GARP stands for Growth at a Reasonable Price. My Long Term GARP portfolio attempts to buy companies with sustainable, growing businesses that I believe have potential to appreciate in value over multiple years.
Investments are chosen based on my measures of balance sheet and management quality, and my assessment of a company’s long-term growth potential. I consider my investment style to be mainly GARP (Growth at a Reasonable Price). I look for businesses that can grow for long periods of time, but that are still available at attractive prices. My approach to building wealth is to find great companies that have strategic competitive advantages and to own them as they grow larger.
Research includes an analysis of a company's competitive positioning, a review of past, present and future operations, a and a look at a company' s financial situation including cash levels, debt and contingent liabilities. It also includes a review of earnings quality, the way the company is governed, and extensive look at valuations. I also review annual reports, regulatory filings, insider trades and recent company news.
I want to concentrate capital in companies that have attractive businesses and positive long-term growth prospects. I attempt to build large positions in those companies when they become available at what I believe are attractive prices. As a result, the portfolio is typically concentrated in a few positions that I believe fit my strategy.
I believe great businesses are meant to be owned for many years, and in some cases decades. I only want to sell the companies in this portfolio if there is a fundamentally negative change in the business, or if buyers are more than fairly compensating current stock owners for their share of the equity.
Major world events could cause me to make exceptions to my investing philosophy with regard to certain holdings.
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.
The checked transactions passed Covestor's trading rules and were eligible for investment at the time of execution, subject to individual client constraints. Eligibility 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.