67 WALL STREET, New York - November 18, 2009 - The Wall Street Transcript has just published its TWST Small Cap Value Report offering a timely review of the sector to serious investors and industry executives. This Special Feature contains expert industry commentary through in-depth interviews with award winning Money Managers. The full issue is available via The Wall Street Transcript Online.

Topics covered: Small-Cap Value - Capital Preservation - Sovereign Bonds - Precious Metals - Value-Investing - Companies with International Exposure - US-listed Chinese Companies - Risk Limitation - Industry-Diversified Portfolios - Long-Term Value - Micro-Cap Companies - Turnaround Situations - Strategic Buying - Fundamental Analysis

Companies include: Bridgepoint Education (BPI); Compass Minerals (CMP); Flexsteel (FLXS); General Electric (GE); Gold Miners ETF (GDX); Hardinge Corp (HDNG); Northgate Minerals (NXG); Phillips-Van Heusen (PVH); Potash (POT); Adobe (ADB); Affiliated Computer Services (ACS); Agrium (AGU); Alliance Data Systems (ADS); American Society of Civil Engineers (ASCE); American Water Works (AWK); Atlantic Tele-Network (ATNI); Avnet (AVT); BHP Billiton (BHP); Celanese Chemical (CE); CenturyTel (CTL); Cisco (CSCO); Clean Energy Fuels (CLNE); Consolidated Graphics (CGX); Dell (DELL); Dell Inc. (DEL); Dillard's Department Stores (DDS); Drew Industries (DW); Educational Development Corporation (EDUC); First Acceptance Corp (FAC); Forestar Group (FOR); Freeport-McMoRan Copper & Gold Inc (FCX); Fresh Del Monte (FDP); Garmin (GRMN); Goldcorp (GG); Hain Celestial (HAIN); Harbin Electric (HRBN); Huron Consulting (HURN); IBM (IBM); IMAX (IMAX); IMS Health (RX); Intel (INTC); John Deere (DEE); Kennametal (KMT); Kraft Foods (KFT); Lamar Advertising (LAMR); Mettler-Toledo (MTD); Microsoft (MSFT); Minefinders (MFN); Monsanto (MON); Mosaic (MOS); NBTY (NTY); Nature's Sunshine Products (NATR); Newmont Mining (NEM); Nobility Homes (NOBH); Omnicare (OCR); Omniture, Inc. (OMTR); Perot Systems (PER); Pfizer (PFE); Puplava Financial Services, Inc. (PFS); Puplava Securities, Inc. (PSI); SPDR Barclays Capital International Treasury Bond Fund (BWX); SPDR Gold Trust (GLD); Silver Wheaton (SLW); Syngenta (SYT); Tellabs (TLAB); Temple-Inland (TIN); Tempur-Pedic (TPX); Tesoro (TSO); Valero (VLO); Verizon Wireless (VZ); Whole Foods (WFMI); Xerox (XRX); Yamana (AUY).

In the following brief excerpt from just one of the in depth interviews in this Special Report, a top tier Portfolio Manager discusses his outlook for the market for investors.

Carl Gardiner is a Portfolio Manager on the Small Cap Value Equity Fund. Mr. Gardiner has been a financial analyst for over 18 years, including eight years in investment analysis and management. Prior to joining Schafer Cullen Capital Management, he was an investment analyst and portfolio manager at two research-driven, value-oriented investment funds, Copper Arch Capital and North Sound Capital. From 1992 to 2000, he was a Director at Merrill Lynch, as an investment banker in New York and London. Mr. Gardiner began his career at Fox Asset Management, a value-oriented money management firm. He received a MA degree in International Economics from Johns Hopkins School of Advanced International Studies in 1992 and a BA degree with High Honors from the University of Virginia in 1989.

TWST: Would you be able to give us any examples of the type of companies that are like core holdings or new acquisitions?

Mr. Gardiner: A stock that's been in the portfolio for quite some time is Avnet (AVT), which is the world's largest value-added IT distributor, operating in two segments. One, they sell computer gear-computers and servers and storage gear-to mid-sized enterprises, businesses from 100 to 1,000 people. Two, it provides electronic components, the most important of which are semis, to mid-sized electronics OEMs. So, in this case think of a Garmin (GRMN). Avnet acts as an outsourced supply chain provider to Garmin, feeding it the electronic components it requires for its GPS navigation devices. You can see the common theme in both of these segments, which are fragmented markets to which Avnet brings scale benefits to both buyers and sellers.

The industry structure is very healthy, where Avnet and its closest competitor, Arrow Electronics (ARW), together serve 70% of the market. And both businesses are run in a disciplined return on capital framework, with the capital used in this business largely working capital, ie inventories and accounts receivable. Prior to the downturn, Avnet's return on capital improved steadily to 11%, 18% excluding intangibles. The company has a nice growth opportunity in further developing and consolidating some of the markets, in particular Asia in both electronic components and in the technology solution segment. Avnet currently trades at 1.4x book value and 9x peak and 13x forward earnings. It has essentially no debt net of cash.

I think it would be interesting to talk about two additions this year, as they illustrate what I talked about before in terms of how we've approached the market as the environment has changed so dramatically. A stock we added in March of this year is a company called Mettler-Toledo (MTD). Mettler-Toledo, is also a global business. I'd note that our firm has always been very global in its investing scope, and this is true in Small Cap Value, where we can hold up to 30% of the portfolio in non-US companies. But in thinking about our international exposure, more than where a company is headquartered or listed, we look at where there operations and sales are.

Looking at the current portfolio, about 50% of the revenues of our companies come from outside the US. Mettler-Toledo is a leader in precision measuring instrumentation, often with regard to weighing, but also for other thermal, chemical and other properties. It serves life sciences markets, eg in the lab for drug development, and its products are also used in retail and industrial, including for product inspection and food safety applications. We are attracted to businesses that serve niche markets, either with specialty products or where there is a geographic limitation to the market. This tends to create barriers to entry, and we find companies that are small cap because their addressable market is narrow, even if growing, but market leaders. Mettler-Toledo is one of these businesses, with a #1 or #2 position in all its key products. And the company has a lot of the self-reinforcing advantages you see with market leaders-broad existing customer base, great product and reputation and the scale and thus resources to maintain leadership.

CARL GARDINER

Schafer Cullen Capital Management, Inc.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

For Information on subscribing to The Wall Street Transcript, please call 800/246-7673