Post on 12-Apr-2017
Murray & Co. Asset Management, Ltd.
About Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
Table of Contents
Section
About Murray & Co. Asset Management, Ltd. 1
The Investment Management Process 2
The Pillars of Investing 3
What We Will Do For You 4
Additional Information… and What Makes Us Different 5
Murray & Co. Asset Management, Ltd.
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Murray & Co. Asset Management, Ltd.
Who We Are
Independent registered investment advisor
Founded in 1999 Located in downtown Austin, Texas. Purpose of providing high quality
investment counseling and portfolio management on a customized basis to each client
Privately owned by Dean Murray and 3 partners
Clients include high net worth individuals and families, endowments, non-profit foundations and corporate pension funds
Murray & Co. Asset Management, Ltd.1601 Rio Grande St., Suite 345
Austin, TX 78701512-452-9600
www.murrayandco.com
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Dean R. Murray, CFA
Mr. Dean Murray is founder and chief investment officer of Murray & Co. Asset Management, Ltd. Mr. Murray was formerly the Chief Investment Officer and Executive Director of the Texas Permanent School Fund (PSF), the largest public educational endowment in the US with $20 billion in assets at the time of his service to the fund. As Chief Investment Officer, Mr. Murray was responsible for managing the entire portfolio management process of the fund and developing specific investment strategies within the domestic equity, fixed income, and short-term money market asset allocations. During his tenure at the fund, Mr. Murray managed the security selection process at different times for various sectors of the fund and was further responsible for the implementing the overall asset allocation decisions of the fund and managing transitions across multiple portfolios involving internal and external investment managers.
Prior to joining the Permanent School Fund in 1991, Mr. Murray was retained in management consulting positions for two privately owned manufacturing firms. Additionally, he served as a Senior Vice President of Southwestern Commercial Capital, Inc., a private lending company located in Texas. From 1981-1985, Mr. Murray worked in the Dallas Institutional Equity Office of Dean Witter Reynolds, Inc., a major New York brokerage and investment banking firm he joined after obtaining his MBA from The University of Texas at Austin. Mr. Murray also has a bachelor's degree in finance from the University of Texas and has taught courses in corporate finance, banking and portfolio management in the College of Business Administration at UT - Austin.
Mr. Murray is a Chartered Financial Analyst charter holder, a member of the CFA Institute and the Austin Society of Financial Analysts. Also, he currently serves as Vice President of the St. Stephen’s Episcopal School Endowment Fund, Inc. and is on the board of Front Steps, the managing organization for the Austin Resource Center for the Homeless. Mr. Murray has served on the boards of several non-profits in Austin, including the LBJ Wildflower Center, the Inventors and Entrepreneurs Association of Austin, and the Asset & Financial Management Task Force of the State Comptroller's e-Texas Commission. Mr. Murray volunteers or has volunteered for the American Red Cross, the God of Hope Ministries, Bill Glass Champions for Life, the Boy Scouts of America, West Austin Youth Association and the Austin Chamber of Commerce.
Roy Rushing
Mr. Roy Rushing is an associate of Murray & Company Asset Management, Ltd. and is responsible for business development and client relationships. Prior to joining the firm, Mr. Rushing was a Vice President in commercial banking with Wells Fargo in Austin where he focused on the intermediate market ($250,000 - $20 million) of commercial lending. With more than 45 years of experience in banking, he has been an executive with many local, regional and nationwide banks in the Austin-area. He also established and was the first president of Austin’s MBank Arboretum. For 25 years of his career, Mr. Rushing specialized in executive and professional lending, where he worked with professionals including physicians, attorneys, engineers and accountants. In this arena, he coordinated the entire life cycle financial needs of high income individuals, moving beyond commercial lending and into wealth accumulation strategies, business and retirement planning, and tax strategies.
Mr. Rushing attended the University of Texas at Austin, and graduated from Southwestern University in Georgetown with a BA in business. In addition, he graduated from the Southwestern Graduate School of Banking at Southern Methodist University. In 1981, he also graduated from the second class of Leadership Austin, a program of the Austin Chamber of Commerce for local civic leaders.
