Page 9 - Marshall Financial
P. 9
Reduce Embedded Expenses
• We pay close attention to portfolio cost structure.
• In the absence of a view, our portfolios start with a core allocation to low cost vehicles. This enables us to control
expenses and taxes, and easily express portfolio tilts when we identify specific opportunities within asset classes.
• In our extensive research and real-world experience, we have found active management has a higher probability
of outperformance in fixed income, commodities, and other inefficient asset classes.
• This nuance is fluid, and can change should the appropriate conditions materialize.
• The result is a more dynamic implementation array with the most efficient use of security type for each client
across asset classes.
