Payson

A source of strength is that the firm has proven adept at retaining portfolio management talent, providing continuity for strategies, as evidenced by low turnover over the past five years compared with others in the industry. Fees on open-end and exchange-traded funds are a weakness of the firm, contributing negatively to the rating. On average, expenses on its funds are within the second most-expensive quintile compared with category peers. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal.