Our All Cap Core philosophy allows us to pursue our best ideas without being locked into a specific style box.
We are constantly in search of new investment ideas whether they are growth or value stocks or whether they are small, mid or large cap.
We believe our bottom-up process for selecting stocks drives long-term outperformance. We use my quantitative process to identify a portfolio of stocks which are undervalued relative to the market, which have a business catalyst we believe will drive an increase in valuation over time, and which have a solid balance sheet. We use fundamental analysis to get a more complete picture of the stocks we are considering.
The All Cap Core portfolio will hold 35-45 stocks. Initial position in a stock is 1.5-2% of the portfolio. We will increase the position up to 4% as the story remains intact over future quarters. We aim to remain sector neutral but will overweight sectors where we find an excess of good ideas. We will be underweight when we are unable to find new ideas that meet our criteria. Maximum over/underweight is +/- 5% in any given sector versus our benchmark.
Stocks will be sold when the company misses quarterly estimates twice in a row, the stock becomes overvalued, estimates are lowered by a majority of analysts following the stock, or there is a significant change in the capital structure of the company.
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.