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Wealth Management Tag

15 Jul

Posted at 18:38h in Blog by

A Higher Standard for Financial Advice

A fiduciary is someone who has a legal obligation to act in another person’s best interest. In financial advice, that obligation shapes how recommendations are made, how challenges are handled, and how client relationships are maintained. A fiduciary financial advisor prioritizes your financial goals, manages conflicts of interest, and delivers guidance with transparency and care.

This distinction matters because not all financial professionals operate under the same standard. When decisions involve retirement, taxes, estate planning, and long-term wealth, the structure behind the advice can be just as important as the advice itself.

Understanding how the fiduciary standard works and how it shapes the advisory relationship can help you make more informed decisions about your financial future. It’s also a key reason why fiduciary-focused firms, such as Procyon, frame wealth management as a comprehensive, long-term partnership.

 

Who May Benefit From Working With a Fiduciary Financial Advisor?

Many individuals and families can benefit from working with a fiduciary financial advisor, especially those with more complex financial needs, including:

► Families managing multi-generational wealth

► Executives with equity compensation

► Business owners planning for growth or succession

► Individuals approaching retirement

► Anyone seeking coordinated financial planning

For those seeking a more integrated approach, private client wealth management can provide a framework that brings together investments, tax strategies, and long-term financial planning.

 

What Does Fiduciary Mean In Financial Planning?

A fiduciary financial advisor can provide financial planning, investment advice, and wealth management services while being legally bound to act in the client’s best interest. They must act with loyalty, care, and good faith when providing financial guidance, which means prioritizing the client’s financial interests at all times. Unlike the broader “Broker” title, an “Advisor’s” fiduciary status reflects how advice is delivered, not just what services are offered.

Fiduciary duty generally includes:

► Duty of care: Advice must be based on a thoughtful understanding of your financial situation, goals, and risk tolerance

► Duty of loyalty: The client’s interests must continuously come first, and conflicts of interest must be avoided or mitigated and clearly disclosed 

► Good faith: Advisors must act honestly and transparently in every interaction

This standard requires advisors to make full and fair disclosure of all material facts, including conflicts of interest, so clients can make informed decisions.

Investment Advisor vs. Registered Representative: Key Differences

Not all financial representatives are fiduciaries. The terms “Financial Professional,” “Financial Consultant,” and “Stockbroker” can encompass individuals who operate under different regulatory standards and governing laws.

 

Investment Advisor Registered Representative
Affiliated with Registered Investment Adviser (RIA) firm

 

Investment advice, portfolio management, financial planning

 

Required to continuously act in your best interest

 Affiliated with Broker-Dealer (BD) firm

 

Securities transactions and product sales

 

Suitable or in your best interest at the time of making recommendations
Ongoing investment oversight aligned with your financial goals and objectives No ongoing oversight

 

Compensation Can Influence Advice

In addition, compensation models vary, which is why transparency and disclosure are important:

► Fee-only advisory fees (RIA)

► Brokerage commission-based product compensation (BD)

► Hybrid structures (RIA and BD)

 

What Does A Fiduciary Financial Advisor Do?

Fiduciary advisors often support:

► Investment and Wealth Management

► Retirement and Tax Planning

► Education Funding

► Charitable Giving

► Estate and Legacy Planning

► Strategies for Savings

The difference is not in the label; it’s in the obligation. A fiduciary financial advisor must align every recommendation with your financial goals, rather than external incentives or product-driven compensation. The fiduciary standard emphasizes an ongoing relationship built on trust, alignment, and accountability, especially important as financial needs evolve over time.

 

What Does Fiduciary Duty Require From A Financial Advisor?

The fiduciary duty financial advisor standard establishes clear expectations for how advice is delivered. Financial decisions rarely exist in isolation. Investment decisions often connect to taxes, estate planning, and long-term financial security.

