The document summarizes an All Cap Core investment strategy managed through UBS Financial Services' Portfolio Management Program (PMP). The strategy aims to achieve positive total returns across asset classes including equities, closed-end funds, and ETFs. It takes an opportunistic approach and does not focus on a single market cap, growth, or value style. The portfolio managers lead a team approach to research and use predefined criteria to make buy and sell decisions. Fees are an inclusive flat rate paid quarterly based on assets.
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A presentation about advantages of Spoke Fund(R) over other traditional investment products and our approach to investing at The Free Investors, an Independent registered investment adviser.
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I rarely have a conversation these days where the topic of financing doesn’t arise as a serious concern for my clients. When the economy is robust, and the
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1. ab UBS Financial Services Inc. Mark Fasano Ian Goldey
Orcutt Fasano Wealth Management Group Managing Director Vice President–Investments
Advisory & Brokerage Services Private Wealth Advisor Senior Portfolio Manager
15821 Ventura Boulevard, Suite 670 818-377-8895 mark.fasano@ubs.com Portfolio Management Program
Encino, CA 91436 818-377-8817 ian.goldey@ubs.com
John E. Orcutt
Jason Krischer, CFP®
www.ubs.com/team/ofgk Managing Director
ofgk@ubs.com Private Wealth Advisor Account Vice President
818-377-8899 john.orcutt@ubs.com 818-377-8860 jason.krischer@ubs.com
All Cap Core Strategy through the
Portfolio Management Program (PMP)
Portfolio Managers
Left to right: Mark Fasano, Ian Goldey,
John E. Orcutt, Jason Krischer
Investment Philosophy: Focus on producing a positive total return across a variety of asset classes and investment vehicles. The
objective is to achieve a total return through a combination of dividends, distributions and capital appreciation using an opportunistic
approach based on market conditions.
Portfolio Construction: Traditional equities and cash will be the core of the portfolio, and up to 45% of the portfolio might include
closed-end funds (CEFs), equity or bond based, and exchange traded funds (ETFs). For select accounts, covered call writing is an
optional feature.
Equity Style: The portfolio does not fall into a pure category for value or growth, or market capitalization, but is an opportunistic All-
Cap Strategy. The portfolio seeks equity investments to potentially hold for a year or more, with target annual returns exceeding 10%.
Target returns are not guaranteed and do not indicate past performance.
Closed-End Funds (CEFs): On occasion, opportunities exist in the purchase of CEFs when discounts to net asset value (NAV) increase
beyond the historical average. NAV is the sum of the parts value of the fund, priced daily. The portfolio may achieve total return three
ways when buying discounted CEFs.
• the yield and current distribution of the fund
• the narrowing of discount to NAV
• the underlying appreciation of the NAV
Exchange Traded Funds (ETFs): The diversified nature of ETFs helps to mitigate the risk of single stock volatility.
ETFs offer sector-specific opportunities, such as in nuclear, clean energy, biotech, infrastructure, gold and Treasury Inflation-Protected
Securities (TIPS). ETFs also offer exposure to broad U.S. and international indexes, such as the S&P 500, Nasdaq 100, Nikkei, EAFE, etc.
Research: A team approach utilizing both proprietary and independent research. The team first filters the various opinions down to
sector and allocation targets and then decides to over/underweight a sector versus the S&P 500 based on our opinions. The team then
decides on an individual position or an ETF (or combination) to be a representative investment for a particular sector. Some team filters
include:
• market capitalization • short-term and long-term debt
• future earnings—mean estimates • analyst coverage
• enterprise value • dividends—current, historical increase or future jeopardy
• insider buys/sells • corporate buyback
• daily volume • technical—consolidating/resistance/support/historical
• basic fundamentals—what they sell or service and the ability for that to continue and expand
• fundamental catalyst—consolidation, spinoffs, new product rollout
Our tenure and experience afford us access to other professional money managers, which expands our universe of knowledge and
opinions. Our process dictates seeking the counterargument to our current opinions, to gain perspective and possibly see opportunities
or dangers we might not have seen otherwise.
Buy/Sell Discipline: Buy and sell disciplines are based on proprietary internal targets and support levels. A trigger