Broker Check

Multi-Asset Portfolios

We believe that: 

  • Multi-asset portfolios don't need to be overly complicated to achieve investors' goals.
  • Over the next 20 years passively holding the traditional 60/40 balanced portfolio is likely to provide below average returns and higher volatility.
  • Tactical asset allocation and dynamic risk management may provide better risk-adjusted returns than static benchmarks.
  • A good defense is every bit as valuable as a strong offense.
  • Over a full market cycle, equities generally deliver the highest returns and the greatest risk of the major asset classes.
  • Non-equity assets (fixed income, real and alternative assets) primarily provide stability and capital preservation.
  • Subjective terms such as "aggressive" and "conservative" can be misleading.  An investor's risk tolerance is quantifiable, though it may fluctuate over time.
  • Investors taking distributions have very different needs and constraints than those in the accumulation phase.

We invest in:

  • Mutual funds, exchange traded products, structured products and individual equities
  • Defensive assets (cash) and inversely correlated strategies when appropriate

Our objective is to provide long term annualized returns after fees at least 200 basis points better than a comparable blend of the S&P 500 Index and Barclays Aggregate Index, with lower volatility.

"The essence of investment management is the management of risks, not the management of returns.  Well managed portfolios start with this precept."  Benjamin Graham