We seek companies that have a strong franchise, a proven management team and an understandable business model. Given our macroeconomic outlook, these companies must be in industries demonstrating growth greater than U.S. GDP. We generally hold investments in 30-35 companies in our portfolios.
In the construction of bond portfolios, we focus on diversification and intermediate-term maturities to reduce risk. Our process includes duration and yield curve management, sector rotation, and security selection.