Separately managed account (SMA)
Our SMAs are highly concentrated, typically holding 16-20 stocks. We are disciplined adherents of our process and are extremely selective regarding the stocks we want to own. We seek resilient companies with long-term competitive advantages, and we require a margin of safety when making a new stock purchase. Moreover, we are willing to hold cash when we cannot find the opportunities we seek. Historically, our SMAs have been characterized by low turnover and less volatility than the market.