Philosophy

• Diversification
  Asset allocation is the primary determinant of long-term
  returns and volatility of returns.
• Risk Control
  The calibration of risk is of prime importance in an
  investment program.
• Knowledge
  Investors should understand the risks that they incur and
  avoid risks for which they are not compensated.
• Simplicity
  Economy, simplicity and reliability in an investment program
  enhance the likelihood of success.

• Foresight
  Investors who take a long-term perspective and can withstand
  short-term volatility have an advantage over other investors.
• Insight
  Our advice is based upon well-founded principles and is
  consistently applied to our clients.
• Detail
  We endeavour to understand the particular circumstances
  of each client and develop our advice accordingly.
• Performance
  Our clients seek the highest after-tax, risk-adjusted rates
  of return.

In constructing a portfolio, the precepts listed above lead us to the following conclusions:

• Fees and tax costs present a serious hurdle for active stock managers, one that they are unlikely to overcome.
  Hence, we pursue index-oriented equity strategies.
• The inclusion of alternative asset classes can improve the risk-adjusted returns of a portfolio. These assets can
  include: commodities, real estate and absolute return strategies.
• The reduction of fees and taxes can serve as an enhancement to returns.
• Disciplined adherence to strategic allocation targets can increase investment returns by lowering risk and not
  forcing reliance on market timing calls.