Private Client Group

Separately Managed Account Solutions

Boyar’s All Cap Strategy

This strategy invests in companies that we believe are selling significantly below our estimate of intrinsic or private market value regardless of a company’s market capitalization.¹

Boyar’s High Quality Equity Dividend Strategy

Today’s low interest rates are highly problematic for savers. Investors have sought strategies to address how they can attain adequate yield and keep pace with inflation while minimizing risk. To meet these challenges, Boyar Asset Management offers clients a customized portfolio consisting of what we refer to as “bond-like equities.” These are stocks that we believe are intrinsically undervalued, pay generous dividends, have low payout ratios relative to their earnings, and have the capability of significantly increasing their dividends over time.

By purchasing shares in high-quality dividend-paying companies instead of investing in certain fixed income instruments, our clients can potentially capture a generous dividend yield with an opportunity for substantial capital appreciation.²

Boyar’s Micro-Cap Equity Strategy

We believe that some of the best potential investments can be found among the smallest publicly traded companies. In fact, Boyar’s Intrinsic Value Research, an affiliated entity of Boyar Asset Management, launched a research service in 2010 designed to uncover intrinsically undervalued micro-cap companies. Because Wall Street largely ignores such micro-cap stocks, we’re able to provide our clients with a well-researched approach for this overlooked segment of the market.³

To receive more information on becoming a Boyar Asset Management client, please click here.

¹ Investing in the stock market involves risk, including the possible loss of principal.

² Dividend payments are not guaranteed to occur. Investing in the stock market involves risk, including the possible loss of principal.

³ Investing in micro-cap companies is more risky and more volatile than investing in large companies. Investing in the stock market involves risk, including the possible loss of principal.

The Boyar Asset Management Investment Approach

While Boyar Asset Management takes contrarian stands and purchases equities when they are out of favor, we consider ourselves opportunistic investors rather than traditional value investors. We look for catalysts that could make a company’s stock price ascend in value within a reasonable period.

Because we estimate the intrinsic value of every company prior to it entering a portfolio, our sell decision is made the same day as our stock purchase. When a stock rises above our estimate of intrinsic value, we reexamine all assumptions. If nothing material has changed, we sell the security.

We constantly examine our portfolios, along with new market opportunities. Our horizon is long-term, and we are willing to hold a high cash position when we cannot find intriguing investments. So, we often use market turbulence to initiate or increase positions.

Learn more about our stock selection method.

Portfolio Management Process/Idea Generation Process

All investment decisions are based on internally generated research from our affiliated research service, Boyar’s Intrinsic Value Research.

We view portfolio management as a dynamic process and take a personalized approach to constructing and managing client portfolios. Boyar Asset Management does not believe in “model portfolios,” or adding a security to new accounts just because it exists in other portfolios at our firm. A client’s portfolio is based on individual circumstances and goals. Because of this approach, an account that we have managed for one year or longer could conceivably hold a completely different portfolio of stocks than one we begin managing tomorrow.

Portfolio Management Process/Idea Generation Process

Portfolio Construction

Modern Portfolio Theory

At Boyar Asset Management we do not subscribe to Modern Portfolio Theory. We do not believe investors are rational, nor do we believe the market is efficient. We therefore do not take into account factors we deem useless and unnecessarily complicated such as beta and mathematical formulas that supposedly help mitigate risk when constructing a client portfolio. To us, the best way to lower risk is by buying an asset at a cheap enough price relative to its intrinsic or private market value.

The Number of Companies in a Portfolio

We have significantly more confidence in our top 10 investment ideas than we have in our 60th best investment idea. Therefore we are strong believers in a concentrated portfolio, with a large percentage of the portfolio consisting of our top ten investment ideas. Our performance may not correlate well to the major indices, but over time our approach we believe will lead to superior investment results.

Sector Weighting

If our clients wanted to mimic the major indices, they could invest in an index fund. Boyar Asset Management is paid to act on our best ideas. Many times this leaves our portfolios looking very different in terms of sector weightings than the major indices. We do, however, constantly monitor each portfolio to make sure it does not contain what we believe to be too much exposure to one company or market sector.