covington capital management

An independent, employee-owned investment advisory firm providing traditional and alternative asset

management in concert with fiduciary and transition counsel to successful families and individuals

An independent, employee-owned investment advisory firm providing traditional and alternative asset

management in concert with fiduciary and transition counsel to successful families and individuals

Managing Partners

OUR PRINCIPLESWe foster and continue to refine a collegial

environment which encourages independent

thinking in pursuit of the best solutions for

our clients.

We conduct all of our business dealings with

the highest level of integrity, placing the

needs of our clients at the forefront of our

decisions.

Our team is talented, experienced, ambitious,

and motivated with a passion to provide the

best possible service for our clients, free of

the conflicts of interest of large corporate

environments.

OUR VIEWOver the course of the past few decades, the financial services industry has been the

victim of breakneck consolidation and un-tethered expansion. The concept of traditional

asset management and investment counsel has been lost in a fog of product creation

and a rush to gather assets through a financial supermarket structure. Challenged to

differentiate among dozens of nearly identical firms with similar products, successful

families and individuals are frustrated in their search to engage a firm that understands

their unique dynamic and is able to provide corresponding solutions.

Covington Capital Management was founded by individuals with a mandate to

provide individual asset management, fiduciary, and transition advice and counsel.

Our professionals average over 25 years of wealth management experience. Our

firm is not affiliated with any bank, insurance company, trust company, or broker-

dealer. Our commitment is to provide client specific advice to meet client specific

requirements. Our analysts and portfolio managers combine modern portfolio

construction theories, risk management, and diversification to meet each individual

client’s unique circumstance. We are not influenced by market fads and trendy

investment schemes. Our clients enjoy direct access to their portfolio managers

as opposed to interpreting the communications of a client service messenger.

Covington Capital does not sell investment products; we sell only integrity and the

quality of our un-biased advice and counsel. The only compensation we receive is from

our clients. Our independence and ability to provide the best possible solutions sets us

apart in a sea of choices.

Mark Gibson, MacArthur Park, digital image

Management Committee

FOCUSOur relationship with our clients is sacrosanct. Each client has a story and circumstance

unique to them. They may require income, capital growth, estate planning review,

business transition advice, all of the above, or a combination thereof. Our professionals

look beyond the assets that we manage directly and consider the entire landscape and

asset allocation of each client to arrive at a prudent portfolio structure. For example,

a client that has created wealth and continues to have business interests in the energy

industry is unlikely to have significant equity holdings in that sector in their portfolio

managed by Covington. We work as a team to research investment ideas across

industry sectors, styles, capitalizations, and borders. Our fixed income research and

management group reviews opportunities in all segments of the debt markets and

actively manages portfolio allocations to maximize returns while mitigating risk.

Our portfolio management team averages over 25 years experience and makes

decisions solely for the benefit of our clients. We do not receive commissions or

placement fees. Our interests are aligned with our clients; to grow the value of

their portfolios.

Michael Howell, Moon Over Skyline, digital image

INVESTMENTS One of Covington’s core objectives is to provide excellent investment returns by providing

proprietary investment management complemented by appropriate sub-advised strategies to

enhance diversification and portfolio returns. Our investment team has performed well through

past market cycles with attractive levels of relative risk and tax efficiency. Our proprietary

equity process is driven by bottom-up fundamental research. We favor companies operating

in attractive industries with enduring competitive advantages that demonstrate a continued

ability to increase revenues and earnings, maintain a strong balance sheet with prudent debt

levels, and achieve above average operating margins. In addition, we analyze management’s

track record of capital allocation, much as our clients review our track record.

We construct global equity portfolios with a blend of geographies (foreign and domestic),

styles (value and growth), and capitalizations (small, mid, and large) to moderate volatility

over time and expose the portfolio to an expanded range of opportunities.

