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A Strong Commitment to Building Your Wealth

Our Strategy and Investment Philosophy

While there are many approaches to investing, at Karpas Strategies, our core discipline is based on fundamental value analysis. Unlike some approaches, value investing is a strategic, long-term philosophy that attempts to take advantage of discrepancies between a company's stock market price and its intrinsic value. Intrinsic value is defined as the value that would accrue to a share of stock in the event that a business was sold or liquidated in an arm's length transaction involving knowledgeable buyers and sellers. We believe that, contrary to a company's stock market price, intrinsic value is a more stable determinant of value.

Our fundamental value investment approach applies well-established principles that have proven successful in practice and in historical studies of stock market performance. Karpas Strategies' goal is to invest in well managed companies that strive to build shareholder wealth and that are currently selling at market prices below their intrinsic worth.

We believe that focusing on value offers clients a strategic advantage to other investment disciplines over the long-term. Additionally, this disciplined process typically results in very low turnover and greater tax efficiency for clients.

Our Approach to Analysis

Karpas Strategies may invest in a diversified mix of both equities and fixed income securities, based on the individual needs of each client.

To identify equity value and growth potential for target companies, Karpas Strategies uses sources of information such as, but not limited to, industry reports and presentations, SEC filings, news articles and reports, and industry analyst reports. We actively monitor company progress and developments, and maintain price targets and exit strategies. In addition, we review financial and technical company documents. Often, the companies in which we invest are out of favor, restructuring, or changing management.

Similar to our core investment strategy, we also conduct analysis to select fixed income investments that are undervalued and/or demonstrate credit quality upgrade potential for clients with fixed income objectives. We manage the risk of fixed income portfolios by diversifying bond maturities based on our interest rate view, attempting to match the specific income needs of each client.

For more details about our investment philosophy and methods of analysis, please see our Registered Investment Advisor Filing with the Securities and Exchange Commission.  For details about how we vote shareholder proxies, please review our Proxy Policies and Procedures.



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