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. Payson open-end and exchange-traded products are priced, on average, among the second most-expensive quintile of similarly distributed strategies. This higher expense profile of its funds creates a larger performance hurdle and contributes negatively to Payson's rating.