Daniel Dixon

Utilizing financial, economic, and market data, the RTE Market Models (RTMM) are used to assess the relative attractiveness of stocks, bonds and cash at a given time. Periods of relative overvaluation and undervaluation in the markets are identified, and risk and reward potentials are analyzed. The models signal asset allocations consistent with the objectives and appropriate risk levels for each RTE portfolio. When markets are overvalued and risk is high, the models indicate that clients' assets should be invested more conservatively. When markets are undervalued and likely to rise, the models indicate that assets should be invested to benefit from the potential market upswing. The models are economically based, not trend following and forecast potential market movements. Key data from hundreds of individual data streams, some of which go back to the turn of the century, are used to generate individual econometric equity timing models.

BNYMA’s philosophy and investment process applies a comprehensive, long-term approach to portfolio construction, with an emphasis on downside risk management.

Global Capital Management (GCM) seeks to deliver consistent excess returns over a full market cycle while maintaining an attractive risk profile. The firm's investment philosophy is based on the belief that 3 factors influence equity returns: quality, value and business prospects. They perform disciplined, repetitive fundamental analysis of these 3 factors across both current portfolio holdings and investment opportunities. GCM creates portfolios that combine these characteristics with a quality overlay to form a core strategy. GCM's investment approach begins with an inclusionary quantitative process that uses proprietary models and analytical techniques to identify superior quality, value companies with improving business prospects. Once the investment universe is identified, companies are subjected to through a bottom-up, fundamental research to confirm quality, value of business prospects. GCM's portfolio construction and monitoring processes include risk controls that are designed to preserve capital and reduce downside risk. To consider the quality of a company, GCM looks at stock volatility, earnings consistency, debt-to-equity, profit margins and credit scores/rating. When determining value, they focus on price-to-cash ratio, price-to-earnings ratio and price-to-value ratio. A company's business prospects are evaluated based on the existence of accelerating earnings, upwardly moving estimates and positive same-store sales trends. GCM's quantitative analysis narrows the initial universe of approximately 3000 companies to approximately 100 securities. GCM then applies fundamental analysis to these 100 companies which includes an overview of the stock, the company, sell-side or Wall Street sentiment and management. This process typically results in a narrowed focus of 10 to 20 securities. A final portfolio stocks is constructed given diversification parameters, risk assessment and strength of new positions versus incumbent. GCM may use BIRR Risk Optimizer software to limit sector and industry exposures and help craft a portfolio focusing on maximizing return at a similar risk level to the Russell 3000. The firm typically builds positions into 'probing' positions of 2% and moves up in 1% increments to a maximum of 4% at cost. GCM will sell a security if two of the three variables of value, quality and earnings prospects weaken. They trim positions based on fundamental deterioration in company earnings. Though not limited by sector, the firm tends to invest in the stocks of small-cap and mid-cap US companies in the finance, retail trade, technology services, electronic technology and process industries sectors. GCM maintains a medium turnover rate.

Functions as a College/University