A Deep Understanding of Your Financial Life

Fiduciary advisors must base recommendations on a comprehensive understanding of:

► Financial goals and objectives

► Investment experience and risk tolerance

► Liquidity needs and time horizon

► Income, assets, and liabilities

Managing and Disclosing Conflicts

They are required to:

► Avoid conflicts where possible

► Clearly disclose any unavoidable conflicts

► Ensure clients understand how those conflicts may affect recommendations

Ongoing Advice and Accountability

Fiduciary duty continues throughout the relationship. That includes:

► Monitoring and adjusting strategies over time

► Communicating proactively

► Adapting to life changes and market conditions

A More Integrated Approach to Planning

A fiduciary framework supports:

► Long-term decision-making

► Alignment across multiple financial areas

► Advice that reflects your full financial picture

Clarity, Transparency, and Trust

The fiduciary standard helps reduce conflicts and improve transparency. While no model eliminates all potential conflicts, fiduciary advisors are required to address them openly and in the client’s best interest.

 

How to Tell Whether a Financial Professional is a Fiduciary

Understanding what fiduciary means is one step, and verifying it in practice is another. These steps can help clarify how a financial professional operates and what standards they follow.

Questions to Ask

1. Will you act as a fiduciary at all times when providing advice?

2. How are you compensated (fees, commissions, or both)?

3. Do you provide personalized advice based on my full financial situation?

4. How do you handle conflicts of interest?

Steps to Being an Informed Investor

1. Review Disclosure Brochure provided by financial professional

2. Verify registration through adviserinfo.sec.gov or brokercheck.finra.org

3. Use the SEC’s Investor.gov site for additional information

 

A Complete Approach to Fiduciary Wealth Management

Schedule a Complimentary Consultation With A Procyon Financial Advisor Today

Choosing a financial advisor is about more than desiring a fiduciary; it’s about working with a partner who guides you through all aspects of your financial life. Procyon’s 100% independent fiduciary approach is designed to provide clarity, alignment, and confidence across every decision, from investments to taxes, estate planning, and beyond.

The result is a more integrated strategy that reflects your goals, adapts over time, and supports your broader financial picture. Connect with the Procyon team to explore your financial priorities and take the next step toward a more coordinated, thoughtful strategy.

Schedule a complimentary consultation with our team of financial advisors today.

 

FAQs About Fiduciary Financial Advisors and Client Relationships

Is a fiduciary financial advisor required by law to act in my best interest at all times?

Yes! A fiduciary financial advisor is required to act in your best interest when providing advisory services. However, the applicable standard (fiduciary, suitability, best-interest) can depend on the role they are serving in at a given time. It’s important to confirm whether your financial professional will act as a fiduciary at all times (RIA) or will only act in your best interest when making recommendations (BD).

How do fiduciary financial advisors get paid?

Financial advisors are commonly paid fees based on a percentage of assets under management or flat financial planning fees. Some may also receive other forms of compensation, but they are required to disclose how they are paid and ensure compensation does not override your best interest.

Can a financial advisor switch between fiduciary and non-fiduciary roles?

Yes, some financial professionals have the ability to operate under a hybrid model, acting as a fiduciary in one context (RIA) and not in another (BD). This is why it’s important to ask how the advisor operates across all services and whether fiduciary duty applies consistently.

What credentials should a fiduciary financial advisor have?

A “financial advisor” can work for a broker-dealer (BD) or insurance agency, but they cannot falsely claim they are registered as an “Investment Adviser Representative” (IAR) if they are not. IARs are associated with a Registered Investment Advisor (RIA) firm and serve clients in a fiduciary capacity. Designations like CFP® (Certified Financial Planner™) often require fiduciary responsibility when providing advice. More important than credentials are how the advisor is registered and whether they are legally held to a fiduciary standard.

Are Registered Investment Adviser (RIA) firms always fiduciaries?

Yes, registered investment adviser (RIAs) firms are required to act as fiduciaries under federal and state regulations. This means their IARs, also fiduciaries, must provide advice aligned with the client’s interests, disclose conflicts, and follow a duty of care and loyalty within the advisory relationship.

What questions should I ask before hiring a fiduciary financial advisor?

Start by asking whether they act as a fiduciary at all times, how they are compensated, how they manage conflicts of interest, and whether they provide comprehensive financial planning. These questions help clarify how advice is delivered—not just what services are offered.

Does working with a fiduciary financial advisor guarantee better results?

No. A fiduciary standard does not guarantee investment performance or financial outcomes. However, it helps align advice with your financial interests, supporting more consistent, transparent, and goal-focused decision-making over time.

