Money and Finance

Oak Value Fund: Investment Adviser’s Review – First Quarter 2009

Recent Purchases

Becton, Dickinson & Co. – Becton, Dickinson is a global medical technology company that is focused on improving drug delivery, enhancing the diagnosis of infectious diseases and cancers and advancing drug discovery. The company develops, manufactures and sells medical supplies, devices, laboratory instruments, antibodies, reagents and diagnostic products through its three operating segments: Medical, Diagnostics and Biosciences. In our view, Becton, Dickinson is a consumables business in the healthcare value chain. The predictability of the business is enhanced by the company’s market leading positions with a limited number of competitors in each of its three business units. Becton, Dickinson generated more than $7 billion in revenue in 2008 and has more than doubled its cash flow from operations over the last six years. In our view, Becton, Dickinson is conservatively positioned and well prepared to weather a global economic slowdown with its strong balance sheet, healthy cash flow and solid credit ratings. Company management has continued to reiterate its commitment to growing the business organically through its Diagnostics and Biosciences segments, while maintaining steady growth at the Medical segment.

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