This portfolio focuses on buying and holding U.S. equities which I believe to be undervalued relative to the overall market, sector and the companies’ historical valuations. The holdings in this portfolio are long only and no margin is used.
This portfolio focuses on buying and holding U.S. equities which I believe to be undervalued relative to the overall market, sector and the companies’ historical valuations. The holdings are long only and no margin is used.
I place heavy emphasis on companies with low price multiples compared to historical averages. The companies I select must also meet certain criteria regarding historical earnings growth, return on equity, liquidity ratios, profitability ratios, and dividend payout ratios (in addition to other requirements). The overall goal is to hold a portfolio of companies with strong and consistent financial backgrounds that are temporarily out of favor with the market, creating the opportunity for above average long-term returns.
I analyze companies based on market data drawn from multiple sources. My first screen identifies companies that appear to be undervalued on a fundamental basis. These companies are then reviewed for current and historical financial strength and consistency. Finally, companies that I determine to be undervalued and have solid financial backgrounds are reviewed on a broader basis to determine if there are any management or other issues which have damaged or altered the long-term prospects of the company.
I usually hold 10 stocks or fewer. Only infrequently will a single stock constitute more than 10% of the portfolio. I typically review holdings on a quarterly basis and make revisions in that same quarterly time frame.
If a position appears to be overvalued I will sell it only if there is a suitable undervalued replacement based on my screening process. My goal is to buy solid companies at opportune times and hold them indefinitely to avoid taxes and costs associated with turnover. The right opportunity must be present to sell any given investment.
Past performance is no guarantee of future results.
Performance of the portfolio manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the asset-weighted average returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
Transactions that are marked as "Replicable" passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual
client constraints. Eligibility for replication may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.