	Client-Centered Approach
	Portfolio Philosophy
	Portfolio Methodology
	Risk Management
	Performance

Portfolio Philosophy

Our philosophy regarding investment strategy is integrated into our investment decision-making:

Independently research viable investment opportunities, utilizing quantitative and qualitative criteria and financial modeling that we have developed over many years
Consider market history as an informative tool
Measure risk and reward by utilizing information gleaned from independent research and market history
Maintain a long-term investment focus and adhere to WIC's established investment policy and methodology
Acknowledge the behavioral elements that influence the marketplace

From this foundation, we develop valuation constraints and diversification limits that provide clear channel markers within which we construct and manage tailor-made client portfolios. Other key tenets follow:

Asset allocation - the engine that drives returns. The critical first step in our process of designing and constructing any client's portfolio is developing a tailored investment policy that includes an appropriate allocation of stocks, bonds, and cash equivalents. The asset allocation that is ultimately achieved is driven by each client's:

Tolerance for volatility and desire for growth (i.e., risk)
Income or cash distribution needs
Tax and legal factors (e.g., trust investment constraints)
Age and estimated life span, in the case of individuals, and investment horizon, in the case of others

Diversification - the most significant weapon against risk. We are mindful of economic sector, industry, and company concentration in equity, fixed income, and balanced portfolios.

Independent thought - avoidance of extraneous influences that confound objective analysis. We value securities by considering objective, unbiased, and reliable information, utilized in sophisticated quantitative modeling.

Valuation - we believe it is essential to measure anticipated returns from securities versus associated risks.

Common sense and uncommon discipline - the qualitative overlay.

Investment Philosophy

Grounded in empirical research and data
Refined through 26 years of experience
Quantitatively-based discipline
Application of behavioral finance principles