fOCUS Growth
Stock Management Program

The fOCUS Program is a managed stock portfolio primarily invested in mid-cap stocks. Spence Asset Management’s approach is historical and multi-disciplinary. Our decision making borrows from the greatest asset managers in investment history: Benjamin Graham, Phil Fisher, Warren Buffett, Peter Lynch, and Charles Munger. Our multi-disciplinary approach applies concepts based in hard sciences of biology, chemistry, physics, and the soft sciences of history, psychology, and economics.

We do NOT seek DIVERSIFICATION in fOCUS Growth Stock Management Accounts. fOCUS account holdings purposely CONCENTRATE investments in what we think are the very best businesses. We believe that watering down our very best positions with mediocre opportunities for the sake of extremely broad diversification can only damage our relative performance over time. We understand that a concentrated strategy does not come without risk, but we believe that benefits of a concentrated portfolio outweigh any possible disadvantages. We will only consider shares of companies that can pass a RIGID EXAMINATION of their business applying thirteen specific principles we have developed.

In fOCUS accounts we seek long-term ownership of DOMINANT companies with business characteristics most conducive to investment success. Our goal is to minimize trading. However, the fact that the world is constantly changing and sometimes changing very quickly makes some trading essential to success.

Spence Asset Management makes no warranties whatsoever on performance in fOCUS accounts. The securities held in fOCUS Accounts may be subject to greater potential risks due to investment in small and mid-cap stocks that may be more volatile and less liquid. This portfolio does not seek to be diversified which may cause greater market risk and volatility, and is not suitable for all investors.