The Dispatch

Manager Spotlight

Windward Capital Management Co.

Risk Averse Asset Management

The Windward management team of Robert Nichols, Ph.D., and Donald Bessler, CPA, have a combined 60 years of investment experience, and the firm’s strategies have 12+ years of GIPS-verified performance.

Windward Capital believes, and its record demonstrates, that active management adds value and a thematic investment approach combined with a disciplined, fundamental, bottom-up research process can help to generate superior risk-adjusted performance over time. It also believes that at any given time there are multiple economic themes driving the market, and Windward seeks to own high-quality companies benefiting from more than one of these economic themes.

Investment Process

Thematic investing involves the initial determination of several compelling cyclical and secular investment themes, gleaned from over 30 sources of economic data. After these themes are identified, Windward conducts rigorous individual company level financial analysis of those companies participating in these themes.

The portfolios display the following fundamental characteristics:

• Quality – Dominant companies with financial strength within their economic sector. These are leading companies with best-in-class managements, high incremental returns on invested capital, and business models with sustainable competitive advantages.
• Growth – Companies with predictable and sustainable above-average growth in revenue, earnings and free cash flow.
• Value – Companies that are undervalued on either an absolute or relative basis, compared to projections of future cash flow and earnings.

Strategies Available on the EQIS Platform

• Large Cap Growth – Capital Appreciation: A large cap growth portfolio focusing primarily on the growth characteristics of the companies within Windward’s economic and sector themes. The portfolios are constructed with the objectives of mitigating risk and experiencing less volatility than a traditional growth portfolio, while achieving superior results.
• Large Cap Blend/Core – Risk Averse Asset Management (RAAM): This strategy has an emphasis on risk containment and focuses on a combination of growth and less-volatile relative growth equities. The portfolios are expected to pay a higher level of dividend income than Windward’s pure growth portfolio.
• Equity Income - Moderate Income with the Potential for Moderate Growth: Dividend-paying equities, ETFs, master limited partnerships (MLPs) and fixed-income securities are used with differing asset allocations, depending on a number of economic factors. Equities, however, will normally be over-weighted in the portfolio.

If you would like to deploy these strategies using the EQIS platform, go to the respective client contact and from the Action drop-down menu in the upper right corner, select Change Asset Allocation.

This option is only available for clients who have provided you with trading authorization. If you do not have trading authorization, you can either submit a Limited Power of Attorney signed by the client or use the Client Directed Asset Allocation Form found on the Resources Tab and have the client sign it.

Your EQIS Business Consultant is available to help you implement these changes, or contact Advisor Services at support@EQIS.com or 800-949-9936 and press 2.

The representations and opinions herein are the opinions and views of Windward Capital Management Co. and are not the opinions or views of EQIS. The information is believed to be reliable but is not guaranteed by EQIS. EQIS and Windward Capital Management Co. are not affiliated. This is not an offer to buy or sell securities.

In This Issue:

• State of the Markets   |   Has US Inflation Peaked?
• Making it Easier to Do Business   |   Are You Mired in Paperwork?
• Manager Spotlight   |   Windward Capital Management Co.
• Your EQIS Team   |   Meet Brittney Zapor
• Best Practices   |   What Do You Believe?

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