Proxy Voting Policy

We do not vote proxies on behalf of our clients.

Because of our investment philosophy, we expect virtually all proxies a client will vote on will be proxies of mutual funds and exchange traded funds.  For client’s who look for guidance on voting mutual fund proxies we offer the following general guidelines to serve the client’s best long term interests.

Typical Mutual Fund Voting Issues

  • Advisory Contract Approval — Unless there is a compelling reason to believe otherwise, clients should vote for advisory contracts that favor lower fees and passive management styles.
  • 12b-1 Fee Approval — We believe that most mutual fund 12b-1 plans serve their shareholders VERY poorly. Therefore clients should generally vote to eliminate 12b-1 fees or to block their creation when given the opportunity.
  • Merger Approval — Unless there is a compelling reason to vote for them, such as lower expenses, clients should generally vote against mutual fund mergers.
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