Lyell is an active manager seeking long-term capital gains and income for our clients across different asset classes. Asset allocation is customized based on the client’s individual circumstances as well as economic conditions and relative market valuations.

Lyell has a formal investment process whereby our Investment Committee determines which asset classes are attractive (or not) and which securities might be in client portfolios. The Investment Committee meets formally at least once weekly, but our research and dialogue around investing is continuous.

Our clients have sufficient wealth that Lyell can achieve diversification through investments in individual securities, and therefore individual securities typically comprise a meaningful percentage of client portfolios. We eliminate a layer of fees by direct investing. We do use funds or outside managers, when market access, strategies or expertise otherwise unavailable to our clients justify the additional expense.

Taxes are a critical component of long-term returns. Individual security investing is tax-efficient through the ability to control the timing of capital gains as well as tax-loss harvesting. Lyell proactively considers how certain investments fit within a client’s taxable and tax-deferred accounts (i.e. a higher dividend paying stock may be in an IRA, while a non-dividend stock is in the taxable account)