Spencer Morgan

Seligman manages portfolios employing a team approach. Each investment team leader is a Managing Director. Their investment teams conduct primary research on all securities considered for inclusion in their portfolios. Their research on potential stock purchases includes on-site visits and one-on-one meetings with management to assess the quality, prospects and direction of a company. Seligman takes the following steps to address investment risk in the portfolios: minimal-to-no cash positions, fundamental research, close management contact and continuous evaluation of their holdings. Their analysts are organized by industry specializations. The investment decision-making process is overseen by the CIO and implemented by each team leader.

Acts as Open-End Investment Fund/Unit Trust

Efficient Market Advisors (EMA) offers Efficient Market Portfolios which are professionally managed portfolios of ETFs. The firm's Efficient Model Portfolios are offered as fifteen different asset allocation models. Asset allocation models consider each client's investment objectives and risk tolerance. Within each asset allocation model there may be allocations to: large-cap stocks, mid-cap stocks, small-cap stocks, international stocks, intermediate investment grade taxable bonds, short-term (1 to 3 year) US Government bonds, REITs, alternative investments, high yield bonds, preferred stocks and cash. All fifteen Efficient Market Portfolio models are constructed based on Modern Portfolio Theory and financial modeling software. EMA determines the target weightings of each asset class using optimization. Model portfolios may change periodically as additional asset class performance data is included in the firm's optimization process. EMA rebalances portfolios by selling portions of a client's investment in a particular asset class or in a security that has grown as a percentage of the portfolio to a level beyond the target allocation. Proceeds from the sale are used to buy additional portions in another asset class or securities that have fallen below the target allocation.

Functions as a College/University

CFIA constructs proprietary ETF investment Portfolios using strategic, tactical, and opportunistic asset allocation techniques. Their investment philosophy emphasizes macroeconomic research in creating an active asset allocation strategy. This strategy is implemented through unique time and risk-based Portfolios. The firm has also developed a dynamic volatility strategy that utilizes a rules-based methodology with a qualitative overlay to build incremental positions that are either long or short in volatility using ETFs/ETNs. They are either long or short, but never both. CFIA primarily utilizes index-based ETFs, which are passive managed investments, in order to gain diversified exposure to a desired asset class or category.