Style: Small/Mid Core
Inception: 5/31/2005
Benchmark: Russell 3000 Index
Concentrated: Target Number of Holdings 20-30
Low Turnover: 25 to 35% annually
No Cash Position Limitation
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- There can be major disconnects between a company's bond and stock valuations, and bonds are leading indicators for the corresponding stocks.
- These valuation disconnects exist due to differences between bond and stock analysis metrics.
- This principle is supported both behaviorally (by real market dynamics) as well as mathematically (by theoretical structure models derived from contingent claims analysis).
- We exploit such differences to identify undervalued opportunities for a high conviction stock portfolio.
Investment Policy Committee
John Beaver, CFA Committee Chair
Matt Lagan, CFA
John Fitzgerald, CFA
Brian Guild
Key documents
SMid Core Opportunity Strategy Card