Investments
As a mutual insurance company, we believe our corporate structure allows us to invest for the long-term with a focus on investment fundamentals rather than short-term market volatility. We achieve this through internal and externally managed strategies across a variety of markets and styles that best allow us to preserve and grow the company’s capital.
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Equities
We follow a bottoms-up, fundamental approach to equities investing. Analysts are encouraged to think as business owners when analyzing a stock or industry, consistent with our long-term orientation. We believe this allows us to better identify and understand the key drivers of a business, with our due diligence done through rigorous research and analysis.
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Fixed Income
The goal of fixed income is to generate optimal risk adjusted returns while balancing overall portfolio needs with adequate liquidity and diversification. Portfolio construction is based on the dual pillars of global risk assessment and compensation for risk. Sector allocation and security selection are key drivers of the process. The results add to the company’s surplus and strengthen our long-term financial position.
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Alternatives
Alternative investments at FM include private equity, hedge funds and real assets. The portfolio is constructed to deliver diversifying or enhanced return streams to traditional publicly traded securities. Strategy allocation drives manager selection in choosing a top-performing partnership to achieve portfolio objectives.
Multi-Asset
The multi-asset segment invests in a variety of both direct and external manager strategies across asset classes. The multi-asset portfolio is invested to balance overall asset allocation, and provide diversification and liquidity.
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Operations
The investments operations team supports all aspects of the FM Master Accounts, Pension Plan and VEBA. The team works closely with the Investments, Accounting, Treasury, Legal and Compliance groups. Activities include due diligence and onboarding of external investment managers, coordination of accounting, performance reporting, audit coordination, managing vendor and custodian relationships.
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