We create high-conviction portfolios through a process that emphasizes appropriate asset allocation and careful security selection.

Core Beliefs


Security Selection

As value investors, we buy and own securities for your portfolio that are trading for less than we think they are worth. We are drawn to companies and sectors that are out of favor. Our research is old school - we inspect financial statements, create models that enable us to consider a range of outcomes and establish a price target for each holding. We look for catalysts that may close the valuation gap. We do not invest to match or beat the quarterly or annual performance of a benchmark.

Responsible Investing

The principles of responsible investing (often called ESG or SRI*) have been embedded in our research process since the firm’s inception. Businesses attuned to environmental, social and governance issues are better positioned to maintain their relevance and capitalize on innovation that benefits society.

Asset Allocation

The concept of matching assets and liabilities is the foundation of our asset allocation process. Bonds and cash are designated to fund near-term withdrawals and a mix of bonds and stocks is expected to cover withdrawals likely over the longer term. Each investor’s risk tolerance and special circumstances are taken into consideration.

*ESG refers to environmental, social and governance and SRI refers to socially responsible investing.