Is a fiduciary financial advisor better for long-term financial planning?

In many cases, yes. A fiduciary financial advisor is typically better suited to long-term planning because the relationship emphasizes ongoing advice, alignment with your goals, and coordination across areas such as investments, taxes, and estate planning.

06 Jul

Posted at 19:48h in Blog, Featured - Frisco by

What is Estate Tax?

If you live in Texas and are considering estate planning, it’s important to understand the complexities of the tax landscape. While Texas does not impose an estate tax, federal estate tax laws may still affect your wealth transfer.

Estate and inheritance taxes are commonly misunderstood, but they are each distinct forms of taxation. Estate tax is imposed on the total value of a deceased person’s estate before the assets are distributed to heirs. In contrast, inheritance tax is paid by beneficiaries on what they receive from the estate. While Texas residents do not pay a state estate tax, understanding these distinctions is crucial for effective estate tax planning.1

Estate taxes are levied on the value of an individual’s estate at death. These taxes are assessed on the estate itself, and payment is typically due before distribution to heirs. The estate tax liability depends on the estate’s value and applicable exemptions. Inheritance taxes, meanwhile, are paid by the beneficiaries rather than the estate. Knowing how these taxes differ may help Texas residents plan their estate more effectively and minimize the potential for unexpected tax liabilities.

Texas Estate Laws and Advantages

As mentioned previously, Texas does not have an estate tax, commonly referred to as a “death tax.” In fact, Texas is one of several states without a state-specific estate tax, in line with its general tax philosophy – to keep overall tax burdens low for its residents. This absence is part of Texas’ commitment to creating a business-friendly environment without additional state estate taxes.2 Many people choose to relocate to Texas partly because of its favorable tax policies, which can help preserve family wealth over generations.3

Federal Estate Tax – What TX Residents Need to Know

Despite this, Texas residents may still be subject to federal estate tax regulations. The federal estate tax exemption for 2026 is $15 million per individual.4 Estates valued below this threshold are not subject to federal estate tax, while those exceeding it must pay a federal tax rate that can reach up to 40%. The Tax Cuts and Jobs Act (TCJA) increased the exemption significantly, but without further action from Congress, this exemption is set to decrease in 2026. Proactive estate planning is essential for those with significant assets to ensure that their heirs do not face hefty federal estate taxes.

It is also important for Texas residents to understand the potential impact of future federal estate tax changes. The TCJA’s generous exemption levels are not guaranteed to continue indefinitely. For wealthy individuals and families, this could mean a much larger portion of their estate would become taxable at the federal level if these exemptions levels were to be reduced. These federal changes may affect the tax treatment of an estate, because of this, estate tax planning should include proactive consideration for these amendments.

Inheritance Tax Considerations

Furthermore, Texas also does not impose an inheritance tax. However, if a resident inherits estate assets in a state that does have inheritance taxes, they may still be required to pay taxes to that state. It’s essential to consider these specific scenarios and examples when planning your estate in order to help minimize unexpected tax liabilities. Another element to consider is if a Texas resident inherits property from a relative in a state that does impose inheritance taxes, the beneficiary may have to pay that tax, even though Texas itself does not have one. This can further complicate estate planning, especially if beneficiaries are spread across multiple states. As of now the only states that impose an inheritance tax are Iowa which is scheduled for phase out by 2025, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. For this, and for many other reasons, you can be thankful you live in the great state of Texas.

Strategies to Minimize Estate Taxes

Minimizing estate and inheritance tax burdens requires proactive planning. Strategies such as making use of the annual gift tax exclusion ($19,000 per recipient in 2026), setting up irrevocable trusts, and charitable giving can reduce an estate’s taxable value.5, 6 By gifting assets during your lifetime, you can reduce the estate’s overall size and potentially lower or eliminate its estate tax liability. Married couples can also benefit from strategic planning to fully utilize both spouses’ federal estate tax exemptions, effectively doubling the exemption amount available to their heirs. Trusts can also be a powerful tool for minimizing estate taxes and protecting assets for future generations.6

