Equity Income

Portfolio Manager: Jenny Harrington
Established: 2006
Objective: 5%+ annual dividend income stream plus long-term capital appreciation

The Equity Income strategy provides investors with a carefully constructed portfolio of U.S. stocks that is designed to:

• Generate significant and consistent dividend income

• Grow assets through capital appreciation

• Minimize downside risk relative to the broad equity market

The current return objective is a 5%+ dividend yield, plus capital appreciation.

We seek to generate consistent income and long-term total return through a portfolio of:

• Common stocks with above-market dividend yields

• Master Limited Partnerships (MLPs)

• Real Estate Investment Trusts (REITs)

• Convertible preferred and preferred securities

Portfolio investments are made with a focus on companies that:

• Use high levels of free cash flow to pay a consistently high dividend

• Are reasonably priced relative to the market and their peers

• Are underpinned by real businesses, rather than hype or speculation

• Span the market capitalization spectrum

Disciplined Growth

Portfolio Manager: Greg Stanek
Established: 2013
Objective: Risk controlled long-term capital appreciation

The Disciplined Growth strategy provides investors with a carefully constructed portfolio of U.S. stocks that is designed to:

• Grow assets through capital appreciation

• Minimize downside risk relative to the broad equity market

We seek above-market returns through a portfolio of equity securities that

• Possess strong earnings growth right now

• Are likely to sustain this strong earnings growth into the future

• Are reasonably priced with respect to their growth prospects

• Are underpinned by real businesses, rather than hype or speculation

• Span the capitalization spectrum

Portfolio investments are made with a focus on companies that:

• Use high levels of free cash flow to repurchase shares, make strategic acquisitions, or pay dividends

• Possess strong earnings growth that is likely to be sustained into the future

• Are reasonably priced with respect to their growth prospects

• Are underpinned by real businesses, rather than hype or speculation

• Span the capitalization spectrum

International Income

Portfolio Manager: Greg Stanek
Established: 2013
Objective: 4%+ annual dividend income stream plus long-term capital appreciation, geographic diversification

The International Income strategy provides investors with a carefully constructed portfolio of international stocks traded in the U.S. through ADRs that is designed to:

• Provide clients with exposure to equity investment opportunities outside of the United States

• Generate significant and consistent dividend income

• Grow assets through capital appreciation

• Minimize downside risk relative to the broad equity market

The current return objective is a 4%+ dividend yield, plus capital appreciation.

We seek to generate consistent income and long-term total return through a portfolio of ADRs with above-market dividend yields.

Portfolio investments are made with a focus on companies that:

• Use high levels of free cash flow to pay a consistently high dividend

• Are reasonably priced relative to the market and their peers

• Are underpinned by real businesses, rather than hype or speculation

International Equity

(for institutional clients only)

Portfolio Manager: Greg Stanek
Established: 2024
Objective: Capital appreciation through value-focused local investments in non-U.S. equities

The International Equity strategy provides sophisticated institutional investors with a carefully constructed portfolio of stocks that is designed to:

• Provide exposure to equity investment opportunities outside of the United States through local shares traded in non-U.S. markets

• Provide exposure to the international value equity universe

• Grow assets through capital appreciation

• Minimize downside risk relative to the broad equity market

Portfolio investments are made with a focus on non-U.S. companies that:

• Generate strong free cash flow and maintain sustainably high dividend yields

• Are reasonably priced relative to the market and their peers

• Are underpinned by real businesses, rather than hype or speculation

Blended and Balanced Portfolios

Gilman Hill’s strategies may be implemented independently or combined to create customized allocations aligned with client objectives. Target allocations are fully customizable.

Blended Portfolios

Many clients choose to invest in more than one Gilman Hill strategy. In most cases, we can blend any combination of the Equity Income, International Income (ADR), and Disciplined Growth portfolios into a single account at the client’s custodian to create a coordinated and diversified allocation.

Blended portfolios are often designed to provide broader geographic exposure, balance income generation with growth opportunities, or better align the portfolio with a client’s overall financial goals.

Allocation levels among the component strategies are determined through ongoing conversations with each client to ensure that the overall portfolio reflects their objectives and risk tolerance.

Rebalancing typically occurs organically over time as positions in each component strategy are added or sold. More formal rebalancing may occur if the portfolio’s allocation meaningfully drifts from its intended structure, if a client’s objectives or risk tolerances change, or as market conditions evolve.

Balanced Portfolios

For clients seeking a balanced portfolio allocation, fixed income may be incorporated alongside a single Gilman Hill strategy or within a blended portfolio.

In these cases, the equity component continues to reflect our disciplined investment approach, while the fixed income exposure is structured to complement the portfolio’s income needs, risk profile, and overall financial objectives. Our fixed income philosophy emphasizes high-quality corporate debt issuers, laddered maturities, and a long-term hold-to-maturity mindset. This approach is designed to provide a predictable stream of income and to help moderate the potential for overall portfolio volatility over time.

Allocations are determined through ongoing discussions to ensure that the combined portfolio aligns with each client’s long-term goals.