Mullaney Keating & Wright

Independent Investment Professionals

Investment Philosophy:Investment Process

• Fundamental Principles
• Investment Process

Mullaney Keating & Wright creates value for clients by constructing portfolios of equity funds and fixed income securities or funds designed to achieve the client’s long term objectives within the client’s risk tolerance. Equity components of portfolios are broadly diversified by asset size class -- large, mid and small capitalization -- both domestic and foreign, and tilted toward value. Most equity funds are passively managed. Our approach is rigorously grounded in modern investment science and empirical evidence reflecting the following axioms:

• Asset Allocation is the most important investment decision.
• Over time (but not all the time) stocks return more than bonds.
• Over time (but not all the time) returns are greater the smaller the average market capitalization.
• Over time (but not all the time) value equities return more than growth equities in all size classes.
• Tactical Asset Allocation (aka Market Timing) is a forlorn conceit.
• Fixed income securities or funds are used to provide predictable cash flows and to reduce portfolio volatility.
• The great majority of actively managed funds and portfolios fail to return as much as a passively managed fund or portfolio of comparable asset class size (large, mid, small) and comparable style (growth, value, market).

MK&W focuses on knowing each client’s objectives and risk tolerance and feasible expected outcomes, pursuing the agreed strategic investment policy with discipline and dedication and communicating results on a regular basis.