Trusts and Estate Planning

Trusts are one of the most effective estate planning tools available to lone star residents. An irrevocable trust, for example, removes assets from your taxable estate, which can help reduce the overall estate tax burden. Additionally, trusts can also be structured to protect assets from creditors, ensure that beneficiaries use their inheritance responsibly, and manage how assets are distributed over time. A Qualified Personal Residence Trust (QPRT) is a specific type of irrevocable trust that allows you to transfer a residence to heirs while retaining the right to live in it for a period of time, potentially reducing the estate’s taxable value.7

Charitable Giving

Other alternatives include, charitable giving, a powerful strategy for helping reduce estate taxes. By leaving a portion of your estate to charity, you could reduce the taxable value of your estate, while also supporting causes that are important to you. Charitable remainder trusts (CRTs) are sophisticated vehicles that not only provide tax benefits but also generate income for beneficiaries or charities, depending on the trust’s structure.8 For those involved with or interested in philanthropy, charitable giving may be a way to leave a legacy while also minimizing taxes.6

Capital Gains Tax – Inherited Property

When inheriting property in Texas, it’s also important to consider capital gains tax implications. Beneficiaries who sell an inherited property may be subject to capital gains tax based on the difference between the sale price and the stepped-up basis, which is the property’s fair market value at the time of inheritance. This stepped-up basis can substantially reduce the capital gains tax owed compared to the original purchase price. For example, if you inherit a home that was purchased for $100,000 and is worth $400,000 at the time of inheritance, the stepped-up basis would be $400,000. If you sell the home for $420,000, you would only owe capital gains tax on the $20,000 increase in value since the time of inheritance, rather than on the $410,000 increase since the original purchase.9

Maximize Federal Estate Tax Exemptions

The federal estate tax exemption is a key component in minimizing estate tax. For Texas estates exceeding the exemption amount, estate taxes at the federal level may apply, potentially diminishing the amount left to heirs. By taking a proactive approach, and planning ahead, Texans may take advantage of the current exemption amount to protect their assets from being unnecessarily taxed. This can include strategies like leveraging the portability of the estate tax exemption between spouses. Portability allows a surviving spouse to utilize the unused portion of their deceased spouse’s federal estate tax exemption, potentially shielding even more wealth from federal taxation.10

The Importance of a Comprehensive Estate Plan

Even without state-specific estate taxes or inheritance taxes, Texas residents should consider comprehensive estate plan. Experienced estate planning attorneys can help avoid complications, minimize potential federal estate tax liabilities, and work toward the smooth transfer of wealth. An effective estate plan includes strategies to protect assets, leverage available exemptions, and address any out-of-state tax obligations that could impact heirs. This is particularly important for individuals who own property or other significant assets in multiple states, as differing state laws can create unexpected challenges.

Estate Planning for Business Owners

Business owners in Texas might also consider the unique circumstances that surround them when it comes to estate planning. If you own a family business, proper planning is important to ensure that the business can continue operating after your death without triggering substantial estate tax liabilities. Strategies like buy-sell agreements, family limited partnerships (FLPs), and grantor retained annuity trusts (GRATs) can help business owners manage estate taxes and pass the business on to the next generation without financial disruption. A well-structured estate plan can mean the difference between a smooth transition and a forced sale of the business to cover tax obligations.

Life Insurance and Estate Planning

Consider, how life insurance can also play a critical role in estate planning. By purchasing a life insurance policy and placing it in an irrevocable life insurance trust (ILIT), the death benefit can be kept out of the taxable estate, providing liquidity to cover estate taxes and other expenses without reducing the assets passed to heirs.6 This can be especially important for individuals with illiquid assets, such as real estate or business interests, who want to ensure that there are sufficient funds available to cover estate taxes and other obligations without forcing the sale of those assets.

Setting the Course

Navigating the complexities of estate planning can be challenging, especially with changing federal laws. Working with experienced estate planning attorneys can help ensure that your estate plan optimizes taxes and aligns with your wishes. Procyon’s team of Texas based financial advisors can work alongside your estate planning attorney and tax professional to align your investment accounts with your planning needs.

