St. James INVESTMENT ADVISORS. Professional Port folio Managers

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1 St. James INVESTMENT ADVISORS Professional Port folio Managers

2 St. James INVESTMENT ADVISORS T A B L E O F C O N T E N T S Welcome om a o le T e St. ames Di e e ce Investment Philosophy Po olio Mana ement St. James Services Our Story Our Mission

3 WELCOME to St. James INVESTMENT ADVISORS Thank you for your interest in St. James Investment Advisors. e are an independent, fee only, United States Securi es and E chan e ommission re istered investment advisory rm, providin customi ed por olio mana ement services to individuals and their nancial advisors. e founded the rm in order to meet the challen es faced y investors in an increasin ly comple market environment. Our investment approach lends a com ina on of fundamental analysis, discipline and pa ence to create e uity and alanced por olios ased on the me proven principles of value inves n. As thou h ul value investors, our sole focus as a rm is to mana e private investment accounts for individuals and their nancial advisors throu hout the United States. lease take the me to e amine the enclosed material hich provides ack round on our rm. Thank you. Sincerely, St. James Investment Advisors S t. J A M E S I N V E S T M E N T A D V I S O R S 1

4 COMPANY profile St. James Investment Advisors builds on the legacy of the St. James Investment Company, founded in 1999 by brothers rian Mark and Robert Mark to ini ally manage wealth for their family and friends in their hometown of St. James. ecause the St. James Investment Company con nues to focus on the success it has en oyed managing money for Ins tu ons, rian and Robert formed St. James Investment Advisors in order to return to their original vision of managing wealth for family, friends, individuals and their nancial advisors throughout the United States. Since our founding, St. James Investment Advisors has u li ed a disciplined fundamental approach to iden fy appropriate investments with the sole ob ec ve of delivering a rac ve returns with limited investment risk, over the long term. St. James Investment Advisors, C ( St. James ) is an independent investment advisory rm located in ort Je erson, New ork. St. James Investment Advisors was named a er the town of St. James, where the founding members rian Mark and Robert Mark grew up. The hamlet of St. James, New ork, was founded in 1853 and is located on the north shore of ong Island in Su olk County. St. James is now part of a much larger town called Smithtown. St. James was started with the goal of providing a pa ent, long-term value approach to inves ng based on a consistent process. St. James dis nguishes itself from other asset managers through its independence, discipline, and consistently applied investment philosophy. Our independence as a rm means that decisions are made exclusively for the bene t of our clients. Our discipline and solid record of performance support the expecta on that we can con nue to produce las ng value in a wide range of market environments. At the same me, we focus on personal rela onships and gain the trust of our clients. S t. J A M E S I N V E S T M E N T A D V I S O R S 2

5 THE St. JAMES Difference We are rofessional or olio Managers commi ed to Value Inves ng. We are based in the historic village of ort Je erson, New ork, far away from the fray of Wall Street which enables us to apply an ob ec ve, disciplined and pa ent long-term inves ng perspec ve. PEOPLE Independently owned. Our interests are aligned with our clients interests. We are focused on being diligent stewards of our investors assets. We have investors throughout the U.S. and are registered with the Securi es and Exchange Commission. PHILOSOPHY We are long-term value investors who buy high quality companies with solid growth poten al at bargain prices. Wall Street s short-term views do not sway our Main Street long-term goals. We conduct original research and are long-term value investors. PROCESS We conduct original research and pride ourselves on our distant loca on from Wall Street. We believe that preserva on of capital is as important as growth of capital. Tax e ciency - we have very low turnover in order to reduce capital gains distribu ons. PERFORMANCE We believe preserva on of capital is as important as growth of capital. We focus on absolute returns - not a benchmark. We have a long history as por olio managers spanning both prosperous and di cult economic mes. Contact us for updated performance numbers or visit S t. J A M E S I N V E S T M E N T A D V I S O R S 3

6 INVESTMENT philosophy Commi ed to Value Inves n Our remote loca on sets us apart from the emo ons and short-term views of Wall Street. This physical and psychological distance allows us to pa ently and thoroughly inspect and select each investment. Our goal is to maximi e long-term total return on capital. We also reali e that prudent investors want to minimi e risk and protect their assets. Therefore, we employ a value approach to inves ng. The philosophy that guides the management of our equity and balanced por olios is built on tradi onal principles. We maintain a long-term focus, conduct our own research and employ a rigorous price discipline. Our decision making process takes full advantage of individual insights within a partnership-oriented culture. These factors drive the achievement of the compe ve returns we seek for our clients and their por olios. Our small family of or olios is designed to o er a range of investment op ons for investors with di erent ob ec ves and temperaments. There are stocks por olios and balanced por olios. There are di erences in por olio si e, por olio concentra on, vola lity, and tax sensi vity. ut there are certain common threads which run through all of the or olios. We eat our own coo in. All of our investment professionals have a ma ority of their families liquid net worth invested in our por olios. Our Members and employees each have invested a signi cant por on of their wealth in our family of por olios. This does not guarantee that the or olios will go up, but it means that we win or lose together and that clients de nitely have our a en on. We are pa ent lon -term investors. When we analy e poten al equity investments, we think about the business behind the stock and try to buy shares at a large discount to the company s underlying business value. Ideally, the business value rises over me and the stock price follows. This o en allows us to hold the stock for many years, minimi ing transac on costs, taxes, and the need for new investment ideas. We try to stay within our circle o competence. nowing what you don t know is important in all aspects of life, but it is crucial in inves ng. We think our odds of investment success are much higher when we invest in securi es of companies we understand and, ideally, where we may have an edge over other investors. As a result,our por olios are not diversi ed among all the various sectors of the economy and thus may o en be out of step with the stock market. Ris s we worry a out permanent loss o capital not price vola lity. We believe in concentra ng our por olio in the most a rac ve investment ideas and this can cause short-term price vola lity of our por olios. S t. J A M E S I N V E S T M E N T A D V I S O R S 4

