PMV Equity Team

The PMV Equity team has used the same time-tested decision-making process for more than 20 years. The team believes that a company is just a stream of future cash flows—a company's worth is determined by its competitive position and the ability of its management to fully exploit the business model, resulting in a sustainable cash-flow stream. This is the company's private market valuation (PMV).

  • It is important to identify trends as potential headwinds or tailwinds to individual company performance. Specifically, we examine secular, cyclical, and/or internal trends.
  • Due to the inherent efficiency of the markets, value and growth are not viewed as opposing strategies but rather are used in combination to uncover relative mispricing opportunities. Performance is further enhanced by effectively leveraging market emotion.
  • An inherent lack of fully disclosed information dictates that public market securities typically trade in a range between 50% and 80% of their PMV—this discount exists due to the lack of transparency in the public markets.

Portfolio management

Ann M. MilettiAnn M. Miletti
Managing Director and
Senior Portfolio Manager
27 years investment experience
Menomonee Falls, WI

Team location

Menomonee Falls, WI

Wells Fargo Asset Management is committed to providing information that is accessible to users of assistive technologies. The reports on this website have been released to the public in accordance with SEC regulations. These documents will be converted to alternative formats as soon as possible. In the meantime, should you require more immediate assistance, please contact us at 1-800-222-8222.


© 2019 Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA). Associated with WFAM is Galliard Capital Management, Inc. (an investment advisor that is not part of the WFAM trade/GIPS firm).

© 2006 - 2019 Wells Capital Management. All rights reserved.

Wells Capital Management® is a registered service mark of Wells Fargo & Company.