Portfolio Management | HighRock Capital Management

What the service is服务内容

Five commitments

五条承诺

Non-discretionary management. HighRock forms and puts forward investment recommendations on the basis of its research; the client retains the final decision on every transaction. No transaction is executed in the account without the client's prior, explicit approval. 非全权委托管理。HighRock 基于研究形成并提出投资建议，客户保留最终交易决定权。未经客户事先明确批准，账户中不会执行相关交易。
Transparent research basis. For each significant recommendation entering the portfolio, we supply the underlying research and investment reasoning — the fundamental judgment, the valuation basis, the catalysts and the principal risks — so that the client can understand and independently assess it. 研究依据透明。对于纳入组合的重要投资建议，我们提供相应的底层研究与投资逻辑，包括基本面判断、估值依据、催化剂及主要风险，使客户能够理解并独立评估每项建议。
Reassessment conditions defined in advance. When a recommendation is made, we record at the same time the key assumptions, the valuation range, and the conditions that would trigger a trim, an exit, or a reassessment. Where the investment case changes materially, we revisit the original judgment against that record. 预先定义重估条件。在提出投资建议时，我们同步记录关键假设、估值区间及可能触发减仓、退出或重新评估的条件。投资逻辑发生实质变化时，我们据此重新审视原有判断。
Client restrictions respected. A client may impose reasonable restrictions in writing on particular securities, classes of securities, sectors, or other areas of the investment universe. Once confirmed by both parties, those restrictions are built into the portfolio management framework. 尊重客户投资限制。客户可以通过书面方式对特定证券、证券类别、行业或其他投资范围提出合理限制。经双方确认后，相关限制将纳入组合管理框架。
Portfolio advice connected to the wider financial picture. A portfolio is not managed in isolation. For clients who separately engage us for financial planning, we can analyze asset allocation and portfolio construction against cash flow, retirement goals, education funding needs and other household financial factors. 组合建议与整体财务目标相衔接。投资组合并非孤立管理。对于另行委托财务规划服务的客户，我们可结合其现金流、退休目标、教育资金需求及其他家庭财务因素，对资产配置和投资组合提出相应分析。

How the engagement runs

服务流程

Table 1 · Engagement process表 1 · 服务流程

Stage阶段	What happens流程说明
1	Introductory conversation初步沟通 We learn your investment objectives, existing asset position and principal needs, and assess whether HighRock's service model fits them. The introductory conversation is free of charge and does not create an advisory relationship.我们了解你的投资目标、现有资产状况及主要需求，并评估 HighRock 的服务模式是否与你的需求相匹配。初步沟通不收费，也不构成投资顾问关系。
2	Objectives and constraints, defined明确投资目标与约束条件 Before an advisory relationship is established, we confirm with you the investment objectives, risk tolerance, time horizon, liquidity needs and any other investment restrictions, and record them in the written investment management framework.在建立顾问关系前，我们与你确认投资目标、风险承受能力、投资期限、流动性需求及其他投资限制，并将相关事项纳入书面投资管理框架。
3	Agreement signed, custodial account opened签署协议与建立托管账户 You sign a written investment management agreement and receive the applicable Form ADV Part 2A, Part 2B and related disclosure documents. Client assets are held by an independent qualified custodian; HighRock does not itself hold client funds or securities. We may recommend Interactive Brokers LLC as custodian; a client may also propose an alternative custodial arrangement, provided it meets our operational and compliance requirements.你签署书面投资顾问协议，并收到适用的 Form ADV Part 2A、Part 2B 及相关披露文件。客户资产由独立合格托管机构持有，HighRock 不直接持有客户资金或证券。我们可推荐 Interactive Brokers LLC 作为托管机构；客户亦可在符合我们运营及合规要求的前提下提出其他托管安排。
4	Recommendations, with the research behind them投资建议与研究依据 HighRock forms recommendations from the client's circumstances and its own research, and supplies the investment reasoning, the valuation basis and the principal risks. Because the account is non-discretionary, no transaction is executed without the client's explicit approval.HighRock 根据客户情况及自主研究形成投资建议，并提供相应的投资逻辑、估值依据及主要风险。作为非全权委托账户，未经客户明确批准，相关交易不会执行。
5	Ongoing monitoring and periodic review持续监控与定期复核 We track portfolio holdings, the core investment assumptions, valuation and the pre-set reassessment conditions on an ongoing basis, and adjust our recommendations as the client's circumstances change. Portfolios are monitored monthly and formally reviewed at least quarterly; a material change in fundamentals, or the triggering of a pre-defined condition, brings that reassessment forward.我们持续跟踪组合持仓、核心投资假设、估值及预设的重估条件，并结合客户情况的变化对组合建议进行调整。投资组合按月跟踪，至少每季度进行一次正式复核；出现重大基本面变化或既定触发条件时，可提前重新评估。

