Sierra Conservative Allocation Program

The Sierra Conservative Allocation Program has two investment objectives: to provide long-term total return and to limit volatility and downside risk. The Program’s multi-asset diversification strategy employs unusually broad diversification across asset classes, markets, industries and issuers. A passive “buy and hold” strategy is not employed. As part of an integrated risk-management discipline, the Program monitors underlying holdings daily and applies a trailing stop discipline to each holding, based on a proprietary approach, to limit the impact of any sustained decline in a given asset class or holding. The overall asset allocation of the Program is not fixed. It can and does change significantly over time, re-allocating the portfolio in response to trend changes in the U.S. and global economy and in various investment markets.

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Effective June 30, 2017 the benchmark for the Sierra Conservative Allocation Program has changed to the Morningstar Allocation – 15% to 30% Equity category, which is comprised of portfolios which seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 15% and 30%.

It is not our goal to equal or exceed the stock market averages.