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



    • 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


Congress Asset Management

2 Seaport Lane, 5th Floor

Boston, MA 02210


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