Mr. Rushing has been an active member of the community throughout his professional life, having served on the boards of the Austin chapters of many health and civic organizations, including the American Diabetes Association, the American Heart Association, and the Young Men’s Business League. He is a past board chairman of Brackenridge Hospital, Shoal Creek Hospital, Hospice Austin, the Austin Nature Center, the Balcones Council Campfire, and Crime Stoppers, Inc. His leadership positions also include serving on the boards of Southwest Health Providers, P.A., and Si3 (the Scientific Investigation and Instruction Institute).
Murray & Co. Asset Management, Ltd.
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Cody Hall
Mr. Cody Hall is a Research Analyst for the firm and is responsible for conducting research on the economy, financial markets, and securities. Mr. Hall graduated Summa Cum Laude with a Bachelor of Science in Business Administration with concentrations in Economics and Finance from the University of South Alabama (USA). Before attending USA, Mr. Hall studied Business Management with a minor in Spanish at the United States Air Force Academy.
While attending USA, he was a Regions Bank Scholarship recipient and a member of the Financial Management Association. Mr. Hall was also the Communications Leader for the Student Athletic Advisory Committee—a student organization that helps put together community projects to encourage children to get more involved with sports and outdoor activities. During his time in college, Mr. Hall played Division I tennis for both universities and competed on the German Professional League for the Tennis Club of Lauffen. He is the only person in New Mexico history to win four straight 5A State Tennis Championships.
Murray & Co. Asset Management, Ltd.
Sarah Mahaffey
Ms. Mahaffey is our office manager responsible for maintaining office systems and implementing procedures related to data management , portfolio management and accounting. She has worked in the logistics industry as an Operations Specialist for Genco in Fort Worth, TX and held a similar position at AMD in Austin, TX. As an Operations Specialist, she learned the value of team work and developed her passion for customer service. Ms. Mahaffey attended the University of Oklahoma and Tarrant County College.
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Significant Partners & Access to Resources from Multiple Firms
Economic, Capital Market, Trading, Research
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd is a Registered Investment Advisor
Registered Investment Advisors are Different
REGISTERED INVESTMENT ADVISORS
REGISTERED REPRESENTATITIVES
Typical Description: Investment Advisor, Registered Investment Advisor
Stockbroker, Wealth Manager, Financial Advisor, Insurance Agent, Accountant
Primary Function: Provide advice in the best interest of their client
Facilitate securities purchases and sales transactions for their clientAsset Gathering
Responsibility to Client: By law has fiduciary duty to act in the best interest of their client at all times
Does NOT have fiduciary duty to the client and only has to believe a recommendation is “suitable” for the client
Conflicts of Interest: Required to disclose all conflicts of interest and place interest of client before own interest
NOT required to disclose any conflicts of interest. May make decisions NOT in best interest of client
Compensation: Typically charge asset based fee negotiated in advanceCannot earn other fees without client consent
Typically collect commission and transaction based feesOther fees (12b1 fees) often collected without client knowledge
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Murray & Co. Asset Management, Ltd.
What We Do
We work with individuals, families, corporate retirement plans, endowment and foundations to ensure their complete understanding of the investment process so that they can make informed decisions in managing their assets for growth, income and long term capital preservation while minimizing risks and costs.
Tell me and I forget, Show me and I remember, Involve me and I understand
Chinese Proverb -
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Our Business Beliefs
We Believe In:
Not being incented to sell certain funds or products
Avoiding conflicts of interest allows for best interest of client
Independence is the only path to best serve the client
Full disclosure of all costs and charges
Minimizing costs makes a big difference in the long run
Involving clients through education leads to informed decisions
Building comfort, clarity and confidence with a thorough process
Serving as a fiduciary to clients is a privilege
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
How We Serve Clients
We go through essential processes with you to establish a customized investment management plan or strategy that is unique to your specific financial situation and circumstances.
We manage your assets according to your or your organization’s stated goals and objectives.
We manage a separate globally diversified portfolio for you by utilizing, where appropriate, the following:
index funds mutual funds exchange traded funds individual fixed income or equity securities structured notes or CDs
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Murray & Co. Asset Management Ltd.Investment Management ProcessSix steps to building stronger investment results for you.
