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 all market segments to construct broadly diversified portfolios.
Informed by broad economic themes, we focus on bottom-up security selection and fully integrate environmental, social, and governance (ESG) research throughout 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
Core US Equity
Core US Equity
Broad array of market-leading companies with superior financial strength
45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Growth and value positions
Large, mid and small cap opportunity set
Expected turnover 25-40%
Benchmark: S&P 500
Focused Equity
30-45 Securities
Max position sizes greater of 6% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Growth and value criteria
Large, mid, and small cap opportunity set
Expected turnover 25-40%
Benchmark: S&P 500
Small Mid-Cap Equity Income
Focused array of high quality, small and mid-cap individual common stocks
45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Growth and value criteria
Mid/small cap stocks
Expected turnover 30-50%
Benchmark: Russell 2500
Equity Income
Market-leading companies with higher-than-average dividends
45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Mostly large cap with limited mid/small cap stocks
Expected turnover 20-35%
Benchmark: S&P 500
Sustainable Equity
ESG Core US Equity
Driven by fundamental research, refined with integrated ESG analysis
35-50 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤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 hidden ESG-related liabilities
Benchmark S&P 500
ESG Equity Income
Market-leading companies with higher-than-average dividends refined with integrated ESG analysis
45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Mostly large cap with limited mid/small cap stocks
Expected turnover 20-35%
Benchmark S&P 500
Secondary Benchmark Russell 1000 Value
Low Carbon Core US Equity
Driven by fundamental research and carbon rich analysis
45-55 Securities
Max position sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Growth and value positions
Large, mid and small cap opportunity set
Expected turnover 25-40%
Benchmark: S&P 500
Sustainable Opportunities
Driven by fundamental research and environmental thematic analysis
40-60 securities
Max positions sizes greater of 5% or benchmark weight
Up to 40% Int’l
Renewable 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
30-60 Securities
Max position sizes of 7%
Only companies with material direct product, service, or business model exposure to environmental innovation
Wide latitude across cap size, sectors, and geographic regions.
Not benchmark focused, though the MSCI World Index will be used to frame strategy exposures.
Customized Socially Responsible Investing
Designed to meet specific client requests
Catholic Values
Undervalued growth companies that maintain Catholic guidelines
35-55 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Mostly large cap with limited mid/small cap stocks that maintain or exhibit tenets put forth by the USCCB SRI guidelines
Expected turnover 20-40%
Benchmark: S&P 500
Faith-Based Equity
Undervalued growth companies with faith-based values
35-55 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% Int’l
≤ 10% cash
Mostly large cap with limited mid/small cap stocks that protect human life and encourage corporate responsibility. Excl: weapons, gambling, alcohol and tobacco
Expected turnover 20-40%
Benchmark: S&P 500
Fixed Income Strategies
Intermediate-Term Taxable Fixed Income
High quality core fixed income driven by credit research and macroeconomic outlook
Intermediate duration
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
Customized portfolio construction
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 Barclays Intermediate Government/Credit Index
Intermediate-Term Tax-Exempt Fixed Income
Intermediate duration
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 portfolio construction
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 Barclays 5 Year Muni Index
Sustainable Fixed Income Strategies
ESG Core Taxable Fixed Income
Intermediate duration
Investment grade
15-40 individual bonds (dependent upon size of assets managed) with tactical allocations to other diversifying fixed income asset classes
Diversified by asset class and sector
Macro view on interest rates and economic outlook informs portfolio construction
ESG-integrated credit analysis drives selection of individual corporate bonds
Excludes: “Worst in Class” ESG-rated securities and those with significant hidden
ESG-related liabilities
Average ESG score > benchmark
Benchmark: Bloomberg Barclays Intermediate Gov’t / Credit Index
Low Carbon Core Taxable Fixed Income
High quality core fixed income driven by ESG and climate integrated credit research
Intermediate duration
Investment grade
15-40 individual bonds (dependent upon size of assets managed) with tactical allocations to other diversifying fixed income asset classes
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 Barclays Intermediate Gov’t / Credit Index
Municipal Impact Fixed Income
High quality core municipal strategy driven by ESG and use of proceeds impact analysis
Intermediate duration
Investment grade
15-40 individual bonds (dependent upon size of assets managed) with tactical allocations to other diversifying fixed income asset classes
Above market income
Tax-Exempt bonds selected using ESG and impact-integrated credit analysis
Green bonds included as appropriate
Focus on general obligation and revenue bonds with special attention on sectors such as higher education, clean water, affordable housing, and public transportation
Benchmark: Bloomberg Barclays 5-Year Muni Index
Reporting
Clients in our proprietary strategies receive ongoing manager commentary and portfolio reporting.