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Value Investors.  We pursue investments whose prices or characteristics offer a margin of safety to protect against the risk of a protracted or permanent impairment of capital.

Long-term Focus.  We believe investing is a long-term endeavor, and patience is integral to a value-based investment approach.  We measure performance over years rather than months or quarters.

Active Asset Allocation. We believe that an active asset allocation strategy can be employed to produce superior returns over time compared to a passive buy and hold strategy.  We adjust asset class weightings to reflect our evolving view of the potential opportunity and risk in the markets. Our process for making tactical asset allocation decisions encompasses an analysis of the fundamentals, as well as the technical and psychological condition of the markets.

Downside Risk Management. We aim to protect capital first and create attractive long-term returns second.  Risk is inherent in investing. We cannot eliminate risk, but we seek to identify it, understand it, minimize it, and be adequately compensated for it. We view risk primarily as the likelihood of suffering a protracted or permanent impairment of capital.  We believe risk tolerance is subjective to the individual investor, rather than a theoretical model prescribed by age or wealth.

Portfolio Holdings.  We invest across a broad spectrum of assets.  We invest in both actively managed funds and passive (indexed) funds.  All of the funds we use are either open-ended mutual funds or exchange traded funds.  We use both mainstream and unconventional investments.  Examples of non-mainstream investments include flexible global allocation funds, index options-based strategies, and precious metals.  At all times, we seek to mitigate volatility through non-correlated investments and maintain robust downside risk management.  

Portfolio Expenses.  We seek to minimize expenses wherever possible in order to enhance the net returns for clients. In cases where we believe an actively managed mutual fund is preferable to an indexed investment, we typically access institutional share classes with reduced expense ratios. In cases where we believe a passive investment is preferable, we use low-cost exchange traded funds, including selected ETFs that are available through Fidelity on a commission-free basis.






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