67 WALL STREET, New York - January 18, 2013 - The Wall Street Transcript has just published its All-Cap Growth Investing Strategy Report. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: All-Cap Growth Investing - Closed-end Mutual Funds - Investing in Gold - Bottom-up Investing
Companies include: BlackRock, Inc. (BLK), Synovus Financial Corp. (SNV)
In the following excerpt from the All-Cap Growth Investing and Other Strategies Report, an experienced asset manager discusses his top stock picks:
TWST: What accounts for variations in the portfolio?
Mr. Raclin: Few clients have either the same objectives or the same concerns. My approach is to restrict the opportunities to the Enterprise Portfolio universe but allocate according to the individual's personal circumstance. Some people are more concerned with income while some are more interested in growth. For some clients, I manage their entire investment portfolio; for others, I only manage a part. So it is very clearly, wholly dependent upon the personal circumstance of the client, with both my personal investments and my clients restricted to the universe as outlined above. The one outlier is Synovus, the first individual stock I've bought in several years.
TWST: What made you decide to do that?
Mr. Raclin: I had a number of clients tell me that they couldn't find the same person at their bank to speak to twice. Many clients are not that comfortable dealing with financial matters online, and they wanted a personal relationship. The larger banks, going through such tremendous upheaval, are so focused upon lowering their costs that their personal service has disappeared.
I investigated the local community bank, Coastal Bank, a part of the Synovus system. I found they had moved from being overly aggressive in their lending policies to becoming more prudently conservative. The environment seemed likely to improve for housing while the bank was rapidly moving to clear up numerous uncertainties on their balance sheet. It is admittedly a relatively high-risk, but potentially a high-reward opportunity. They recently announced that they had sold off a large portion of their bad loans. While I think it's very tough to make money in the banking industry with an incredible amount of regulation and with interest rates as low as they are, the news for Synovus going forward should be better.
There may also be some further consolidation in the banking industry, and Synovus is in a part of the world - Georgia, South Carolina, Alabama and Florida - which may prove attractive to an outside entity.
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.