In the feature article of this issue of InvestorView, Chief Investment Strategist Scott Clemons, Brian Nelson, the head of our Investment Research Group, and Investment Strategy Analyst Tom Martin discuss BBH’s differentiated approach to building investment portfolios. They look at the two requirements of robust portfolio construction: asset allocation driven by an investor’s needs, along with capital allocation driven by partnering with managers who invest fundamentally with an insistence on value.

In addition, Wealth Planners Karin Prangley and Anne Warren examine the recently proposed 2704 regulations by the IRS and U.S. Department of the Treasury, which, if finalized, may eliminate the valuation discounts applicable to family-controlled entities that have been the cornerstone of sophisticated tax and estate planning for decades. As always, we review the markets and provide an update on our current portfolio positioning and priorities as well as the Core Select equity strategy.