As bottom-up, fundamental investors, we focus on businesses we understand that trade at low valuations. If we can’t understand the business, we don’t invest. We identify potential investments by investigating companies that investors appear to have become overly excited or overly pessimistic about. Our strategy is to invest in companies that trade at a discount to our estimate of fair value.
We are willing to endure periods of underperformance in order to achieve better results over the long-term. In other words, we personally prefer a lumpy 14% return to a steady 10% return. Our portfolio will likely underperform when the market produces phenomenal returns, but we expect to outperform in other market environments.
We typically focus on quality companies that we believe have very positive or very negative investor sentiment. By doing so, we try to identify stocks that could be mispriced in the short term, and good companies to hold over the long term.
Our portfolio is concentrated and typically holds five to 15 positions at any one time. We prefer to invest more money in our very best ideas. Rebalancing occurs as we find investment ideas that we believe are better than those in our current portfolio. We are not afraid to hold cash under certain market conditions.
One of the main reasons we will sell a stock is because we believe better investments are available. We will also sell if we determine that we were wrong in our initial valuation analysis of the company and that the margin of safety is not large enough. We will not sell simply because an investment has declined in price.
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 that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. More
Average subscription returns ("Avg Sub" or "Avg Client") are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying portfolio. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. More
All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription 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 (Approach, Asset Class) are provided by Covestor, and are intended to serve as a general guide.
These securities are currently held in the portfolio manager's brokerage account. Holdings in the "Replicable Holdings" table currently pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may vary.
These transactions were executed in the portfolio manager's brokerage account. Those marked as "Replicable Transactions" 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 subscription trade activity may vary.