| Summary Symmetry Partners (“Symmetry”) recently announced that Dana D’Auria, CFA, Managing Director, Portfolio Manager, will be leaving Symmetry at the end of September. D’Auria oversees the firm’s research department, is a member of the Investment Committee, and acts as portfolio manager for the Symmetry Panoramic Mutual Funds. She has been with the firm for fifteen years and has played an important role in the development of its current strategies. As a result of her departure, the Symmetry Structured Panoramic Portfolios, Symmetry Structured Portfolios, and Symmetry PrecisionCore ETF Portfolios will all be assigned the portfolio attribute of “Watch”. Rationale Ms. D’Auria had an important and highly visible role within Symmetry’s firm and her knowledge and experience will be difficult to replace. As a factor-based manager, investment research is the backbone of Symmetry’s philosophy and process. Overseeing the research team, she was responsible for the vetting of the various factors and investment principles used within Symmetry’s investment strategies. Under her tenure Symmetry’s research team has been a strength of the organization. Its thoroughness and knowledge of factor investing helped Symmetry stand out from many of it’s peers. Ms. D’Auria’s role will be filled by Phillip McDonald, CFA, CAIA, CIPM. Currently McDonald acts as Portfolio Manager and Director of Investments. He has been with the firm since 2010 and has worked closely with D’Auria in the development of Symmetry’s current strategies and processes. His knowledge and experience in factor based investing as well as familiarity with Symmetry should help minimize any disruptions over the short term. Over the long-term, his role will be to build on the work of his predecessor to deepen the research focus of the firm and to enhance its investment strategies. Symmetry has always emphasized process over people. As a result, they have built a strong team with an emphasis on shared responsibilities. Day to day, the firm’s strategies should continue to run without interruption as its research team and investment committee remain strong in numbers and experience. Envestnet|PMC has confidence in the remaining team and the firm’s strategy for replacing D’Auria but will continue to monitor the situation to ensure that the firm’s team and processes remain at their current high level.. Greg Richards, CFA, CFP Senior Investment Analyst |
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