All Cap Value Equity
The All Cap Value Equity strategy allows us to seek the best values regardless of market capitalization. We focus on building wealth by uncovering investment opportunities and managing risk. We seek companies whose shares trade at a significant discount to intrinsic value and which have an identifiable and measurable catalyst to unlock the value we discern. Our investment horizon is ordinarily 3-5 years. We seek purchases at medium to deep discounts to private market value. We hold so long as intrinsic value rises faster than the share price and we sell when the share price and the business value converge, believing that the cushion between the two helps to reduce risk.
All Cap Value Balanced
A balanced version of the All Cap Value strategy incorporates high quality and short/intermediate duration portfolios of either taxable or tax-exempt bonds and can include some preferred stocks, Treasury Inflation Protected Securities and other income generating and portfolio/value protecting investments. We do not take much risk here because the returns of income generating portfolios do not ordinarily justify it. However, lack of risk should not be confused with lack of creativity. The bonds provide an anchor to windward for the portfolio and also income for clients that may need it.