Our clients' interests are our focus. Keeping assets invested through market cycles is critical to long-term superior investment performance. We are long-term investors, with a secular perspective over a 3-5 year time horizon. We have institutional-quality, direct investing capability. We aim to protect and grow the purchasing power of our clients’ portfolios through economic and market cycles.
We believe that liquidity, growth and valuation drive markets. We are not market timers, and we are asset class and geography agnostic. We make gradual adjustments to our portfolio through the market cycle based on our assessment of these factors and the degree to which we believe we are being compensated for risk.
We are value-driven investors. In our view, price paid for an asset is the primary driver of long-term returns. Permanent principal loss results from over-paying for an asset. A fundamentally driven process drives security selection.
We are risk-centric investors. We utilize our experience—fundamental and quantitative analysis to manage portfolio risk. Market conditions will determine whether we are in an offensive wealth-accumulation or defensive wealth-preservation mode.
We are tax aware when appropriate. We strive to maximize after tax returns. Investment merit always dominates tax considerations in our investment decision-making. Our foremost focus is on a total return combined with disciplined risk management. Our approach to investment management begins and ends with the following client objectives:
- Mitigate downside volatility
- Optimize compound annual total return
- Minimize fees
- Minimize taxes
We strive to meet the unique investment objectives of each of our clients by:
- Utilizing portfolio management strategies designed to minimize taxable gains and maximize after-tax returns.
- Selecting the type and mix of securities best suited to a client's capital appreciation and income generation goals, risk tolerance, tax status and other unique requirements.
- Observing disciplined equity and fixed-income security selection processes.
Key elements of our investment philosophy are:
- We invest with a long-term horizon.
- We are value-driven.
- We are risk-centric.
- We invest globally.
- We are benchmark agnostic.
- We focus on after-tax returns.