FISHMAN JAY A LTD

Jay A. Fishman, Ltd. (JAF) provides fee-based investment counseling services, including portfolio management, to high net worth individuals and families, corporations and charitable institutions. Client portfolios are individually managed and constructed with securities selected based on the client's investment objectives, considering factors like growth, income, time horizons, liquidity needs, risk tolerance, and tax considerations. JAF believes each client has unique investment requirements and therefore does not invest in packaged products or model portfolios, nor do they participate in broker-dealer sponsored wrap fee programs. They generally avoid investing in mutual funds unless directed by clients, believing the fees associated with these products are detrimental to long-term investment performance. JAF began business in April 1970 under the name Equity Management and Research, Inc., with four initial shareholders. Since 1983, Jay A. Fishman, one of the original founders, has been the sole shareholder. The firm is an independent investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Incorporated in Michigan in 1970, JAF is headquartered in Troy, Michigan. As of December 31, 2023, their discretionary client assets totaled $959,093,702.

Jay A. Fishman, Ltd. emphasizes a disciplined, conservative investment philosophy focused on wealth preservation and long-term growth of capital. Their strategy involves independent fundamental research to identify high-quality securities with potential for above-average returns over intermediate and longer terms. They prioritize long-term investments in superior companies and construct client portfolios with a limited number of high-quality individual securities, including common stocks, bonds, and exchange-traded funds. This approach emphasizes a top-down rather than bottom-up security selection process, limiting portfolios to 20-25 holdings. They believe excessive diversification leads to average performance over the long term. The firm's investment sales discipline is driven by factors such as changes in company fundamentals, achievement of target prices or valuations, discovery of more attractive investment opportunities, or changes in client investment objectives. They generally avoid short-term trading but may engage in it under certain circumstances. They do not utilize short sales or option writing, but some clients may direct the use of margin activity to enhance returns or for personal withdrawals. The firm is committed to maintaining low portfolio turnover and expenses, believing that low costs can coexist with high levels of client service.

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