A. Business Commencement Date
Intercam Advisors has been in business since September of 2010.
B. Ownership
Intercam Advisors is wholly owned by Intercam Holdings, Inc., which is wholly owned by Grupo
Intercam, S.A. de C.V. Mr. Eduardo Garcia Lecuona Mayeur holds a greater than 25% ownership
interest in Grupo Intercam. Following is a chart depicting the Firm’s ownership structure:
C. Services
DISCRETIONARY ACCOUNTS. Intercam Advisors offers personalized discretionary
investment management services to its clients. Clients are asked to provide Intercam Advisors with
certain information with respect to their current financial holdings, investment objectives, risk
tolerance, liquidity needs, and time horizon. The Firm will also inquire as to the restrictions the
client wishes to impose on the management of the accounts. From the information that is supplied
by the client, Intercam Advisors constructs an allocation mix and investment strategy that it
believes is suitable for that client.
LIMITED DISCRETIONARY ACCOUNTS. Intercam Advisors also offers limited discretionary
advisory services tailored to its clients. As with the discretionary accounts, clients are asked to
provide the Firm with information regarding their financial profile and any restrictions the client
wishes to impose on the management of the accounts. For limited discretionary accounts, Intercam
Advisors will recommend an investment strategy, allocation mix, or changes to the client's existing
portfolio that the Firm believes is suitable for that client. The Firm has an ongoing responsibility
to make recommendations to the client based upon the client's financial and investment profile.
The client approves or disapproves each recommendation made by the Firm. Upon approval of
any recommendation, the Firm will arrange for effecting the securities transaction(s) recommended.
MODEL PORTFOLIOS. We conduct research and utilize third-party research to develop asset
allocation recommendations for a variety of model portfolios. We diversify client assets on a
discretionary basis in accordance with the objective(s) of each model portfolio. We review with
Eduardo Garcia Lecuona Mayeur
(more than 25%)
Grupo Intercam , S.A. de C.V.
(100%)
Intercam Holdings, Inc.
(100%)
Intercam Advisors, Inc.
the client the available portfolios in conjunction with the client’s financial and risk profile and
investment experience to assist the client in determining which model portfolio may be best suited
for them. The objective(s) of each of the model portfolios is described in the following chart:
Portfolio Name General Risk Profile Portfolio Objective(s)
Flex Conservative The objective is to minimize fluctuations
in the market value of the Portfolio by
investing primarily in Fixed Income
instruments, mostly with high credit
quality. The investor is willing to accept
lower returns in exchange for stability.
Conservative Conservative The objective is to minimize fluctuations
in the market value of the Portfolio,
investing primarily in fixed income with
a limited exposure to equities. The
investor is willing to accept lower
returns in return for desired stability.
Moderate Moderate Assets are invested in a balanced mix of
Fixed Income instruments and Equities,
with a small percentage allocated to
alternative investments and commodities
using Mutual Funds. The objective of
the strategy is to grow capital over the
long term. The investor is willing to
accept moderate fluctuations (volatility)
in the value of the Portfolio.
Aggressive Aggressive With this strategy, the Portfolio is
invested primarily in equities with
exposure to the main indexes both in the
USA and around the world. In addition,
it invests in thematic ideas with exposure
to high growth sectors. The exposure to
Fixed Income instruments is moderate.
The objective is to seek capital growth.
The investor is willing to accept high
fluctuations (volatility) in the value of
the Portfolio.
Income Generator Variable Investing directly in Fixed Income
instruments, the objective is to generate
a steady cash flow. This Portfolio is
designed for investors who can tolerate
high fluctuations in the value of the
Portfolio and have the ability to hold
investments until maturity.
RECOMMENDATION SERVICES. Intercam Advisors offers to clients portfolio analysis and/or
recommendations regarding investments, mergers, acquisitions, or other financial or business
transactions or matters on a one-time, non-discretionary basis.
