategies include:

U.S. Equity Large Cap Value Equity Diversified Large Cap Value Equity Mid Cap Value Equity Small Cap Value Equity

U.S. Fixed Income Long Duration Fixed Income TIPS High Yield Fixed Income Core Fixed Income Core Plus Fixed Income Intermediate Fixed Income Defensive Fixed Income

Balanced Balanced

History

Barrow, Hanley, Mewhinney & Strauss, Inc. (BHMS) was founded and registered with the SEC in July of 1979 to manage U.S. tax-exempt portfolios for institutional clients. We began managing large cap value equity assets in October of that same year. A value-oriented fixed income strategy was established in 1983, and we currently offer core, core plus, intermediate, defensive, long duration, and high yield products, as well as special purpose portfolios. A small cap value equity strategy was added in July of 1995 and mid cap value equity management was established in March of 1999. In October of 2000, we added a diversified large cap value strategy. Two new equity strategies were added in 2006, international and diversified small cap value. Balanced management is available utilizing any combination of equity and fixed income strategies.

In January of 1988, Barrow Hanley became an affiliate of United Asset Management Corporation (UAM), a Boston-based holding company, listed on the New York Stock Exchange. On October 5, 2000, UAM was acquired by Old Mutual plc, a London-based global insurance and asset management company. Subsequent to this, Barrow Hanley became an affiliate of Old Mutual Asset Management.

Old Mutual Asset Management is the US-based member of the multi-national, multi-style Old Mutual Asset Managers group of companies. Old Mutual Asset Management is comprised of more than 20 independent asset management firms representing a broad spectrum of investment strategies, capabilities and styles.

The continued stability of Barrow Hanley is assured by the fact that all of our outstanding stock is held by Old Mutual, a parent with substantial resources dedicated to the investment management business. Barrow Hanley remains an independently managed company and Barrow Hanley investment professionals have significant economic ownership in our firm. We continue to operate our business on an autonomous basis from our Dallas, Texas headquarters.

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