Regina Anne Pattalino

Haverford Trust’s active investment strategy is referred to as Haverford Quality Investing. This approach is designed to maximize returns while minimizing risk throughout the entire market cycle. The firm systematically allocates investments across a range of qualifying securities in a variety of growing industries. The turnover in their portfolios (sale and purchase of assets) at 15-25% is low by industry standards.

Functions as a College/University

HFS applies a unified, disciplined investment approach that is consistent over time. The firm’s investment strategy emphasizes quality, risk control, consistency and discipline. Security selection is based on a bottom-up value approach.

Allegiance Capital's approach is to develop an investment strategy customized to each client's unique needs. Their process is a global, top-down, trend-following approach. Portfolios are positioned to take advantage of price and momentum trends in the bond market. The target duration for a portfolio is based upon the client's liability structure and general risk tolerance. The decision of where the portfolio duration will lie within the appropriate spectrum is determined by the firm's proprietary model. The model uses technical analysis to predict future price action based upon historical price trends and momentum. Given a specific duration target, a portfolio's maturity structure can alternatively be biased towards one which is laddered, bulleted or barbelled. These portfolio structures are utilized to take advantage of flattening or steepening. Typically, portfolios are constructed with a well-diversified maturity structure to provide flexibility to reposition the portfolio should portfolio sales be subject to severe loss constraints. Yield curve positioning is determined by applying technical analysis utilizing the firm's proprietary model. Portfolios are over- or under-weighted in certain market sectors based upon their incremental yield advantage, expected return and the associated additional risks assumed. Value judgments are made relative to whether incremental yield spreads will tighten or widen from their current levels (in the context of their historical relationships). Portfolio decisions are based upon whether the current deviations from the historical norms are perceived to be due to short-term factors, such as, temporary supply/demand imbalances, or more fundamental long-term changes. Individual security selection principally involves assessing the credit worthiness of the issuer, the structure of the security, and any imbedded options or sinking fund provisions contained in the security. Value judgments are made as to the proper compensation in incremental yield that is appropriate for accepting these risks. These judgments are made utilizing quantitative tools. Individual securities are also selected based upon their aid in achieving the portfolio's other objectives such as, total return, asset/liability matching, issuer diversification and quality constraints.