in September 1998
Individually Managed Accounts
Equity and Balanced Portfolios
$242 million (9/30/17)
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JAM's Top Holdings as of 9/30/17
Asset Management, LLC ("JAM") is registered as an investment adviser
with the Securities and Exchange Commission. The firm offers asset
management services to both individual and institutional investors. JAM
utilizes a "value" style of investing consistent with the classic value
principles developed by Graham & Dodd in 1934. JAM
analyzes the company's financial strength and considers the possibility
of "downside risk" before evaluating a company's "upside potential."
JAM believes that categorizing investments according to market
capitalization or the variability of earnings (growth versus cyclical)
limits performance. JAM believes that values can occur in different
types of companies and we focus our research on valuation parameters
rather than hypothetical market capitalization categories. Portfolios
will tend to be comprised of approximately 30-35 holdings, across
various industries, sectors and market capitalization ranges. Under a
value approach, portfolio companies will typically have low
price/earnings, price/sales, or price/book value ratios.
JAM believes that buying common stocks is no different than
buying a piece of a business, and the price paid for that security or
business in an integral part of the investment decision making process.
JAM seeks to buy companies that are priced at a significant discount to
their intrinsic value, with the expectation that over a reasonable time
period the discount will narrow or disappear. Investments are made with
the concept of a "margin of safety," which we believe lessens the chance
of loss of capital.
Frank G. Jolley, who
serves as President and Chief Investment Officer, was formerly the Chief
Investment Officer of Centura Bank's Investment Management Group. Mr.
Jolley had direct oversight responsibility for approximately $1.2
billion in total assets.