FINANCIAL PLANNING. Intercam Advisors offers financial planning services. In an effort to
gain a comprehensive understanding of the client’s present and long-term financial needs and goals,
Intercam Advisors elicits from the client certain information such as the client’s current financial
holdings, investment objectives, risk tolerance, time horizon, retirement goals, insurance needs,
estate planning needs, and other financial-related planning needs. Intercam Advisors evaluates this
information to make recommendations in connection with the client’s investments and investment
strategies. As agreed upon with the client, Intercam Advisors will also provide recommendations
concerning retirement planning, estate planning, insurance planning and college planning.
Intercam Advisors does not have an ongoing responsibility to make recommendations to the client.
Intercam Advisors does not have the responsibility to arrange any securities transaction but may
arrange one or more transactions upon the client's instruction.
ESTATE PLANNING. Intercam Advisors identifies potential estate planning issues and arranges
for certain third-party legal, accounting, and/or tax professionals to prepare and/or review certain
documents and/or provide certain services to help protect the client against legal, financial or tax
liability exposure. The third parties are not our agents. Intercam Advisors does not have an
ongoing responsibility to make recommendations to the client. Intercam Advisors does not have
the responsibility to arrange any securities transaction but may arrange one or more transactions
upon the client's instruction.
CONCIERGE SERVICES. We provide portfolio, transaction, and strategy recommendations
based on the client’s investment objectives, risk tolerances, time horizons, liquidity needs, wealth
transfer and beneficiary planning intentions, and other financial-related expectations. We also
recommend and coordinate with third-party service providers to render other professional financial-
related services to the client in furtherance of the client’s goals and objectives. We have an ongoing
responsibility to provide non-discretionary investment recommendations. The client decides
whether to implement any recommendations given and retains the authority to arrange for
transactions in the accounts.
CONSOLIDATION SERVICES: We offer consolidation services where we prepare and deliver
to the client a report itemizing the value of the holdings in each of the accounts included in the
agreement and their collective value on a particular date. It is important to understand that the
reports provided may contain information and data about accounts for which we do not provide
investment management services or advise the client. Thus, no inference should be drawn that we
serve as the adviser on all securities and assets listed on the consolidated financial summaries.
Management services are provided through a separate agreement.
OTHER SERVICES. Intercam Advisors provides non-discretionary services to clients (which may
include related entities), which services include (1) periodically providing reports concerning
indicative quotes, market pricing, information about general economic conditions, and/or types of
securities, (2) making investment buy/sell recommendations, (3) recommending asset allocation
mixes, and/or (4) non-discretionary portfolio management advice regarding the selection of
investment securities and/or investment vehicles and the quantities or amounts of securities or other
interests to be purchased, leveraged, transferred, exchanged, traded and/or sold by certain
customers of the entity consistent with and based on Intercam Advisors’ analyses of the investment
requirements, objectives, and investment restrictions adopted by the accountholder and
communicated to Intercam Advisors. Intercam Advisors is not responsible for arranging or
effecting any recommended transactions. Intercam Advisors also provides non-discretionary
consulting services which may include preparation of consolidated financial and account
statements, financial and/or investment-related presentations and personal meetings, periodic
reports on certain aspects of the financial markets, as dictated by the client, and assistance with
other financial matters as directed by the client.
INVESTMENT PRODUCT TYPES. Generally, the Firm’s investment advice is confined to the
following universe of securities and products:
Exchange listed securities
Securities traded over-the-counter
Securities issued by foreign issuers, including foreign sovereign debt instruments
Corporate debt securities, including commercial paper
Certificates of deposit
Warrants
U.S. government securities
Mutual funds (foreign and domestic)
Variable life insurance and variable annuities
Exchange-traded funds
Options contracts on securities
Futures contracts on tangibles and intangibles
Private placements
Structured products, including principal-protected notes
Hedge funds
D. Assets Under Management
As of December 31, 2022, Intercam Advisors was managing $99,198,616.72 in assets on a
discretionary basis.