We build portfolios primarily with individual securities, which cost less to hold than even the lowest cost ETFs, and offer tax advantages and precise portfolio construction. We supplement individual securities with funds where appropriate. Each client has a Separately Managed Account with direct access to their Investment Advisor.
Equities: our philosophy is to buy good-to-exceptional companies and aim to hold them for the medium to long term. We are flexible, however, and are able to adapt our style for client needs or market circumstances. We also believe in meaningful use of small and mid cap companies, client risk tolerance permitting.
Fixed Income: we buy bonds based on client tax status, turn over the portfolio seldomly, and do not believe in reaching for return in bond portfolios. We are not afraid to deviate from standard industry bond target allocations when we feel risk/reward characteristics are unfavorable.
Real Assets: we use these sparingly as historical return characteristics are not especially favorable in most cases, although we do believe there are times when the category can be attractive.
Alternatives: we believe derivatives can add important risk control characteristics to portfolios at times. Structured liquid alternatives can also be additive to portfolios.