Customized portfolios are comprised of both internal strategies and external specialist managers that uniquely address the goals and objectives of each client. The portfolio construction process is designed to mitigate client specific risks as well as exploit appropriate opportunities in order to produce the required risk adjusted return.

Our customized portfolios are built around the unique and specific needs of each individual client. Our process begins with a detailed understanding of the client’s financial statements which are viewed with the same fundamental analysis approach we would conduct on a company as a candidate for our equity portfolio. For example, for Endowments and Foundations, we look at Balance Sheet, Income Statement including spending policy, and Statement of Cash Flows. For individuals, we analyze Net Worth Statement, Income vs. estimated Expenses, and Cash Flows. This analysis establishes how much income and cash flow are needed to sustain the mission of the Endowment/Foundation, or lifestyle in the case of an individual. Next we draft a customized, written Investment Policy Statement (IPS) that addresses:

• Income and liquidity needs
• Risk Tolerance
• Return Expectation
• Time Horizon
• Tax, Legal or Unique constraints

From the written IPS, a longer term (5 to 10yr) strategic asset allocation is established demonstrating expected return from income, capital appreciation, and defining the level of risk required to generate needed return. A tactical asset allocation overlay is applied to the strategic allocation to adjust the allocation weighting according to our Chief Investment Officer and Diversified Portfolio Allocation Committee’s shorter term outlook. The team’s biases on risks to hedge against, as well as opportunities to capitalize upon, are established at regular meetings and recommendations are given from the committee to the Portfolio Managers assigned to accounts for implementation. Implementation of the portfolio is accomplished by determining what aspects of our firm’s economic outlook are addressed within our internal Equity and Fixed Income offerings and then supplementing those internal offerings using outside specialists managers and strategies to complete the portfolio.

Crawford’s Customized Portfolio Team is headed by Brandon Denihan. Mr. Denihan is in charge of analyzing specific managers that have passed a rigorous due diligence process. The Customized Portfolio team is also supplemented by the Diversified Portfolio Allocation Committee that helps set tactical asset allocation based on the firm’s economic outlook. In addition to Mr. Denihan, that committee is comprised of John Crawford, III our CIO, Milton Williams, III from our Equity Research Group, and Geoff Delong, CFA from our Fixed Income Group. By constructing the committee with members from each of our three areas of expertise, we ensure that each group’s best ideas populate our client portfolios.

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• Cost effective implementation utilizing Crawford’s internal products combined with outside managers
• Diversified Portfolios customized to each individual client
• Tactical shifts made within the confines of a longer term strategic asset allocation
• Every account has a written Investment Policy Statement (IPS)
• Relative value and economic outlook drive tactical shifts and rebalancing decisions