Separately Managed Accounts Overview

We seek to maximize total returns, after taxes and inflation, to our clients by taking advantage of the opportunities provided when markets periodically misprice assets.

Our investment objective is to maximize total after-tax returns for our clients through capital appreciation, and income from dividends and interest, consistent with reasonable risk.

We serve:

  1. People that work to make money.
  2. Independent thinkers that expect us to occasionally disagree with them in order to be mutually successful.
  3. Referral partners who use us to manage money for their  clients and that provide services to our clients.

We know:

  1. Investing is a business and a profession; not a game or a gamble.
  2. Modern Portfolio Theory is based on three assumptions that MUST be true in order for it to be useful.
  3. Annual gifting is a powerful and under- utilized estate planning tool.
  4. Dividend Discount Models have to account for inflation when calculating stock prices and company values.
  5. 529 plans are good tax avoidance products but can be flawed investment vehicles if you aren’t careful.

All-Cap Value Composite Performance (Net of Fees)

Annualized
Year to DateOne YearPast 3 YearsPast 5 YearsPast 10 YearsPast 15 Years
Return-5.83%-12.06%3.45%5.82%0.93%2.68%
S&P 500 Total Return*3.84%3.99%11.66%12.1%7.42%5.75%
Consumer Price Index**1.57%1.02%1.03%1.23%1.72%2.03%

Data as of 6/30/2016.

For managed account clients, our fees are 1.00% on the first million, 0.50% on the remainder, annually.

* The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. One cannot invest directly in an index.

** Consumer Price Index (CPI) – As of May 2016 – U.S. CPI Urban Consumers NSA (Non-Seasonally Adjusted), Index. The Consumer Price Index tracks the prices paid by urban consumers for goods and services and is generally accepted as a measure of price inflation. Price inflation affects consumers’ purchasing power.

Consolidated performance with dividends and other earnings reinvested. Performance figures reflect the deduction of broker commission expenses and the deduction of investment advisory fees. Such fees are described in Part II of the adviser’s Form ADV. The advisory fees and any other expenses incurred in the management of the investment advisory account will reduce the client’s return. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the above accounts. A list of all security recommendations made within the past twelve months is available upon request.

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SMA Facts

Style

All-Cap Value

Min Initial Investment

$100,000

Fees

1% (1st million), 0.5% (remainder)

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