Leonard D. Davenport

Frazer Management Associates (FMA) believes that their contrarian philosophy is an optimistic one. They work to identify stock 'gems' with the brightest of prospects. However, at the time when they invest in an issue, it is typically out-of-favor with or simply overlooked by the market. It may be a time when the Wall Street crowd believes, without justification, that a company is an underachiever or is one with a future of continual disappointments. It also may be a time when Wall Street is looking elsewhere and not paying attention to an emerging growth company. Unlike other managers who invest only in either growth or value stocks, FMA's contrarian philosophy does not restrict them. From high technology to consumer goods to natural resource companies, they diversify portfolios across a wide spectrum. They invest client portfolios in growth and value stocks and large and small companies. Their approach can be characterized as encompassing the styles GARP, value and turnaround. Before FMA purchases stocks, they must pass a rigorous process of analysis. They study financial statements, review SEC filings and construct or analyze models for the future. The firm evaluates products and services with an eye toward competitive factors including barriers to entry. At times, they employ industry experts to aid FMA in evaluating a company's business plans and its place in the industry. The firm is a long-term investor, with an average holding period of four years. There are situations however, where they recognize that it is appropriate to take a short-term gain. FMA looks to sell a stock near the peak of its appreciation.

Capital Management Associates (CMA) seeks to generate superior investment returns through strategic overweighing in selected industry groups, especially those that appear particularly attractive within key economic sectors. The firm's investment approach is based on sector and industry group weightings, however their process begins with the evaluation of individual stocks. CMA's stocks selection process begins with a universe of approximately 15,000 stocks that include large-, mid- and small-cap issues. Stocks are classified according to price rankings, value rankings and timeliness rankings. Their price rankings based on the price performance of all stocks within the universe, which are ranked from the most too least favorable. The firm's volume rankings based on comparisons from historical volume data points to current volume data points. CMA's timeliness rankings based on an arithmetic average of the timeliness ranking of the Value Line universe of stocks. Once sector and industry groups have been selected, CMA screens purchase candidates first by a set of company fundamental characteristics to determine if the candidate is a good company. Purchase candidates are then screened by a set of technical factors to determine if the candidate is a good stock. The firm tens to invest in stocks with market-cap weightings of $5 billion to $ 33 billion, although they may occasionally purchase smaller issues due to a lack of larger candidates available in a particular industry group. Though not limited by sector, CMA tends to invest in the stocks of companies in the stocks of US mid-cap and large-cap companies in the electronic technology, producer manufacturing and energy minerals sectors. The firm maintains a very high turnover rate.

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Functions as a College/University

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Operates as a commercial bank

Provides investment advice