EQUITY PORTFOLIOS

  • Equity Positions: 25-35 individual common stocks
  • Size at Purchase: 3-4% of equity allocation
  • Risk Control: position sizes limit: 8% of equity value of a portfolio
  • Stress Tested: portfolios reviewed to ensure macro risks are not exacerbated, or being overly influenced, by holdings
  • Industry Sectors: portfolios diversified across industries (see below), active concentrations deviate from benchmarks
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FIXED INCOME PORTFOLIOS

  • 5-10 Bond Exchange Traded Funds (ETFs)
  • Passively Managed
  • High Credit Quality
  • Duration risk balanced against expectations for inflation
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As of 3/31/18