Our Investment Philosophy
We do things differently because you expect differentiated results. Long term capital growth will only overcome the combined demands of spending, taxes, fees, and inflation if results are exceptional.
Our investment decisions are driven by fundamental research and opportunity, not process or capacity.
Through detailed fundamental research, we develop investment themes that combine long-term favorable fundamentals, attractive valuations, and expert managers who can add measurable value. We make impactful commitments to these investment opportunities, which may play out over a few years or run for a decade or more.
Superior investment portfolios are assembled over time through opportunity. Volatility can be used to advantage.
In less efficient investment markets, we develop long-term relationships with active managers.
In less-efficient markets, we seek long-term relationships with active managers who demonstrate sustainable competitive advantage and whose performance compensates investors for the added illiquidity and risk. We regularly assess how these managers add value, net of fees and taxes. Our clients benefit from access to our long-standing relationships with exceptional investment boutiques.
In publicly traded markets, we use primarily low-cost, diversified, tax-efficient portfolios.
We believe this is the best way to optimize your net returns. In traditional public equity and debt markets, it is extremely difficult prospectively to identify those active investment managers that will add value.
What matters is the return that ends up in your pocket.
It is the return that actually accrues to you, not the headline investment returns, that determines the growth of your investment portfolio. Tax and fee management are critical components of portfolio construction. Activity that adds fees and complexity without adding value to you is worthless.
WSP’s investment strategies, like all investment strategies, involve the risk of loss. Past performance is not indicative of future results.