Equity Investing

We seek to buy growing, profitable, and well-capitalized businesses at reasonable prices. The habit of relating quality to value is central to the WCA equity investing process.

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Asset Allocation

A comprehensive suite of asset allocation portfolios focused on matching investment objectives with risk tolerance. Both passive and active strategies are offered.

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Fixed Income

This portfolio seeks to generate a stream of income from a portfolio of 30 investment-grade corporate bonds. The portfolio is constructed as a “ladder” with maturities spanning 10 years.

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Recent Commentary

Focus on Flexibility Over Yield

The best-performing stocks since the beginning of the pandemic have had one thing in common — a high degree of financial flexibility. The worst-performing stocks were the least flexible. Before we start, it is important to define “flexibility.” For us, it has always meant low debt and high profitability. These characteristics tend to build buffers that help ensure survival during difficult times. Where to Find Flexibility Technology stocks, for example, have been a good place to find flexibility lately. The average technology company is very profitable, with very little debt. The sector’s return on assets (10.6%) is higher than any…

MuniWatch — July 2020

While Treasury and Corporate yields fell in June, Municipal yields were generally flat and actually unchanged for the last two weeks of the month, as the summer slowdown kicked in. This underperformance has brought Munis back to an attractive level vs. comparable Corporates, though not as compelling as back in March. After unprecedented outflows during the market dislocation, Muni Mutual Funds have reported seven consecutive weeks of inflows totaling over $15 billion. These inflows combined with seasonally elevated coupon and maturity payments should lead to strong demand through the summer.

Q3 Tactical Asset Allocation

Executive Summary: The second quarter brought a surge in stock values predicated on three critical assumptions. First, fiscal and monetary measures would be sufficient to support an economy suffering a tremendous hit. Next, the economy could begin a process of “reopening” and avoid a second wave pandemic shutdown. Finally, progress will be forthcoming toward a treatment or vaccine for COVID-19. While the future could always play out differently than expectations, equity markets seemed willing to focus on positives, rather than lingering unknowns, throughout most of the second quarter.