[ Strategy / Objective ]

To provide a professionally managed product that seeks long-term capital appreciation and income by predominately in hard/real asset securities to maximize total real returns with below market volatility. We define hard assets as investments that have physical properties and intrinsic asset value. To varying degrees, portfolio yield will be a principal factor in structuring investment portfolios. Multiplier, Accumulator, Protector and Strategic will each have targeted allocations based on particular investment objectives and client risk preferences. 

Investment
Thesis

Hard Assets/Real assets have physical, intrinsic value and provide inflation protection and a hedge against easy monetary policy, unsound money and credit, in an environment characterized by uncertainty, global political instability, and other myriad risks.

Diversification/lower correlation to broader indexes – alternative strategy.

Total return potential.

A long downcycle in commodities has created attractive valuations as well as the opportunity for future sector outperformance. WE BELIEVE WE ARE ON THE CUSP OF THE NEXT MULTI-YEAR UPCYCLE

How We Define
Hard Assets/Real Assets

Global Precious Metals/Precious Metals Stocks

Global Natural Resources – base/in-dustrial metals, energy and related services, agriculture, timber, rare earth minerals.

Global Infrastructure – Pipelines, toll roads, data storage, tank farms, electricity, distribution, railways, water infrastructure, airports, marine ports, cell towers, etc. Tend to be income producing and return cash to shareholders.

Global Real Estate – specialty, niche commercial property with tight supply/ demand characteristics. Also tend to generate portfolio income.

Portfolio Construction
Risk Management

Total return – Growth and Income

Typically hold between 25-40 positions as portfolios are built out.

Combination of Value and Growth. Avoid value traps, of which there are many.

Dividends typically reinvested unless there is a client preference otherwise.

Risk Management Focus: Will strive to hedge/manage risk as market environment dictates.

Low Turnover

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