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Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
Atlas Overview 201003
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Atlas Overview 201003

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Atlas wealth management strategies

Atlas wealth management strategies

Published in: Economy & Finance, Business
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  • http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html
  • Transcript

    • 1. Atlas Capital Advisors LLC Atlas Equity Platform Jonathan Tunney CFA Chief Investment Officer www.atlasca.com
    • 2. Agenda  Atlas Capital Introduction • Atlas Capital Advisors LLC / Wealth Management • Atlas Capital IB LLC / Investment Banking – Founded in 2003 – $125M in Assets • $40M in Equities • $85M in Fixed Income – Jonathan Evan Tunney (‘Jono’) – Founder and Chief Investment Officer • Formerly Director of FX risk management for Hewlett Packard • BA Economics / Political Science Stanford University | MBA UCLA • Chartered Financial Analyst (CFA) 2003  Philosophy and Process  Performance 2004 - 2009  Q&A 1
    • 3. Philosophy  From inception, we designed Atlas to address what is wrong with financial services – Principal / Agent conflict with sales driven brokerage model – Complete transparency in fee structure and investment process – Focus on after tax performance  Our Equity Philosophy – Value investing outperforms growth investing – Momentum – Diverse set of index or index like exposures using ETFs for direct investing – Transaction costs  What we are NOT – Stock pickers – Market timers 2
    • 4. Equity Historical Valuations – Cheap Relative to Bonds 3
    • 5. Atlas Capital Equity Strategy - ‘Core Satellite’  Portfolio theory – by combining sources of ‘risk’ that have positive expected returns yet have correlation that are less that 1, we can improve the risk / reward characteristics of our overall portfolio  Don’t limit clients to traditional equity universe for portfolio construction.  Not ‘active passive’ construction as most asset managers define Efficient Emerging Market Equities Portfolio Intl REIT S&P 500 Return Merger Arbitrage Risk 4
    • 6. Atlas Capital Core Equity Strategy  Atlas manages its portfolios in a passive, index based Index v. Active Fund Performance manner – Portfolios are constructed using a market S&P IFCI - Emerging Markets capitalization based index methodology S&P 700 International – No stock picking S&P 1200 Global Large Cap – No market timing S&P 400 Small Cap  Atlas adds value beyond index returns by capturing S&P 600 Mid Cap persistent market anomalies S&P 500 Large Cap – Value over Growth 50% 60% 70% 80% 90% 100% – Momentum % of funds that underperform their respective benchmarks  Atlas believes that transactions costs have a large impact on performance over time – Commissions are a relatively small portion of costs – Market impact is a larger portion – Tax impacts are the highest cost and almost completely ignored by most equity managers because performance is reported pre tax Source: Standard and Poor’s SPIVA study 5
    • 7. Value over Growth Portfolios 1927 - 2009 6
    • 8. Momentum Portfolios 1927 - 2009 7
    • 9. Long/Short Factor Portfolios 1927 - 2009 SMB = Small Cap – Large Cap HML = Value – Growth WML = High Momentum – Low Momentum Rm-Rf = Market return – Risk Free Rate Rf = Risk Free Rate 8
    • 10. Combination Strategy of Value and Momentum • Transaction costs • Tax cost • Benchmark risk • Management Fee 9
    • 11. Atlas Capital 2010 Q1 Equity Allocations Summary • Overweight International • Overweight Asia and Emerging Markets • Overweight Discretionary and Financials • Underweight Info Tech and Staples 10
    • 12. Atlas Capital Advisors LLC – Performance 2004 - 2009 Atlas Capital Advisors LLC (ACA) Performance Summary Total ACA Net- Composite Total Firm Dispersion of-Fees S&P 500 Number of Internal Assets Assets to S&P 500 Date Return Qtrly Portfolios Dispersion ($M) ($M) (Qtr) 04 Q1 4.8% 2% 3 0.0% 7 12 6.6% 04 Q2 -3.0% 2% 4 4.7% 8 13 6.7% 04 Q3 -3.2% -2% 5 2.8% 12 17 3.4% 04 Q4 11.5% 9% 6 2.0% 17 22 3.2% 05 Q1 0.1% -2% 7 1.3% 18 24 3.0% 05 Q2 2.6% 1% 7 0.9% 17 24 3.1% 05 Q3 9.6% 4% 7 1.9% 20 28 3.0% 05 Q4 1.3% 2% 11 1.2% 19 27 2.9% 06 Q1 7.4% 4% 12 2.3% 22 30 3.2% 06 Q2 -0.1% -1% 14 1.5% 25 34 4.4% 06 Q3 5.3% 6% 19 1.5% 30 68 2.6% 06 Q4 10.0% 7% 20 1.2% 37 78 1.9% 07 Q1 1.2% 1% 20 1.1% 39 68 2.6% 07 Q2 8.2% 6% 20 2.0% 43 75 1.9% 07 Q3 4.9% 1% 22 2.8% 47 90 3.5% 07 Q4 -0.4% -3% 22 2.0% 46 100 3.8% 08 Q1 -9.2% -10% 22 2.0% 44 101 5.0% 08 Q2 2.1% -3% 23 3.3% 46 109 4.8% 08 Q3 -15.1% -8% 24 2.9% 38 100 6.8% 08 Q4 -20.9% -22% 23 3.7% 24 92 8.6% 09 Q1 -11.8% -11% 14 1.4% 10 95 4.2% 09 Q2 16.8% 16% 14 3.0% 12 97 3.1% 09 Q3 15.6% 15% 14 0.9% 18 114 2.4% 09 Q4 4.7% 6% 14 1.0% 19 116 2.1% 11
