Value of the Investment Policy Committee

Throughout my time at DCM, the most common question I’ve been asked is, “What makes DCM’s investment strategy any different from the other choices available to me today?”

The answer to that question is also a key factor in why I joined DCM over 10 years ago; it is the value that DCM’s Investment Policy Committee (IPC) brings to each one of our clients.

Let me explain. In most firms, a single person or possibly a team of two makes investment decisions for client accounts. At DCM, our investment strategy is guided and overseen by a committee of seven voting members with years of experience leading significant businesses around the world. The committee’s cumulative business experience outside the world of investments makes our group well-qualified to assess companies and management teams.

These seven people are responsible for customizing the overall strategic direction of our investment strategies to seek the best fit for your individual needs. More specifically, the group manages the composition of our four model equity portfolios: Cornerstone, Capital Builder, Income Builder, and Sequoia. Each portfolio consists of about 30 common stocks, chosen specifically to implement the objectives of that strategy.

The IPC meets weekly to review company, industry, economic, and political developments. We discuss updates to our outlook over the next three to 18 months and debate and vote on proposed changes to the portfolios. All changes are then communicated with our advisory and investment operations team and then executed in the effected client accounts. The IPC’s goal is to select only the highest quality companies to best achieve the objectives of each individual client.

We thank each of you for your continued trust in us and the decisions of the IPC. If you would like to learn more about the individual IPC members, I invite you to view their biographies here.










Joe Zabratanski, Senior Investment Advisor & Chief Investment Officer


This report was prepared by Donaldson Capital Management, LLC, a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Information in these materials are from sources Donaldson Capital Management, LLC deems reliable, however we do not attest to their accuracy.

An index is a portfolio of specific securities, the performance of which is often used as a benchmark in judging the relative performance to certain asset classes. Indexes are unmanaged portfolios and investors cannot invest directly in an index. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Past performance is not a guarantee of future results. The mention of specific securities and sectors illustrates the application of our investment approach only and is not to be considered a recommendation by Donaldson Capital Management, LLC.

S&P 500: Standard & Poor’s (S&P) 500 Index. The S&P 500 Index is an unmanaged, capitalization-weighted index designed to measure the performance of the broad U.S. economy through changes in the aggregate market value of 500 stocks representing all major industries.