If you are interested in exploring how our team can help guide you through the intricacies of estate planning, reach out to our team of dedicated professionals to start setting your course today. Schedule a meeting with me or visit us online at www.procyon.net

Frequently Asked Questions

  • How much can you inherit in Texas without paying inheritance tax?
    Since Texas does not have an inheritance tax, there is no state-imposed limit on how much you can inherit without paying taxes. However, federal estate tax laws may apply if the estate value exceeds the federal exemption limit. The current federal exemption for 2026 is $15 million per individual, meaning that estates valued below this amount will not be subject to federal estate tax.4
  • How much is the estate tax in Texas?
    There is no state-specific estate tax in Texas. However, estates valued above the federal estate tax exemption amount are subject to federal estate tax at rates that can reach up to 40%.1 It is important for Texas residents with significant assets to plan ahead to minimize or avoid federal estate taxes by using the available exemption and considering other tax reduction strategies.
  • Do you have to pay taxes on an inherited house in Texas?
    Inherited houses in Texas are not subject to state inheritance taxes. However, if the house is sold, capital gains tax may apply based on the stepped-up basis. The stepped-up basis is the fair market value of the property at the time of inheritance, which can significantly reduce the taxable gain compared to the original purchase price of the property.9
  • How do I avoid estate tax in Texas?
    To minimize or avoid estate tax liabilities, Texans should consider strategies like taking advantage of the annual gift tax exclusion, setting up trusts, and utilizing charitable contributions. Working with a financial advisor can help you develop a tailored plan to protect your assets. Other strategies include using life insurance to provide liquidity, taking advantage of the portability of the estate tax exemption for married couples, and establishing family limited partnerships to manage and transfer wealth efficiently.10

By understanding how federal estate tax rules intersect with Texas’ tax policies, you can effectively plan your estate and protect your family’s future. Consult with a trusted advisor to ensure your estate plan is comprehensive and optimized for minimizing potential tax liabilities. Estate planning is not just about minimizing taxes; it’s also about ensuring that your wishes are honored, your beneficiaries are protected, and your legacy is preserved for future generations. With the right planning, you can achieve peace of mind and financial security for your loved ones.

 

Investment advisory services are provided through Procyon Advisors, LLC, a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Procyon Advisors, LLC does not provide tax or legal advice.

April, 2026



Sources:

  1. “Texas Estate Tax.” https://smartasset.com/estate-planning/texas-estate-tax. Accessed April, 2026.
  2. “The Ins and Outs of Texas Estate Laws.” https://insight2wealth.com/blog/the-ins-and-outs-of-texas-estate-tax-laws/?utm_source=chatgpt.com. Accessed April, 2026
  3. “Tax Cuts & Jobs Act of 2017.”Tax Cuts and Jobs Act of 2017 (TCJA) | Wex | US Law | LII / Legal Information Institute. Accessed April, 2026
  4. “Estate Tax.” https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax. Accessed April, 2026
  5. “Frequently Asked Questions on Gift Taxes.” https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes. Accessed, April 2026
  6. “5 Tips to Help Reduce Estate Taxes.” https://www.fidelity.com/learning-center/personal-finance/how-to-avoid-estate-taxes. Accessed April, 2026
  7. “How a QPRT Can Help Reduce Estate Tax.” https://www.schwab.com/learn/story/how-qprt-can-help-reduce-estate-tax. Accessed April, 2026
  8. “What are Charitable Remainder Trusts?” https://www.estateplanning.com/understanding-charitable-remainder-trusts. Accessed April, 2026
  9. “Capital Gain Tax On Inherited Property Explained.” https://estatementors.com/capital-gains-tax-on-inherited-property-explained/#:~:text=Understanding%20Capital%20Gains%20On%20Inherited,taxable%20gain%20is%20only%20$20%2C000. Accessed April, 2025
  10. “How Portability Helps Couples Reduce Estate Taxes.” https://www.schwab.com/learn/story/how-portability-helps-couples-reduce-estate-taxes. Accessed April, 2026

02 Jul

Posted at 17:47h in Media Articles by

How Independence Became Real for 4 Financial Advisors

 

July 02, 2026 By Shirl Penney

Our co-founder and CEO @Phil Fiore, Jr. was featured in Barron’s discussing what it meant for him and his co-founders to launch Procyon in 2017. A few days before launch, standing in their fully furnished office in Shelton, Connecticut with his family, Phil realized something profound: this was no longer just an idea. It was real.

