Rachel White

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.

M Capital Advisors takes a sophisticated, data-driven institutional approach to both institutional asset management and individual wealth management. For their individual investors, the firm takes income needs, earnings potential, and risk tolerance into account when building customized strategies. They develop specialized, tax-efficient portfolios within acceptable risk parameters, with the goal of achieving above-average performance while being attentive to each client’s needs.

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