Trading

Mutual Fund Trades

Appel managed account programs trade primarily in a variety of domestic and international equity funds whose holdings include large, medium and small capitalization companies with varied investment focuses, and in high yield and other bond funds. A wide variety of mutual fund families are traded. To the largest extent possible, investments are made in shares of mutual funds whose policies and procedures allow for trading of their shares at minimal or no cost. Trading is conducted within the boundaries of individual fund Prospectus rules.

Client portfolios are designed to fit individual financial needs – according to the client's life situation, goals, investment objectives and personal tolerance for risk. Investments will be broadly diversified, and reviewed with clients on a regular basis to make certain that holdings reflect changes in your life situation and investment objectives.

Mutual fund portfolios are be structured to keep investment expenses to a minimum. We receive no commission income, no rebate whatsoever from any mutual fund or brokerage house, and do no investment banking business with any entity that we may recommend. Our interests lie in keeping investment expenses low while seeing to the growth of client capital.

Although our company maintains access to sources of outside information,
final investment selections as well as trading decisions are made by in-house portfolio and research staff. We have no business or other ties to any institution that might affect our judgments.

Mutual fund portfolios are structured for maximum flexibility and liquidity so that immediate action can be undertaken to exit the market should conditions dictate. Protective strategies are frequently utilized to decrease exposure to stocks or bonds when market conditions appear to put holdings at risk, for example:

Signs of stock market risk include rising volatility, falling stock prices (often lead to further losses), rising inflation, deflation.

Bonds are risky when interest rates are rising, or when yields are low compared to inflation.

in addition to mutual funds, at times investor capital may be invested directly into securities, bonds, money market, and index options. Hedge strategies are also employed when market conditions so indicate.