PROCESS

Our process is highly structured, requiring future expectations to be on the rise in order to result in a purchase. 

We maintain a highly concentrated portfolio constructed from our best ideas.
From a broad universe, we identify approximately 150 names that meet our strict investment criteria. We then select the most compelling 15-20 securities (and even fewer for our Income Growth strategy) through industry leading research and proprietary fundamental analysis. These tend to be improving businesses where we have the highest conviction regarding the future.
We avoid trading associated with short term noise; we seek to hold securities for 3-5 years, but will sell immediately upon downward earnings estimate revisions.

Our process is enhanced by our strict sell discipline. Understanding “when to sell” (or “when not to sell”) affords us the opportunity to avoid selling our winners too soon, and holding our losers too long. Our high conviction portfolio affords us the opportunity to focus intensely on the right opportunities to buy—and sell—securities we elect to hold on behalf of our clients.