Aurora
Investment Process


Market capitalization
Average daily volume
Stock price
Level 1
Growth Measures
Valuation Measures
Price-to-cash-flow
Price
-to-book value
Price
-to-sales
Earnings yield
Debt
-to-equity


Estimate sales growth
Project earnings growth
Determine appropriate future price
-to-earnings multiple
Select best stock addition to current portfolio
Cash-flow growth
Sales growth
Relative strength
Earnings growth
Return on equity
LEVEL 1 screens a universe of over 9000 domestic and foreign stocks to identify an investable
         group of companies.

LEVEL 2 applies another screen to narrow the universe by using fundamental criteria such as
         growth and valuation measures and selects 50 companies with the best combined results.

LEVEL 3 The top 50 companies are individually vetted as possible candidates for the portfolio.
Level 3
Level 2
Aurora
Aurora