As a manager of managers, CBIS hires institutional investment management firms to manage our institutional funds and separately managed portfolios. Our overall approach to hiring and managing our managers is guided by our investment philosophy. We believe that investment in high quality securities best captures the performance of a targeted asset class, and best achieves our clients’ long-term investment objectives. We do not attempt to chase the periodic speculative surges of low quality securities, where performance reversals are generally swift and severe. Over the longer term, investors often give back more than they gain, and end up reducing, not augmenting, their long-term returns. In our actively managed funds, we emphasize low turnover and bottom-up security selection driven by fundamental research. 

We typically combine two or more managers in our funds in order to reduce the volatility of manager value added over the benchmark, and we evaluate fund and manager performance over an entire market cycle (generally 3 to 5 years). We believe in hiring good managers and giving them the time to apply their investment process to produce our desired results.