Charles Norton

PDM is a contrarian investor that utilizes a disciplined and repeatable investment process designed to be long-term oriented with low turnover. While they have a global focus, the firm implements their strategy through US-listed securities. Their strong sell discipline also serves as an important part of the firm’s risk management process. To produce the best possible after-tax return, PDM will sell to harvest losses when possible.

USA Mutuals aims to clearly define the fundamental expectations of each of their strategies in various types of market cycles. Transparent and accurate expectations evolve into predictable risk management tools, and predictable risk management tools are the foundation of the firm’s portfolio construction philosophy.

Provides investment services

Functions as a College/University

Gotham is a value-oriented asset management firm specializing in equity strategies. The firm seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.

GNI Capital is a long/short equity manager. The firm's investment process begins with the development of a top-down, macroeconomic viewpoint and concludes with a fundamentally driven, bottom-up stock selection process. They seek to identify and allocate capital to the most favorable markets, sectors and companies. GNI's process is not restricted by style-box mandates or a requirement to be fully invested when no better opportunities exist. The firm's top-down research process examines macroeconomic factors including the term structure of interest rates and credit spreads, investor sentiment, dividend yield and earnings payout ratios, earnings growth rates, money supply growth, US dollar relative strength, equity issuance, stock repurchases and changes in government policies. GNI then employs a quantitative system to identify leading and lagging industry groups. GNI's individual security selection process is based on the evaluation of a company's fundamentals and various valuation measures. The firm first attempts to identify future catalysts that could lead to a systemic change in a company's business or valuation such as new product launches, new management teams or geographic expansion. Next, GNI employs a combination of historical, relative and/or cash flow-focused valuation methods to select companies. The firm utilizes technical analysis to determine the appropriate time to invest. GNI's trading seeks to minimize total transaction costs. GNI's primary research focuses on the S&P 1500, a broad index of stocks of all market-caps that accounts for over 95% of the US, as well as US listed-ADRs and ETFs. For sub-advised mandates, the investment universe can be customized to meet the fund sponsor's specific needs. Though not limited by sector, GNI tends to invest in the stocks of large-cap US and European companies in the consumer non-durables, electronic technology, consumer services and health technology sectors. The firm maintains a high turnover rate.