Portfolio Construction

We steer client assets in separately managed accounts. We do not sell any products. We do not outsource management.

Stocks

Many managers confine themselves to a narrow methodology, such as “value” or “GARP” – growth at a reasonable price. Some managers confine their clients’ holdings to a limited sector of the equity universe, such as large or small cap. We believe we can generate better returns by selecting the most promising stocks in each market segment and industry.

Bonds

We build portfolios of bonds that are safe in terms of credit, sound in terms of structure, and maximal in terms of yield given achievement of the first two criteria. We are not beholden to a specific maturity target or sector. Changing times demand flexibility. Bonds are not meant to be a tool for speculation, but rather should reduce overall portfolio volatility and provide income well higher than cash.

Accounts over $100,000 will generally consist of individual stocks and bonds. Where account size leads to usage of a fund for diversification, we may utilize low-cost no-load index funds to achieve the targeted exposure.