A Time-Tested Approach to Investment Management

BTR is an investment counseling firm. Each client works with the portfolio managers who are directly responsible for management and oversight of that client’s investments. At the outset of our relationship, we work with clients to identify a unique balance point between potential risk and return and then construct and manage a portfolio of individual securities, plus a few mutual funds or ETFs according to the client-specific guidelines and objectives. The portfolios we manage reflect a combination of BTR’s proprietary research and investment themes as well as the individual goals and objectives that are specific to each client. To the extent that assets are intended to fund retirement, education, or other needs, we work with our clients to plan their portfolio management in the context of these objectives.

Long Term

BTR focuses on a long-term investment horizon, which allows our clients to fully realize the value of our approach. It also helps us keep portfolio turnover low, which may increase tax efficiency.

Thematic

BTR invests in themes. We conduct proprietary research and develop a view on how value will be created across economies and sectors. Once identified, we invest in these themes through the purchase of individual equities and, in certain cases, mutual funds and ETFs.

Value Oriented

We seek to enter (and exit) investments at attractive prices relative to book value, cash flows, or other intrinsic measures. We believe this practice provides a margin of safety that will help mitigate downside risk while increasing the potential for upside appreciation.

Focus on Quality

Our research process emphasizes the quality of company management and a firm’s financial strength. We seek to invest in strong teams and solid balance sheets.

Conservative

We pay particular attention to the risk portion of the risk versus return trade-off.

Customized

We work with clients to establish their personalized portfolio guidelines and investment parameters. Each portfolio is then managed according to these guidelines.

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+ Client Experience

We take pride in our high level of service and aim to be available to our clients when needed. BTR portfolio managers typically schedule face-to-face meetings for initial consultations, portfolio reviews, and planning. We make ourselves available by phone, e-mail, or web meeting to help our clients address pressing financial questions and to accommodate their busy schedules.

+ Asset Allocation

BTR constructs portfolios consisting of equities, fixed-income securities, and cash or cash equivalents. Each client agrees to a target asset allocation in his or her Statement of Investment Guidelines and Objectives as well as permissible ranges around those targets. This approach allows BTR to make tactical adjustments in the face of changing economic conditions, risks, and the flow of assets between market sectors, while at the same time generally maintaining a desired long-term portfolio allocation.

+ Equities Investing

We believe that focused, active management of equities produces attractive long-term returns. Our investment team develops proprietary themes that identify sectors of the market most likely to benefit from fundamental economic and social shifts. We invest in approximately 25 to 40 positions per portfolio in order to capture the value we expect to be created from these shifts, focusing primarily on sector selection. We believe use of individual securities also provides greater tax efficiency through low turnover (the average holding period is approximately three years) and typically results in lower total expenses as compared to most actively-managed mutual funds.

+ Fixed-Income Investing

Fixed-income securities serve as a portfolio stabilizer for our clients and we seek to structure such investments to provide safety of principal and regular income. Consistent with this approach, we do not attempt to use fixed-income securities to generate outsized portfolio returns and seek to avoid taking undue credit risk or actively trading these holdings. BTR-managed balanced and fixed-income portfolios typically hold 15 to 20 individual bonds of short-to-intermediate maturity that we believe are of high credit quality.

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