Daniel Harley

Kenwood manages investments according to a consistent and disciplined approach that seeks to provide superior returns while keeping a low-risk profile. The firm is a value-oriented manager with a preference for well-managed companies that are priced below their inherent value for one of three reasons: they have been overlooked by the investment community, they are out of favor with the market or they are experiencing temporary problems. The primary focus is on mid-cap companies, a market segment in which Kenwood believes there are significant inefficiencies and therefore opportunities to realize superior returns. In the firm's judgment, this market niche tends to be more liquid than the small-cap market, and thus may represent lower risks while offering comparable returns to the small-cap market. Investing exclusively in equities, they believe that superior performance can result from emphasizing stocks with minimal downside risk, rather than seeking those with extraordinary upside potential. Stocks with a record of paying dividends are preferred, since dividends can provide downside protection in a volatile or weak market. This approach is designed with the intent to outperform the S&P 500 index over a full market cycle. Most stocks in their portfolios are held for long periods. However, their disciplined approach to management mandates the sale of a stock that moves significantly above its target price. Stocks that perform poorly will generally be averaged down, unless fundamental changes dictate otherwise. Rather than engaging in market timing, Kenwood believes in maintaining a fully invested position. Moderate cash positions normally reflect a dearth of attractive opportunities, rather than attempts to time the market.

Provides financial derivatives market exchange services

Provides securities brokerage services

Functions as a College/University

Keel employs a relative value investment approach in both its core and value oriented midcap equity strategies. The firm seeks long-term capital appreciation by purchasing stocks in companies across all major investment sectors with valuations below their peer companies. A buy decision is made within the framework of a number of strict parameters: (1) Keel invests using a combination of both fundamental and quantitative tools and (2) the firm does not try to time the market and seeks to remain fully invested.