Fees

Our business model is very transparent, with full disclosure. Clients can calculate to the penny how much money they make. There are no hidden mark-ups on bonds. Clients own the securities directly, and once a month get to see everything in the portfolio. We provide our rationale and analysis on each security in written commentary.

We manage portfolios for individuals and foundations on a discretionary basis. We manage client portfolios on a segregated basis in order to customize to each client’s objectives as detailed in their Investment Policy Statement.

Base Fees: 1.25%
Performance Incentive Fee (when earned):

• Structured for fairness
• Capped at modest amounts
• Rewards excellent performance beyond market performance
• Designed to keep our focus on research, not marketing
• Designed to keep us small, service-oriented and flexible

Both base fees and incentive fees are tax deductible for non-registered or taxable accounts.

Minimum Account Size:  $1 million in a single account
Assets Under Management:  $805 Million
Number of Families:  200