While securities analysis can be a complex, labor intensive process, Haas Investment Management adheres to four basic criteria when seeking equity securities it deems appropriate for client portfolios:
A well-established company with an understandable business;
Proven, successful management teams who think and act like owners;
Strong finances, as demonstrated by past levels of profitability and cash generating ability; liquid balance sheets with excess cash balances; and low (or easily serviceable) levels of debt;
A reasonable price in relation to our best estimate of the companies underlying worth, based on traditional valuation methods.
Portfolio Concentration
Client portfolios managed by us are typically more concentrated than those of many other investment managers, many times holding no more than 20 separate issues. Concentration enables each investee company to make a meaningful impact on results when the market recognizes value, as well as to limit managed portfolios to our very best ideas.
Tax Efficiency
At Haas Investment Management, we are long term owners, not traders or speculators. We believe in minimizing potential tax liabilities from realized capital gains by practicing a "buy and hold" strategy. Although there are no restrictions or limits on portfolio turnover, we may recommend the sale of portfolio holdings whenever it is believed that it will benefit clients. To achieve these objectives, we aim to keep portfolio turnover low and transaction costs (brokerage fees and commissions) to a minimum.
Securities offered exclusively through
Raymond James Financial Services, Inc. (Member FINRA/SIPC).
All Materials (C) 2009 Haas Investment Management, LLC