We translate our value discipline into a number of different portfolio architectures designed to meet specific investor objectives.  We manage individual portfolios that are each grouped into a composite of similar portfolios that employ a set of portfolio rules.

In every composite we seek to create diversification by building exposure to a large number of industries and sectors rather than by simply including a large number of individual companies.  By our measure, there is more diversification in 25 securities spread among fifteen industries than 100 securities spread across five industries.   

Then, for each group of accounts, we use different rules to build portfolios that fulfill particular investor objectives.  These composite rules guide the mix of asset classes (equities, high yield, investment grade debt), as well as market capitalization, position size, use of leverage, and short exposure.

Generally, we offer independent investment management in a Separately Managed Account (SMA) format.  This structure provides transparency, flexibility, and the opportunity for customization.  Other account formats are available for particular portfolio architectures—feel free to ask us about what is available and what is appropriate.