Concentrated GARP Investment Portfolio

Concentrated GARP

Managed by Y H & C Investments

5.8% Last 30 days 4.5% Last 90 days -2.9% Last 365 days -0.36 Sharpe Ratio -22.0% Max Drawdown

Concentrated GARP

Managed by Y H & C Investments

5.8% Last 30 days 4.5% Last 90 days -2.9% Last 365 days -0.36 Sharpe Ratio -22.00 Max Drawdown

Risk score

Strategy Stocks

AUM fee 1.50%

Requirements

• Investment minimum: $10,000

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GARP stands for Growth at a Reasonable Price. My growth-oriented investment style focuses on fundamental analysis including cash ratios, liquidity ratios and margins. I will also invest in anticipation of potential mergers, spin-offs and perceived arbitrage opportunities.

Research

My screening approach analyzes cash, cash relative to debt, assets relative to liabilities, liquidity and cash flow. Typical sources of data and company information include Barron’s, Yahoo! Finance, MSN Screener, local news, Seeking Alpha, Investopedia, BusinessWeek and Bloomberg.

Approach

My main focus is on buying growth-oriented businesses led by what I believe are strong management teams. I attempt to buy growth companies, as well as ones with cash-rich balance sheets. The companies I own also tend to have strategic competitive advantages and high barriers to entry within large target markets. At times I may target potential spin-offs and arbitrage opportunities as well.

Allocation discipline

Positions usually range from 5% to 20% of the portfolio. I typically will seek to sell positions for which I have a larger allocation.

Sell discipline

I make decisions to close positions based on the performance, or lack thereof, of the company. If an abnormally large gain is achieved in a short period, the position may be sold. If a stock is grossly overvalued, it will also be sold.

Exceptions

My strategy may change if I believe that stocks are highly overvalued, or due to merger activity, regulatory issues, world events or potential arbitrage opportunities.

S&P 500 ETF
Last 30 days	5.8%	4.9%
Last 90 days	4.5%	11.7%
Last 365 Days	-2.9%	12.0%
Since inception (Annualized)	0.2%	13.0%
2019 (YTD)	8.9%	17.7%
2018	-12.2%	-4.6%
2017	9.5%	21.7%
2016	4.7%	12.0%
2015	-18.1%	1.2%
2014	-12.0%	13.5%
2013	39.4%	32.2%
2012	40.2%	16.1%
2011	-34.1%	1.9%

S&P 500 ETF
Volatility	14.6%	14.9%
Sharpe Ratio	-0.36	0.64
Sortino Ratio	-0.48	0.80
Maximum Drawdown	-22.0%	-19.4%
Value-at-risk (95%, 1 week)	-3.4%	-3.5%

vs. S&P 500 ETF
Information Ratio	-1.3%
Alpha	-10.23
Beta	0.67
R-Squared	0.5%

About Y H & C Investments

Y H & C Investments is a registered investment adviser based in Nevada. Yale Bock founded the firm after 15 years of experience as an individual investor. Yale also manages the secured lending operations of a family-owned business.

Investment process

At Y H & C, we believe in extensively researching individual investment opportunities before allocating capital. Our research-driven approach is based on a bottom-up fundamental analysis of every potential investment. Our process incorporates quantitative measures of market value and operating performance, as well as qualitative factors such as competitive positioning, strength of management and corporate governance.

S&P 500 ETF
Manager (net of fees)
Last 30 days	5.8%	4.9%
Last 90 days	4.5%	11.7%
Last 365 Days	-2.9%	12.0%
Since inception (Annualized)	0.2%	13.0%
2019 (YTD)	8.9%	17.7%
2018	-12.2%	-4.6%
2017	9.5%	21.7%
2016	4.7%	12.0%
2015	-18.1%	1.2%
2014	-12.0%	13.5%
2013	39.4%	32.2%
2012	40.2%	16.1%
2011	-34.1%	1.9%