Investment Approach


  • Concentrated in 25-50 securities
  • Positions weighted between 1-5%
  • Sector Weightings +/-10% points from benchmark
  • Low Turnover: 20-30% on a three year moving average
  • Fully invested, cash <5%



Consistent with our investment philosophy as long-term, fundamental value investors, our equity investing process focuses on a concentrated portfolio of high-quality companies with good cultures that meet the firm’s high standards for "well-managed, financially powerful and attractively priced."  We take a long-term, private-equity-like perspective and use the liquid public equity markets as the investment vehicle to assemble the portfolio. 

We employ fundamental analysis to measure these characteristics and use both qualitative and quantitative assessments of companies, management teams, and the strength of their business franchises.


  • Investment team establishes and implements the investment strategy for all accounts.
  • All portfolios are managed on a matrix system so each security has approximately the same percent in each portfolio.
  • "Bottom-up" investor that performs fundamental analysis by speaking with company managers, competitors, and customers to assess the competitive advantages of each company.
  • Assess intrinsic value of each company using a set of five financial and valuation tools
  • Establish investment thesis for each company in the portfolio and continually assess thesis as we discover new information.