Cash & Cash Equivalents
Dry Powder
- Highly rated, short-term debt securities that yield recurring interest and provide immediate access to capital
- Serves as a stabilizer during uncertain conditions and as dry powder when bargains appear
FunctionProvides flexibility and ensures liquidity for capital deployment
Diversified Portfolio
Broader stability
- Publicly traded securities diversified across sectors, geographies, and investment factors
- Systematic beta exposure, market cap–weighted benchmark returns, risk-adjusted outcomes
FunctionBroad diversification that stabilizes returns while preserving capital
Concentrated Portfolio
Individual ownership
- Meaningful interests in a handful of high-quality companies; long-term ownership of businesses with exceptional compounding
- Designed to drive expected asymmetric returns while maintaining discipline capital allocation
FunctionPotentially superior long-term expected returns than the overall market
Core Private Assets
cash-flow assets
- Non-marketable assets that generate reliable cash flow and appreciation over time
- Broadens the capital base by balancing liquid securities with long-term private holdings.
FunctionRecurring operating cash flow to be redeployed into securities portfolios
