WIXLIB

Fort Washington Investment Advisors Focused Portfolio Holdings – Why We OwnHEALTH CAREBioMarin Pharmaceutical Inc. (BMRN) is a biotechnology company. The company develops and commercializespharmaceuticals for various diseases and medical conditions, with a particular focus on orphan diseases. The companyhas multiple approved products. In our view, the price where we initiated the position accounted for the value ofBioMarin’s commercialized product portfolio but did not account for two major near term, late-stage pipeline assets,each with 1 billion plus peak sales potential.HEALTH CAREBristol-Myers Squibb Co. (BMY) researches, develops and manufactures pharmaceutical and biologic therapiesfor the treatment of cardiovascular and cancer-related diseases. In recent years the firm has successfully launcheddisease modifying therapies such as Eliquis for blood clots and Opdivo for various cancers, creating substantial valuefor shareholders. Recently the competition for novel cancer therapies has intensified and Bristol-Myers’ leadershipassumption has been challenged in the market place. We believe Bristol’s intellectual property rights and world classresearch pipeline provide sustainable competitive advantages that are not currently appreciated by investors.CONSUMER DISCRETIONARYChoice Hotels International Inc. (CHH) is one of the largest hotel chains in the world with brands in the economyand upscale markets. Its most prominent brands are Comfort Inn and Comfort Suites. Most of the locations are insuburban or interstate locations. At the time we started building the position, concern around travel related stockscaused the market to price in only marginal improvement from pandemic levels for Choice. Choice's franchisedstructure and scale in the U.S. suburban and interstate segments have allowed them to consistently generate high excessreturns on capital. We believe there is limited downside if the business does not improve from COVID-19 returnon capital levels and that there is a material upside based on a reasonable recovery scenario which, in our opinion,represents an attractive risk reward.CONSUMER STAPLESCoca-Cola Femsa SAB de CV (KOF) is the largest franchise bottler of the Coca-Cola company (TCCC) by volume.Mexico and Brazil represent roughly 80% of volume and the firm operates in other Central and South Americancountries such as Panama, Guatemala, and Uruguay. This is a business with an attractive barrier to entry with scalein distribution and purchasing. Returns on capital have been in decline since the early 2000s and are now below thenorm for a bottler type business model. The company has increased the focus on improving returns on capital. Webelieve returns on capital can improve through increasing single serve & returnable bottle penetration, increasing dietpenetration, increasing truck utilization in Brazil through deals with alcohol companies for distribution of product,increasing the focus on revenue growth management, increasingly digitizing the company, and outsourcing distributionin areas where there is less scale, etc.CONSUMER DISCRETIONARYComcast Corp. (CMCSA) is the largest operator in the U.S. cable industry. Its network reaches approximately56 million homes and business locations, providing service to around 22 million television, 25 million broadband and12 million phone customers. Comcast also owns NBC Universal, which operates national and regional cable networks,including USA, CNBC, E! and the NBC broadcast network. NBCU also owns a film studio and theme parks.Comcast’s competitive advantage is driven by economies of scale in distribution coupled with customer captivity.CONSUMER DISCRETIONARYCracker Barrel Old Country Store Inc. (CBRL) Government action to stem the spread of the COVID-19 hascreated a challenging operating environment for most restaurant and brick and mortar retail businesses. At the time weentered Cracker Barrel, the market was pricing the stock for cost of capital returns. We believe Cracker Barrel is wellpositioned to weather the near-term challenges and emerge as a business that can continue to generate consistent excessreturns on capital. Several components of the business support this thinking - Cracker Barrel owns a large percentageof its real estate footprint, its restaurant and retail offerings are in the lower price points, leverage is manageable, and ithas a track record of solid performance through past downturns.Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarksor registered trademarks of their respective owners and use of a logo does not imply any connection between Touchstone Investments or Fort Washington and the company.For Financial Professional Use Only – Not for Distribution to the PublicPage 3 of 9. Not valid without all pages.

