Investment Management
University of Connecticut
Student Managed Fund Presentation
“A Peek into Three Platforms”
By: Keith G. LaRose, 84’
CityPlace II
185 Asylum Street
Hartford, CT 06103
860-527-8050
800-720-8050
October 2005
Biography
Mr. LaRose joined Bradley, Foster & Sargent, Inc. on February 15,
2000 as a Principal with the title of Executive Vice President.
He is a Portfolio Manager and serves as a member of the firm's
Investment Committee.
Before joining the firm, Mr. LaRose was Director of Individual
Investment Services at Hartford Financial Management, Inc. where
he was responsible for supervising the investment management of
more than $200 million in client assets. He also served as chief
equity manager and strategist. His responsibilities included
securities analysis, portfolio management and marketing. In 1984,
Mr. LaRose started his investment career with Dean Witter
Reynolds in Greenwich, Connecticut. He joined E.T. Andrews &
Company, Inc. in Hartford in 1989 where he was president until
1994 when he joined Hartford Financial Management, Inc.
Mr. LaRose graduated from the University of Connecticut in 1984,
majoring in economics. He received a Masters degree in
economics and finance from Trinity College in 1995.
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Assets Under Management
As of 6/30/05
$757 Million
Types of Clients
Types of Assets
Fixed Income
20%
Institutions
10%
Cash &
Equivalents
7.5%
Equities
72.5%
Individuals
and
Families
90%
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Three Platforms-One Focus
CLIENTS
MARKETS
One Focus:
Client
Centric
Performance
PORTFOLIOS
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Client Platform
High Net Worth Market Characteristics- KNOW YOUR CLIENT
 Trust- Without trust there is nothing
 Performance Alpha Centric- Only concerned with performance against
IPS
various benchmarks
Example
 Client Centric- Cash flow bias, industry bias, other structural or
personal bias’
 Risk asymmetric- Individuals in negative return environments, especially
negative return persistency.
 Time- Most are highly accomplished people. Time constrained. Not in

the “market game”. Consumed in their own game.

The bifurcation of performance footprints post 2000…..Are you a “good
witch or a bad witch”? Were you a good steward of capital during this
stress test?
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Performance Conundrum

Live Examples from the Battlefield:

Example Portfolios

Portfolio A
Performance
A
 Performance of “A”
 Now What?
Security Focus
Security LT

B





Performance of “B”
Scale up or down seller
Relative currency view
Options, collars
Pay for the taxes with selection
Portfolio B
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Tracking Multiple Portfolios

Multiple HNW Portfolios

Portfolio Tracking and Benchmarking by PM
Example Tool

The Multiple HNW Portfolios as one:

Net Market Position in Total
Example Tool
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KGL-Information Webb
Macro Themes
(MT)
YAHOO
(Y)
Conference
Calls
(CC)
Federal Reserve
Banks
BLOGS
(MacroBlog)
(Econbrowser)
(FRB)
WS Research
(WSR1)
(WSR2)
BFS Internal
(BFS)
Conferences
(CO)
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The Market Open-Other Tools
KGL
KGL
Dashboard
Dashboard2
Dashboard3
Model
Risk Premium
Cash Flow
(CF)
KGL Market
Open and Intraday
X
XX
CAB
SSNC
Valuation
Summary
(VS)
Compare
(Com)
Earnings
Summary
(ES)
Fundamental
Summary
(FD)
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Fixed Income
Approach
BFS
Medium
CORE
FOCUS
The fixed income pool is typically
designed to provide the best income
possible while still serving as a buffer for
equity exposure. This implies short to
Low
CREDIT QUALITY
High
Fixed Income Focus
medium term duration with a high grade
focus.
Short
0-1 year
Intermediate
2-8 years
Long
10+years
DURATION/MATURITY
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Summary

Commitment to Capital Preservation and Long-Term
Growth

High Level of Service and Customization

Tax-Sensitive

Disciplined Process

High Quality Focus; Conservative Investments

Good Performance
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Business Principles

1. Our clients' interests always come first. Without clients, we will have no business. Our experience shows us that if we serve our clients well, our
own success will follow.

2. Our key assets are our people and our reputation. While it is very difficult to replace good people, it takes much longer to restore a lost reputation.

3. We take great pride in the professional quality of our work. We seek to achieve excellence in all we do. First and foremost, this means providing our
clients with superior investment performance. This is achieved in varying ways depending upon the investment objective of our clients. Additionally,
professionalism means providing timely, courteous and accurate administrative service to our clients. It is their money, and they deserve the best
possible service from each employee.

4. Our goal is for our firm to be highly profitable. With strong profitability, we can attract good people by paying competitive compensation. With
good returns on capital, we can expand the firm, providing for expanded opportunities for our staff and good jobs for the community.

5. We stress teamwork in everything we do. While individual effort and creativity is vital, we have found that team effort often produces the best
results. There is no place at Bradley, Foster & Sargent, Inc. for those who put their personal interests ahead of the interests of the firm and its clients.

6. We value dedication, hard work and a sense of urgency. These values are an important reason for the growth and success of the firm since its
founding in 1994, and these same qualities will serve us well in the future.

7. We regularly receive confidential information as part of our normal client relationships. It is our duty not to breach a confidence or use a client's
confidential material improperly.

8. Our business is highly competitive, and we seek to expand it. But we will not denigrate a competitor to do so.

9. Our firm is a leading investment firm in the Hartford community. We strive to nurture this community, as the community enables us to thrive. We
encourage the firm and its employees to give of its time, talent and financial resources so that the community is enhanced through our efforts.

10. Integrity and honesty are at the heart of our firm. We expect our employees to maintain the highest ethical standards in everything that they do,
both in their work and in their personal lives.
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