Investment Philosophy   Utilizing an astute blend of teamwork, customization and fundamental analysis, Greenleaf Trust has developed a personalized approach to portfolio management that is as unique as it is effective. Our investment policy is the underlying framework that guides our disciplines and processes. We strengthen performance and manage risk by using a disciplined investment selection process that emphasizes diversification and asset allocation. We concentrate on companies with financial consistency, strong cash flow and earnings, appropriate valuations and strong, time-proven management teams and outstanding growth strategies—companies that are leaders in their particular market, product or service. Focusing on these strengths helps us see beyond short-term market inefficiencies while avoiding long-term disappointments.

Your Portfolio   Our goal is to construct a fully diversified portfolio, integrating your current investments (when prudent) with those on our focus list, always taking into consideration the tax ramifications of restructuring your account(s). As our new client, you can be sure that we'll take great care to avoid an immediate and complete "fire sale" of your existing portfolio. We believe a portfolio should have a diversity of asset classes across various economic sectors. A proper balance of large, mid and small cap equities, allocated appropriately with cash and fixed income investments, will benefit and protect your assets across a broad spectrum of economic conditions. Applying a focused investment approach, we'll make changes to your portfolio only after weighing all available information, including the investment's performance prospects and market conditions. This disciplined approach not only helps us make intelligent, informed decisions based upon your needs, it allows us to implement necessary changes without exposing your assets to an unacceptable level of risk.

Independent Research   We place great emphasis on impartial investment research and analysis. By conducting our own exhaustive in-house research, Greenleaf Trust is able to avoid conflicts of interest and questionable promotions, like "stock of the week," or "idea of the month." In order to select the best combination of investments for each portfolio, we meticulously examine thousands of individual stocks and mutual funds, as well as individual fixed income securities from various perspectives, taking into account historic trends and performance within industry segments.

Buy & Sell Disciplines   Stocks or mutual funds are included on our focus list only after analysts convince the entire research team that they are worthy of a position in client portfolios. When evaluating a specific equity investment, we use a top-down approach that begins with an analysis of current economic and market conditions. If the outlook is positive, we move on to determine if industry trends are favorable. Finally, we consider the relative strength of the individual company by applying our stringent, 12-point research test. Should the security fall short, we will not recommend it. Once a stock is selected, further analysis helps us determine when it should be introduced into individual portfolios. Mutual funds undergo the same rigorous, ongoing testing as stocks. We consider only no-load funds, thoroughly assessing their fund managers, track records and investment strategies. And because we accept no fund rebates or incentives, our recommendations will always be in your best interest.

     We consider several factors before determining if or when to sell. A fundamental change in the dynamics of a company or fund can be an important signal. Or we may initiate sales within a sector if the market or economic cycle disfavors that particular economic sector. In instances where an investment's profits have risen to the point of imbalancing a portfolio, position weights may be reduced to minimize risk.