Jay A. Fishman, Ltd. (JAF) began business in April, 1970 (formerly under the name Equity
Management and Research, Inc.) with four initial shareholders to provide investment counseling
and portfolio management services. Since 1983, Jay A. Fishman, one of the original founders,
has been the sole shareholder. The firm is an independent investment advisor registered with the
Securities and Exchange Commission under the Investment Advisers Act of 1940. We were
incorporated in the State of Michigan in 1970 and are headquartered in Troy, Michigan. As of
December 31, 2023, our discretionary client assets tabulated to $959,093,702.
The firm’s business is providing fee-based investment counseling services, including portfolio
management, to high net worth individuals and families, corporations and charitable institutions.
Client portfolios are separately managed and constructed with individually selected securities in
accordance with the client’s investment objective which reflects such considerations as growth,
income, time horizons, liquidity needs, risk tolerance and tax considerations. We believe that each
client has unique investment requirements and therefore we do not invest in packaged products or
model portfolios and also do not participate in broker-dealer sponsored wrap fee programs. We
generally do not invest in mutual funds unless directed by clients. We believe that the fees and
charges associated with these packaged products and mutual funds are often high, and therefore
detrimental to long term investment performance.
Our portfolio management team consists of Jay A. Fishman, Todd M. Ifkovits, CFA, Eric J.
Fishman and Viorica Fuchs. All are Fiduciaries and SEC Registered Investment Advisors (RIAs).
These are our supervised persons. Our management team utilizes fundamental research to select
each investment. All equity and fixed income securities are analyzed to conform to the client’s
investment objective. We believe in intermediate to long term investing and do not engage in short
term trading or market timing. We seek to provide a high level of client service and consider tax
implications by emphasizing long term capital gains in taxable portfolios. When requested to do
so, we can work together with client’s accountants, attorneys and other professional advisers to
help provide seamless and comprehensive advice for the client’s benefit.
JAF does not serve as an attorney, accountant or insurance agent, and no portion of our investment
services should be construed as legal, accounting or insurance services. To the extent requested
by a client, we may recommend the services of other professionals for certain non-investment
purposes. The client is under no obligation to engage the services of any such recommended
professional. The client retains absolute discretion over all such implementation decisions and is
free to accept or reject any recommendation from JAF and/or its representatives. Please Note: If
the client engages any recommended unaffiliated professional, and a dispute arises thereafter
relative to such engagement, the client agrees to seek recourse exclusively from and against the
engaged professional. At all times, the engaged licensed professional(s) (i.e. attorney, accountant,
insurance agent, etc.), and not JAF, shall be responsible for the quality and competency of the
services provided.
Please Note: Retirement Rollovers - Potential for Conflict of Interest: A client or prospective
client leaving an employer typically has four options regarding an existing retirement plan (and
may engage in a combination of these options): (i) leave the money in the former employer’s plan,
if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers
are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the
account value (which could, depending upon the client’s age, result in adverse tax consequences).
If JAF recommends that a client roll over their retirement plan assets into an account to be managed
by JAF, such a recommendation may create a conflict of interest if JAF will earn new (or increase
its current) compensation as a result of the rollover. When acting in such capacity, JAF serves as
a fiduciary under the Employee Retirement Income Security Act (ERISA), or the Internal Revenue
Code, or both. No client is under any obligation to rollover retirement plan assets to an account
managed by JAF. JAF’s Chief Compliance Officer, Diane Bedenko, remains available to address
any questions that a client or prospective client may have regarding the potential for conflict of
interest presented by such rollover recommendation.
Unaffiliated Private Investment Funds. JAF may also provide investment advice regarding
unaffiliated private investment funds. JAF, on a non-discretionary basis, may recommend that
certain qualified clients consider an investment in unaffiliated private investment funds. JAF’s role
relative to the private investment funds shall be limited to its initial and ongoing due diligence and
investment monitoring services. If a client determines to become a private fund investor, the
amount of assets invested in the fund(s) shall be included as part of “assets under management”
for purposes of JAF determining its investment advisory fee per Item 5 below. JAF’s clients are
under absolutely no obligation to consider or make an investment in a private investment fund(s).
Please Note: Private investment funds generally involve various risk factors, including, but not
limited to, potential for complete loss of principal, liquidity constraints and lack of transparency.
A complete discussion of which is set forth in each fund’s offering documents, which will be
provided to each client for review and consideration. Unlike liquid investments that a client may
own, private investment funds do not provide daily liquidity or pricing. Each prospective client
investor will be required to complete a Subscription Agreement, provided by the Fund Sponsor,
pursuant to which the client shall establish that he/she is qualified for investment in the fund, and
acknowledges and accepts the various risk factors that are associated with such an investment.
Please Also Note: Valuation. In the event that JAF references private investment funds owned by
the client on any supplemental account reports prepared by JAF, the value(s) for all private
investment funds owned by the client shall reflect the most recent independent Fund valuation. If
no subsequent valuation post-purchase is provided then the valuation shall
reflect the initial
purchase price (and/or a value as of a previous date), or the current value(s) (either the initial
purchase price and/or the most recent valuation provided). If the valuation reflects initial purchase
price (and/or a value as of a previous date), the current value(s) (to the extent ascertainable) could
be significantly more or less than original purchase price. The client’s advisory fee shall be based
upon reflected fund value(s).
