We believe it is a combination of five factors:
- The skill of the sub-advisors;
- A mandate that allows sub-advisor to run a concentrated sub-portfolio of their highest conviction ideas in order to bring distinctive strategies that are very different from a benchmark;
- The even greater flexibility we can provide in individual manager mandates through the diversification of a multi-manager approach;
- Litman Gregory’s responsibility for due diligence, monitoring and overall operations of the funds; and,
- The willingness of Litman Gregory to limit assets to levels that preserve the managers’ ability to own only their highest-conviction names.