 | While some clients have a U.S.-only equity portfolio and others have a global equity portfolio,
most of our clients are invested according to our "flexible global" style
|
| We define flexible global as being willing to be fully invested in a global equity portfolio but not
requiring it at all times
|
| In those times when the equity outlook seems treacherous, we search for other assets that
are expected to produce equity-like returns but are not stocks and are not correlated with the
stock market. We call this eclectic asset category "Non-equity Assets"
|
| In the past, our Non-equity Asset category has included such investments as long maturity
Treasury Strips, "inverse floater" mortgage backed securities, and gold bullion
|
| The Non-equity Assets added to a global portfolio may range from zero to 35% of the total,
depending on circumstances |
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