Benefits• Greater participation and understanding• Clarity and Confidence in the process• Partnering with experienced professional• No Conflicts of Interest• Objective investment management services
provided by independent investment advisor
Stage 1
Client Evaluation
Stage 2
Client Goal Assessment
Stage 3
The Investment Masters Program
Stage 4
The Investment Plan
Stage 5
Client Plan Implementation
Stage 6
Client Performance Monitoring and Management
We evaluate your current investment
approach and search for
solutions to optimize your
plan
We clarify your ongoing
financial needs and establish investment
goals appropriate to
your organization
You learn the essential
elements of investing, and
become comfortable
with improved predictability
Together we analyze your
financial circumstances and create an
investment strategy unique
to your organization
We research and identify
investments for you and
construct a portfolio for your specific
circumstances
We monitor and report the performance of your portfolio
and recommend
adjustments to achieving your
goals
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Decision Implementation
The “Right” Asset
Allocation
Stocks Bonds
Risk
Toler-
ance
Exp.
Re-
turn
Port-
folio
Theory
Financial Needs and Investment Assets
Alter-
native
Invmts
Investment Policy
Defining the Fund’s Goals, Objectives, etc.
The Building Block Approach to Portfolio Management… Steps 1-5
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Murray & Co.'s general investment philosophy places the highest priority on the following:
Managing risk
Minimizing costs
Getting to the right asset allocation
Selecting securities based on a long-term perspective
Tax awareness
Emphasizing consistent results and reasonable expectations
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
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What Drives Return Variability Over Time?
Asset Allocation91.5%
Other Factors 2.1%
Market Timing 1.8%
Security Selection 4.6%
Brinson, Beebower study on performance variability, 1991
Murray & Co. Asset Management, Ltd.
The Investment Management Process
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Investment Approach and Process
Combine “passive” and “active” approach to structuring portfolios
Combine “core” holdings and strategic “satellite” positions
Benefits
Ability to structure portfolios to more closely match goals and objectives established by clients
Reduced transaction costs, reduced commissions, limited turnover, and improved avoidance of adverse tax consequences
Improved ability to limit downside risk and preserve upside potential
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
Traditional
Portfolio
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An enhanced portfolio construction process
Enhanced
PortfolioCore
Step 1: Segregate into Core and Satellite components
Satellites
Step 3: Add satellite asset classes to help better diversify portfolio risk and potentially enhance returns
Step 2: Align core with investor objectives and investment environment (accumulation, taxes, income, distribution)
The management of risk and a core / satellite approach may help enhance portfolio efficiency
Murray & Co. Asset Management, Ltd.
Core Investments(US Equity & Fixed Income)
Sub-SectorEquity
International Fixed Income
InternationalEquity
Emerging Market Equity
Emerging Market Fixed Income
Sub-SectorFixed Income
Individual Securities
AlternativeInvestments
Core/Satellite Asset Allocation Strategy
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Murray & Co. Asset Management, Ltd.
Core Investments(US Fixed Income)
SectorOpportunities International
Short Term
Emerging Market
Long Term
Tips, MortgagesEtc.
Individual Bonds
AlternativeStrategies
Core/Satellite Asset Allocation Strategy
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Murray & Co. Asset Management, Ltd.
Core Investments(US Equity)
SectorOpportunities International
Large Cap
Emerging Market
Small Cap
IndustryIndividual Stocks
AlternativeStrategies
Core/Satellite Asset Allocation Strategy
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LowVolatility
Murray & Co. Asset Management, Ltd.
Other Assets(Low Correlation)
Alternative Type
Int’l Real Estate
Absolute Return
US Real Estate
CommodityRisk Parity
SpecificStrategies
Core/Satellite Asset Allocation Strategy
All Asset
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Murray & Co. Asset Management, Ltd.
