Tactical Asset Allocation Portfolio
Our Tactical Asset Allocation Portfolio opportunistically shifts the asset mix of the portfolio in response to the changing patterns of reward available in the capital markets. The objective is to outperform the market, as measured by the S&P500, while trying to minimize losses in a downturn. We allocate our portfolios among equity, fixed income, and low volatility cash alternatives and seeks to add value through the selective rotation of asst categories and economic sectors within those categories.

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Global Equity Income Portfolio
The Capstone Global Equity Income Portfolio invests in U.S. and non‐U.S. dividend paying stocks that have demonstrated above‐average yield and a positive trend in dividend and earnings growth. The portfolio invests in the companies across a broad spectrum of the global economy. The portfolio’s non‐U.S. investments are primarily in the form of depositary receipts which are U.S. dollar‐denominated instruments representing securities of non‐U.S. issuers that are traded in the U.S. and in non‐U.S. markets.

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Theta Growth Portfolio
The Capstone Theta Growth Portfolio is a conservative equity portfolio of large cap stocks and covered calls. The portfolio provides investors with equity market participation while enhancing income potential and reducing risk. A covered call is an investment strategy in which the investor buys stocks and writes call options that cover the stock position. The strategy seeks to enhance portfolio returns under certain market conditions and to reduce volatility. In down markets, the option premium received cushions the price decline. The trade‐off is that in strong equity markets, the upside potential of the equity investment is limited.

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Core Equity Portfolio
The Capstone Core Equity Portfolio invests in high quality, large capitalization growth stocks. We believe that our disciplined, bottom‐up approach, combining objective quantitative work with subjective stock evaluation, can provide above average long-term growth in our clients’ portfolios, while at the same time explicitly controlling for portfolio risk.

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A covered call is an investment strategy in which the investor buys stocks and writes call options that cover the stock position. The strategy can be used to enhance portfolio returns under certain market conditions and to reduce volatility. In down markets, the option premium received cushions the price decline. The trade‐off is that in strong equity markets, the upside potential of the equity investment is limited.