Fort Washington Investment Advisors Focused Portfolio Holdings – Why We OwnINDUSTRIALSDeere & Co. (DE) is a leading manufacturer of agricultural equipment. Products include agricultural, turf,construction and forestry machinery. Deere benefits from high barriers-to-entry in its large agricultural equipmentbusiness supported by a difficult to replicate dealer network throughout the Midwest states in the United States. Webelieve aging equipment in the fleet should drive demand for replacement equipment over the coming years bringingsales back to mid-cycle levels. We purchased the stock because the stock price reflected earnings below mid-cycle levelsin perpetuity.MATERIALSDuPont De Nemours Inc. (DD) is a manufacturer of specialty chemical products with branded products includingKevlar, Tyvek, Styrofoam, and Danisco. DuPont has built a collection of businesses that operate in relatively smallmarkets with few competitors that require some know-how or intellectual property to compete in. Over time thecompany has managed to build on core technologies and find adjacent markets which also provide healthy incrementalmargin opportunities. DuPont's strong tilt to economies outside of North America position it well for a globaleconomic recovery.ENERGYExxon Mobil Corp. (XOM), the world’s largest energy company, is involved in the exploration and production ofhydrocarbons, the marketing, processing and transportation of refined products, and the production and marketingof various petrochemicals. The company stands apart from other major integrated energy companies due to its abilityto allocate capital efficiency resulting in a lower than average cost structure. Driven by a world class refining business,we believe the company will be able to consistently generate positive free cash flow allowing it to maintain its dividendand buy back stock at what we believe to be a depressed price.CONSUMER DISCRETIONARYFloor & Decor Holdings Inc. (FND) Government action to stem the spread of the COVID-19 has created achallenging operating environment for most brick and mortar retail businesses. At the time we entered Floor & Decor,the market was pricing the stock for returns marginally above cost of capital returns on capital. We believe Floor &Decor is well positioned to weather the near-term challenges and emerge as a business that can continue to generateconsistent excess returns on capital. The company is a leader in a fragmented retail flooring market in the United Statesthat is in the early innings of consolidation. As competition decreases over time, we see a fair upside scenario where itscompetitive advantages drive increasing returns on capital.COMMUNICATION SERVICESFox Corporation (FOX) is an American television broadcasting company. The business has moderate barriers toentry based on customer captivity and economies of scale in creating and distributing video content. The companyrecently sold a variety of entertainment assets to Disney. It is now focused primarily on news and sports broadcasting.The attractiveness of Fox is based on the view that the value of video content, especially news and sports, continues toincrease as distribution markets multiply.CONSUMER DISCRETIONARYFrontdoor Inc. (FTDR) sells home service plans D2C and through real estate brokerage relationships. The company’sbrands include American Home Shield, HSA, OneGuard, and Landmark. We believe Frontdoor's scale and customercaptivity advantages combined with its asset light model should allow it to generate high returns on capital well intothe future. We believe the market is significantly underpenetrated, providing a long runway for future growth. Thereare 5 million home service plan customers in the U.S. and 120 million occupied homes. We believe Frontdoor'smarket leadership and high ROC profile will over deliver compared to market expectations.FINANCIALSGoldman Sachs Group Inc. (GS) is a top tier investment bank focusing on advisory services, investment management,investment services and capital market solutions. We believe Goldman has established barriers to entry and a worldclass risk management philosophy that should allow the firm to produce excess returns on tangible common equityover a market cycle. While regulations and the broader market environment (low volatility) have been headwinds forthe last few years, we believe that Goldman Sachs will produce better return on equity as conditions improve. Webelieve the current regulatory regime is moving to remove some of these headwinds although we do not have a view asto how long it will take to see more favorable market conditions. When conditions improve, we expect the market toclose the gap between price and value.Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarksor registered trademarks of their respective owners and use of a logo does not imply any connection between Touchstone Investments or Fort Washington and the company.Page 4 of 9. Not valid without all pages.For Financial Professional Use Only – Not for Distribution to the Public

