Multi Cap Equity (Tax Exempt)

Investment Strategy

The Multi Cap Equity (Tax Exempt) strategy seeks capital preservation and long-term growth primarily through the investment in publicly traded equity securities. The philosophy is grounded in the belief that market inefficiencies may be exploited to grow capital with limited risk via disciplined, well-researched investment in undervalued securities. We think about risk primarily in terms of the potential for permanent capital loss, as well as the effects of inflation. We believe that a bottom-up, benchmark agnostic approach to portfolio construction is compatible with the goal of positive absolute returns.

Our primary investment objective is to outpace inflation, and we expect to generate above average returns with lower than market volatility over an investment cycle. We typically expect our return objectives to be realized over a three-year period but will hold positions that we believe can continue to compound value in excess of cost of capital for much longer periods.