Titan's Flagship, Opportunities, and Offshore strategies each consist of a unique ~15-25 stock portfolio, roughly equally-weighted across each holding but conviction-weighted in the case of Offshore. Throughout each quarter, the constituent stocks can significantly increase/decrease in value, which can result in shifts in portfolio weightings.

To normalize for large price movements and maintain fairly balanced portfolio weightings over time (i.e., without too much exposure to any given stock), clients' portfolios are sometimes rebalanced to roughly equal weights when their securities deviate in price such that their weights in the portfolio fall outside a ~4-6% weighting band, in the Investment team believes such a rebalancing is warranted from a long-term risk/reward perspective.

Titan typically only executes rebalance events when a portfolio update is made (i.e. when a stock enters/exits the Flagship portfolio), in order to reduce the number and magnitude of taxable events for clients. However, rebalancing may not always occur when a portfolio update is made.

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