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 market valuations. We invest in stocks and bonds, as well as private real estate and alternative investments for certain clients.

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

Lyell invests based on themes. A theme can lead us to an individual company, a particular sector, an asset class, or a specific market. Investing in individual companies is preferred as it eliminates a layer of fees. Many clients have sufficient wealth which allows for diversification through investments in individual securities, and therefore individual securities often comprise a meaningful part of client portfolios. However, portfolios of all sizes may incorporate funds or outside managers, when warranted, such as when market access, strategies, diversification, or expertise justify the 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). It is not uncommon for new clients to join with legacy investments with large unrealized gains. Lyell does not automatically exit these investments but can accommodate them within the overall portfolio.