Performance
MSAM Opportunistic Composite
Historical Performance
|
Net Return %
after fees |
Composite |
S&P 500 |
S&P 1500 |
|
Current Year period to
date (ending 09/30/11) |
-19.16% |
-14.58% |
-15.25% |
Product Description
The Moloney Securities Opportunistic Composite, managed by Meredith Jones, is available to individual and institutional investors and can be customized to meet the needs of each client's investment policy.
Investment Process
The investment research process begins by identifying our universe of market leading companies. Characteristics we seek for all investments include, but are not limited to: First Class Management, Management Ownership, High After-Tax Returns on Capital, Low Cost Structure, Dominant or Growing Market Share, Proven Track Record, and a Strong Balance Sheet.
We then take a top-down look at the current market environment to identify sectors and trends we believe offer above average future growth. The last step is a bottoms-up, company specific review, to identify those companies trading at valuations below our perceived central value, with an identifiable catalyst for share price appreciation.
In an effort to reduce concentration risk, no position can represent more than 10% of the portfolio at initial purchase, and no industry can represent more than 25%. Risk mitigation strategies also include the use of cash when attractive investments cannot be found, and the selective use of covered call writing and stop-loss orders.
The effort to diversify across market capitalization allows us the ability to be flexible as market conditions change. We believe this opportunistic strategy is attractive in a trading range environment. Our sell discipline is based on valuation considerations, a change in the original investment premise, or a more compelling investment alternative.
The MSAM Opportunistic approach is not managed to be tax efficient, unless requested by the client.
Portfolio Composition
Disclosures
1. Moloney Securities Asset Management (MSAM) is a dba of Moloney Securities, Co., Inc., a dually registered broker/dealer and investment advisor.
2. The MSAM Opportunistic Composite contains discretionary, fee paying, accounts, managed by Meredith Jones, that follow a growth investment strategy. Composite investments can include both equity & cash instruments. Equity investments can be held across the spectrum of company size. The investment research process is focused on finding companies that create economic profit which can translate into increased share prices for stockholders. Thus, equity investments are sought in companies that display fundamental growth characteristics and trade at a price discount to their modeled intrinsic value. At times, minority investment positions may be made in more speculative, concept stocks, which at the time of investment are not profitable but are deemed by our research efforts to have significant price appreciation potential. Client account asset allocations are adjusted individually in accordance with each client's risk tolerance & investment preferences. Strategies we may employ to lessen volatility include covered call writing and the selective use of stop loss orders.
3. Returns are presented net of management fees and include the reinvestment of all income. The S&P 1500 All-Cap Index is provided for comparison to the Opportunistic Composite. The S&P 1500 All-Cap Index is made up of the S&P 500 (large companies), the S&P 400 (mid size companies) and the S&P 600 (small companies); and thus represents a comparison to companies from large to small. The S&P 1500 All-Cap Index does not reflect the deduction of management fees or the reinvestment of all income.
4. MSAM claims compliance with the Global Investment Performance Standards (GIPS®).
5. To receive a complete list, description and presentation of all MSAM composites and/or a presentation that adheres to GIPS standards, contact Meredith Jones at 1-800-628-6002, x3059 or write Attn: Meredith Jones, MSAM, 13537 Barrett Pkwy. Dr., Ste. 300, Manchester, MO, 63021.