Objective: Long-Term Capital Appreciation
Investment Philosophy: The Total Return Value Strategy is a differentiated investment solution based on value-oriented investing principles. Businesses in which we invest are often overlooked by market participants for reasons we believe are temporary in nature, and we expect price to align with our appraised value over time. We buy individual equity and debt securities, placing particular emphasis on rigorous financial statement analysis, competitive positioning, corporate governance, and regular dialogue with company senior management both before and throughout our investment ownership period. Finally, we are willing to assume an “operational activist” role with portfolio companies if we deem such action necessary to create long-term shareholder value.
Portfolio Construction: Fully invested portfolios hold concentrated equity and/or debt positions according to each account’s investment mandate. Equity investments span market capitalization levels and geographies; debt investments are limited to corporate and US Treasury securities that may be investment-grade or non-investment-grade. Trading occurs infrequently, and turnover is expected to be low.