INVESTMENTS – Parvin Asset Management

TRADITIONAL STRATEGIES. ALTERNATIVE STRATEGIES.

We manage portfolios using both traditional and alternative strategies,
each with an emphasis on capital preservation.

Traditional Strategy

A strategy where our selection approach is focused on “long-only” portfolios comprised solely of investment securities and cash.

Alternative Strategy

A strategy for a more risk-conscious investor that follows the same traditional equity selection process, but we hedge stock holdings with protective put options to limit downside risk and minimize return volatility—without using margin or leverage in the form of borrowed funds.

OUR TEAM

INVESTMENT MANAGEMENT STRATEGIES
(select portfolio name for detailed information)

TRADITIONAL STRATEGIES
(Long-only)

ALTERNATIVE STRATEGIES
(Hedged)

DOMESTIC

Select Equity

Select Equity High Income

Select Equity Solari Space ¹

Sector Focused High Income

Select Bonds

Hedged Equity

Hedged Equity Agape ²

Hedged Equity Commodity Income

INTERNATIONAL

Select Equity International

Hedged Equity International

Hedged Equity Emerging Markets

Hedged Equity Precious Metals ^{1, 3}

Hedged Equity Solari World ^{1, 2, 3}

¹ Solari Investment Screens provides screening and research for Select Equity Solari Space, Hedged Equity Solari World, and Hedged Equity Precious Metals.
² Investment screening.
³ At least half of the positions held in this portfolio is international.

Managing risk is a critical aspect of any investment process. The preservation of capital is an important goal at Parvin,
but there is no guarantee against loss since risk is inherent in every capital allocation decision.
All portfolios are held by independent custodians.

OVERVIEW

Since January 2001, Parvin (formerly SWAN Asset Management) has been offering its portfolio management strategies to address the investment requirements of the individuals and families we serve.

Our objective is to preserve capital and to provide higher risk-adjusted returns than the market. To accomplish this goal, we concentrate on the fundamental importance of value and profitability.

Equity portfolios are constructed with focused positions since we view too much diversification as lowering the opportunity for higher returns without reducing risk. As a result, we build portfolios with stocks that are typically spread among 20 equal-weighted positions. In general, we look for stock holdings that are usually characterized by:

high returns on capital;
steady earnings growth;
reasonable valuation;
substantial income, as appropriate; and
diversification across six, or more, economic sectors.

In our view, higher returns are earned by investing ahead of the market, not by following its trends. We believe investment success depends on:

disciplined analysis;
reasoned judgment of value;
confidence to buy at marked-down prices; and
patience to let profitable companies be recognized.

We work to incorporate this perspective across all portfolios managed at Parvin.

We concentrate our stock selection process on research and analysis in an attempt to find consistently profitable, well-managed businesses with meaningful competitive advantages, and to purchase these companies at prices below their intrinsic values. This approach usually results in relatively conservative portfolio positions.