Together, the combination of short-term disappointment and long-term value define a statistically mis-priced opportunity that we can exploit to the benefit of our investors.
We constantly search over 2,200 companies for those rare cases where short-term disappointment causes general opinion to turn negative but where, to the contrary, our long-term “quality of the business” analysis finds hidden value. We expect that, over time, the long-term value of the business will triumph over short term distractions, to the benefit of our investors.
We maintain a real-time, proprietary database of over 2,200 companies with over 1,100 input data points per company – plus historical analytic data going back to 1990. This huge resource allows us to execute the methodology of our portfolio.
Long-term, equities-only approach. We go where the opportunities are, one company at a time. To achieve a satisfactory balance of diversification, tax efficiency, and minimal market disturbance, the portfolio is limited to 60-70 stocks.
Our Risk Control Model culls those stocks whose statistical characteristics fall to an unacceptable level and our Valuation Model sets a price target which, when reached, will trigger a sale.
Exceptions are few given our discipline. Prior to actual purchase of a stock, and regularly thereafter, a due diligence review is performed to uncover cases where the financial picture of the business cannot be clearly deduced from company financial reports. This is a warning sign we take very seriously and we will typically move on to the next opportunity.
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.
Not all transactions listed will appear in your account due to Covestor's trading rules and individual client constraints. Eligibility of these securities is monitored periodically, and may change over time. Actual client investment holdings may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.