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Equity Investments

As an active equity manager, our investment goal is to exceed the performance of the S&P 500 Index over a full market cycle without subjecting the portfolio to undue risk with risk that approximates the broader market.

We manage portfolios using individual securities. Our equity research begins with an initial broad screen of mid- and large cap companies that exhibit adequate trading liquidity, business stability, and leadership in their industries. We look for companies that are leaders in their markets or industry, which consistently grow earnings in excess of their peers, maintain strong balance sheets, and reasonable valuations as defined by the price of their stock relative to earnings and earnings growth rates.

Once a company meets these initial criteria, we use both internal and external research to produce a buy list of approximately 150 companies, which is then assembled into diversified equity portfolios of 35 to 45 holdings, customized to your needs.

As an active manager, we overweight and underweight economic sectors based on our view of the economy and business cycle. For example, entering a recession we may underweight sectors that are particularly sensitive to economic slowdowns, such as consumer discretionary and cyclical stocks. Conversely, energy, industrial and technology companies have historically lead economic recoveries and tend to be candidates for higher portfolio weighting at this point of the economic cycle.


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