Our investment policy keeps us grounded and fuels us forward.

  • We seek to minimize risk or a given level of expected investment return within a portfolio.
  • Valuation and quality considerations are the most important elements in our investment process. A strong valuation discipline across our investment process and a strong bias toward quality assets enhances potential returns while mitigating risk.
  • We believe that successful investing requires a long time horizon, deep knowledge of the securities that we invest in and a forward-thinking, opportunistic mindset.
  • We think like business owners, not traders.
  • We focus on transparency, control, flexibility, efficiency and accountability in our investment process.

THREE KEY TENETS MAKE UP OUR INVESTMENT POLICY:

  1. We believe that portfolio asset allocation is the most important determinant of investment return over time. We allocate capital within client portfolios across the major asset classes (cash, bonds, stocks and alternatives) in order to help us meet specific client investment objectives. Our investment approach to asset allocation is valuation-driven: we seek to overweight the asset classes that over time offer the best long-term risk-adjusted expected returns.
  2. We believe in preserving capital, generating investment income and reducing interest rate and credit risk consistent with each client’s specific investment objectives, need for portfolio cash flow and tolerance for risk. We view the role of fixed income in a portfolio as a source of income generation and risk minimization.
  3. We believe that — over the long run — stock returns are driven by corporate financial performance, growth in dividends and free cash flow; that a long time horizon is necessary for financial performance to be reflected in a stock’s price; and that seeking to own companies that have superior business franchises allows for strong growth in their business value.

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