As discussed below at Item 12, when requested to recommend a broker-dealer/custodian for client
accounts, JAF generally recommends that Schwab Advisor Services serve as the broker-
dealer/custodian for client investment management assets. Broker-dealers may charge brokerage
commissions and/or transaction fees for effecting securities transactions. In addition to JAF’s
investment advisory fee, brokerage commissions and/or transaction fees, clients will also incur,
relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level
(e.g. management fees and other fund expenses). The fees charged by Schwab Advisor Services
or any broker-dealer/custodian directed by the client, as well as the charges imposed at the mutual
fund and exchange traded fund level, are in addition to JAF’s advisory fee referenced in Item 5
below.
Portfolio Activity. JAF has a fiduciary duty to provide services consistent with the client’s best
interest. As part of its investment advisory services, JAF will review client portfolios on an
ongoing basis to determine if any changes are necessary based upon various factors, including, but
not limited to, investment performance, market and economic conditions, account
additions/withdrawals, and/or a change in the client’s investment objective. Based upon these
factors, there may be extended periods of time when JAF determines that changes to a client’s
portfolio are neither necessary nor prudent. Advisory fees remain payable during periods of
account inactivity. Of course, as indicated below, there can be no assurance that investment
decisions made by JAF will be profitable or equal any specific performance level(s).
Client Obligations. In performing our services, JAF shall not be required to verify any
information received from the client or from the client’s other professionals, and is expressly
authorized to rely thereon. Moreover, each client is advised that it remains his/her/its responsibility
to promptly notify JAF if there is ever any change in his/her/its financial situation or investment
objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or
services.
Please Note: Investment Risk. Different types of investments involve varying degrees of risk,
and it should not be assumed that future performance of any specific investment or investment
strategy (including the investments and/or investment strategies recommended or undertaken by
JAF) will be profitable or equal any specific performance level(s).
Portfolio Managers
Jay A. Fishman/President - Before forming Jay A. Fishman, Ltd. in 1970, Mr. Fishman (age 79)
was an Investment Analyst with the National Bank of Detroit’s (now JP Morgan Chase & Co.)
Trust Investment Division. Prior to that time, he was an Instructor of Finance with the School of
Business at Western Michigan University, from which he had previously attained Bachelor (1966)
and Master (1967) of Business Administration degrees. During this period, Mr. Fishman also co-
authored the book “Corporations In Conflict: The Tender Offer” and several related articles.
Mr. Fishman was a founder of Jay A. Fishman, Ltd (formerly Equity Management and Research,
Inc.) in April 1970. In the 1970 to present period, Mr. Fishman’s activities include investment
research, portfolio management and client relations. Mr. Fishman is currently a member of the
Metropolitan Club of New York, the Detroit Athletic Club and the Grosse Pointe Yacht Club. He
served as a founding Director of the Western Michigan University Foundation from its inception
in 1976 until 2004. In addition, Mr. Fishman was an organizer of Valley Commerce Bank in
Phoenix, Arizona in 1994 and served as Chairman of the Board of Directors and Executive
Committee until he led the Bank’s sale in April, 2005. He has also served on three other
community banks' Board of Directors.
Todd M. Ifkovits CFA/Senior Portfolio Manager - Mr. Ifkovits (age 57) commenced
employment with Jay A. Fishman, Ltd. in November 1997. Prior to joining the firm, he was
employed as a Vice President and Portfolio Manager with Comerica Bank in Detroit, Michigan
where he spent seven years managing individual stock and bond portfolios for high-net worth
individuals and tax-exempt foundations. Mr. Ifkovits received a Master of Business
Administration (1993) from the University of Detroit and a Bachelor of Arts (1989) in Financial
Administration from Michigan State University. He received the Chartered Financial Analyst
(CFA) designation in 1997. Mr. Ifkovits is a member of the CFA Institute, the CFA Society of
Detroit, the Detroit Athletic Club and the Lochmoor Club.
Eric J. Fishman, Portfolio Manager/Investment Analyst - Eric J. Fishman (age 27) is a Portfolio
Manager/Investment Analyst with Jay A. Fishman, Ltd. Prior to his employment, Eric spent
several summers as an analytical intern with the company. Eric attended Upper Canada College in
Toronto, Canada, and received an International Baccalaureate Diploma. He then studied at the
University of Michigan and received a Bachelor of Arts Degree, With Distinction, and majored in
Economics. Following graduation from the University of Michigan, Eric was employed by
Aspirant in Los Angeles in their Wealth Management department. Eric is a member of the Detroit
Athletic Club and the Grosse Pointe Yacht Club.
Viorica Fuchs, Portfolio Manager/Investment Analyst - Ms. Fuchs, (age 59) commenced
employment with Jay A. Fishman, Ltd. in February 2001. Ms. Fuchs has been extensively
involved in all operational and administrative activities of the firm including portfolio
administration, trading and client and broker services. Ms. Fuchs received a Master of Business
Administration with specialization in Finance from Walsh College (2015) and a Bachelor of
Business Administration, with a concentration in finance and accounting, from Walsh College of
Business in 2009. Ms. Fuchs is a member of the Economic Club of Detroit.