Investment Management. Masters Funds

Transcription

1 Investment Management Masters Funds Research Publishing

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3 Founding Partners: Craig Litman and Ken Gregory A CULTURE OF INTEGRITY AND EXCELLENCE We believe our most valuable assets are the people that make up Litman Gregory and the strong reputation for integrity and excellence that we have earned over the years in our relationships with clients, business associates, and the national financial media. This reputation has been established by taking great care to cultivate a team of highly skilled professionals who share our core values and who have a passion for our profession. The resulting company culture and the people behind it are the foundation of our continued success.

4 Litman Gregory consists of three separate but related investment businesses, all driven by our underlying commitment to exceptionally thorough original research. In addition to our financial advisory business, which has served high-net-worth individuals and institutions since 1987, we are also advisors to the Litman Gregory Masters Funds and publish investment research for other investment advisors and individuals. In getting to know Litman Gregory, we believe it is important to understand each of our businesses (which are described on the last page). But it is perhaps even more important to understand the core principles that are behind our reputation and success, and that guide every decision we make on behalf of our clients and for our business.

5 THE CORE PRINCIPLES THAT DEFINE AND GUIDE LITMAN GREGORY CLIENTS FIRST: Our decisions are driven by a commitment to serve the interests of our clients, shareholders, and research subscribers, with a crystal clear understanding that our long-term success will be enhanced by always putting their interests first. This commitment includes an emphasis on clear, informative, and objective communication of the rationale behind our investment decision-making. DISCIPLINED AND RATIONAL DECISION-MAKING: We are devoted to intensely in-depth research and a disciplined and rational investment process. Our research effort is founded on patience, intellectual honesty, and staying within our circle of competence. We pursue excellence with respect to long-term investment returns by making rational decisions that are supported by thorough, fundamental research, rather than pursuing what might be temporarily popular or superficially appealing. INDEPENDENT AND CREATIVE THINKING: Thinking outside the box is an important part of our edge and has enabled us to avoid the group-think that occasionally leads otherwise smart investment professionals to make poor investment decisions. By thinking creatively, we have identified what we believe to be uniquely superior investment alternatives.

6 THE LITMAN GREGORY COMPANIES Investment Management Disciplined investment management based on proprietary independent research and a focus on exceptional service Litman Gregory Asset Management offers investment management services to individuals, family groups, institutions, and other investment advisors. Our research-intensive investment process focuses on adding value over the long run in two ways. First, we use a tactical asset allocation approach that overweights asset classes when we believe they are priced at bargain levels. Second, our investments within asset classes are chosen based on our extremely thorough due-diligence research. Our underlying investment philosophy demands that all asset class overweightings and manager allocations be based on a very high level of conviction. We believe that setting the bar high significantly increases the probability of success over a market cycle. Litman Gregory Masters Funds Multi-manager mutual funds that we believe reflect the most compelling strategies and portfolio selections of a few skilled managers Litman Gregory Fund Advisors designed the Litman Gregory Masters Funds in a way that we believe allows them to capture the most compelling investment strategies and portfolio selections of a few exceptionally skilled investment managers. In hiring these managers, we rely on our many years of experience of identifying managers we believe have a sustainable edge. For the Litman Gregory Masters stock funds (the Equity, International, and Smaller Companies funds) the managers we have hired are given a mandate to focus their portions of the fund s portfolio on 15 or fewer of their highestconviction investment picks. Overall fund diversification is sought by combining portfolios run by multiple investment managers. The Litman Gregory Masters Alternative Strategies Fund is a multimanager, multi-strategy fund that combines alternative and absolute-return-oriented strategies chosen based on Litman Gregory s conviction that each individual manager s strategy is compelling, and that collectively the strategies are well diversified. In addition to serving as core positions in the portfolios we run in our investment management business, the Litman Gregory Masters Funds are widely used by other financial advisors, institutions, and individual investors. Research Publishing AdvisorIntelligence and the No-Load Fund Analyst offer in-depth research to institutional investors, financial advisors, and individuals Litman Gregory publishes AdvisorIntelligence, a web-based service that shares our in-depth asset allocation research, money manager due diligence, model portfolios, and practice management resources with more than 1,000 other investment professionals. The No-Load Fund Analyst is an investment publication for individual investors looking to access our research and recommended investment portfolios. Mutual fund investing involves risk, loss of principal is possible. Please call to obtain a Prospectus for the Litman Gregory Masters Funds. The Prospectus contains more complete information regarding the risks, costs, and expenses of the funds. Investment in absolute-return strategies are not intended to outperform stocks and bonds during strong market rallies. The Litman Gregory Masters Funds are distributed by Quasar Distributors, LLC.

7 A CULTURE OF INTEGRITY AND EXCELLENCE

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