7 We think enchmar ris is part of investment life. Our rm s goal is to earn solid absolute investment returns over long periods of me without exposing our clients capital to undue risk. We do not think about any par cular index when we make investment decisions. We also believe that cash is some mes the most a rac ve investment. We know this approach causes headaches for some of our favorite consultants, but we think exibility and common sense will con nue to serve our clients well over the years. Lastly, we will discourage short-term speculators and with our investment partners as candidly as possible. S t. J A M E S I N V E S T M E N T A D V I S O R S 5

8 PORTFOLIO management SEPARATELY MANAGED PORTFOLIOS - Value is all that we do. At St. James, value isn t ust a style of inves ng, it s the only way of inves ng. All of our por olios employ the same value investment philosophy and process because we believe that it is the best way, over a long me period, to maximi e pro t poten al while reducing risk. Our style of inves ng is not necessarily complex but does require convic on, discipline, and pa ence. St. James manages structured por olios for individuals and their nancial advisors throughout the United States. CUSTOM ased on your long-term goals, we build your diversi ed por olio. Our independence as a rm means that decisions are made exclusively for the bene t of our clients. MONITOR We diligently oversee your por olio and make ad ustments based on current valua ons, performance targets and tax implica ons. PATIENCE a ence is vital to successful long-term inves ng. We make sure that we invest your capital prudently. We have experienced market environments when it has taken us the be er part of a year to fully structure a por olio. FEES Our ee Structure is Simple We charge an annual fee based on the assets we manage for you. There are no sales charges involved in inves ng with us and there are no penal es for withdrawing your capital. In short, our fee structure is simple and it es our fortunes to reasonable performance over me. S t. J A M E S I N V E S T M E N T A D V I S O R S 6

9 St. JAMES Services Here is some of what you can expect from us: PORTFOLIO MANAGEMENT ased upon your needs, a por olio manager will customi e, structure,monitor and review your por olio. PORTFOLIO REVIEW In addi on to communica ng with you regularly, we recommend regular mee ngs to review your por olio and ob ec ves. lives and do not have the me to follow the market and economy on a daily basis. In that light, we send all of our clients a uarterly e er summari ing our current market and economic views. Visit our website any me for the latest company news and other valuable content. QUARTERLY REPORTS Most individuals are used to receiving por olio statements from their brokerage account and or mutual fund that are di cult to understand. We have designed our reports to provide the detailed informa on our clients desire but in an easy to understand format. QUARTERLY ADVISOR LETTER At St. James we understand that our clients lead busy INDEPENDENT CUSTODIAN OF YOUR ASSETS now that your money is with a secure nancial ins tu on. We generally recommend that clients u li e well known nancial Ins tu ons to hold and safeguard their assets. These nancial ins tu ons provides important infrastructure services such as execu ng trades, providing direct online access to account informa on, preparing monthly brokerage statements for our clients and another layer of assurance that your account will be handled in your best interests. S t. J A M E S I N V E S T M E N T A D V I S O R S 7

10 OUR STORY St. James INVESTMENT ADVISORS Our story is a simple one. We founded our rm in order to help investors achieve their nancial ob ec ves by o ering personali ed por olio management services not by selling you investment products. St. James Investment Advisors is an independent, fee-only, United States Securi es and Exchange Commission Registered Investment Advisory irm, providing customi ed por olio management to individuals and their nancial advisors. Our investment approach blends a combina on of fundamental analysis, discipline and pa ence to create balanced por olios based on the meproven principles of value inves ng. We con nue to grow our prac ce primarily by referrals from our exis ng clients who have en oyed the bene ts of sound investment management and excellent customer service S t. J A M E S I N V E S T M E N T A D V I S O R S 8

11 OUR mission To provide long-term investment growth for our investors with a en on to personali ed service, meliness of informa on, and a commitment to quality fostered by a family of associates dedicated to excellence. S t. J A M E S I N V E S T M E N T A D V I S O R S 9

12 St. James INVESTMENT ADVISORS l (direct line)