30 Jun

Posted at 14:01h in Large Cap by

Alpha Quant® Value Equity is a focused portfolio of 30 stocks that exhibit attractive valuations across large‐ and mid‐cap stocks. The strategy aims to exploit investors’ fixation with short‐term events and underappreciation of cash‐flow trends. The portfolio will typically display strong free cash flow generation, lower debt leverage and lower valuation multiples as compared to the benchmark and peers. The portfolio is managed with a fundamentally based, systematic process with quarterly rebalancing to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:59h in Small Cap by

Alpha Quant® SMID Cap portfolio is a multi-strategy portfolio that combines distinct systematic sub-strategies across small- and mid-capitalization quality and value investment styles. The portfolio is comprised of small- and mid-cap stocks selected based on profitability, valuation, low debt and strong cash flows. The strategy is built bottom-up and diversified across sectors and industries.

The portfolio is managed with a fundamentally based, systematic process with portfolio adjustments and annual rebalancing to equal weight to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:58h in Defensive Equity by

SmartALPHA® Defensive Value Equity Strategy aims to outperform the market over a full market cycle. It is expected to strongly out-perform during periods of economic contraction through recession phases. The portfolio will typically display strong free cash flow generation, lower debt leverage and lower valuation multiples as compared to the benchmark and peers. The portfolio is managed to mirror the underlying SmartALPHA® Defensive Value Index. Portfolio is driven by a rules-based process with quarterly reconstitution and annual rebalancing to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:57h in Defensive Equity by

SmartALPHA® Defensive Growth Equity Strategy aims to outperform the market over a full market cycle. It is expected to strongly out-perform during periods of economic contraction through recession phases. The portfolio will typically display strong earnings and revenue momentum and good cash flow generation. The portfolio is managed to mirror the underlying SmartALPHA® Defensive Growth Index. Portfolio is driven by a rules-based process with quarterly rebalancing to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:55h in Defensive Equity by

SmartALPHA® Defensive Equity Strategy aims to outperform the market over a full market cycle. It is expected to strongly out-perform during periods of economic contraction through recession phases. The portfolio is managed to track an equal-weighted blend of the SmartALPHA® Defensive Growth and Value Indexes with the goal of further factor and style diversification. The indexes are constructed with a rules-based process with quarterly reconstitution and annual rebalancing to maintain the focused fundamental profile.

30 Jun

Posted at 13:54h in Small Cap by

Alpha Quant® Small Cap Value portfolio is a systematic strategy that invests in companies with strong cash flows, lower debt and high free cash flow yield. With the goal of avoiding value traps, the strategy excludes companies with high levels of short interest. The strategy is built bottom-up and diversified across sectors and industries.

The portfolio is managed with a fundamentally based, systematic process with portfolio adjustments and annual rebalancing to equal weight to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:52h in Small Cap by

Alpha Quant® Small Cap Quality portfolio is a multi-strategy, systematic portfolio that invests in companies based on profitability, low debt, and strong cash flows. Based on the underlying factors employed, this quality-oriented portfolio may tend to display value characteristics as well. The strategy is built bottom-up and diversified across sectors and industries.

The portfolio is managed with a fundamentally based, systematic process with portfolio adjustments and annual rebalancing to equal weight at the sub-strategy level to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:51h in Small Cap by

Alpha Quant® Small Cap portfolio is a multi-strategy portfolio that combines distinct systematic sub-strategies across small-capitalization quality and value investment styles. The portfolio is comprised of small-cap stocks selected based on profitability, valuation, low debt and strong cash flows. The strategy is built bottom-up and diversified across sectors and industries.

The portfolio is managed with a fundamentally based, systematic process with portfolio adjustments and annual rebalancing to equal weight to maintain the portfolio’s focused fundamental profile.

30 Jun

Posted at 13:50h in Large Cap by

Alpha Quant® Quality Equity is a high conviction, high quality portfolio consisting of 30 stocks that display sustainable profitability and growth fundamentals. The strategy aims to be focused in large-caps with the flexibility to hold mid-cap stocks.

The portfolio will typically display strong profitability in terms of return on invested capital as compared to the benchmark and peers.

The portfolio is managed with a fundamentally based, systematic process with quarterly portfolio adjustments to maintain the portfolio’s focused fundamental profile.