Pillars of Investing
I. Active vs. Passive ManagementII. Risk – Understanding risk and returnIII. Costs – Understanding costs that diminish returns
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87
81
35
8
24
33
77
89
33
85 84
47
71
56
15
31
20
53
37 38
60
78
7476 76
59
82
64
45 46
40
78
85
75
90
83
54
37
58
61
65
62
45
69
45
54
51
62
81
63
56
86
59% Avg
0
10
20
30
40
50
60
70
80
90
100
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
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1984
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1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
(%)
Year
% of General Equity Funds Outperformed by S&P 500 Index
On average, 59% of funds underperform each year
Murray & Co. Asset Management, Ltd.
27Source: Milkail
154201
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2000 2003Fund Name Rtn Rank 3 Yr Rtn Rank 3 Yr
Internet Fund (The) 1.0% 28.5%Berkshire Focus Fund 1.0% 79.1%
Dresdner RCM Global Technology I 1.0% 71.3%Dresdner RCM Global Technology N 1.0% 71.8%
Dreyfus Premier Tech Growth A 1.0% 74.4%Firsthand-Tech Leader Fund 1.0% 76.3%
Grand Prix Fund A 1.0% 78.8%Van Wagoner Emerging Growth Fund 1.0% 100.0%
Firsthand-Tech Value fund 1.0% 78.1%Van Wagoner Post-Venture 1.0% 79.2%
ICON Fds-Information Technology 1.0% 57.1%Loomis Sayles Aggressive Gr Inst 1.0% 77.7%Berger Information Tech Fund Instl 1.0% 100.0%Loomis Sayles Aggressive Gr Ret 1.0% 77.8%Vanguard Capital Opportunity 1.0% 29.0%
Franklin Biotechnology Discovery A 1.0% 98.8%Bridgeway Aggressive Growth Fund 1.0% 16.4%
Fidelity Select-Biotech 1.0% 72.6%Fremont US Micro-Cap Fd 1.0% 17.4%MSDW Information Fund D 1.0% 77.5%
Santa Barbara Fds-Bender Growth Y 1.0% 56.5%Van Wagoner Micro-Cap Fund 1.0% 76.7%MSDW Information Fund C 1.0% 77.8%
Santa Barbara Fds-Bender Growth C 1.0% 64.1%MSDW Information Fund B 1.0% 78.0%Calamos Growth Fund C 1.0% 19.0%Reserve Small Cap R 1.0% 52.0%
Waddell & Reed Adv Sci & Tech Y 1.0% 43.8%Rockland Small Cap Growth 1.0% 46.0%Ark Fds-Small Cap Equity Inst 1.0% 21.4%MSDW Information Fund A 1.0% 77.9%Calamos Growth Fund A 1.0% 21.0%RS Emerging Growth Fd 1.0% 69.1%
Waddell & Reed Adv Sci & Tech C 1.0% 50.2%PBHG Large Cap 20 1.0% 72.8%
Eaton Vance WW Health Sciences B 1.0% 43.6%Artisan Mid Cap Fund 1.0% 28.5%
Waddell & Reed Adv Sci & Tech B 1.0% 53.5%Northern Technology Fund 1.0% 72.0%Navellier Mid Cap Growth 1.0% 58.7%
PIMCO Innovation Fund C 1.0% 78.4%Fidelity Select-Technology 1.1% 65.6%
Munder Framlington Healthcare Y 1.1% 60.0%Turner Mid Cap Growth Fund 1.1% 61.3%Ark Fds-Small Cap Equity Retail A 1.1% 26.6%
Waddell & Reed Adv Sci & Tech A 1.2% 51.9%Van Kampen Agg Gr C 1.2% 75.2%
Eaton Vance WW Health Sciences A 1.2% 43.1%Munder Framlington Healthcare K 1.3% 100.0%
PIMCO Innovation Fund B 1.3% 78.5%Average 1.0% 61.7%
Top 50 Funds for 3 Years to 12-31-2000 and Corresponding Rank for 3 Years to 12-31-2003Today's Winners are often Tomorrows Losers
Murray & Co. Asset Management, Ltd.
