The BV 9-12 part of BPOWER is based on the Vanguard 9-12 Strategy, which is a fundamental and quantitative approach to investing with a focus on sustaining investor value and mitigating risk across the market cycle. It is designed to take advantage of both up and down markets by shifting weights among a diversified set of stocks that are fundamentally screened for financial health. The strategy seeks to identify companies with high and consistent returns on capital employed and strong management teams. Additionally, it uses a proprietary multi factor model to identify companies that are likely to outperform the market in different phases of the market cycle. The BV 9-12 part of BPOWER also employs a risk-managed portfolio construction to minimize volatility and reduce drawdowns in bear markets.