Investment Management Overview

It's our view that most brokers/advisors are basically marketers. A slick presentation is meant to distract from performance and fees, and just enough investment jargon is used to discourage clients from asking too many questions. "Buy-and-hold" is promoted, which allows the advisor to charge active management fees without having to do any managing. Furthermore, little attention is paid to security valuation, and most advisors don't venture beyond U.S. mutual funds. If this is what you expect from your investment expert, you have a large number of advisors to choose from.

The Aspera approach is very different.

  • We provide customized, professional, active investment management to our clients.

  • Each portfolio is separately managed based upon the unique risk tolerance, time horizon, tax status, and investment objectives of the client.

  • Performance matters. Our principal has a long-term track record of generating top-tier investment results.

  • We adhere to a disciplined investment philosophy and Buy/Sell process.

  • We invest alongside our clients. If an idea isn't good enough for our own portfolio, it isn't good enough for our clients.

  • Valuation is critical in our analysis. We are a value investor with a strong contrarian bent. We do our own valuation work, examine raw data (not headlines), and draw our own independent conclusions.

  • We are not a "buy-and-hold" investor. Our sell discipline involves liquidating positions if our target has been reached, if we find a better use for the funds, or if our investment thesis proves false.

  • Our investable universe includes virtually every asset class, and we invest in markets around the world. We go wherever we find opportunity.

  • We do not believe in diversification for the sake of diversification. Over-diversification is a recipe for mediocrity. We focus only on attractive asset classes and securities.

  • We're as concerned with wealth preservation as we are with growth. We control risk by limiting position sizes and exposures, and we're comfortable owning cash-like instruments when opportunities are limited.

  • When appropriate, we make use of more advanced strategies such as shorting and options in order to capitalize on opportunities as well as hedge risk.

  • We keep client costs low, and we focus on after-fee performance.

  • Client assets are managed in a tax efficient manner with an emphasis on maximizing after-tax returns.

  • We communicate with our clients regularly about performance, portfolio composition, and our outlook.