Charlie Smith

Muhlenkamp & Co. generally invests in securities listed on the major security exchanges. The firm may also purchase securities of selected companies traded in the over-the-counter markets. They generally recommend a mix of mutual funds, index funds, ETFs, stocks, bonds and in some cases, alternative investments. Muhlenkamp & Co. will sell a stock or other investment when they believe the asset’s intrinsic value has been fully realized by the market, earnings disappoint, growth prospects dim due to changing market or economic conditions, the asset falls short of expectations, or they find a better investment. The firm may also sell (or recommend that the Client sells) an asset to facilitate asset allocation and diversification parameters.

BFA creates personalized portfolios involving Individual Equities, Individual Bonds and Mutual Funds. The firm’s core philosophy revolves around a style-neutral, sector-neutral, large-cap equity portfolio, with a history of out-performing benchmarks. They build high quality, diversified portfolios of fixed–income investments.

Fort Pitt is a US large-cap growth manager, investing primarily in the finance sector. They also invest in high grade bonds. The Fort Pitt Total Return Fund invests across market-caps with a median market-cap of $20 billion. Company value is measured by ROE and stock valuation is measured by p/e ratio. The Fund buys companies whose p/e ratios are close to ROE. The Fund holds about 50 positions and offers little foreign exposure.

Functions as a College/University

Fort Pitt utilizes internal research in their stock, fixed income and mutual fund selection process, and supplements their own research with the data and analysis of major US investment and brokerage firms. The firm attempts to identify products that are positioned to generate long-term total returns equal to or greater than market averages, in line with clients’ risk parameters and long-term financial goals. Fort Pitt may sell a position when they believe the intrinsic value is fully realized, when growth prospects falter due to changing market or economic conditions, or when earnings fail to meet expectations.