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Fund Manager: Duncan Evered

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Fund Currently Managed

AXP Equity Select Fund/A (INVPX), since February 2000

Investment Style Overview

Seeks growing companies with market caps of $1 billion to $8 billion that are increasing profits. Runs a relatively concentrated portfolio of 50-70 stocks.

Key Stock Selection Criteria

*Sustainable annual earnings growth of 15% or more.

*Strong balance sheet.

*Industry leader with competitive advantage.

Key Sell Criteria

*Company’s financial fundamentals erode.

*Top-heavy in an industry or sector.

Biographical Notes

Duncan Evered is a portfolio manager with Amer Express (AXP), which he joined as a health care industry analyst in 1994. Previously, he was a general partner at Emerging Growth Partners, an investment firm. He holds a BA in math and an MBA from Stanford.