Investment management
We build your portfolio around your goals, then manage the costs, taxes and decisions that come with it. Every account is part of the picture.
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Investing with intention
Portfolio components
We pair low-cost index funds that hold the market at its own weights with added exposure to smaller, lower-priced and more profitable companies. Select a component to explore the markets it covers and its role.
Components of a diversified portfolio.Hover to explore. Select to keep reading.
U.S. stocks
U.S. large companies
Hundreds of large U.S. companies across industries, held in proportion to their market value through a low-cost index fund.
U.S. large value
Larger U.S. businesses trading at lower prices relative to their fundamentals.
U.S. mid value
Midsize U.S. businesses trading at lower prices relative to their fundamentals.
U.S. small companies
A broad mix of smaller U.S. businesses across industries, held through a low-cost index fund.
U.S. small value
Smaller U.S. businesses with a value focus, trading at lower prices relative to their fundamentals.
International stocks
International large companies
Mostly larger companies in developed markets such as Japan, the U.K. and Canada, held in proportion to their market value through a low-cost index fund.
International large value
Larger companies in developed markets abroad trading at lower prices relative to their fundamentals.
International small companies
A broad mix of smaller companies in developed markets outside the U.S.
International small value
Smaller companies in developed markets abroad with a value focus, trading at lower prices relative to their fundamentals.
Emerging-market stocks
Emerging-market core
Broad exposure to emerging markets such as Taiwan, India and Brazil, across a range of company sizes.
Emerging-market value
A value-focused complement to emerging-market core, emphasizing lower-priced companies relative to their fundamentals.
Bonds
Short Treasuries
Short-term U.S. Treasury bonds, with less sensitivity to interest rates than longer-term Treasuries.
Intermediate Treasuries
U.S. Treasury bonds with intermediate maturities, providing income with more interest-rate sensitivity than short-term Treasuries.
Short inflation protection
Short-term U.S. Treasury bonds whose principal adjusts with inflation; their market prices can still move.
Broad inflation protection
U.S. Treasury bonds across a range of maturities whose principal adjusts with inflation; longer maturities make their prices more sensitive to changes in real interest rates.
Real estate
Global real estate
Shares in real estate companies worldwide, spanning data centers, cell towers, warehouses, healthcare facilities, housing and more.
An illustration of portfolio components, not an allocation or recommendation. Segment sizes are not weights. The mix varies by plan; diversification does not prevent losses.
How we manage your investments
Design your whole portfolio
We start with your goals, cash needs and all your accounts, including employer plans. From there, we set a globally diversified allocation and document the approach in a written investment policy.
Consider costs and taxes together
Fund expenses, account placement and existing gains all affect implementation. We evaluate holdings across taxable, tax-deferred and Roth accounts, with attention to withdrawals, concentrated stock and your household’s after-tax risk.
Keep the plan on track
We monitor allocation drift and evaluate rebalancing with its tax consequences in view. Tax-loss harvesting, cash needs and changes in your other accounts are considered alongside the written investment policy.
Common questions
Do you try to beat the market?
No, and we would be skeptical of anyone who promises to. The goal is to pursue broad market exposure at a reasonable cost, then add value where it is controllable: taxes, costs, allocation, rebalancing discipline, and behavior.
What happens when the market falls?
We follow the policy we agreed on in advance, which usually means rebalancing into weakness and harvesting losses rather than reacting. Knowing what we will do beforehand is most of the reason it gets done.
Where are my assets actually held?
In accounts in your own name at an independent third-party custodian, a FINRA and SIPC member. We never hold your money, and we receive nothing from the custodian.
How is the portfolio actually built?
There is a large body of research on what has actually driven long-term returns, and a much larger industry built on the premise that someone can reliably forecast next year. We build portfolios on the first and ignore the second.
In practice that means broad global diversification rather than concentrated bets on a country or a sector, deliberate exposure to the characteristics that research has associated with higher expected returns over long periods, and relentless attention to cost, because expense ratios and trading costs are among the very few variables in investing that are known in advance and fully within your control.
Discipline matters when markets become uncomfortable. A written investment policy records the intended allocation, risk limits and reasons for the approach in advance, giving us a reference point when conditions change.
How do you plan across all of my accounts at once?
Portfolio construction is the starting point. Ongoing implementation considers costs, taxes and the practical needs of the household.
Asset location considers which holdings belong in taxable, tax-deferred and Roth accounts. We weigh potential tax benefits alongside withdrawal needs, existing gains, account restrictions and after-tax risk. No account-placement rule is right for every household.
Rebalancing is monitored against drift thresholds rather than the calendar, so trades happen when the portfolio has actually moved, and are executed with the tax consequences in view.
Tax-loss harvesting runs opportunistically rather than in a December scramble, with wash-sale rules tracked across every account in the household, including accounts we do not manage, because the rule applies at the taxpayer level and not the account level.
Concentrated positions get their own plan. A single stock that has grown into a dominant share of your net worth is a risk problem and a tax problem simultaneously, and solving only one of them is how people end up either badly undiversified or paying an unnecessary tax bill. That usually means a staged, multi-year diversification schedule coordinated with the rest of the tax plan.
Your held-away accounts are included in all of this. A 401(k) we do not custody is still part of your allocation, and advising on it is part of the job.
Where a taxable account is large enough to justify it, we evaluate direct indexing, and we will review any alternative investment or values screen you bring us on the merits.
What exactly is included?
- Globally diversified, evidence-based portfolio construction
- Asset location across account types for tax efficiency
- Systematic rebalancing with drift monitoring
- Ongoing tax-loss harvesting
- Concentrated stock position strategy
- Guidance on 401(k) and held-away accounts
- Cash management and treasury strategy
- Fund screening for cost and quality
- A written investment policy statement
- Direct indexing and custom tax-managed portfolios
- Legacy holdings transition with embedded gain management
- Alternative investment due diligence
- Values-aligned investment screening on request
- Consolidated performance reporting and benchmarking