Equities
We apply a consistent core investment approach that does not have a style bias, but focuses on buying the best stocks available in the market. Therefore, we invest in deep value, relative value and growth at a reasonable price (GARP) stocks, looking for undervalued companies that trade at a discount to their assessed value. We refer to this as a value tilt. This diversification across a range of investment styles, capitalizations and market sectors increases flexibility and allows us to maximize clients’ risk-adjusted returns.

We seek to capture the inefficiency of securities that trade at a discount to their assessed values for one of the following reasons:

• Franchise companies that have suffered a temporary setback;
• Small capitalization companies that are under-followed where market understanding is inefficient and our knowledge of the company give us a competitive advantage; and
• Traditional value companies that are undervalued relative to their peers, their industry and the market with regard to key financial metrics.

In essence, we buy stocks or industries when out of favor and sell or avoid them when in favor.