Christian George Ledoux

Provides investment advice

Investment bank

Spinner makes equity investments in smaller capitalization, information technology companies, both long and short, in the US and around the world. The firm utilizes a variety of hedging techniques to reduce overall portfolio volatility and minimize downside risk. Hedging techniques include short-selling, buying/selling options and maintaining cash balances. Up to 40% of the portfolio is invested in companies located outside the US. They may also invest up to 10% of their gross assets in private placements. Spinner employs a fundamental, bottom-up investment approach to identify companies that are positioned for high growth and profitability. They conduct primary investment research to identify themes and trends through their extensive network of industry and venture capital contacts and by attending industry trade shows, performing company visits, meeting with management teams and attending investor conferences. Spinner may also contact various vendors and suppliers of existing and potential portfolio companies to assist in understanding a company's business prospects. Rigorous financial and technical analysis is then used to identify target entry and exit prices for each position. Spinner invests in a broad range of information technology industries including computer hardware, computer software, consumer electronics, defense electronics, wireless technology, semiconductors, semiconductor capital equipment, and select areas of telecommunications.

Hoover Investment Management Co. is a growth manager that invests in companies with the potential for future growth in earnings, the ability to compete in their industries, clearly defined business focus and strong financial health. They seek to identify out-of-favor and undiscovered companies and industries that are selling at low relative valuations. The firm's investment process focuses on specific companies but also considers the overall economic environment and specific industry sector developments. Hoover Investment Management Co. generally sells a security if the sub-advisor's price target is met, the security becomes overvalued in the opinion of the sub-advisor, the company's fundamentals change or if better investment opportunities are identified. The firm tends to invest in the stocks of small-cap and mid-cap US companies in the finance, electronic technology and retail sectors

South Texas Money Management (STMM) employs a disciplined equity investment process supported by quantitative tools for stock selection, portfolio construction and portfolio risk control, as well as fundamental research. For fixed income portfolios, the firm uses a disciplined bond selection process utilizing credit ratings reports and other fundamental credit research prepared by third-party independent research providers. STMM also utilizes macroeconomic research performed both internally and by third parties. The firm's Core Equity strategy includes two distinct styles: value and growth. The purpose of this style diversification is to participate in all market trends, whether driven by value or growth. STMM seeks to ensure that client portfolios have four levels of diversification: value and growth, sector and industry, size of companies (capitalization), and individual stocks. STMM uses a Value Screen to identify stocks that are trading at a low price-to-cash flow multiple, but have stabilized the business weakness that led to the low valuation. They also consider these stocks’ relative p/e to the S&P 500; balance sheet quality; and margins and cash flow, which must not be deteriorating. The firm's Growth Screen is designed to identify stocks with accelerating earnings and revenue growth rates. Equity investments generally may include stocks, REITs, publicly traded limited partnerships/trusts, ETFs, IPOs, mutual or common funds, and ADRs. If fixed income investments are appropriate, STMM uses issuers, rated A or better, with an emphasis on diversification. Maturity management is based on the current shape of the yield curve and the past 12-month trends in the yield curve. STMM's Tax Exempt Fixed-Income portfolios are diversified across various issuer types, for example, general obligation, revenue, city, county, school district, etc. Fixed income portfolios generally have an average credit quality of AA or better. Insured municipal bonds also have an underlying issuer rating of A or better. Maturities are limited to a maximum of 15 years. Fixed income portfolio duration is typically within +/- 25% of the duration of the Barclays 1- to 10-year Municipal Blend Index. Tax-Exempt portfolios are typically “buy and hold,” with the total return strategies employed only when market conditions warrant substantial strategy shifts.

Functions as a College/University

CAPTRUST determines an appropriate asset allocation for each client based on that client's unique risk profile and investment objectives. The firm utilizes both a risk-based and outcomes-based approach to asset allocation. They allocate client portfolios in the following asset classes: US Equities, International Equities, Fixed Income, Alternative Investments, Commodities and Real Estate.