Top-down, macroeconomic approach utilizing ETFs as well as individual stocks.
“PWP Growth and Income” defines the portfolio. My goal is to outperform the market over the long run while protecting capital. I invest in ETFs and individual securities that stand to benefit from macroeconomic trends such as globalization, aging populations, and the adoption of technology. Occasionally I will increase cash positions and use simple hedges to protect capital when warranted. The goal is absolute return, regardless of what the market is doing.
Research sources include financial publications like Barron’s and various investment newsletters. Ideas are added to my watch list, sorted by investment theme and source. Network of global contacts to validate (or challenge) ideas and assumptions about trends, sectors, and specific opportunities.
The portfolio seeks to hold about 15 to 30 positions with a mixture of ETFs and individual securities. It has a ias towards the large and mid-cap sectors, but will opportunistically put a portion of the model (typically less than 30%) in smaller cap companies with significant upside. The strategy will rotate among sectors based on changing macroeconomic conditions.
I will hold a position as long as I beleive its prospects look good. I'll close a position when I see a better opportunity, or when I determine the company’s prospects have deteriorated due to changes in management, the market or macroeconomic conditions.
Very few exceptions to this investment philosophy and discipline. However, I may invest in special situations and will take advantage of them where the risk/reward ratio is attractive. Also, I may take advantage of short term trading opportunities in times of market turmoil and volatility. Protection of capital is always, however, my overriding concern.
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 average, time-weighted 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.