Cleveland, OH Office

The firm provides customized portfolio management services for individual investors, including high net worth individuals and families, through a separately managed account and may tailor services to an account’s specific needs. It manages a modest asset base—approximately $5 million—and serves a very small number of clients, indicating a highly concentrated client relationship model.

The adviser’s investment approach seeks capital appreciation through long positions in global equities combined with significant short selling of small capitalization securities, using fundamental, technical and macroeconomic analysis. The strategy regularly employs margin borrowing and other leverage, and the firm discloses concentrated positions and related risks, including the potential for losses greater than the initial investment.

Distinctive features for a firm of this size include a long operating history (since the mid-1990s) and the use of operational practices more commonly seen at larger shops, such as direct fee deductions (which may be viewed as custody), delegated proxy voting, explicit order aggregation rules, and a documented policy for handling directed versus non-directed brokerage. The combination of a solo adviser, a very small client base, and an actively short-and-leveraged equity strategy is atypical among independent advisory firms.