Fort Washington Investment Advisors Focused Portfolio Holdings – Why We OwnHEALTH CAREHCA Healthcare Inc. (HCH) is the largest owner and operator of hospitals in the United States. At the time weinitiated the position, elective surgeries were starting back up in the U.S. after COVID-19 precautions drove deferralsand cancellations in March/April. The well-run, moderate barrier business was priced at an attractive valuation. Webelieve hospitals, doctors, and patients will be motivated to get surgical volumes back close to normal levels as soonas possible. We do not anticipate another broad shutdown of elective surgeries due to COVID-19; however, HCA hassubstantial liquidity to get through such an event.INDUSTRIALSHexcel (HXL) is a manufacturer of carbon fiber and carbon fiber based engineered components and systems foraircraft, wind turbines, as well as other industrial applications. The weakness in the company's primary aircraftequipment end market has caused the market to price this business for the late stage of the business life cycle. Webelieve as aircraft equipment demand ramps back up over time, Hexcel’s earnings and returns should also improve asthey will be supported by solid barriers to entry.CONSUMER DISCRETIONARYHilton Worldwide Holdings Inc. (HLT) is a multinational hospitality company that manages and franchises a broadportfolio of hotels and resorts. Brands include Hilton, Doubletree, Embassy Suites, Hampton, Waldorf Astoria, amongothers. At the time we started building the position, concern around travel related stocks caused the market to pricein only marginal improvement from pandemic levels for Hilton. Hilton's scale and switching costs have allowed it toconsistently generate high excess returns on capital. With limited downside characterized by the business not improvingoff of COVID-19 ROC levels and material upside based on a reasonable recovery scenario, this represents an attractiverisk reward.INDUSTRIALSHubbell Inc. (HUBB) is a manufacturer of electrical equipment and special-application lighting products. Hubbellbenefits from moderate demand based barriers to entry with a diverse product line of electrical equipment required forutility firms and electricians. As America continues to shift from fossil-fuel based energy consumption to renewablesand modes of transportation electrify, utilities need to increase capital spending to support the change, of whichHubbell is a primary beneficiary.HEALTH CAREJohnson & Johnson (JNJ) is a leading manufacturer of branded pharmaceutical products, medical devices andconsumer products. Through internal research, development and acquisitions, J&J continues to bring to marketleading technology in areas such as immunology, neurology, oncology, orthopedics, general and specialty surgery, eyecare, cardiovascular devices and diabetes monitoring. In addition the Johnson & Johnson brand has been a mainstayin the over-the-counter consumer healthcare segment for generations. We believe the current market price does notreflect the durability of J&J’s innovative franchises. We are optimistic about the firm’s visible pipeline of novel therapiestargeting areas of high unmet medical need where we believe pricing power will continue to remain strong.REAL ESTATEJones Lange LaSalle Inc. (JLL) is a global real estate services firm offering a range of products to both owners andoccupants of commercial real estate. As one of three globally scaled commercial brokerage and services firms, webelieve Jones has established a sustainable competitive advantage over a highly fragmented and locally focused marketplace. Large multinational firms and institutional investors are driving increased demand for one-stop global solutionsfor their real estate portfolios, which favors the large incumbents such as Jones Lang LaSalle. In addition, we believelarge customers tend to favor multiple servicer relationships which reduces intense rivalry among the large firms andfosters pricing stability.FINANCIALSLPL Financial Holdings Inc. (LPLA)provides an advisory and brokerage platform for advisors and broker/dealerservices for financial institutions. It is the largest independent broker/dealer. LPL is a high return on capital businessthat was trading with limited downside to earnings power value with good growth ahead both organically andthrough consolidating the industry. We believe LPL's scale and customer retention advantages should allow it togenerate high returns on capital well into the future. We initiated a position as we believe this market leader wouldbenefit from more value enhancing growth than the market was pricing in.Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarksor registered trademarks of their respective owners and use of a logo does not imply any connection between Touchstone Investments or Fort Washington and the company.For Financial Professional Use Only – Not for Distribution to the PublicPage 5 of 9. Not valid without all pages.

