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Culture of Excellence
Emphasis on Process
And Independent Research

Who We Are

WE ARE DEDICATED TO PROVIDING AN EXCEPTIONAL CLIENT EXPERIENCE

The Level Four Capital Management Investment Committee is dedicated to bringing our advisors and clients the highest level of professionalism, persistent commitment to excellence, and focus on the client first. Our investment committee believes that buying high quality companies at a discount to the present value of the future cash flows or intrinsic value, will result in superior portfolios. We believe that our repeatable and data driven process offers return potential without taking unneeded risk and will offer a durable investment solution for years to come.

Today’s market complexity and volatility demand specialized attention and a holistic approach to investment management. At Level Four Capital Management, we combine the expertise of dedicated portfolio management professionals with decades of experience to manage assets across the client spectrum—from ultra-high net worth, to large public plans. This team-approach to management helps to ensure that our clients receive truly comprehensive advice and solutions for their unique objectives.

The investment process that we have in place, rooted in science and research, is disciplined and repeatable and is supported by extensive research tools and access to proprietary and street information to identify securities possessing superior financial characteristics.

In addition, Level Four® Capital Management is able to leverage the full range of capabilities from our parent company, Carr, Riggs, and Ingram, LLC and their portfolio of companies. When viewed collectively, these value propositions competitively position our firm to offer what we believe to be best-in-class investment solutions.
Our Team
Investment Committee

Our Team

Edmon "Jake" Tomes

Chief Executive Officer & Private Wealth Advisor

[email protected]
866.834.1040

G. Brent Morton
MBA

Chief Operating Officer & Private Wealth Advisor

[email protected]
866.834.1040

Jill Zacha
JD

Corporate Counsel | Chief Compliance Officer, Advisory

[email protected]
972.284.5475

Todd Bulot

Practice Director, Capital Management

[email protected]
972.284.5488

Lal Echterhoff
CFA®

Chief Investment Officer

[email protected]
972.284.5462

Charles "Ray" Shimer
CFA

Senior Portfolio Manager

[email protected]
919.988.6220

Jeff Patterson

Consultant, Capital Management

[email protected]
817.360.7476

Michael Xirinachs

Head Trader & Operations

[email protected]
972.284.5487

Steven Miller

Trading & Operations Associate

[email protected]
972.284.5441

Investment Committee

Todd Bulot

Practice Director, Capital Management

[email protected]
972.284.5488

Lal Echterhoff
CFA®

Chief Investment Officer

[email protected]
972.284.5462

Charles "Ray" Shimer
CFA

Senior Portfolio Manager

[email protected]
919.988.6220

Jeff Patterson

Consultant, Capital Management

[email protected]
817.360.7476

Michael Xirinachs

Head Trader & Operations

[email protected]
972.284.5487

Who We Serve

Our Clients

We are the trusted partner to help clients achieve better investment outcomes through our management and expertise.

INDIVIDUAL
INVESTORS

HIGH NET-WORTH
FAMILIES

INVESTMENT
ADVISORS

FINANCIAL
INSTITUTIONS

Our Approach to Investing

Our approach to investment management employs a blend of internal, proprietary investment portfolios managed by our team of professionals, as well as externally sourced investment solutions to compliment a client’s target allocation. It is this mix of capabilities that allows us to access the most comprehensive solution on behalf of clients.

We believe this approach offers us the best of both worlds in high caliber separately managed accounts, and industry leading capabilities in the mutual fund and exchange traded fund space to maximize the growth and protective features of client portfolios. This unbiased approach guides us to the best investment solution to meet the unique needs of investors in a demanding and ever-changing market environment.

Our ultimate objective is to deliver upon a disciplined investment philosophy and create custom solutions to help clients grow the wealth they have worked so hard to accumulate, and importantly, protect that wealth in volatile market conditions.

The Consultative Approach

How we work with you
The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk including loss of principal.

Strategies

Equity SMAs

  • Large Cap Growth
  • Large Cap Value
  • International
  • Small Cap Core
learn More

Fixed Income SMAs

  • Taxable – Corporates
  • Tax-Exempt Munis
    • Managed Muni Long
    • Managed Muni Intermediate
    • Managed Muni Short
    • High Yield Muni
learn More

Asset Allocation Models

  • Capital Preservation
  • Income with Preservation
  • Income with Moderate Growth
  • Growth with Income
  • Moderate Growth
  • Growth
  • Defensive
  • Yield Plus
  • Crypto
learn More

Equity SMAs

Philosophy

Level Four Capital Management offers actively managed equity portfolios across a range of investment styles. Our individual security portfolios deliver to clients a customized solution designed to achieve a client’s objective. Our professional team of portfolio managers employs a disciplined investment process, applying both quantitative analysis and fundamental research to construct diversified portfolios.

