Approach to Investing

Unlike some other managers, we design, construct or reconstruct investment portfolios to the specific needs of each relationship. Often income needs drive this process. Asset allocation is the key to long-term returns. Many of our clients have balanced portfolios. We also work with individuals and institutions in more specific capacities: managing equity-only or fixed income portfolios.

Portfolios should reflect the client’s objective: incorporating preferences for both risk and return. We take time to learn about the people we serve. Through in-depth discussions with each client, we develop a Statement of Investment Objectives and Policy Guidelines, allowing us to create a portfolio built on high quality assets consistent with these objectives and guidelines.

This approach makes a difference in both the investor and the Portfolio Manager’s ability to artfully navigate the economic and financial currents, and ultimately, reach our goals together. Throughout our relationship, we report, review, and respond, using the finest technology and meet with our clients as frequently as desired. Our reputation and our success are built on a patient approach to long-term investing.

Equity Investing

We believe common stocks are a time-tested vehicle for building long-term wealth. Since our inception, we have placed special value on stocks and their favorable balance of risk and reward.

In assessing stock opportunities, we look for:

* Quality (strong finances, sound strategies, well-established product positions, experienced and ethical management)

* Value (securities that offer favorable returns relative to their intrinsic values)

* Growth (new products, expanding markets, increasing revenues and earnings).

Prior to any investment decision, we undertake a rigorous analysis of each possible investment. We build financial models from “top down” as well as “bottom up.” These models are carefully evaluated and discussed in our semi-weekly research meetings. Additionally, our research provides us with special insights into the abilities, the foresight, and the integrity of the individuals who manage the companies in which we invest.

Fixed-Income Investing

The Principals of Patten and Patten have over a century of collective experience in managing portfolios that provide permanence and predictability of cash flow, combined with periodic re-investment opportunities.

We believe that effective bond investing depends on an understanding of the market dynamics: the ability to monitor the outlook for inflation, gauge the level of interest rates, interpret the direction of monetary policy, and selection of securities that conform to the goals and objectives of the client.


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