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The Washington Crossing Advisors Stifel VICTORY
Portfolio invests primarily in equity securities of
domestic companies deemed growing, profitable, and well
capitalized. A proprietary screening and evaluation
process attempts to identify companies with positive
after-tax free cash flow, high rates of return on
capital, improving revenue growth, and margin expansion.
The portfolio is a long-only, non-leveraged strategy
that uses cash to help hedge against market and
company-specific risk. The Washington Crossing Advisors
Stifel VICTORY Portfolio uses this strategy to invest
separately managed accounts. Your financial advisor can help you determine
which portfolio is right for you.
Our process is based
upon sound principles of portfolio management.
Washington Crossing’s investment process seeks to buy
high-quality businesses at attractive prices, regardless
of size, industry, or style.
Identify Washington Crossing Universe From
approximately 6,000 publicly traded U.S. companies, we
seek quality investments that meet a highly critical set
of fundamental requirements. These requirements include
a history of profitability, balance sheet integrity, and
the ability to sustain ample cash flow.
Analyze Fundamentals
Each company is then carefully reviewed to assess the
economic value of the business relative to the current
market value. Well-established valuation models based on
cash flow, profitability, and growth are the foundation
of our approach. These models have been developed to
help identify those companies that are growing,
profitable, well-capitalized, and attractively priced as
candidates for purchase. Five Guiding Principles
• Growing companies should be capable of generating a
return on capital that compensates us for assuming risk.
• Profitable companies should be able to produce a
dependable stream of “free” cash flow net of taxes and
capital expenditures.
• Well capitalized companies should possess
sufficient cash to meet near-term obligations while also
maintaining a modest amount of debt.
• Attractively priced companies should trade at a
significant discount to our estimate of intrinsic value
under a set of conservative assumptions. In so doing, we
hope to establish a “margin of safety” that helps us to
avoid unnecessary risk without sacrificing return.
• Our process should remain quantitative and always
consider both a good and bad case scenario when
establishing buy and sell targets for any investment. Please see our
important disclosures
concerning VICTORY. | 
