Full Service Investment Management

Our portfolio construction begins with an overall asset allocation consistent with a client’s Investment Policy Statement. Our goal is to create a portfolio that considers diversification across core asset classes, industries, market capitalization, and geographies. As a business owner, management of your investment portfolio should not be limited to traditional portfolio management methods and financial industry heuristics. Our differentiated investment process incorporates our efforts to deeply understand the underlying factors, macroeconomic variables, industry trends, technological developments, operational and commercial strategies, end market demand trends, and competitive dynamics that drive your business. We combine active and passive management, integrating passive strategies to reduce fees and efficiently achieve certain asset allocation targets. We use active management to increase risk-adjusted returns when we feel we can add value by investing to our convictions with individual security selection.

• We incorporate our efforts to deeply understand the underlying factors, macroeconomic variables, industry trends, technological developments, operational and commercial strategies, end market demand trends, and competitive dynamics that drive risk and opportunities within the businesses owned by our clients when constructing and optimizing portfolios.
• We respect cycles and incorporate our view on our position in the cycle relative to our clients’ investment time horizons
• We stress objectivity and independent thought, using fundamental research to drive our investment decisions.
• We do not base our investment decisions on macro forecasts
• We use passive indexes to meet certain asset allocation targets, when appropriate, to reduce costs and gain efficiencies.
• We seek to use tax-efficient strategies where possible as tax efficiency is an important driver of long-term returns.
• We allocate assets and construct portfolios while being driven by client needs and constraints, and we consider diversification across asset classes, industries, market capitalization, and geographies.

We build multi-asset portfolios tailored to the unique needs of business owners. Our multi-asset portfolios focus on diversifying and optimizing sources of risk and return inherent within the businesses owned by our clients. We leverage our private markets investment experience when evaluating the underlying factors, macroeconomic variables, industry trends, technological developments, operational and commercial strategies, end market demand trends, and competitive dynamics that drive risks and opportunities within the businesses owned by our clients.

Within our actively managed equities strategies, we are dedicated to serving our investors by seeking to build concentrated high-quality portfolios. Within our equities strategies, we want to own durable businesses with significant barriers to entry led by quality management teams. We think long term, and patiently wait for the right entry price when companies that meet our quality criteria trade at attractive valuations, acting aggressively when opportunities or dislocations arise. Our investment process takes a deeply informed approach to equity research and portfolio construction that is not constrained by chasing current trends. When constructing equities portfolios, we focus on fundamental business characteristics such as durability of franchises and competitive dynamics that drive long term attractive returns on invested capital.

At Vail Valley Asset Management, our investment philosophy is guided by a set of core investing tenets that drive our long-term investment process.

• We are patient, long-term investors.
• Risk control drives our portfolio construction and monitoring process— we believe that assessing the risk/reward of individual securities should expand beyond volatility to consider price and intrinsic value and the probability of a permanent loss of capital.
• We focus on what is important and knowable.
• Our private markets investment activity sharpens our public markets investing process.
• Intrinsic value and market pricing may dislocate, the price discovery function of markets is a tool not a signal.
• We believe that making well-informed investment decisions over the long-term requires humility and continuous learning as markets and industry dynamics evolve.