Relationship Between Risk and Return
Risk HighLow
ExpectedReturn
High
LowCash
Equivalents
Bonds
Int’l Bonds
Real Estate
Stocks
Int’l StocksAsset Classes
These relationships
always change
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30
60% Stocks/40% Bonds
Int. Dev. Bonds
CommoditiesU.S. Bonds
U.S. Corp HY
Int. Dev. Stocks
Emerg Mkts Equity
U.S. Small Stocks
U.S. Large Stocks3-mo T Bills
Hedge Funds
-10
-5
0
5
10
15
20
-2 3 8 13 18 23 28
Risk/Return Trade Off - 10 Years to 12/31/2010R
etu
rn (
%)
Standard Deviation (%)
Murray & Co. Asset Management, Ltd.
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60% Stocks/40% Bonds
Int. Dev. Bonds
Commodities
U.S. Bonds
U.S. Corp HY
Int. Dev. StocksEmerg Mkts Equity
U.S. Small Stocks
U.S. Large Stocks
3-mo T Bills
Hedge Funds
-10
-5
0
5
10
15
20
-2 3 8 13 18 23 28
Risk/Return Trade Off - 10 Years to 12/31/2015R
etu
rn (
%)
Standard Deviation (%)
Murray & Co. Asset Management, Ltd.
• Fund Manager Expense• Advisory Fee• Operating Costs – Account
Custody and Service Fee
• Transaction costs• Commissions• Spread
• Portfolio Opportunity Cost • The Iceberg
• Sales or Load Charges• Taxes
Expense Ratios
Portfolio Management Costs
Other Costs
How much does all this total?32
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IMPACT OF FEES ON WEALTH
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Allocation of Accumulated Wealth
8%
10%
18%64%
Amount For Gov't
Amount for Manager
Compounding lost due to Fees & Taxes
Amount for Typical Fund Investor (After Tax)
Typical Fund Investor
Allocation of Accumulated Wealth
1%
7%
8%
84%
Amount For Gov't
Amount for Manager
Compounding lost due to Fees & Taxes
Amount for Smart Investor (After Tax)
Smart Investor
What happens to the wealth? If we consider that the government gets its share, then we can see that a typical investor, after 20 years, will only keep 64% of his/her wealth. See the allocation of who gets what below.
A smarter investor, however, will keep over 30% more of their wealth by paying lower fees. See the allocation below.
Fees do matter. And the greatest impact in the latter years from paying those higher fees begins now, in the first year, thanks to the miracle of compounding. If youwould like more details on the preceding analysis, please do not hesitate to call.
Murray & Co. Asset Management, Ltd.
What We Will Do For You
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Murray & Co. Asset Management, Ltd.
What We Will Do For You
Guide you through a proper investment management process
Provide the lowest cost approach to investing
Meet and consult with you as often as requested
Develop Investment Policy Statement
Report performance gross and net of fees quarterly, annually and since inception
Correspond regularly on economic and capital market views and activity in portfolio with detail reports
Provide additional research on any topic of investment management interest
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Murray & Co. Asset Management, Ltd.
Operations:
Murray & Co. Asset Management, Ltd. does not hold custody of client assets.
Client assets are held in custody at TD Ameritrade, Inc., a public company with over $450 billion in custody.
Accounts are protected by SIPC, the Securities Investor Protection Corp. up to $500,000. TD Ameritrade also provides $149.5 million worth of protection - for a total of $150 million for each customer.
Cash is insured by the FDIC for a total of $500,000 per customer through deposit accounts at TD Bank, N.A. and TD Bank USA, N.A., or both, with $250,000 FDIC coverage per account per bank.
Full Internet Access and Electronic Cash Management Capabilities
Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
Proposed Costs and Charges:
Advisory Fee: 0.75% per annum
TD Ameritrade Transaction Costs:$9.95 per listed transaction
$24.00 per mutual fund transaction
Custody Fee: Zero
Fund Expenses: Guaranteed to be the lowest possible eligible share class (institutional)
No hidden costs or other charges38
Murray & Co. Asset Management, Ltd.
Strengths of Murray & Co. Asset Management, Ltd.:
Experience - substantial experience in actual portfolio management of billions of dollars in assets
Investment Management is our only business
No conflict of interest from competing services or hidden incentives promote other products
Undivided attention to client goals, objectives and other prerogatives that are determined individually through consultation rather than by classification
Independence of investment advice – able to bring you the complete spectrum of prevailing research and opinion
Access to multiple trading desks and broker-dealer securities inventory
Competitive fee structure that is fully disclosed
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Murray & Co. Asset Management, Ltd.