    • 13. Atlas Capital Advisors LLC - Select Professionals Jonathan Tunney, CFA Jonathan founded Atlas Capital Advisors in 2003 and currently serves as Chief Investment Officer, directing all analysis and portfolio implementation initiatives. He brings deep experience in the areas of global economic analysis, portfolio design, business valuation and risk management to out clientele. Prior to establishing the firm, Jonathan served as Director of Foreign Exchange for Hewlett-Packard (a Fortune 100 company) where he managed worldwide currency risk including more than $100 billion in annual foreign exchange transactions. Earlier positions at Hewlett-Packard and Agilent Technologies included valuation, deal structure, tax strategy and dividend policy analysis. Jonathan holds a B.A. in Economics and Political Science from Stanford University and an MBA in Finance from Anderson Graduate School of Business at UCLA. He also holds the Chartered Financial Analyst designation. Tony Polizzi Tony joined Atlas Capital Advisors as a Managing Director dedicated to expanding our wealth management business. Previously, Tony worked in private capital markets and alternative investments , raising capital for a number of portfolio companies for many of Silicon Valley’s top-tier venture capital funds including Kleiner Perkins, Benchmark Capital, and NEA. While at Venture One, a venture capital and private equity research firm, he specialized in analyzing capital funding and executed due diligence processes. Tony also raised equity funding for UBS and assisted clients in private equity and hedge fund investment strategies. While at Investors Mortgage Holdings, Tony participated in the launch and raise of their very successful $700MM secured loan fund. Tony was also a Director at Windstone Capital Partners, Blackwater Capital Group, and a Managing Director for Promenade Capital, a firm he co-founded that focused on equity capital raises for private technology companies. Tony attended Texas Tech University on a full baseball scholarship and graduated from Golden Gate University in San Francisco with a degree in Finance. 12
    • 14. Atlas Capital Advisors LLC – Performance Disclosure NOTES 1. Atlas Capital Advisors LLC is an SEC registered independent investment advisor 2. The Composite includes all fee based account portfolios with US and International equity exposure 3. Valuations are computed and performance is reported in US dollars based on New York closing data 4. Performance is calculated via geometrically linked returns and adjusted for all external cash flows 5. Performance shown is net of management fees (which average slightly less than 1%) 6. Performance shown is net of withholding taxes and custodial commissions 7. Futures and options are employed in order to either manage risk and/or to modify exposures to other asset classes 8. Derivative positions are usually, but not always, leveraged 9. Internal dispersion is calculated using the equal-weighted standard deviation of all portfolios that were included in the composite 10. Dispersion of S&P 500 is a standard deviation of the daily difference in returns between ACA and the S&P 500 total return index 11. S&P 500 Total Return includes the reinvestment of all dividends from S&P 500 index 12. A complete list of firm composites are available by request PERFORMANCE DISCLOSURE Atlas Equity Composite consists of all discretionary equity accounts. The composite primarily represents portfolios that are managed based on an objective of value and momentum using individual shares of large cap U.S. and International companies. The composite also consists of currency, interest rate, and equity futures, as well as ETFs for small capitalization and REIT exposures. Accounts that are below a certain dollar value may be invested primarily in ETFs as a basket of individual securities are not practical due to transaction costs. For comparison purposes the composite is measured against the S&P 500 Total Return Index. The S&P 500 Total Return Index is a market capitalization-weighted total return index of widely held large capitalization companies generally regarded as representative of the US stock market. The S&P Total Return 500 Index assumes the reinvestment of dividends back into the S&P 500 Index. Market indices are unmanaged and do not reflect the deduction of fees or expenses. You cannot invest in an Index and the performance of the Index does not represent the performance of any specific investment. Atlas Capital Advisors LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). While Atlas Capital Advisors LLC has made every effort to ensure the accuracy of this information, it does not warrant the accuracy of such information and the information has not been audited by a independent performance auditing firm. Additional information regarding policies for calculating and reporting returns is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. Market, economic and company specific conditions are considered during the investment selection process. The U.S. Dollar is the currency used to express performance. Returns are presented net of management fees and include the reinvestment of all dividends, capital gains and other earnings. Net of fee performance is calculated using actual fees. The composite dispersion presented is an asset-weighted quarterly standard deviation calculated for the accounts in the composite. The Atlas Equity Composite was created January 1, 2004. Atlas Capital Advisors LLC is an independently owned registered investment advisor. The firm maintains a complete list and description of composites, which is available upon request. 13

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