Source: HighRock Capital Management; Form ADV Part 2A, Items 4 and 13.来源：HighRock Capital Management；Form ADV Part 2A Item 4 与 Item 13。

401(k) and employer retirement plans

401(k) 与雇主退休计划

A client's 401(k), 403(b) and other employer-sponsored retirement plans can be brought into HighRock's overall asset allocation analysis, with ongoing allocation and rebalancing recommendations.

客户持有的 401(k)、403(b) 及其他雇主退休计划，可纳入 HighRock 的整体资产配置分析，并获得持续性的配置建议与再平衡建议。

The service is provided under a separate written engagement on a fixed fee. It is not included in the portfolio management fee, and assets held in such a retirement plan account are not included in the billing base for the investment management fee.

该项服务采用单独书面委托及固定收费，不包含在投资组合管理费中；相关退休计划账户内的资产亦不计入投资管理费的计费基数。

HighRock neither holds nor controls these accounts and has no authority to execute transactions in them. We form allocation recommendations from the client's overall financial position, retirement objectives, risk tolerance and the investment options actually available inside the plan; the client implements any adjustment.

HighRock 不持有或控制此类账户，也不具有交易执行权限。我们基于客户的整体财务状况、退休目标、风险承受能力及计划内实际可选的投资工具提出配置建议，具体调整由客户自行完成。

HighRock receives no compensation in connection with these recommendations from any plan provider, plan administrator, fund sponsor or other third party.

HighRock 不因相关建议从任何计划提供方、计划管理人、基金发起人或其他第三方获得报酬。

Scope and fees for retirement plan advice了解退休计划配置服务的范围与费用→

Source: Form ADV Part 2A, Items 4 and 5.来源：Form ADV Part 2A Item 4 与 Item 5。

Transparent fees, clearly disclosed.

透明收费，明确披露。

HighRock publishes its portfolio management fee schedule. Before entering an advisory relationship, a client should understand clearly how the adviser is paid, how the fee is calculated, and what economic conflicts of interest the adviser may have.

HighRock 的投资组合管理费率公开列示。客户在建立顾问关系之前，应当清楚了解顾问如何收费、费用如何计算，以及顾问可能存在的经济利益冲突。

Table 2 · Annual investment management fee表 2 · 年度投资管理费率

Assets under management管理资产区间	Annual rate年费率
First $500,000首个 $500,000	1.50%
Above $500,000 to $1,000,000$500,000 以上至 $1,000,000	1.25%
The portion above $1,000,000超过 $1,000,000 的部分	1.00%

Source: Form ADV Part 2A, Item 5.来源：Form ADV Part 2A, Item 5。

See the full fee schedule查看收费标准→

No minimum account size.
The fee is applied in tiers, each band of assets charged at its own rate. Fees are negotiable according to circumstances; the rate that applies to a client is the one set out in the signed written advisory agreement. 无最低账户规模要求。
管理费采用分层方式计算，各资产区间分别适用对应费率。费率可根据具体情况协商，最终适用于客户的费率以双方签署的书面投资顾问协议为准。
Billed quarterly in advance.
The management fee is collected quarterly in advance, calculated on the market value of the account on the last business day of the prior calendar quarter. Where an account is opened, terminated, or otherwise affected mid-quarter, the fee is adjusted as provided in the advisory agreement. 按季度预收。
投资管理费按季度预先收取，并以上一日历季度最后一个营业日的账户市值为计算基础。账户在季度中建立、终止或发生其他适用情形时，费用按照投资顾问协议约定进行相应调整。
The client chooses how to pay.
With the client's written authorization, HighRock may deduct the advisory fee directly from the client's account at the qualified custodian; the client may instead elect to be invoiced and pay separately. 费用支付方式由客户选择。
经客户书面授权，HighRock 可从客户在合格托管机构开立的账户中直接扣取顾问费；客户亦可选择由 HighRock 开具账单后另行支付。
Where our compensation comes from.
For portfolio management, HighRock's compensation is the management fee the client pays under the advisory agreement. We receive no sales commission, revenue share, or third-party sales compensation for recommending or transacting in any particular security. Clients may separately bear custodial, transaction, fund-level or other product-level charges; those are levied by the relevant third parties and are not paid to HighRock. 我们的报酬来源清晰。
就投资组合管理服务而言，HighRock 的报酬来自客户按照投资顾问协议支付的管理费。我们不因推荐或交易特定证券而收取销售佣金、收入分成或第三方销售报酬。客户可能另外承担托管、交易、基金或其他投资产品层面的费用；此类费用由相关第三方收取，不支付给 HighRock。
A full description of our fees and conflicts of interest appears in Form ADV Part 2A. 费率与利益冲突的完整说明载于 Form ADV Part 2A。