Equity Team

FIXED INCOME MANAGEMENT Covington’s proprietary fixed income management invests in debt instruments to generate

stable income, preserve capital, and produce predictable returns. The fixed income allocation

of client portfolios is designed to balance the higher risks of equity investing and dampen

portfolio volatility. We invest in municipal, corporate, U.S. government, convertible, and

sovereign instruments. Our process focuses on short and intermediate maturities of investment

grade issuers combined with active management of sector allocation. We are sensitive to

yield spreads, maturities, call structure, credit quality, liquidity, and tax consideration. We are

agnostic vis-à-vis interest rates, but seek to exploit relative value opportunities as they arise.

In addition to our proprietary management, we research and select a limited offering of sub-advisors to complement the portfolio. These may include low-expense Exchange Traded Funds that create exposure to less liquid and esoteric markets such as emerging markets, real estate, hedge fund strategies, commodities, and private equity.

We manage our client portfolios with a long-term perspective, thus our turnover is low and tax profile is efficient.

Fixed Income Team

OTHER SERVICESCovington’s wealth planning and advisory team works in concert with our portfolio managers

to integrate estate and transition planning concepts into the investment plan. In addition,

we consult with our clients’ outside legal and tax advisors to create an overall plan that best

achieves client estate and transition objectives. We have extensive experience and expertise

assisting clients creating and executing their philanthropic and estate management goals.

For clients who require the services of a corporate trustee in their transition and wealth transfer

plans, Covington offers clients a comprehensive range of fiduciary services through major trust

companies.

Client Services

JEFFREY L. GLASSMAN, ESQ 213.629.7527 Chief Executive Officer j.glassman@covcapmgt.com

ROZETA ABOVIAN 213.629.7536 Client Services r.abovian@covcapmgt.com

GARY H. ARAKAWA, CFA 213.629.7508 Managing Director g.arakawa@covcapmgt.com

RICHARD E. AZARLOZA, CFA, CFP 213.629.7532 Managing Director r.azarloza@covcapmgt.com

CRAIG B. BURGER, CFA 213.629.7534 Managing Director c.burger@covcapmgt.com

ALEXANDER J. COTE 213.629.7525 Investment Associate a.cote@covcapmgt.com

KATRIN B. DOYLE 213.629.7504 Senior Vice President k.doyle@covcapmgt.com

REBECCA K. DUTKA, CFA 213.629.7514 Managing Director r.dutka@covcapmgt.com

DELIA HERNANDEZ 213.629.7512 Client Services d.hernandez@covcapmgt.com

AMY E. LANGE, CFA 213.629.7523 Managing Director a.lange@covcapmgt.com

DWIGHT LIU 213.629.7510 Chief Financial Officer d.liu@covcapmgt.com

PHONG H. LUU 213.629.7521 Assistant Vice President p.luu@covcapmgt.com

ROBERT M. RANEY, CFA 213.629.7511 Senior Advisor b.raney@covcapmgt.com

MICHAEL ADAM SMITH 213.629.7501 Senior Director m.smith@covcapmgt.com

SCOTT M. SWANSON 213.629.7537 Senior Vice President s.swanson@covcapmgt.com

SUSAN TAKANO 213.629.7520 Administrator s.takano@covcapmgt.com

TRACI A. TOROK 213.629.7533 Marketing Coordinator t.torok@covcapmgt.com

FRANKLIN E. ULF 213.629.7515 Chairman Emeritus f.ulf@covcapmgt.com

TODD J. WALKLETT, CFA 213.629.7502 Managing Director t.walklett@covcapmgt.com

KIM E. WILKINSON 213.629.7509 Managing Director k.wilkinson@covcapmgt.com

SUSAN A. WOLF, ESQ 213.629.7503 Senior Director | Business Development Officer s.wolf@covcapmgt.com

Downtown Los Angeles, digital image

Stuart Westmoreland, Los Angeles Palms, digital image

601 South Figueroa Street, Suite 2000Los Angeles, California 90017 | 213.629.7500

info@covingtoncapitalmanagement.com

Walter Bibikow, Walt Disney Concert Hall, digital image

John Kilduff, Mulholland View, oil on canvas, 24 x 48 in.

“Wealth is the ability to fully experience life……”-Henry David Thoreau

“Wealth is the ability to fully experience life……”-Henry David Thoreau