Kate Burns

1838's portfolio management team practices a bottom-up decision-making process along with quantitative screens. They do not market time, style rotate or sector rotate. Rather, they are fully invested at all times and remain sector neutral to the benchmark S&P 500. For fixed-income, the 1838 team focuses on yield curve analysis. They allocate funds from among U.S. treasuries, corporates and mortgage backed securities using a spread model that reflects 15 years of performance history. They screen each security for its structural soundness and long-term performance potential.

Jamison Eaton & Wood seeks to generate competitive, risk-adjusted returns on a consistent basis through a full market cycle. Their active approach is based on asset allocation and security selection and is integrated with risk control measures. The firm's equity strategy is based on growth-at-a-reasonable price (GARP) with a long-term focus. They look for superior, sustainable growth in future earnings, cash flow and dividends in relation to the stock market and to the sector in which a company competes. The firm also looks for stocks trading at a price where there is the expectation that the elements of growth will flow through to future total return on investment. Jamison employs traditional valuation tools including absolute and relative price earnings and cash flow ratios, dividend yields and dividend growth which are first measured for each stock relative to their respective historic ranges. Valuation levels are then analyzed in terms of prospective changes in the rates of growth and profitability relative to the industry peer group and the market in general. The firm uses a top-down approach when deciding asset mix and sector diversification. They then employ a bottom-up approach to select individual stocks. Jamison seeks to invest in the stocks of high quality companies with sustainable sales and earnings growth, exceptional management teams, solid margins and excess cash generation. Once a company has met the firm's fundamental criteria, they employ historic relative multiple analysis and discounted present value techniques to make decisions on the appropriateness of a stock's price. Minimum liquidity requirements are also overlaid to ensure that buying and selling can be conducted effectively. Jamison builds portfolios that are neither highly concentrated nor market-indexed. The firm invests in large and mid-cap companies, generally with market-cap greater than $1 billion. Though not limited by sector, the firm tends to invest in the health technology, electronic technology and consumer non-durables sectors. Jamison maintains a low turnover rate. The firm also manages investments in international equities. They employ a top-down approach to invest in markets which, in US dollar terms, offer sustainable above-average growth at a reasonable price. This strategy is an extension of the firm's domestic equity approach where markets replace individual stocks in the selection process. Growth and valuation criteria are similar to those used in their domestic equity program. A client's portfolio will typically be allocated 10% to 20% to international equities. They may also invest in international ETFs that closely replicate the country sub-sectors within the EAFE (Europe, Australasia and Far East) Index. Jamison offers longer-term (1 to 3 year) and shorter tactical (6 to 12 month) fixed-income strategies. The longer-term approach develops positive, neutral or negative biases which are built into the strategy. They focus on longer-cycle variables including inflation, currency trends and international credit flows. Positioning on the yield curve reflects their strategic bias in constructing and managing the portfolio. The strategy seeks to (1) capture the major trends of the market by changing the duration of the portfolio (2) preserve the underlying principal and compound results consistently and (3) enhance yield and return through sector and issue selection. Jamison's shorter-term fixed-income strategy first focuses on their analysis of where the economy is positioned on a cyclical basis and what the implications are for changes in monetary policy by the Federal Reserve. This analysis is used to confirm the long-term strategic position and/or to determine whether the portfolio structure should be altered. This analysis incorporates scenario building in which the potential price changes of the portfolio structure are tested under different interest rate environments. The strategy is modified based on current portfolio positions and the risk/reward trade-offs. Computer models assist in optimizing portfolio characteristics. Selection of sectors and specified issues is important in adding incremental return and controlling risk. According to each client's risk tolerance, portfolios may consist of Governments, corporates, mortgages and ABS. They pay special attention to liquidity risk, credit risk, event risk and call risk. They also consider a client's income tax status in determining the relative attractiveness of bonds. Jamison's cash management program focuses on shorter maturities and highly rated, highly liquid US Treasury and Agency securities. They employ the same approach as that of their other fixed-income services. Depending on a client's specific objectives, they may also invest in corporates and ABS. The firm also manages balanced portfolios for clients seeking to both preserve and enhance capital. Assets are strategically allocated into defined percentages of stocks and bonds. Portfolios are periodically rebalanced to maintain the desired allocation. The firm manages taxable client assets with an awareness of taxes. Tax considerations do not drive their decisions, the firm takes these into consideration relative to the timing of sales.

Dumont & Blake manages equity, fixed income and balanced portfolios following a disciplined investment approach. The firm employs several investment strategies in managing client portfolios and uses a combination of these strategies to achieve the client’s goals and objectives. They discuss the risks and rewards of their various investment strategies with the client and discuss the asset allocation they propose to achieve the clients’ goals within their levels of risk tolerance.

FTCI-PA provides a broad range of investment services for clients through separately managed portfolios that represent a variety of investment styles. Their portfolio managers invest across all asset classes, sectors and industries. Active risk management has always been core to the firm’s investment management approach, and their processes have been designed to help maintain appropriate risk/reward balances relative to client objectives through variable market environments.

Functions as a College/University

Functions as a College/University

Silvercrest employs a disciplined, value-oriented security selection methodology in their stock picking and an actively managed, bottom-up investment strategy. The firm’s investment capabilities include equity management, fixed-income management, outsourced investments and alternative investments.