Joseph Anthony Zock

Tocqueville pursues two primary objectives for their clients: to provide long-term returns without excessive risk, and to ensure capital preservation for succeeding generations. To achieve their mandate, the firm relies upon rigorous proprietary research employing a conservative-value approach to identify undervalued companies that possess long-term earnings potential. They do not follow fads; they invest in companies that deliver solid returns over the long run.

Shields believes that a mid-cap value equity strategy can enhance investment performance in up markets and help protect capital in down markets by focusing on stocks that are significantly undervalued by the market, have the liquidity and financial stability associated with large-cap companies and possess the attractive growth characteristics of small-cap companies. The firm believes that investment risk can be managed by over- and underweighting economic sectors in accordance with economic conditions. The firm's investment process combines economic and industry insights with rigorous fundamental, quantitative and technical analysis of individual companies and their stocks. They identify economic sectors most likely to benefit from market conditions. Shields economic analysis looks at interest rate forecast, inflationary outlook and probable market direction. They next analyze the impact of interest rates on industries. Shields industry analysis also includes reviewing and analyzing industry reports and trade publications to identify major trends. Next, the firm narrows their universe of mid-cap stocks value stocks employing a multi factor model that seeks low price-to-cash flow, low p/e, moderate debt-to-total capitalization, high ROE and low price-to-asset value. Shields then reduces the value subset to a buy list via fundamental analysis that looks at balance sheets, income and cash flow. Their active due diligence process includes meeting with management, contacting competition and performing a quantitative/technical review. These analysis criteria include relative performance, insider trades, earnings momentum and technical position. For their sell process, every stock is assigned a two-year price objective. Via fundamental analysis, Shields determines whether a stock is overvalued and will sell if fundamentals have not changed. They liquidate their position in a company if its management loses focus, diversifies into unrelated business or sells off its best assets. All research is conducted in-house.

Capital Management Associates (CMA) seeks to generate superior investment returns through strategic overweighing in selected industry groups, especially those that appear particularly attractive within key economic sectors. The firm's investment approach is based on sector and industry group weightings, however their process begins with the evaluation of individual stocks. CMA's stocks selection process begins with a universe of approximately 15,000 stocks that include large-, mid- and small-cap issues. Stocks are classified according to price rankings, value rankings and timeliness rankings. Their price rankings based on the price performance of all stocks within the universe, which are ranked from the most too least favorable. The firm's volume rankings based on comparisons from historical volume data points to current volume data points. CMA's timeliness rankings based on an arithmetic average of the timeliness ranking of the Value Line universe of stocks. Once sector and industry groups have been selected, CMA screens purchase candidates first by a set of company fundamental characteristics to determine if the candidate is a good company. Purchase candidates are then screened by a set of technical factors to determine if the candidate is a good stock. The firm tens to invest in stocks with market-cap weightings of $5 billion to $ 33 billion, although they may occasionally purchase smaller issues due to a lack of larger candidates available in a particular industry group. Though not limited by sector, CMA tends to invest in the stocks of companies in the stocks of US mid-cap and large-cap companies in the electronic technology, producer manufacturing and energy minerals sectors. The firm maintains a very high turnover rate.

Functions as a College/University

Functions as a College/University