Equity Income

Quality Bias

We invest in companies with solid balance sheets, ample cash flow, and a strong competitive position generating attractive return on capital.

Dividend Power Focus

We look beyond current dividend yield to include a company’s future capacity for dividends. The ability to pay dividends, grow dividends, pay down debt or initiate a share repurchase program is a tangible indicator of overall corporate health.

Value Discipline

Using a multivariate appraisal process, we assess value across three dimensions (Asset Value, Dividend Power Value and Growth Value) to uncover quality companies underappreciated by the broader market.

Municipal Fixed Income

Optimize Tax-Exempt Income

We seek to build a portfolio of high-quality municipal bonds that maximize income at acceptable levels of risk. Our strategy emphasizes predictable income flow along with principal stability in times of credit stress, changing interest rates, and volatile equity markets.

Maximize Tax Efficiency

We manage turnover, gain or loss realization and accommodate alternative minimum tax and state tax considerations.

Incremental Return Tactics

We utilize multiple investment tactics to pursue incremental return, seeking to explore opportunities that arise at the market and security levels. These include portfolio maturity restructuring to capture yield curve opportunities, sector and issue rotation to capture favorable relative returns, and awareness of municipal supply and demand imbalances which can create temporary trading opportunities.

Multi-Cap Equity

Broad Market Coverage

We manage our portfolio unconstrained by market capitalization and style classifications.

Fundamental Focus

We are cognizant of cyclical and secular dynamics, focusing on profitable companies with attractive return on capital, cash flow and growth prospects. Of key importance are superb management teams with sound, achievable strategies.

Disciplined Portfolio Management

We take active industry positions, with relative position sizes commensurate with risk. Our holdings are diversified by economic sector and adjusted based on where we view the greatest market opportunities.

Taxable Fixed Income

High-Quality Yield

We seek to construct portfolios of high-quality securities which offer favorable yield without compromising safety. The intermediate portion of the yield curve (maturities ranging from 1-10 years) is our primary area of focus, where historical returns are comparable to longer-term bonds with less volatility (Source: Ibbotson Associates).

Stability of Principal Value

We perform rigorous fundamental credit analysis, including daily monitoring of issuers and credit trends. Diversification by market sector, sub-sector and issuer is a key area of focus, minimizing reinvestment risk and adversely timed cash flows.

Actively Manage Term Structure and Credit Exposure

We seek to protect principal value while pursuing incremental return by monitoring, anticipating and responding to changes in the broad economy and interest rate environment.