Our mutual funds

Our equity investments are focused on finding long-term growth by seeking value wherever we find it.  Instead of building a fund to hit a predefined diversification target, we build our mutual funds one company at a time.  For our equity funds, that leads to a concentrated portfolio in which the top 10 holdings often have the greatest impact on performance.  When evaluating a potential equity investment, we investigate key aspects of the business, from its position in the marketplace to its management, in order to determine what a rational buyer would pay to own 100% of a company.  Generally, if a company is selling at least 30% below our estimated intrinsic value and meet our qualitative evaluation criteria we are interested.

Our fixed income investments are focused on income and capital preservation.  Like our equity funds, we build our fixed income funds one investment at a time. We cast a wide net across most bond investment classes to find opportunities
that meet our stringent criteria.  Rather than focusing only on yield, we seek out investments that we believe offer a reasonable risk adjusted return.  We study potential opportunities until we find the right investment at the right price.

Our moderate allocation investment’s goal is to generate current income and preserve capital while still pursuing some long-term growth opportunities.  It is a combination of our equity funds and fixed income funds strategies. Typically our equity holdings account for 40% to 60% of the portfolio with the top ten often having the greatest impact on performance.  The investment must have at least 25% of total assets invested in investment-grade bonds to offer income opportunities.  The investment may also invest up to 20% of its total assets in unrated or non-investment grade fixed income securities.   

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