Over the last six months we’ve moved many of our clients into fee-based discretionary accounts. In this type of account, clients delegate investment decisions to their portfolio manager, including what securities to buy, and at what price.
As part of the transition to discretionary accounts, we plan to prepare and distribute quarterly reports to all our clients—those with discretionary accounts and those with traditional investments.
This report for Q1 2019 is our first. In the following pages, you’ll find relevant market insights, information about the securities in each discretionary portfolio, and any changes within the program.