The Kornitzer Private Client Services' (KPCS) value approach is a bottom-up discipline that focuses on the full range of market capitalizations. The core of the portfolio consists of high quality, financially secure companies that are trading below their estimated intrinsic value, while the remaining holdings frequently take an opportunistic approach toward under-followed and out of favor companies.
Our value approach focuses on long term capital appreciation as well as capital preservation. Risk is controlled by investing in a broad number of companies, across various industries which have the ability to generate strong cash flow, and by investing in securities that have low expectations and/or are under-followed by Wall Street.
KPCS’s growth approach is driven by a top-down perspective that identifies long-term secular trends. Next, in-depth fundamental research is conducted on those companies that are expected to benefit from those trends. The approach typically leads to companies that are growing revenues faster than GDP, financially strong and attractively valued, both relative to the market and historically.
Our growth approach focuses on long term capital appreciation. Risk is controlled by investing in a broad number of companies, across various industries, which have strong balance sheets and the ability to generate free cash flow.
The firm’s fixed income approach involves intensive credit analysis and focuses on high current income. A typical fixed income portfolio will combine investment grade and high yield bonds with convertible securities. Portfolios usually consist of core holdings in industries with favorable long-term economic trends and are supplemented with “out of favor” holdings discovered through contrarian research.
Because of our in-depth research, we have the confidence to maintain a fairly concentrated portfolio where each holding can be a meaningful contributor to performance, while maintaining an acceptable risk profile.