Fiduciary Stewardship

No greater source than the Bible itself, Luke 16:2, calls for managers to give an account of their stewardship. This command recognizes that we live and work in communities, each person reliant on his or her brethren in some important way to perform those services for which others are more aptly suited. Clearly this reliance creates a special position of trust between principal and agent. In the context of investments the principal, or the person who is being served by others, is the client, and those person(s) who are doing the service are the agents. So, at least in our opinion, how does an investment manager best account for his stewardship to his client? As a fiduciary.

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