Equity Investment Management

Nollenberger McCullough has successfully managed investment portfolios for our clients for more than 80 years. We manage both taxable and tax-free accounts for high net worth individuals, family offices, institutions, foundations, pension and retirement accounts, as well as public funds.  We work with your goals, objectives and tolerance for risk, to develop an investment plan customized for you. We always work hard to exceed your expectations and deliver exceptional results.

Security Selection

Security selection at Nollenberger McCullough is conducted in-house and focuses on identifying companies that have specific characteristics. Our goal is to find the best companies selling at attractive valuations and to hold them long term for maximum price appreciation.

Following are the five key company characteristics we consider.

• Strong Financial Position

We seek companies with strong balance sheets and positive cash flow trends. These companies are more likely to be able to meet capital needs and maintain dividend payments, especially when credit is tight or markets are volatile.

• Shareholder Oriented Management

We look for experienced management teams with a proven track record of success. Companies should utilize conservative accounting principles and align the financial interests of management and shareholders.

• Sustainable Business Model

We seek to understand how a company makes money now and how it will carry that into the future. We also take into account industry growth trends and the expected strength of competition in the near term.

• Attractive Valuation

We perform fundamental research to establish a target price for the company by focusing on the intrinsic value of the business and assessing the near-term risks to that value. Our objective in establishing a target price is to establish a “margin of safety” to reduce the risk of invested capital.

• Strong Technical Characteristics

We perform technical analysis, including analyzing price and institutional buying and selling trends, looking to identify key support and resistant levels. We use our technical analysis along with other factors to help us determine if and when to buy a security, and also when to sell.