Old Glory SMID Cap Growth

Investment Philosophy

• Conestoga Capital Advisors employs a philosophy of investing in high quality growth companies that are capable of growing through multiple business cycles. The firm seeks to take advantage of the inefficient discovery process for small companies and other investors' focus on near-term earnings. Client portfolios contain 40-60 stocks, with annual turnover of approximately 30%.
• Portfolios are sourced with companies with market capitalizations (at purchase) within the range of the Russell 2500 Index and constructed with 40-60 names, with initial target weights of 1% to 4%, adjusted by their conviction in the companies. Sector weights are limited to the lesser of 3X the index or 40% based on ICB industry classifications.
• Companies are typically sold or reduced in weighting when they: reach a price 2X their initial target, reach a market capitalization of $15 Billion, undergo a significant deterioration in fundamentals, or when a better opportunity arises. As a risk control, companies are automatically reviewed when they underperform the benchmark by 25% on a 3-month or 52-week basis. They may be increased/decreased in weighting or sold as a result of this review.

Old Glory Large Cap Growth

Investment Philosophy

• JAG’s investment philosophy begins with the guiding principle of, “price follows earnings.” They believe companies that post faster earnings growth than their peers will realize superior stock performance. Therefore, they find and invest in companies with meaningful earnings power relative to the rest of the large-cap universe. 
• JAG’s experienced, entrepreneurial portfolio management team seeks to add value by curating a portfolio of companies that exhibit superior growth characteristics, solid fundamentals, and compelling price appreciation potential.
• JAG employs an active sell discipline. They continuously monitor a variety of sell triggers, including negative earnings or financial data, unexpected changes in top management, regulatory or legal issues, poor relative or absolute price performance, or disruption of a company's key products or services. They view their sell discipline as a key component of their approach to risk management.

Old Glory Large Cap Value

Investment Philosophy

DCM Advisors employs an actively managed, absolute value approach focusing on long-term investments in well-established companies with defining characteristics identified by the manager’s “circle of competence”. The companies sought:

• Are high-quality businesses with strong franchises and wide moats.
• Have strong cash-flow generation and produce solid fundamentals.
• Have equity prices trading at a significant discount to what they believe to be their stock’s intrinsic value.
• Are led by talented management teams who have a demonstrated ability to execute.
• Typically reward long-term, patient investors.

Constructing high conviction, low turnover, value portfolios with these distinguishing characteristics can deliver consistently strong risk-adjusted returns and alpha-generating potential over full market cycles.

Old Glory Core Fixed Income

Investment Philosophy

The overriding goal of JAG’s investment process is to identify securities that they believe exhibit the potential to provide more return for equal risk to comparable securities or provide equal return for less risk than comparable securities. They look for securities that present the best relative value based on credit and sector analysis. 

JAG's bottom-up, research-driven investment process results in focused and diversified portfolios of individual bonds that strive to deliver a reliable source of portfolio income while minimizing interest rate risk. JAG insulates portfolios by avoiding yield-curve bets and has a consistent overweight to corporate securities versus the benchmark and maintains exposure to high-yield securities.

Old Glory Core Plus Fixed Income

Investment Philosophy

Mount Vernon’s investment philosophy is founded on the belief that a proper balance must exist between maturity design and sector alignment in order to create portfolios flexible enough to withstand changing market environments and provide above-average returns with reduced volatility.

Two classes of securities are used as the building blocks of the portfolio. First, high-quality, short-duration securities (such as treasury notes) are purchased. Then, longer maturity securities are added (such as long-term corporate and treasury bonds) to add incremental yield to the portfolio. The Core Plus portfolio may purchase high-yield securities and collateralized mortgage obligations. It is constantly monitored utilizing yield curve analysis, credit analysis, sensitivity analysis and prepayment risk analysis in order to control risk.