A. H.M. Payson & Co. is one of the oldest independent investment firms in the United States
operating under its original name. Founded in 1854 by Portland businessman Henry Martyn
Payson, the firm originally specialized in financing public water companies, and became
nationally known as an underwriter of America’s growing infrastructure. Since that time, our
role has evolved to meet the changing needs of the clients we serve. Today, investment
advisory and trust services are our exclusive focus. To individuals and families, we offer
comprehensive wealth management solutions; to institutions, we bring in‐depth management
and investment policy guidance. Through the years, our steadfast commitment to the judicious
stewardship of our clients’ assets has remained unchanged.
A partnership until incorporated in 1987, the firm is currently owned by 8 individuals who serve
as Managing Directors. As a non‐depository state‐chartered trust company and SEC Registered
Investment Adviser, H.M. Payson & Co. (the Firm) provides investment advisory, trust and
wealth management services to a wide variety of individuals, trusts, endowments, foundations
and retirement plans. The majority of client assets are held with Reliance Trust Company of
Atlanta, Georgia, a federally regulated trust company. The Firm also provides investment
advisory services to clients who utilize qualified custodians other than Reliance Trust Company.
B. We provide active management of equity and fixed income portfolios. We construct diversified
portfolios with individual common stocks, including foreign companies trading as American
Depository Receipts, mutual and exchange traded funds, individual bonds and other fixed
income securities, and money market funds.
For many accounts with market values generally less than $400,000, the Firm provides active
management through a selection of mutual funds and exchange traded funds, with allocations
designed to address one of several investment objectives. The allocations are actively managed
by the Firm’s Research Department and portfolios are rebalanced regularly to reflect the Firm’s
current investment outlook and highest conviction ideas.
The Firm acts as an adviser to the Payson Total Return Fund (the “Fund”). The Fund is an open‐
end mutual fund offered as a series of Forum Funds Trust, a Delaware Trust registered with the
SEC as an Investment Company.
The Firm provides wealth management services to
its investment advisory and trust clients.
These services include trust, tax, financial and estate planning.
The Firm’s clients work closely with a single, dedicated portfolio manager. Portfolio managers
develop an investment policy that recognizes a client’s unique circumstances, investment
management objectives, and personal preferences. Clients may impose reasonable restrictions
on their client accounts.
C. Payson Choice:
Payson Choice
In October 2019, the Firm created Payson Choice, a client‐account service offering that
combines the firm’s best investment thinking with industry leading technology. Payson Choice
offers clients a dedicated service team and access to a unique suite of goals‐based planning
tools that are designed to provide integrated and individualized investment advice. Payson
Choice is well suited for investors at lower asset levels that are accumulating and consolidating
assets toward specific goals. Payson Choice is an assumed name of the Firm and is not a
separate legal entity.
D. H.M. Payson Private Markets, LP:
H.M. Payson Private Markets, LP
H.M. Payson Private Markets, LP (the “Fund”) is a private, perpetual life, open‐ended,
commingled investment fund being formed by H.M. Payson & Co. (collectively, with its affiliates,
“H.M. Payson” and in its capacity as the investment advisor of the Fund, the “Investment
Advisor”) for the purpose of investing primarily in global private equity and related investments
for long‐term capital growth, generally through passive investments in underlying commingled
investment funds sponsored or managed by third parties (“Portfolio Funds”). Collectively, the
Portfolio Funds are expected to invest in a diverse portfolio of underlying investments in a wide
array of markets, including non‐U.S. markets and certain Portfolio Funds that are “fund of funds”
that will themselves invest in other investment vehicles. In addition, opportunistically, or for
portfolio construction purposes, the Fund may include investments in other alternative assets,
such as hedge funds, private credit, private real estate, and special situations. Generally,
Portfolio Funds will be managed by high‐quality portfolio managers that are unaffiliated with the
Fund or the Investment Advisor.
E. As of December 31, 2023, the Firm managed approximately $7 billion of client assets. Of this
amount, approximately $6.5 billion was under discretionary management, with the balance
under non‐discretionary management.