Randell A. Cain Jr. discusses Herndon Capital Management’s investing approach. He says the firm seeks “value-creating opportunities,” meaning assets that are bought at a significant discount to what they actually bear is the long-term way of adding value. The portfolio looks to be positioned for diversification across sectors and securities, he says. Mr. Cain also provides examples of his favorite picks, saying he is avoiding interest rate-sensitive areas, and he describes Herndon’s approach to risk management.
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