Newfound

Newfound fails to live up to one of the hallmarks of stewardship, manager investment, to help align portfolio manager and shareholder interests. None of the firm’s assets are covered by an invested manager. Longest-tenured managers’ average asset-weighted tenure within the firm is slim, one year, compared with peer firms. This contributes negatively to the rating, as the current managers have limited experience running strategies at the firm. Newfound has had high portfolio management turnover over the past five years compared with peers, detracting from its rating, as long-term stability tends to go together with positive results.