Investing

Prudent and Patient Portfolios

Whether we manage your full portfolio or a particular allocation, our approach integrates a long-term future-focused perspective. Our portfolio offerings strive to be a source of wealth enhancing returns, with a focus on tax alpha. Opportunities – and risks – can emerge quickly, but sometimes today’s “hot new thing” is tomorrow’s forgotten idea. Our team’s experience across markets, rate environments, and geographies helps us to know the difference.

Equities are managed with a goal of performance, persistency, and style consistency. We manage portfolios with a keen eye on taxes so that you get to keep the returns you generate.

Fixed income portfolios can be opportunistic to benefit from specific price/yield dislocations or broadly diversified to reduce rate and credit risks. Municipal bond allocations utilize separate accounts and state-specific allocations to fully realize tax benefits.

Private investments are an important source of long-term returns. We access world-class managers in private equity, private credit, real estate, and infrastructure.

Independent and Aligned

A bedrock principle of our investment approach – and indeed our firm – is our independence. We remain as committed to it today as we were at our founding 40 years ago. This independence manifests itself across our investment process – from how we select managers to how we invest. The degree to which active management is utilized, and illiquidity premiums accessed, is aligned with client benefit, not firm revenue. Investment fees are a drag on performance. Before advising our clients to incur investment management fees, we carefully determine whether or not the client is likely to be better off with an actively managed investment than another investment with lower fees. Our firm receives no commission income or other compensation based on our choice of investments. We focus on providing clients with portfolios aligned with their interests and success criteria.