We employ risk-averse investment strategies predicated on the belief that strong long-term investment results are best achieved through a compounding of reasonable gains and the avoidance of major losses. We, therefore, consciously strive to limit downside exposure as much as to generate upside returns.

The fundamentals underlying the firm's investment philosophy are flexibility and disciplined investment analysis. We do not believe it is in our clients' best interest to constrain our investing solely to certain segments of the market. In our view, doing so exposes portfolios unnecessarily to risk and limits possible upside. Flexibility allows us to shift allocations away from areas of perceived risk, while discipline allows us to uncover securities we believe have significant potential for appreciation.