Portfolio Construction

Taxable and tax-free accounts are managed to produce a total of return, including interest earned, dividends, and distributions and capital gains realized over a given period of time.  As with equities, portfolios are individually constructed to meet the investment needs of the client including liquidity and cash flow requirements.

Since portfolios are managed, not bought and held, investment decisions are based on a thorough and ongoing analysis of domestic and global economic factors that determine the direction and potential magnitude of shifts in U.S. interest rates.  Accounts are continually monitored and changes made when movement in the yield curve necessitate modifying the portfolio’s effective maturity or duration.

Attention is given to the portfolio credit quality by investing in investment grade or higher.   

Taxable Income

Portfolios are constructed using components that cover all aspects of the domestic fixed-income market by sector and maturity range.  We measure performance against the Broad Market Index (BMI) with a primary goal of meeting or exceeding the benchmark returns.

Our strategy allows the manager to deviate from the index to:

·      Shorten or lengthen the effective maturity or duration of the portfolio in anticipation of interest rate changes

·      Adjust portfolio allocations versus index components to increase yield and improve liquidity

·      Substitute investment vehicles versus benchmark components, i.e., FDIC-insured CD’s for Treasuries or agencies, fixed to floating preferred equities and taxable municipals for corporates 

All investments will be a minimum of investment grade. 

Trade Execution

We view trade execution as a critical factor in our ability to achieve superior investment returns for our clients. Our experienced traders continuously monitor and gather information on our portfolio stocks. By closely following the daily market dynamics, our traders provide valuable information to the portfolio management team such as liquidity characteristics, market conditions and individual stock news. This information exchange continues through the execution phase of the investment process to ensure an optimal and effective trading strategy.

Municipal Tax-Exempt

We maintain a long-term tax-exempt, fixed-income strategy, placing emphasis on high-grade, general-obligation debt.  However, permissible investments may also include credits such as revenue, insured and appropriation bonds as well as pre-refunded issues.  Portfolio holdings have a credit rating of investment grade or higher and are structured to meet the income objectives of our clients.  Accounts are individually managed and do not employ derivatives products to enhance portfolio results. 


Investment Philosophy

The market is inefficient and frequently prices companies above or below their intrinsic value. We seek to profit from this inefficiency by doing our won analysis of the financial strengths, management, competitive positions, and assessments of future earnings potential of our companies. Successful investing is predicated on buying stocks at a discount to underlying value.

Investment Philosophy 

Our Team

Our team provides our clients with the highest standard of financial and investment advice to create a roadmap for your financial portfolio based on your unique investment objectives, liquidity needs, tolerance of risk and time horizon Whether you have one investment goal or an array of complex needs, we put our investment knowledge and experience to work for you.

Our Team 


Each portfolio is separately managed and constructed to follow strict investment standards within the client’s goals and guidelines.  Also, as a fee based advisor our incentives are aligned with those of our client. 

Portfolios ›