Portfolio Management

Our equity portfolios typically consist of 80 to 120 companies, diversified by sector, geography, and by individual security. We generally do not set formal targets for sector or geographic weights, but rather allow security selection to drive the process. Portfolios are then reviewed to ensure they are constructed with balanced exposure in mind and good representation across many industries and regions of the globe.

Because we seek businesses that will appreciate in value over three to five years, the turnover rate on equity portfolios is relatively low at 20% to 25% per year. Turnover on fixed income is even lower at approximately 10% per year.