Overview

We build portfolios for long-term investors. All our portfolios have a few things in common.

  • Diversification. Global diversification can improve performance and control risk.
  • Objectivity. Clients’ interests come first. We avoid conflicts of interest. No proprietary products.
  • Balance. We balance our understanding of history and research with real-world experience.
  • Elegant Simplicity. Leonardo Da Vinci said, “Simplicity is the ultimate sophistication.”
  • Low Cost. Controlling costs and expenses allows clients to keep more of what they earn.
  • Discipline. Our well-defined process allows us to better navigate both good and bad markets.
  • Patience. Success in investing takes time. We are willing to wait for our ideas to bear fruit.

Ten Beliefs Underlying Our Investment Process

  • Remain humble. No one can predict the future. There are simply too many variables.
  • Don’t confuse likelihoods with certainties. You can calculate probabilities, but there are no guarantees.
  • Be prepared for the unexpected. History provides insights about the future, but it won’t repeat itself.
  • Academic research finds “truth” by looking backwards. Consider how it will translate in the future.
  • Good ideas take time to mature. Knowing something will happen is not the same as knowing when.
  • Controlling expenses is important. Reducing fees, transaction costs and taxes improves results.
  • It is difficult for active managers to add value. Reaping their value requires knowledge and patience.
  • Diversification works. But it should be done intelligently to avoid over-complexity and excess costs.
  • Emotion is the enemy of good decisions. Discipline is important. Judgment and restraint are mandatory.
  • Every portfolio has an investor attached. A portfolio is the result it produces and the experience it creates.

Global Explorer Series

Active and Passive – The Best of Both Worlds


Core

The core is the foundation of each portfolio.  The core consists of low-cost ETFs that track US and International stock and bond markets.

Satellites

Satellites investments provide the opportunity to benefit from improved diversification, specialized strategies, or the skill of an active manager.

Satellite investments are added only when our investment committee has high conviction they can increase return or reduce risk.

Satellites investments may be actively managed mutual funds, index funds, or ETFs.

We offer the Global Explorer portfolios at five risk levels ranging from 20% equity to 100% equity.
We also offer tax-sensitive versions of all Global Explorer portfolios.

Global ETF Series

Low Cost Diversification for Long-Term Investors


Passive Approach

The composition of these portfolios is elegantly simple to provide broad diversification, while minimizing costs. They use only low-cost ETFs that track US and international stock and bond markets.  The portfolios are managed to a fixed asset allocation target and are rebalanced annually.

We offer the Global ETF portfolios at five risk levels ranging from 20% equity to 100% equity.
We also offer tax-sensitive versions of all Global ETF portfolios.

Factor Select Series

A Diversified, Multi-Factor Strategy


Multi-Factor Strategy

Decades of research has identified certain “factors” that have produced excess returns over long time periods. Factors are characteristics shared by groups of securities that distinguish them from other securities. Examples include “value,” “size,” “quality,” and “momentum.”

These factors have had relatively low correlation to each other. That is, they tend to produce their performance benefits during different time periods. By combining funds with exposure to all of them, we seek to gain more stable returns through added diversification.

We build these portfolios using an open architecture approach that allows us to utilize funds from different asset management firms. Each firm defines and manages exposure to the factors somewhat differently, giving our portfolios additional factor diversity.

We offer the Factor Select portfolios at five risk levels ranging from 20% equity to 100% equity.
We also offer tax-sensitive versions of all Factor Select portfolios.

Dimensional Select Series

A Diversified, Multi-Factor Strategy Using DFA Funds


Multi-Factor Strategy

Research has identified “factors” that have historically produced excess returns over long time periods. Factors are characteristics shared by a group of securities. Different factors produce their performance benefits during different time periods.

Dimensional Fund Advisors (DFA) manages mutual funds and ETFs that incorporate this factor-based research into their fund management process. The Dimensional Select portfolios are built solely utilizing funds managed by DFA.

Our Dimensional Select portfolios are available only to advisors who are approved to purchase DFA funds.

We offer the Dimensional Select portfolios at five risk levels ranging from 20% equity to 100% equity.
We also offer tax-sensitive versions of all Dimensional Select portfolios.

ESG Global Core Series

Positive Social and Environmental Impact


Investing to Make the World a Better Place

We build and manage the ESG Global Core portfolios to emphasize investments that make a positive impact across a range of environmental, social, and corporate governance issues.

The portfolios are built primarily using ETFs or mutual funds that track ESG-oriented indexes. They may also include actively managed ETFs or mutual funds.

The goal of these portfolios is to make a positive impact on society and the environment, while generating positive long-term investment returns.

The target allocations for each portfolio are intended to remain constant, although ongoing monitoring and research may result in occasional changes to these targets over time.

The ESG Global Core portfolios are rebalanced periodically.

We offer the ESG Global Core portfolios at five risk levels ranging from 20% equity to 100% equity.
We also offer tax-sensitive versions of all ESG Global Core portfolios.