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Our Philosophy Our Philosophy
We remain anchored to our clients' long-term goals.

Our philosophy emphasizes relative as opposed to absolute valuation measures.
At D&G, we invest across a full range of equity, fixed income and alternative asset classes, domestically and globally, building diversified portfolios balancing risk and return. We maintain a policy of strategic and tactical asset allocation, combined with a focus on opportunistic rebalancing, which allows our portfolio managers to respond to market dynamics, while remaining anchored to clients' long-term goals. D&G managers also focus on risk and liquidity management for individual and institutional clients. Our approach is designed to mitigate undue downside risk and limit volatility.

Equity Investments
The core component of D&G's domestic equity portfolios is large capitalization, high-quality stocks with attractive relative value. D&G's equity investment philosophy is long-term in orientation and is grounded in the knowledge that investing in stocks selling at a discount to their long-term intrinsic value has historically provided superior returns with reduced risk. Our philosophy emphasizes relative as opposed to absolute valuation measures, recognizing that the economics and accounting practices of different industries cannot be analyzed by a single standard. Our philosophy recognizes that "value" is largely a function of the underlying company's profitability, and businesses with superior or improving economics (e.g. profit margins, returns on invested capital, market share) have a higher intrinsic value than businesses with less attractive economics. We complement our individualized domestic equity portfolios with exposure to small and medium capitalization stocks and a range of international equity asset classes through exchange traded and mutual funds with low costs.

Fixed Income Investments
The objectives for the fixed income portion of client portfolios are to provide current income and reduce portfolio risk. D&G's approach to investments with individual, domestic bonds is straightforward. The firm structures the core fixed income component of its balanced portfolios with investment grade bonds to minimize credit risk and a laddered approach to reduce interest rate risk. Where appropriate, D&G also invests in a broader range of fixed income asset classes, including mortgage-backed securities, preferred stock, high yield bonds, and international and emerging market debt through exchange traded and mutual funds with low costs.

Alternative Investments
For D&G clients with diversified portfolios across the full spectrum of asset classes, D&G also utilizes investments in real estate, pipeline companies, absolute return funds and commodities, through exchange traded and mutual funds with low costs.


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