 About
Background
White Pine Capital’s portfolio management team offers over 90 years of
investment experience and a staff focused on providing outstanding client
service. Our number one goal is to offer products and services that help our
clients achieve their investment goals.
We have a long history of managing balanced, all equity and all fixed income
oriented accounts. Successfully investing our client's assets is built upon a
disciplined and repeatable process, which has been in place since we opened the
office in 1984.
Equities
White Pine Capital's equity investment process focuses on a broad range of
market capitalization growth companies trading at reasonable valuations. Our
basic philosophy is that companies growing faster than average increase the
probability of real wealth creation over the long term. In addition to larger
capitalization companies, we also invest in medium and well seasoned smaller
size companies that are small enough to grow faster than their industry and the
economy, yet strong enough to overcome a corporate mistake or industry problem.
To avoid "overpaying" for growth, we also use strong valuation disciplines in
our analysis thereby capturing the full effects of superior earnings growth in
stock price appreciation. We manage diversified portfolios, with representation
in major industry groups such as Basic Materials, Consumer Discretion, Consumer
Staples, Industrials, Energy, and Technology.
Fixed Income
Our fixed income philosophy is to maximize total returns, yet at the same time,
protecting the principal value of the portfolio. It is built upon risk averse
approach focusing on high quality investment grade issues offering good
liquidity, coupled with careful attention to interest rate sensitivity, call
features, and turnover to minimize transaction costs. Typical portfolios
consist of treasury securities as well as investment grade corporate and
mortgage securities when yield spreads are sufficient to offset the credit
and reinvestment risk of the respective issues. We do not invest in derivative
or high yield securities.
Asset Allocation
For balanced portfolios, asset allocation shifts are based primarily upon the
risk premium differentials between stocks and bonds. Combining these with our
outlook for interest rates, inflation, and economic growth, we make shifts
between the two asset classes. We consider ourselves asset adjusters as opposed
to heavy asset allocators. In other words, we make gradual shifts rather than
making significant shifts in the overall structure of the portfolio. Over time,
tactical asset allocation shifts provide another tool to improve overall
portfolio returns versus a predetermined asset ratio of stocks and bonds.
White Pine Capital. Helping Institutions and Individuals
achieve their investment goals.
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