Cynthia Page Prince-Fox

Austin Calvert & Flavin (ACF) is a large-cap core equity manager that employs a value investment approach with a growth bias. Their investment philosophy combines the use of both top-down and bottom-up research approach. The firm assesses the market environment in a top-down evaluation to determine market risk, interest rate trends and economic climate. They consider historical and proprietary valuation measures, sentiment, flow of funds, economic data, monetary policy and interest rate tools. Through this process they define the elements that will most likely perform well for that market environment. After defining the investment environment, ACF employs a bottom-up securities selection process to construct a model portfolio. All tax-exempt accounts match the model in holdings and position size. Any additions or deletions to the model flow through to all the accounts (unless a client has restrictions) and performance is reviewed daily to evaluate the investment decision-making process. ACF selects equities that represent value in a combination of relative and absolute measures. They look at a ten-year history of p/e, price-to-book, price-to-sales, price-to-cash flow, ROE and yield versus the S&P 500 and the company's track record. They also compare historical and expected growth rates to the p/e ratio and to an enterprise value to operating cash flow ratio. Earnings prospects are a key input and the firm looks at historical earnings growth, expected earnings growth, cyclical earnings swings, industry conditions, competitive strategy and free cash flow potential. Stock holdings are reviewed as possible sale candidates for the following reasons: the stock achieves the price objective assigned by the firm, the fundamentals of the company deteriorate or a negative change in the investment environment for specific industries or companies occurs that may dictate the movement of funds to other industries or individual stocks. Though not limited by sector, ACF tends to invest in the stocks of US mid-cap and large-cap companies in the consumer non-durables, electronic technology, health technology and finance sectors. The firm maintains a medium turnover rate.

WRIMCO seeks to achieve an objective of total return by allocating assets primarily among stocks, bonds and short-term instruments of issuers in markets around the globe, as well as in derivative instruments, precious metals and investments with exposure to various foreign currencies. The firm may invest in US and foreign securities. Accounts managed in this style may invest up to 100% of total assets in foreign securities, and in securities denominated in currencies other than US dollar. They may allocate its investments among these different types of securities in different proportions at different times, including up to 100% in stocks, bonds, or short-term instruments, respectively. WRIMCO may sell a security if the price of the security reaches what they believes is fair value to reduce the account’s holdings in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. WRIMCO employs a fundamental, bottom-up investment process that is built around a committee approach for purposes of communication and idea-sharing, while the actual construction of portfolios is the responsibility of the portfolio manager. Portfolio managers determine the sectors, industries and companies that are most relevant to their strategy. In-house analysts provide fundamental analysis of companies that is shared collaboratively across investment styles. Buy decisions are implemented by the portfolio manager and may result from an analyst's recommendation or be reached independently.

Functions as a College/University

Functions as a College/University