Investment Management
Philosophy and Approach
Throughout our history we have remained responsive to the needs of our clients. We have developed a number of distinct equity and fixed income strategies designed to meet these needs.
Global expertise: We actively manage across market segments to construct broadly diversified portfolios.
Informed by broad economic themes, we focus on bottom-up security selection and integrate environmental, social, and governance (ESG) research in the investment decision-making process.
Thoughtful composition: We are long-term investors who build customized equity portfolios of individual securities. While we typically invest for the long term, our rigorous sell discipline allows us to maneuver quickly when triggered by changing quantitative indicators or fundamentals identified by our active risk management techniques.
Investment Management Services
Proprietary Equity Separate Account Management
Individually managed stock portfolios across multiple asset classes
Domestic and international
Traditional and sustainable
Fixed Income Separate Account Management
Traditional and sustainable
Socially Responsible Investing
Customized Solutions
Thematic
Low-cost basis stock management
Concentrated security management
Fundamental Core Equity Strategies
ESG Core US Equity
Driven by fundamental research, refined with integrated ESG analysis
Target 35-50 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤10% cash
Growth, value, and quality criteria
Large-, mid-, and small-cap opportunity set
Average ESG score > S&P 500
Excludes “Worst in Class” ESG-rated securities and those with significant ESG-related liabilities
Benchmark: S&P 500
Core US Equity
Broad array of market-leading companies with superior cash-flow, financial, and relative strength dynamics
Target 45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% international
≤ 10% cash
Growth, value, and quality criteria
Large-, mid-, and small-cap opportunity set
Expected turnover 25-40%
Benchmark: S&P 500
Low Carbon Core US Equity
Driven by fundamental research and carbon risk analysis
Target 40-60 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤10% cash
No traditional energy exposure
Excludes top toxic and carbon emitters, top fossil fuel reserve holders, coal fired electric utilities
Targeted weighted average CO2 intensity less than benchmark
Benchmark S&P 500 ex energy
Focused Core US Equity
Concentrated portfolio of high-conviction equities exhibiting strong profitability and free cash flow
Target 30-45 Securities
Max position sizes greater of 6% or benchmark weight
Up to 15% international
≤ 10% cash
Growth, value, and quality criteria
Large-, mid-, and small-cap opportunity set
Expected turnover 25-50%
Benchmark: S&P 500
Fundamental Core SRI Strategies
Catholic Values
Undervalued growth companies that maintain Catholic guidelines
Target 35-55 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤ 10% cash
Primarily large-cap companies, with some small- and mid-cap exposure
Companies that are consistent with the USCCB Socially Responsible guidelines
Expected turnover 20-40%
Benchmark: S&P 500
Faith-Based Equity
Undervalued growth companies that maintain faith-based values
Target 35-55 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤ 10% cash
Primarily large-cap companies, with some small- and mid-cap exposure
Companies that protect human life and dignity, and encourage corporate responsibility
Expected turnover 20-40%
Benchmark: S&P 500
Custom Management
When necessary, we can craft portfolios for large pools of capital that are driven by our research while addressing client-specific portfolio construction considerations
Industry
Sector
Specific securities
Leverage proprietary SRI database with customizable screening and reporting
Thematic Sustainable Strategies
Sustainable Opportunities
A core approach driven by fundamental research and environmental thematic analysis
Target 40-60 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 40% international
Alternative energy
Energy efficiency
Pollution prevention
Green building
Sustainable water and agriculture
Excludes top toxic and carbon emitters, top fossil fuel reserve holders
Benchmark: Russell 3000
Focused Environmental Opportunities
Concentrated thematic strategy driven by environmental and fundamental analysis
Target 30-60 Securities
Max position size of 7%
Only companies with material direct product, service, or business model exposure to environmental innovation
≤ 10% cash
Wide latitude across cap size, sectors, and geographic locations