Fort Washington Investment Advisors Focused Portfolio Holdings – Why We OwnFINANCIALSMarkel Corp.'s (MKL) primary business is specialty lines property and casualty insurance. It also has reinsuranceoperations, which account for approximately 15% of premiums. Similar to the Berkshire model, the company usescapital produced from its insurance business units to buy noninsurance businesses through both its public equitiesportfolio and its private investing arm, Markel Ventures. Markel has experienced positive underwriting conditionsover the last few years. Given cost inflation trends and wider acceptance of climate costs, these appear set to continueover the next few years. That, and Markel moving its highest loss property business to the insurance linked securitiesmarket, should allow the company to achieve a higher level of profitability than has occurred over the last few years.Combined with the company's public equities portfolio and the relatively defensive nature of and embedded gains ofthe Ventures portfolio, this should support attractive returns in an upside case.INFORMATION TECHNOLOGYMeta Platforms Inc. (FB) is the world’s largest online social network, with more than 2 billion monthly active users.Advertising revenue represents more than 90% of the firm’s total revenue. Meta benefits from network effects aroundits massive user base and intangible assets consisting of a vast collection of data that users have shared on its varioussites and apps. Recent offerings, consisting mainly of Meta, Instagram, Messenger and WhatsApp, have furtherstrengthened the network effects for the company, where all of these platforms have become more valuable to itsusers as people both join the networks and use these services. Given its ability to profitably monetize its network viaadvertising, we think it is more likely than not that Meta will generate stable excess returns on capital over the longterm, which is currently not fully appreciated by the market.INFORMATION TECHNOLOGYMicrosoft Corp. (MSFT) is the leading provider of productivity and system software to businesses and consumers.The Windows operating system and Office productivity software have leading market positions, and the company’sdatabase and system software are also widely used in the enterprise computing market. The strong market positionsgive Microsoft pricing power which enables the firm to generate high returns on capital. The company is executingwell as it adapts its product portfolio to cloud computing and we expect revenue and profit growth to continue for along time.CONSUMER STAPLESMonster Beverage Corp. (MNST) is a developer and marketer of energy drinks. The company leverages the CocaCola bottling network for global distribution. A slight pullback in Monster's U.S. volume growth from a high singledigit average in 2014-2016 to 6% in 2017 combined with concerns of aluminum costs increasing allowed us tobuy this stock at an attractive valuation. With pricing power and runway for growth in the two largest energy drinkmarkets, the U.S. and China, we view these concerns as transitory. We believe Monster's asset-light model combinedwith its economies of scale and customer captivity barriers should allow this business to generate high excess returns oncapital for longer than the market is pricing in.COMMUNICATION SERVICESNetflix Inc. (NFLX) is a leading provider of internet-enabled television programming. Netflix pulled back early in thethird quarter due to investor concern over the loss of popular third party content and emerging competing streamingplatforms. We believe these concerns are overly pessimistic as the company has barriers to entry based on economiesof scale and customer captivity that are unlikely to be materially affected by these developments. When we initiatedthe position, the company had five times the amount of paid subscribers as the next largest streaming competitor. Inour view, this creates a recurring cycle where Netflix is able to continue to spend more on content which allows thecompany to continue to attract more subscribers and maintain pricing power.INFORMATION TECHNOLOGYOracle Corporation (ORCL) sells database and application software to business customers worldwide. The firm’sdatabase software has been the market share leader for decades and Oracle also has leading positions in some areas ofbusiness application software. Oracle invests heavily in product development to maintain its edge over rivals. The strongmarket position gives Oracle pricing power that enables it to generate high returns on capital. A slowdown in growth asthe company adapts its product portfolio to cloud computing provided an attractive valuation for the stock. Managementowns a significant amount of equity and the company has been managed well for the benefit of shareholders.Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarksor registered trademarks of their respective owners and use of a logo does not imply any connection between Touchstone Investments or Fort Washington and the company.Page 6 of 9. Not valid without all pages.For Financial Professional Use Only – Not for Distribution to the Public

Fort Washington Investment Advisors Focused Portfolio Holdings – Why We OwnINDUSTRIALSParker-Hannifin Corp. (PH) is a diversified industrial company that manufactures engineered components and systemsfor a variety of manufacturers including parts that go into construction equipment, trucks, airplanes, and industrialequipment. The company's broad distribution footprint provides customers with ready access to replacement parts. Aslowdown in manufacturing will negatively impact Parker over the short term, but over the longer term we believe Parkercan redeploy its free cash flow in projects above its cos

Alibaba Group Holding Ltd. (BABA) is the world's largest e-commerce company. Most of its revenue is generated . distribution assets. The firm's activities include inventory management, procurement, reimbursement consulting, logistics services, and sales forecasts. The firm is a wholesale leader within the high-growth specialty distribution .