Our Story

Our core competency and passion reside firmly in the care of serving as an active equity portfolio manager with a value bias. We view companies through a skeptical lens, considering every opportunity from the perspective of downside risk vs. upside potential. You should expect your portfolio to look quite different from a typical market benchmark, with fewer holdings, with perhaps more opportunities in the small-cap space, an area that may be under-researched; displaying a willingness to think outside of the United States, and understanding that equity-like returns can sometimes be found outside of the stock market. We are patient investors who view stock ownership as investing in a company, not just a piece of paper or a ticker symbol.

We believe it is possible to add real value through active risk management. We are therefore unafraid to hold cash when opportunities representing real value are scarce. Cash is not an active allocation decision, but simply a byproduct of the investing process. Cash is “dry powder.” It’s not enough to identify great companies; they are everywhere, but often dearly priced. A deep well of patience is required to wait for those opportunities when quality and value knock on our door. 

We believe superior risk-adjusted returns to the benchmark are possible, net of expenses, over a full market cycle. When considering shorter periods of comparative evaluation we are benchmark agnostic, and you should expect your portfolio to display tracking error to the benchmark. That is, you may “zig” a bit when the market “zags,” and vice versa. The last thing we want to be called are “Benchmark Huggers.” Perish the thought.

Any opinions are those of the financial advisor and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Investing in small-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor.

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