Wunderlich Capital Management

Wunderlich Capital Management, L.L.C. is an investment advisory firm whose mission is to provide long-term capital appreciation by investing in relatively large capitalization companies that possess above average growth prospects and trade at attractive valuation levels. We believe that our growth at a reasonable price philosophy will lead to favorable relative returns on a more consistent basis as opposed to engaging in a value vs. growth debate.

Equity portfolios are constructed by combining a top-down approach to industry sectors with a bottom-up approach to stock selection. After compiling an approved list of well-positioned companies in attractive industries, we set price objectives on each security based on historical relative and absolute valuations while considering revenue and earnings growth prospects. Shares are purchased at prices that will allow a sufficient return relative to our price objective, usually targeted at 20% over 12-18 months.

Wunderlich Capital also manages balanced portfolios for income and growth. It combines the equity philosophy and process with a 20-40% allocation to income-oriented investments. The target allocation will depend on several factors including individual client circumstances, the absolute level of interest rates, and the S&P 500 earnings yield relative to yields on long-dated Treasuries and corporate bonds. Wunderlich Capital may use treasury, agency, municipal and corporate bonds as well as straight and convertible preferred stocks, REITs, utility stocks, and publicly traded energy partnerships in its income component. It may also choose to use some mutual funds and bond market exchange traded funds (ETFs) for all or part of its income allocation. After determining a target allocation of stocks to income, the mix of income investments will depend on the relative value among the instruments in terms of spreads and also on the desired duration of the income allocation.

Philip S. Wunderlich is the President and Chief Investment Officer of Wunderlich Capital Management and is responsible for building and reviewing client portfolios. Mr. Wunderlich graduated in 1994 with a B.S. in Commerce form the McIntire School of Commerce at the University of Virginia having concentrated in finance. The Association of Investment Management and Research awarded him the right to use the Chartered Financial Analyst (CFA) designation in 1999. Mr. Wunderlich spent 1994-1995 in New York as a financial analyst in the investment banking division at Smith Barney. From 1996-1998 he served as an equity research analyst at J.C. Bradford & Co. in Nashville covering small and mid-cap applied technology companies. Since June of 1998 Mr. Wunderlich has provided investment strategy advice to the members of Wunderlich Securities. He formed Wunderlich Capital Management, now a SEC registered advisory firm, in 1999. Wunderlich Capital is affiliated with Wunderlich Securities as its parent holding company owns a minority position.

For more information, please contact Philip Wunderlich at 901-251-1330 or pwunderlich@wundernet.com