Boyar Institutional
Investor Solutions
Separately Managed Account Strategies
Boyar’s All Cap Strategy
Invests in U.S. based companies of any size that we believe are trading well below our estimate of intrinsic value and have a clear catalyst for capital appreciation.
Boyar’s High Quality Equity Dividend Strategy
Invests in intrinsically undervalued companies that pay attractive dividends, have low payout ratios, with the capacity to significantly grow their dividends over time.
The Boyar Asset Management Investment Approach
“It’s not what you make-it’s what you keep after taxes that counts.”
-Jonathan Boyar
We are opportunistic investors, seeking companies that are both undervalued and have catalysts we believe could drive their stock price higher within a reasonable period of time.
Before purchasing, we estimate a company’s intrinsic value and establish our sell discipline. If the stock exceeds our valuation and nothing material has changed, we sell the position. However, tax considerations (when applicable) play a critical role in our decision-making.
We continuously review our portfolios and evaluate new opportunities with a long-term perspective. When attractive ideas are scarce, we’re comfortable holding cash—and we often use market turbulence as an opportunity to initiate or increase positions.
Learn more about our stock selection methods
Portfolio Management &
Idea Generation Process
All of our investment decisions are informed by proprietary research from our affiliated research service, Boyar's Intrinsic Value Research.
We do not rely on "model portfolios" nor do we add a security to a client's account simply because it appears in other portfolios at the firm. Each portfolio is built around the client's individual circumstances and goals.
Because of this tailored approach, an account we have managed for a year may hold a completely different mix of stocks than one we begin managing tomorrow.
The Boyar Research Team is in Continuous Discovery Mode
We generate investment ideas using proprietary methods honed over
50 years.
For taxable accounts, we always consider the tax consequences of a sale before selling a security.
We are not afraid to hold high cash positions at times when we see a lack of compelling investment opportunities.
ELIMINATE
Investment opportunity does not meet our criteria due to quantitative and/or qualitative factors, such as a limited margin of safety or too much leverage.
We are not afraid to hold high cash positions at times when we see a lack of compelling investment opportunities.
PROCEED
Implement fundamental and qualitative analysis of potential new ideas. Our analysis includes the following factors:
- A company's competative position
- An in-depth evaluation of the company's financial statements
- Recent precedent industry transactions
- A company's capital allocation history.
- Potential catalysts for capital appreciation
The analyst team determines a company's intrinsic value and presents the findings to the portfolio manager.
ELIMINATE
The portfolio manager determines a large enough margin of safety does not exist or there are other reasons for not including a particular company within client portfolios.
We add it to a future watch list.
PROCEED
The portfolio manager determines that the risk-reward is sufficiently large enough to give our clients an adequate margin of safety and warrants purchase for certain accounts.
As part of our individualized process, the portfolio manager reviews each client's portfolio and determines whether a particular stock is suitable for each client's account based on risk tolerance, cash position, and current sector weightings.
Boyar's Philosophy Vs. Modern Portfolio Theory
We don't subscribe to Modern Portfolio Theory. We don't believe markets are fully efficient or that investors always act rationally. As a result, we avoid relying on factors we consider unnecessary, like beta or complex risk formulas, when building portfolios.
To us, the best way to lower risk is simple: buy an asset at a price well below its intrinsic or private market value.
The Number of Companies in a Portfolio
We have far more conviction in our top ten investment ideas than in our 60th best idea. That's why we build concentrated portfolios, with a large percentage allocated to our highest-conviction holdings. While this approach may not track the major indices in the short term, we believe it offers the potential for superior results over time.
Tax Efficiency
We are highly tax-sensitive for taxable accounts-after all, it's not what you make, it's what you keep. Taxes can be one of the biggest expenses an investor faces.
Sector Weighting
If our clients wanted to mirror the major indices, they could buy an index fund. We're paid to act on our best ideas so our sector weightings often look very different from the benchmarks. That said, we continually monitor each portfolio to ensure no single company or sector has what we believe is excessive exposure.