Tell us about JAG Capital Management.
Our firm’s roots go back to 1945. Our parent company was founded as a broker/dealer, and for many years we operated as a dually registered firm. In May of 2013, we concluded a corporate reorganization that separated our brokerage and advisory operations into two separate legal entities.
Our investment management business is named JAG Capital Management, LLC. We have approximately $1.1 billion in assets under management; roughly $400 million of that total is invested in our large-cap growth managed equity strategy. Most of the remaining $700 million is invested in our fixed-income strategies. The vast majority of our managed assets are invested in separate accounts for institutions and individuals, but we also manage an open-ended mutual fund called the JAG Large Cap Growth Fund. We launched the fund in December 2011, and it has approximately $22 million of assets.
How have your investment philosophy and the company evolved over time?
Interestingly, all of our strategies were developed over the decades to address the long-term challenges of religious institutional clients. Specifically, how do institutions fund their long-term missions and organizational goals over what will hopefully be a perpetual time frame? Accomplishing these objectives requires generating cash flow to fund current operations, combined with long-term growth of capital to fund future needs. Our core investment philosophy and all of our investment strategies were developed to address these objectives.