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

The Magic Garden of Growth

The gardener must sow seed in fertile ground for a garden to grow. Once planted, young seedlings must be cared for and cultivated. If all goes well, the seed grows into an abundant garden, while also producing the seed and nutrients for next year’s plantings. In this way, the gardener achieves a sustained cycle of growth, and everyone benefits. The same is true for a business. Like a seed, a firm must sow investments in assets that yield a profit if it hopes to grow. Additionally, investments will be subject to risk and unknowns, some will produce profit, and some…

MuniWatch — July 2021

Municipal bonds generally lagged Treasuries in June given already tight spreads. This month we look at evolving yield opportunities and how municipal bond markets could play out through the summer. Munis were virtually unchanged for the month of June, underperforming U.S. Treasuries. Flows into Muni Mutual Funds continued but seem to be slowing as we believe the market remains overvalued. As the summer season begins and issuance slows, Munis may resume outperformance due to a supply/demand imbalance and a thin market.

Q3 2021 Tactical Asset Allocation

As the economy reopens, we believe growth is set to surge. The United States is well along the path on vaccination, which is unleashing months of pent-up demand. Meanwhile, other parts of the world are lagging in vaccinations and confronted with potential challenges, including a stronger dollar. Given continued signs of progress and growth in the United States, we refocus tactically around domestic and high-quality assets. We also maintain a tactical overweight to equity over bonds, given incoming data as we enter the third quarter.