KOVITZ INVESTMENT GROUP ANNOUNCES INTRINSIC VALUES
At Kovitz Investment Group®, we believe that Intrinsic Values is central to everything we do. Intrinsic Values encompasses our investment philosophy as well as our core beliefs on how we conduct business. From an investment perspective, it drives our entire philosophy. We focus our analysis on uncovering companies selling at a significant discount to our estimate of underlying intrinsic (or private business) value. From a cultural perspective, Intrinsic Values embraces not only how we treat our clients, but how we behave toward each other. We remain committed to our principles on how to treat people, manage money and advise on wealth, irrespective of how it may be viewed by others or how different our advice may be from the consensus.
We feel so strongly about this belief that we have changed our firm's tagline. Intrinsic Values perfectly describes our philosophy, values and steadfast commitment to our clients.
"Buying at a discount from intrinsic value and waiting for the asset’s price to move towards that value doesn't require serendipity; it just requires sound reasoning, patience and a mindset that over time value exerts a magnetic pull on price."
Our Philosophy
Our competitive advantage in management of equity securities results from the disciplined application of our equity selection philosophy which is based on adopting a business owner mentality while adhering to a "Margin of Safety" principle. This methodology is applied consistently regardless of short-term market events.
While success in equity investing may be defined by our ability to generate long-term net worth, success in fixed income investing may be measured by how well we preserve each client's net worth. We believe our competitive advantage in the management of fixed income portfolios is our diligent execution process, which enables us to capture excess yield without accepting excess risk.
Top Holdings
| Company | % of Portfolio |
| Berkshire Hathaway | 6.2% |
| Wells Fargo & Company | 5.0% |
| Walgreen Company | 4.1% |
| Target Corp | 3.9% |
| Wal*Mart | 3.8% |
| CVS Caremark | 3.7% |
| Lowes | 3.7% |
| Bed Bath & Beyond | 3.6% |
| Apple Inc. | 3.5% |
| Bank of New York Mellon | 3.4% |
Historical Performance
3/31/13
| KIG | S&P 500 | |
| YTD | 10.7% | 10.6% |
| 1 Year | 16.2% | 14.0% |
| 3 Year | 12.5% | 12.7% |
| 5 Year | 8.7% | 5.8% |
| 10 Year | 9.7% | 8.5% |
| Since Incep. (1/1/97) | 10.8% | 6.6% |
3/31/13
| KIG | S&P 500 | |
| YTD | 10.7% | 10.6% |
| 1 Year | 16.2% | 14.0% |
| 3 Year | 42.4% | 43.0% |
| 5 Year | 52.0% | 32.7% |
| 10 Year | 153.4% | 126.7% |
| Since Incep.(1/1/97) | 426.5% | 184.4% |
View our most recent Fact Sheet.
