Equities:

• Value investing plus growth at a reasonable price (GARP).
• Bottom-up analysis.
• Contrarian and opportunistic.
• Focus on liquid stock indices and larger cap stocks.
• Income-producing strategies including use of options.

Fixed-income:

• Investment grade to high yield corporate bonds.
• Commercial paper, municipals, and treasuries (including foreign bonds).
• Laddered maturities generally held to maturity.
• Main objectives: current income and/or principal conservation.
• Short maturities can used as substitute for cash.