Purchase Discipline – Equities

  • Purchase prices determined
  • Stocks typically are purchased in 3 to 4 tranches using limit orders averaging down
  • Internal limit of no more than 3.5% of a portfolio’s market value by
    initial investment as a “full” position for any individual investment.

Sell Discipline – Equities

Stocks are generally sold using limit orders in multiple tranches averaging up.

Stocks are sold gradually when:

  • Expected investor recognition occurs and stock moves upward
  • Downside risk appears