Custody保管

Custody of client assets

客户资产的保管

Assets held by a custodian — the brokerage firm the client chooses

资产由托管机构（客户选择的任意证券开户公司）持有

Client funds and securities are held by an independent qualified custodian. HighRock does not itself hold client assets.

客户资金与证券由独立的合格托管机构持有，HighRock 不直接持有客户资产。

The custodian provides account statements directly to the client at least quarterly, setting out holdings, transactions and cash movements. Where a client also receives an account or investment report from HighRock, that report should be checked against the custodian's official statement.

托管机构至少每季度直接向客户提供账户对账单，其中列示账户持仓、交易及资金变动。客户如同时收到 HighRock 提供的账户或投资报告，应将其与托管机构出具的正式对账单进行核对。

Direct deduction of advisory fees

顾问费直接扣取

Where the client has authorized it in writing, HighRock may deduct advisory fees from the client's account at the qualified custodian in accordance with the advisory agreement.

在客户书面授权的情况下，HighRock 可以按照投资顾问协议，从客户在合格托管机构开立的账户中直接扣取顾问费。

Because that authorization gives HighRock the ability to draw fees from the client's account, HighRock is deemed under New York State rules to have limited custody of client assets. That authority extends only to collecting the advisory fee due under the advisory agreement; it does not permit HighRock to withdraw, transfer or otherwise dispose of client funds or securities at will.

由于该授权使 HighRock 具有从客户账户取得顾问费的权限，依照纽约州规则，HighRock 被视为对客户资产具有有限保管（limited custody）。HighRock 对客户资产的此项权限仅限于按照投资顾问协议收取应付顾问费，并不赋予 HighRock 自由提取、转移或支配客户资金或证券的权力。

The arrangement carries the following safeguards:

该安排包括以下保障措施：

the client provides written fee-deduction authorization in advance; 客户事先提供书面扣费授权；
HighRock provides the client with a fee notice or invoice setting out the basis of calculation and the amount; HighRock 向客户提供载明费用计算依据及金额的费用通知或发票；
the independent custodian provides account statements directly to the client at least quarterly, showing the advisory fee deducted from the account. 独立托管机构至少每季度直接向客户提供账户对账单，并列示从账户中扣取的顾问费。

The arrangement and its disclosure are set out in HighRock's Form ADV Part 1A, Item 9.A(1) and Form ADV Part 2A, Item 15 — Custody. 相关安排及披露详见 HighRock 的 Form ADV Part 1A Item 9.A(1) 及 Form ADV Part 2A, Item 15 — Custody。

Who this service suits

这项服务适合谁

HighRock may suit you if you:

HighRock 可能适合你，如果你：

Want a U.S. equity portfolio managed through a research-driven, auditable process.希望以研究驱动、可追溯的流程管理美股投资组合。 You value the fundamental research, valuation basis, catalysts and risk factors behind every investment recommendation.你重视每项投资建议背后的基本面研究、估值依据、催化剂与风险。
Want to understand the investment decisions, not only receive a performance report.希望理解投资决策，而不仅是收到绩效报告。 You want to know why a position was initiated, increased, reduced or exited, and to be able to review the research and analysis supporting those judgments. You understand that a research-driven active portfolio does not mechanically replicate a market index: its sector allocation, position weights and interim performance may differ materially from major benchmarks.你希望知道为什么建立、增加、降低或退出某一仓位，并能够审阅支撑这些判断的研究与分析。你理解研究驱动的主动投资组合不会机械复制市场指数，其行业配置、个股权重及阶段性表现可能与主要基准存在显著差异。
Value investment discipline over short-term market forecasting.重视投资纪律，而非短期市场预测。 You are willing to keep testing the investment case against fundamentals, valuation and pre-defined reassessment triggers, rather than changing your view on short-term price movement alone.你愿意依据基本面、估值与预先设定的重估条件持续检验投资逻辑，而不是仅根据短期价格波动改变投资判断。

Request an introductory call预约初次沟通→

Research-driven, personalized portfolio construction and management

研究驱动的个性化投资组合构建与管理