Investment Philosophy

We create portfolios intended to maximize expected return through enhanced diversification, opportunistic trading, and rigorous attention to minimizing investment friction: turnover, trading costs, taxes, and management fees.  We pursue measured exposure to asset classes that have, over long periods, provided higher returns. 

For clients with concentrated and/or tax-constrained positions, we offer separately-managed accounts that are consistent with our commitment to deep diversification and tilts toward asset classes with higher expected returns. We believe that substantial diversification increases the opportunity for aggressive tax-loss harvesting to offset realized capital gains.

We work with fund and portfolio managers that are committed to achieving reduced greenhouse gas emissions while maintaining diversification and the opportunity for long-term outperformance over benchmarks. 

“On Keel” is a term used in the sport of competitive rowing to describe a racing shell that is perfectly balanced and moving through the water with a minimum of friction, with the oarsmen moving in exact unison, applying power to their oars at precisely the same moment.  The rowers are composed, sticking to their race plan and, without a single wasted motion, moving relentlessly toward their goal.