Mr. Cole: We're a 34-year-old, privately owned registered investment advisor. We manage portfolios for a broad range of clients that include both individuals and institutions. We use individual securities to build client portfolios as well as multiple asset classes. On the equity side, our core portfolio is value portfolio, but not deep value. We do manage a value product that is really income-driven as well as a deeper value product. We also manage international stocks and REITs and use an outside manager for small caps. Our firm has an investment policy committee comprises three principals who determines asset allocation. Our Chief Investment Officer, George Hosfield, leads the group and Dean Dordevic, our firm's healthcare specialist and Marc Fovinci from our fixed income team are also on the team.
TWST: How have your portfolios been impacted by the turmoil in the markets and
the events of the last 12 months? Have you been able to keep firm to your
discipline?
Mr. Norris: With that repositioning, this would mean getting a little more
cyclical to participate in the upside. Unfortunately we didn't time the market
at the bottom back in March. But since the end of March and throughout April, we
began to position the portfolio for economic growth and a cyclical recovery. We
reduced our defensive exposure, still focusing on high quality names that
generate strong cash and maintain a strong balance sheet.
Tickers included in this excerpt: AXP, BAC, C, CSCO, JPM, MGA, MGAM
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