Our primary objectives are to preserve our clients' capital, to manage against inherent market risk, and to garner a consistent rate of return in both relative and absolute terms.

We believe that the loss of capital is more regrettable than lost opportunity. Therefore, we are committed to providing an investment strategy for our clients which is based upon individual objectives, guidelines, and risk tolerance. Our responsibility is to seek an absolute rate of return for our clients that is both consistent with the preservation of the value of the assets which have been entrusted to our management, and that is within the risk parameters which have been established by our clients.

Our approach is based upon a philosophy of investment opportunities and alternatives, requiring us to implement a balance between various investment instruments at successive points during an economic cycle. The investment instruments which we generally employ are medium-to-large capitalization equities, listed primarily on the New York Stock Exchange; fixed-income securities of the highest quality, primarily issued by governments and established corporations; and short-term cash equivalents. Our investment strategy is derived from global macroeconomic analysis and proprietary research, and is characterized by a top-down, sector-oriented approach with an emphasis on cyclical growth and longer-term value.