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We are risk managers first and foremost and avoid chasing past performance but rather evaluate the entire investment opportunity set seeking to obtain the highest risk-adjusted returns net of fees and taxes.
Learn MoreWe utilize uncorrelated asset classes to dampen volatility and minimize large drawdowns while still attempting to capture the majority of up markets. This pattern of returns allows for greater compounding over the long-term as opposed to riding the ups and downs.
Asset classes move in and out of favor but always revert to some sense of equilibrium. We evaluate each asset class and add or decrease exposure based on the relative valuation of each class.
We use passive management or indexing to reduce costs when the chances of active management outperforming are less likely. We implement active managers in markets that are less efficient so pricing inefficiencies can be exploited.
We do not let taxes supersede sound investing but do factor in the tax consequences of every investment decision. We opportunistically harvest losses throughout the year and avoid triggering taxes where we believe there is less economic benefit to making a change.
We conduct objective manager searches and perform qualitative and quantitative due diligence to evaluate which managers to hire. We avoid chasing past returns but rather look for managers that possess a style and discipline poised to outperform during the next phase of a market cycle.
While historical characteristics and performance of asset classes can certainly be useful as guiding factors in the asset allocation process, we establish intermediate forward-looking capital market assumptions for each asset class including expected returns and volatility.