Not benchmark-focused, though the MSCI World Index will be used to frame strategy exposures
Quantitative Equity Income Strategies
Equity Income
High-quality companies with higher-than-average dividends
Target 40-60 Securities
Max position sizes greater of 5% or benchmark weight
≤ 10% cash
Mostly large cap with limited mid-/small-cap stocks
Expected turnover 20-50%
All securities are required to pay a dividend
Benchmark: S&P 500
Equity Income II
High-quality companies with higher-than-average free cash flow yields refined with a comprehensive risk overlay
Target 40-60 Securities
Max position sizes greater of 5% or benchmark weight
≤ 10% cash
Up to 20% of portfolio positions may not pay dividends
Expected turnover 25-50%
Benchmark: S&P 500
Secondary Benchmark: Russell 1000 Value
All-Cap Equity Income
High-quality companies with higher-than-average dividends
Target 40-60 Securities
Max position sizes greater of 5% or benchmark weight
≤ 10% cash
Large-, mid-, and small-cap opportunity set
Must be in Equity Income and SMID strategies
Expected turnover 25-50%
Blended Benchmark: 65% Russell 1000 / 35% Russell 2500
Small / Mid-Cap Equity Income
Focused array of high quality, small and mid-cap individual common stocks
Target 40-60 Securities
Max position sizes greater of 5% or benchmark weight
≤ 10% cash
Growth and value criteria
Mid-/small-cap stocks
Expected turnover 25-50%
Benchmark: Russell 2500
Short-Duration Fixed Income Strategies
Individual Bonds
A laddered, short-duration bond strategy focused on principal preservation, liability matching, liquidity, and yield throughout the interest rate cycle
Multi-year investment horizon
Laddered maturity structure
Short duration: < 3 years
Credit quality: Single A or higher
Defined maturities lead to a more certain total-return profile
Individual holdings provide transparency
Can be liability-matched
More rigid maturity schedule makes the strategy less flexible if client circumstances change
Optimized Exchange-Traded Funds
A short-duration bond strategy comprised of mutual funds and ETFs that emphasizes liquidity and above-market yield throughout the interest rate cycle
Multi-year investment horizon
Low-cost ETFs and mutual funds optimized for risk and return parameters (standard deviation, drawdown, yield)
Short duration: < 3 years
Credit quality: Single A or higher
The constant maturity nature of ETFs and mutual funds lead to a less certain total-return profile
ETFs and mutual funds afford more flexibility if client circumstances change
Intermediate-Term Fixed Income Strategies
Taxable Fixed Income
A core fixed income approach focusing on income, quality, and total return with integrated ESG analysis
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
- U.S. Government obligations
- Agency and mortgage-backed securities
- Investment-grade corporate bonds
- Taxable municipal bonds
Maturity: 0-15 years
Average credit rating: A
Sector diversification
Strategic yield curve positioning
Opportunistic, relative-value trading
Credit research drives selection of individual securities
Macro view on interest rates and the economic cycle informs portfolio duration and sector allocation
Benchmark: Bloomberg Intermediate Gov’t/Credit Index
Strategic Municipal Income
A core municipal bond strategy emphasizing credit quality and tax-adjusted yield with a flexible sector allocation
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
- Essential service revenue bonds
- General obligation bonds
- Cross-over opportunities
- State of residency focus
Maturity: 0-20 years
Average credit rating: A
Customized for state of residence
Sector diversification
Strategic yield curve positioning
Opportunistic, relative-value trading
Macro view on interest rates and the economic cycle informs portfolio duration and sector allocation
Benchmark: Bloomberg 5-Year Muni Index
Low Carbon Taxable Fixed Income
A core fixed income approach focusing on income, quality, and total return that avoids top carbon and toxic emitters
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
Average credit rating: A
Diversified by asset class and sector
Macro view on interest rates and economic outlook informs portfolio construction
ESG and climate integrated credit analysis drives selection of individual corporate bonds
No traditional energy sector exposure
Excludes top carbon and toxic emitters
Weighed avg CO2 intensity < 50% of benchmark
Benchmark: Bloomberg Intermediate Gov’t / Credit Index
Reporting
Clients in our proprietary strategies receive ongoing manager commentary and portfolio reporting.