Strengths of Murray & Co. Asset Management, Ltd.:
Permanent relationship with a professional, not a client service representative, for clients such as yourself that are interested in optimizing investment success through partnership with their investment manager
Efficient decision making ability, unencumbered by restrictions typical of large firms trying to serve hundreds or thousands of customers
Disciplined investment process
Responsiveness, flexibility and accommodation to your unique client circumstances that is not subordinated to organizational demands of centralized authority and control of decisions
Value - We value your relationship
Our stewardship of your assets is of paramount importance
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Murray & Co. Asset Management, Ltd.
Additional Information… what makes us different
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Murray & Co. Asset Management, Ltd.
Questions You May Want Answered
1. Who do you provide services for?
Murray & Co. Asset Management, Ltd. provides services to individuals as well as corporate and non-profit organizations. We help clients learn and understand the investment process so that they know what to expect in terms of annual returns, annual income, risk, volatility, asset allocation, types of securities in their portfolio, growth prospects for their portfolio, etc.
Murray & Co. Asset Management, Ltd. works with corporate plans and foundations that have assets that require professional attention and necessary investment advice to establish investment strategies for their stated purposes. In this regard, we provide educational services to board members or trustees and work with them in implementing and monitoring their investment program.
2. Why should I do business with you?
Murray & Co. Asset Management, Ltd. offers the unique situation of having experience in managing large sums of money in a sophisticated institutional manner that can be shared with you in structuring your portfolio. We believe that this can enhance the probability of earning above average risk adjusted returns.
Additionally, investment management is our only business, which means that you will benefit from:
• Undivided attention to client goals, objectives and other prerogatives that are determined individually through consultation rather than by classification
• Independence of investment advice• No conflict of interest from competing services or hidden incentives and other agreements• A permanent relationship with a professional, not a client service representative• Efficient decision making ability, unencumbered by restrictions typical of large firms trying to serve hundreds or thousands of
customers• A disciplined investment process• Responsiveness, flexibility and accommodation to unique client circumstances that is not subordinated to organizational
demands of centralized authority and control found in large organizations
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Murray & Co. Asset Management, Ltd.
Murray & Co. Asset Management, Ltd.
Questions You May Want Answered
3. How do I know I can trust you?
Mr. Dean Murray started this business after a stint at public service and experience on “Wall Street”. He started this business to allow himself the independence and ability to offer quality investment advice for a fair and reasonable fee without the agenda of a large self-serving revenue/commission oriented firm. Simply put, he didn’t like the culture of greed of “Wall Street”. For this reason, he is determined to offer his services with integrity, honesty and commitment to you. Please ask for references.
4. How do you charge for your services?
As an independent investment advisor regulated by state and federal laws, we charge fees based on the value of assets under management, which are calculated as a percent of the value of assets under management at the end of each calendar quarter. Those fees vary according to the amount of assets under management and are agreed upon in advance. Fees are invoiced quarterly in arrears with the calculation shown clearly on each invoice. Murray & Co. Asset Management, Ltd. does not receive any commission or hidden incentive fee for any recommendation or transaction on behalf of clients. Each client receivesany or all services for this one fee.
5. What can I expect after I become a client?
Once you become a client, we will begin a series of meetings to discuss your investment needs, various investing principles, economic conditions, capital market conditions, alternative ways to invest, etc. We will finalize an investment advisory agreement. We will establish an investment policy statement that is unique to your organization and covers a variety of issues that form the mandate for directing the management of your portfolio. We will work together to implement an the framework presented in question #2 above. We will discuss how to transition the portfolios and any tax consequences. Once the portfolio strategy is implemented, you will receive a quarterly letter that reviews the economy, the capital markets, your portfolio performance and our outlook. Of course, all clients are encouraged to contact us anytime to discuss any issue and/or to make any changes to their investment advisory services. Mr. Murray will respond promptly to your calls, emails or any other form of correspondence, and will strive to reach you within 24 hours of your initial contact if, for some reason, he is out of the office.
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