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SMA Inception Date: 8/5/1991
Objective: Seeks capital appreciation by investing in big businesses, both mid- and large-cap, based in the US.

Why choose this SMA?

  • As a core large-cap value holding
  • To complement an index or passive equity strategy

Investment Strategy

  • Invests primarily in mid- and large-cap companies based in the US.
  • Maintains a focused portfolio of approximately 50-60 stocks.
  • Managers use a holistic definition of value to help identify opportunities other value managers might miss.
  • Managers focus on stocks of companies that they believe are trading at a significant discount to intrinsic value, that are expected to grow in shareholder value over time and that feature shareholder-oriented management.
  • Managers maintain a 3-5 year timeframe to allow enough time for their convictions to play out.
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Portfolio Managers

William C. Nygren, CFA®

Partner, Portfolio Manager and Chief Investment Officer

Full Bio

Michael A. Nicolas, CFA®

Partner, Portfolio Manager, Investment Analyst

Full Bio



Equity Securities Risk: Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Value Investing Risk: Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time.

Concentration Risk: Concentrated investments in a particular industry may be more vulnerable to adverse changes in that industry or the market as a whole.

Foreign Securities Risk: Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit, and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity.

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