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Liberty Manifesto
What Makes Liberty Different

At Liberty, we aim to be different from the competition. We have spent our careers looking at the investment management landscape and have determined how we can add greater value for our clients. We will do so by focusing on what we call “The Six Pillars of Asset Management”. They are: Service, Education, Performance, Transparency, Lower Fees and Customization, each of which is explained below. This separates us from the competition and provides clients with a satisfying investment experience through lower costs and higher returns.

Performance

  • We show performance net of all fees quarterly, annually and since inception. You'll always know where you stand.
  • Relevant benchmarks will be provided so you can compare your performance to those benchmarks.
  • We invest in businesses that generate strong, annual free cash flows. This gives them the financial flexibility to raise dividends annually. This dividend growth should provide the income to live on in retirement and to stay ahead of inflation.
  • We are long-term investors, where long-term is deemed to be a 10-20 year holding. We invest in businesses. We don't trade stock prices.
  • Our annual portfolio turnover is less than 10% per year. This means that transaction costs are kept to a minimum which help the nickels and dimes accrue to the client, not to the broker or the advisor.

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Service

  • Same-day responses by phone or e-mail.
  • 24-hour access by phone. We even provide our home phone numbers for off-hours discussions.
  • Semi-annual reviews either face-to-face or by Skype or telephone.
  • A quarterly newsletter that explains what we're doing, why we're doing it and how it affects you. Added to the reviews, it's like having six meetings a year.
  • E-mail alerts when a stock is fully added or deleted from a portfolio and why it has been done.
  • You'll deal directly with the decision-maker, not a sales representative.
Education

  • We're here to teach. We believe that the more you understand about your investments, the better our relationship will be.
  • The quarterly newsletter will contain straightforward insight and advice in regular English. We won't talk down to you or try to use industry jargon to confuse you.

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Transparency

  • All fees and relevant costs are shown in our disclosure documents.
  • We do not partake in soft dollar transactions with other brokers or investment firms.
  • We do not pay referral fees to third parties.
  • We do not take a spread on foreign exchange transactions.
  • We do not use hedging strategies of any kind. Currency risk is managed naturally by owning multiple currencies.
  • We purchase only vanilla stocks, bonds and preferred shares. We do not invest in any financial products such as mutual funds, exchange-traded funds, pooled funds, private equity investments or hedge funds.
  • All trades are done in one bulk trade for clients who receive the same price. If a trade is only partially filled, clients will receive an equal, pro rata share of that trade.
  • All financial transactions flow through National Bank Correspondence Network (NBCN). Cheques are payable to National Bank, not to Liberty. This prevents any embezzlement efforts by any Liberty employee.
Lower Fees

Fees will be levied quarterly by Liberty for investment management services. Part of the fees Liberty charges will be remitted to National Bank for Custodial and Trustee Services. National Bank fees are included in overall client fees.

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Customization

We understand that no two investors are alike. Therefore, our portfolios are not based on basic “one-size-fits-all” models but are instead designed to fulfill each individual investor's needs. Tell us what you want and we'll build it for you.

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