Add Value Consistently

Tactically Allocate Assets

Over short time periods, the economic environment changes and asset classes go in and out of favor as well as through cycles of being cheap and expensive relative to their fair value. We seek to take advantage of these shifts and add incremental returns through tactical allocation. We draw upon proprietary research and well-respected outside sources to anticipate the economic environment most likely to unfold, as well as areas of great value among the various asset classes. We then adjust portfolios to take advantage of these opportunities, always being mindful to keep within the overall risk parameters of the portfolio.

Select Proven Managers

Manager selection represents one of our key sources of incremental return. Our investment team brings hands-on experience of managing portfolios at the security level, which is invaluable when assessing a manager’s strategy and investments. Our due diligence process involves on-site visits and covers not only the investment process but also a manager’s operations.

When we invest in a manager, we view it as an investment in their people, process and portfolios, not just their track record. We seek experienced managers with an excellent background and training, with a clearly defined repeatable edge in their area of expertise and who align their incentives with their clients by focusing on performance rather than growing assets under management. We characterize many of our managers as being in the “sweet spot” of their life cycle. They are neither too big, which can slow down decision-making or reduce the impact a good idea can have on performance; nor too small, implying they are unproven or lack the breadth to capture opportunities.

We favor managers that undertake in-depth company and/or macroeconomic analysis and target investments with attractive return potential while offering a good “margin of safety” and thus downside protection. We believe such an approach helps smooth out portfolio returns.