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We believe a company with informed Environmental, Social and Governance (ESG) practices typically exhibits operational excellence, capitalizing on growth opportunities and mitigating exposures to risk, while aligning with stakeholder interests.

Our ESG equity strategy uncovers opportunities and risks. At its heart, ESG integration is about enhanced communication, in our opinion. We seek companies that are transparent about not only their financial results but also their corporate practices. We regard ESG integration as a holistic understanding of a company’s exposure to environmental, social and governance criteria that may enhance or impede investment performance.

Our View: The Forest & The Trees

An Integrated Approach to investing

Preserving Capital while Increasing Total Return

Our equity strategy serves to provide U.S. large-cap public equity exposure through a concentrated portfolio of 30 to 40 stocks primarily found in the S&P 500 based on proprietary bottom-up and ESG-integrated analysis. In an effort to manage capital gains implications, we aim for less than one-third turnover to the strategies in a given year.

Our Investment Process

We focus on fundamental, bottom-up analysis and conduct our own proprietary research, which includes utilization of company filings, discussions with management, industry data, and sell-side analysis. Embedded in our research process is an exploration of the environmental, social and governance issues pertinent to sectors and individual securities.

We view the understanding of ESG criteria as an extension of fundamental analysis and, subsequently, an additional layer of risk mitigation.

Risk Mitigation

We size positions between 2% and 5%, prioritize security selection over sector bets and aim to keep the strategy fully invested over a market cycle. We employ a sell discipline that includes trimming or selling outright stocks that have:

  • Exhibited a material change to our investment thesis
  • Moved adversely for an extended period versus normal volatility
  • Illustrated weaker characteristics than a recommended replacement

The Six Keys

To Our Fundamental Research

  • Earnings Growth Potential
  • Reasonable Valuation
  • Robust Quality Characteristics
  • Strong Balance Sheet
  • Committed Dividend Policy
  • Comprehensive ESG Profile

ESG Criteria


  • Efficient use of energy, including resources dedicated to alternative energy, energy efficiency and green initiatives
  • Resource utilization, including efforts to minimize pollutants, reduce waste and employ sustainable resources


  • Corporate culture, including thoughtful supply chain practices and constructive labor relations
  • Community engagement, including improving localities and creating affordable real estate


  • Adequate board and executive management diversity, gender pay equity, privacy and data management

We believe companies that communicate with their stakeholders, stay ahead of changes to their industries and are willing to evolve business models should prove themselves long-term secular winners.

Download our fact sheet below to learn more about ESG integration.

ESG Integration
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