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Portfolio Construction at The Legacy Foundation

Our construction process begins with collecting pertinent client information, including a capital needs analysis and risk tolerance profile. Once a client’s information has been obtained, an initial portfolio can be created and rebalanced periodically.Each portfolio is constructed on an ...

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Bond Market Activity in 2013

A common adage in finance is that rising interest rates will cause the price of bonds to decline. This is not the case for all bonds, but the statement does have some truth. Let’s consider an investment in U.S. Treasury ‘separate trading of registered interest and principle securities’, ...

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Bond Strategy Shift: A Different Approach in Volatile Times

On June 25th, 2013, we shifted our bond holdings to adapt to a changing rate environment. In response to the anticipation of higher rates, our positions in the bond market were adjusted to focus on short duration bonds and floating rate and senior loans. These instruments are much less sensitive to ...

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Here We Go Again: The Looming Debt Ceiling Battle

The debt ceiling battle in the late summer of 2011 marked an infamous demonstration of government inefficiency. The debt ceiling, or the amount of debt the United States government can borrow through the sale of government bonds, is set by the U.S. Congress. In 2011, a steadfast Congress decided to ...

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Fed Taper Talk: An Explanation of the Fed’s Current Policy

Of central focus to investors has been the possibility of the Federal Reserve (Fed) altering monetary policy in the near future to adjust for improving economic conditions. Specifically, speculation is that new Fed policy will allow interest rates to rise to normal levels and will involve a ...

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Q2 Federal Open Market Committee Summary

In the past 6 weeks markets have seen a significant amount of volatility, linked almost entirely to anticipated changes in monetary policy. Specifically, the Federal Reserve Board has attempted to stimulate the economy in several ways since the recession.  The first strategy implemented was to ...

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Finding Fixed Income

In the recent past, annuity investments were generally frowned upon by advisors, due largely to their inflexibility, fees and the use of them inside retirement programs that were already tax sheltered programs. Limitations with regard to survivorship options, investment choices, presented a ...

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The Low Volatility Anomaly and its Implications on Your Equity Positioning

Modern portfolio theory (MPT) is an approach to portfolio management with the objective to minimize the overall risk, also known as standard deviation or volatility, of the portfolio for a given expected return.  Its significant implications along with its simplicity are among the many reasons it ...

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Senior Secured Floating Rate Bonds

Investors looking for income frequently find it in the bond market. Bonds represent a debt obligation that the issuer promises to repay. Amateur investors commonly underestimate the risk of fixed income investments and, therefore, may not fully appreciate the benefits of certain bond instruments, ...

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Why Active Management has a Place in Portfolio Management

Asset allocation strategies can be broken down into two major categories: strategic asset allocation and tactical asset allocation.  Strategic asset allocation has the primary goal of providing the best risk/return balance for a long-term investment horizon by reducing the correlations between ...

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13005 Greenville Avenue,
California, TX 70240

+22 140 006 754

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