Investment Process

We utilize a very disciplined and objective investment process, implemented with sound judgment based upon long experience. We built our own proprietary risk and return models for the roughly 400 ETFs (exchange-traded funds) and 500 CEFs (closed-end funds) in which we invest.  These models draw upon Mr. Means’ 30 years of sophisticated quantitative research and its application to institutional portfolios of as much as $10 billion.  Our investment strategies emphasize non-market sources of return and the systematic exploitation of market inefficiencies related to value, momentum and quality.  Our portfolios are designed to achieve what alternative investments generally promise but often fail to deliver—attractive absolute returns that diversify stock and bond investments.