67 WALL STREET, New York - May 21, 2014 - The Wall Street Transcript has just published its Investing Strategies Report . This special feature contains expert industry commentary through in-depth interviews with highly experienced Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Cyclical Sectors, Exposure to Emerging Markets - Value Oriented Strategy - High-Quality Companies - Dividend-Paying Stocks - Capital Appreciation - Global Macro Trends - Investment Risk Management Strategies - Long-Term Investing
Companies include: The Bank of New York Mellon Corporation (BK), Federated Investors, Inc. (FII), and many others.
In the following excerpt from the Investing Strategies Report, an experienced money manager discusses his investing methodology and top picks for investors:
TWST: Can you give us some of your career highlights prior to founding Rockhaven?
Mr. Wiles: I began as a Trust Investment Officer at Mahoning National Bank in 1984, and Mellon Bank in The Mellon Trust group in 1985; in 1990 I moved on to Federated Investors. At Federated I managed the Federated Equity-Income Funds and Utility Funds until 1997, when I left and started my first iteration of Rockhaven Asset Management.
The first Rockhaven was founded by myself, with the help of AmSouth Bank out of Birmingham, Alabama. We managed large core and large growth mutual funds against S&P 500 and the Russell Growth Index. We had some notable success in 1999 and 2000, which enabled us to sell Rockhaven to Dick Strong and Strong Capital Management.
Our team then ran the Strong Large-Cap Core and Large-Cap Growth Funds. In 2003, we moved the entire team to National City Bank and began managing about $2 billion of National City's large core and growth assets. When National City was purchased by PNC Bank I was able to restart Rockhaven with the goal of managing my personal assets and those of my co-investors.
So for most of my career I managed assets with the goal of outperforming a specific benchmark like the S&P 500 or the Russell Growth Index, and predominately managing publicly traded mutual funds. Today I have the very liberating goal of investing anywhere on the globe in order to generate respectable returns while minimizing losses.
TWST: Would you characterize Rockhaven as a hedge fund?
Mr. Wiles: It's very similar to a hedge fund in the sense that we manage more for absolute return. In fact it's a lot like a global macro hedge fund. A big difference though is that we don't short markets. Instead of shorting markets we don't like, we simply go to cash. I'm a big believer in investing simplicity, and using cash as an asset class is just a much cleaner way of expressing our negativism.
Another big difference between us and a hedge fund is our structure. We don't commingle accounts; clients own their assets in their own accounts, and all we do is manage those assets. So the client has total transparency at all times. They can open up their account with Scottrade or Charles Schwab at any time, see their assets and performance, and move money any time they want. They can also terminate our relationship at any time for any reason.
And lastly, our fees are nothing like a hedge fund's. Instead of the hedge fund's typical 2% and 20% structure, we simply charge a 1% fee on assets under management, which is discounted to only 50 basis points for a 501(c)(3) charitable organization.
TWST: What have been your most successful investment approaches and strategies over the recent past?
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.