We implement cost-efficient portfolios
We pay fees where professional management can justifiably provide additional return whereas we aggressively reduce fees where professional management has simply proven unnecessary.
Our investment approach avoids exposure to unrewarded risks
We describe our return focus as “after-tax, risk-adjusted returns” because of the importance of considering tax, volatility and most importantly, seeks to avoid a permanent impairment of capital.
We carefully consider the underlying risk factors that drive returns
Factors such as Value, Momentum, Carry or Economic Growth are the academically validated primary drivers of investment returns. Most institutional investors now prioritize factor diversification over traditional portfolio construction foci like sector and geographic weights.