Equity
Our Approach
We are pure, bottom-up stock pickers who have taken a global approach to stock selection for more than 25 years. We do not limit ourselves in terms of geography in finding the most attractive companies. We believe that each investment sector has unique catalysts and drivers of performance. Therefore, we organize ourselves into specialized sector teams that are free to find the most compelling stocks around the world.
Our Strategies
We manage a number of investment strategies structured as separately managed accounts and private investment vehicles. Importantly, we do not try to cover every asset class and style. Rather, we focus on those areas where we have proven able to add value over time, including:
- Global equity
- US and Non-US equity
- US large and small cap equity
- Socially responsive equity
Fixed Income
Our Approach
Fixed income is an important diversifier of risk in an asset allocation. Our philosophy on core fixed income investing prioritizes capital preservation and the generation of tax-efficient current income. We define capital preservation as total return that exceeds over time inflation, taxes and a management fee. As such, we avoid taking inordinate risk in an attempt to beat a market benchmark. Rather, we seek to provide true stability in volatile and uncertain times with manageable credit and interest-rate risk.
Our Strategies
Municipal Bond
We manage tax-exempt securities, the majority of which is held in separately managed accounts, and the balance in a fund or limited partnership structure (national and NY state). We take a highly customized approach to managing our clients’ money, paying particular attention to their tax situation. In general, we focus on high-quality municipal bonds with strong collateral (e.g., essential-purpose revenue and tax-backed bonds) and an intermediate maturity of approximately five years.
Taxable Bond
We manage taxable fixed income with the majority in separately managed accounts. Because the taxable bond universe is more heterogeneous—with corporate bonds, agencies, Treasurys and mortgage bonds—we have the ability to customize a portfolio for a given investor’s situation. While in general we favor investment-grade, intermediate-maturity bonds, we can emphasize income generation or total return, depending on the client’s needs.