True active management
We run concentrated portfolios because, in our experience, concentration works. Our portfolios have no less than 25 and no more than 35 stocks. If we own too few stocks, positions have to be supersized and the portfolio becomes too volatile, risking too much capital with each idea. If we own too many stocks, we invoke mediocrity by diluting the impact of our best ideas. A concentrated portfolio means that every stock has to earn its keep.
A will to win
As a 100% employee-owned company, our destiny hinges on long-term investment results. We prefer to measure success by our investment track record rather than the amount of assets under management. In 2010 we closed our small-cap product at $1.5 billion in assets, and in April of 2010 we launched our SMid-cap product.
Our clients tell us we are refreshingly honest in our updates. We believe that you have a right to speak to the investment team whenever you want, and we will always tell it to you straight.