Frank Calicchio

Haven Capital Management (HCM) manages investments in equities, bonds and cash. The firm's equity investment approach seeks to identify companies with a growing stream of earnings and cash flow and to purchase the stocks of those companies at a reasonable price. HCM employs two equity investment approaches: GARP and Dividend Value Equity. Their GARP investment approach looks for companies with attractive economic and financial characteristics that indicate the company's ability to produce growth in earnings and cash flow. Their stock selection process is bottom-up and is based on proprietary screening of fundamental and technical data. The process is primarily income statement driven. HCM tends to invest in companies with higher returns on investment, higher earnings growth, smaller average market-cap and equivalent or lower p/e ratio. HCM's Dividend Value Equity seeks to identify the stocks of companies with an above average dividend growth rate and an above average dividend yield. They tend to invest in companies with higher yields, higher returns on investment, higher expected earnings and cash flow growth and lower p/e ratio. In general, HCM tends to invest in the stocks of US mid-cap and large-cap companies in the producer manufacturing, electronic technology and health technology sectors. The firm maintains a very low turnover rate. The firm employs an active, value-oriented fixed-income investment approach that focuses on minimizing credit risk through investments in high quality fixed-income securities. HCM employs three fixed-income strategies: Limited Duration, Core and Long Duration. These strategies differ in terms of duration but follow the same investment process. Haven's Limited Duration fixed-income strategy focuses on high quality fixed-income portfolios with average maturities of 1 to 3 years. They use credit, government and MBS with maturities of less than 10 years. The average portfolio quality is AA+. Their benchmark is the Lehman Government 1 -3 years Index. The firm's Core fixed-income strategy utilizes all maturities, all sectors and duration management. Typical duration ranges from 3 to 6 years depending on HCM's outlook on the direction of interest rates. They also use yield curve management. Overall portfolio quality is typically AA+/AA and the minimum security quality is single A. Their benchmark is the Lehman Aggregate Index. HCM's Long Duration approach targets duration to the Lehman Long Government/Credit Index (between 10 and 12 years). Since this strategy does not utilize duration management, the firm increases their use of sectors and quality ranges. A portion of the portfolio may be invested in non-dollar, high quality sovereign debt or high yield domestic debt. The strategy uses all investment grade ratings but the minimum overall portfolio quality is AA.

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Stone Harbor is a global fixed income investment manager that focuses on building long-term value for its clients through investment grade, high yield, emerging markets debt and multi-sector credit strategies.

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Operates as a trustee