As fundamental investors, our end-goal, regardless of philosophy is to buy an asset for less than its intrinsic value.

THE LEVEL FOUR METHODOLOGY

The investment committee adheres to a process that can be described as bottom-up, employing quantitative and fundamental analysis. We are data and research driven, always looking for evidence-based opportunities instead of listening to all the noise that exists related to investing. Our equity models are constructed utilizing a multi-step process. First, we begin with the entire universe of equity securities, which includes over 100,000 opportunities globally. We then employ a series of proprietary quantitative screens to filter for financial characteristics and multi-factor rankings. This is then followed by fundamental analysis to validate a company’s intrinsic value, investment efficiency and performance. Finally, we build a well-diversified portfolio, subject to risk controls. Furthermore, a defined sell discipline is employed to optimize the performance of these models.

Fundamental Analysis

Buying companies that are growing the intrinsic value of the business at a great price. Fundamental analysis is at the core of our methodology, and it is where we believe we can add the most value to the portfolio management process. The focus of the fundamental process is to determine the price objective of a stock, based on the intrinsic value of the business.

We believe the most important analysis we can make is determining the intrinsic value of the business by estimating the free cash flows available, and then discounting those cash flows back to the present value using the weighted average cost of capital (WACC).
Investment advice offered through Level Four Capital Management, LLC, an SEC registered investment advisor. Level Four Capital Management, LLC provides investment management services to institutional and individual investors. Prior to October 2019, Level Four Capital Management, LLC conducted business as Level Four Asset Management, the asset management division of Level Four Advisory Services, LLC., an SEC registered investment advisor that provides investment management services to institutional and individual investors. Level Four Capital Management, LLC manages a variety of value and quantitative strategies.

Investing involves risk including loss of principal. The investment returns and principal value of the portfolio will fluctuate so that the value of an investor’s account, when redeemed, may be worth more or less than their original value. No strategy assures success or protects against loss.

All indices are unmanaged and may not be invested into directly.

Investors should consider the investment objectives, risks, charges and expenses of mutual funds and exchange traded funds carefully before investing. The prospectus and, if available, the summary prospectus contains this and other important information about the fund(s). You can obtain a prospectus and summary prospectus from your financial representative. Read carefully before investing.

ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

Fixed Income SMAs

Fixed Income SMAs

Philosophy

Level Four® offers actively managed fixed income portfolios for taxable and tax-exempt investors. These strategies can be customized to meet the individual investment goals of our clients, with particular emphasis on capital preservation and competitive total returns. Client portfolios can be customized to address tax status and state of residence, credit quality, target duration, and cash flow requirements.

Tax Exempt Portfolios

Quantitative analysis and fundamental research seeks to find higher yielding undervalued bonds within the municipal market. The investment process begins by applying total return scenario analysis using multiple interest rate assumptions over different time horizons to help select bonds with the most favorable total returns over multiple interest rate scenarios (i.e. movements). This method takes advantage of the inefficiencies within the municipal market through an investment process that combines diligent credit analysis of individual borrowers coupled with a thorough understanding of the major opportunities and risks within municipal sectors.

Investment Process

Total Return Scenario Analysis

Individual bonds and portfolios of securities are quantitatively exposed to interest rate, yield curve, and credit spread movements or “shocks”.

Sector Analysis

Top-down review of core sectors is performed based on bottom-up analysis of individual credits to determine which municipal sectors should be over-weighted, neutral weighted, and underweighted.

New Issue Credit Analysis

New bond offerings are evaluated to determine portfolio suitability based on fundamental credit research on each borrower and individual bond security features.

Surveillance

Holdings are analyzed on a systematic basis to monitor any changes in credit trend. Credit rating momentum is monitored for each borrower (bond).

Taxable Portfolios

We evaluate the core and unconventional fixed income universe. Asset classes include, but are not limited to, government securities, investment grade and high yield corporate bonds, floating rate senior loans, emerging market debt, mortgage-backed securities, and ultra-short duration securities. The process systematically evaluates relative strength, investment outlook, and relative valuation among asset classes to determine allocations that best capture market trends and near-term opportunities. This approach seeks to manage interest rate risk and credit exposure to arrive at optimal asset class allocations. The core framework is designed around seeking total return as a primary objective with preservation of capital as a secondary objective. Risk management is a critical component of the entire process and is embedded in both the fundamental credit analysis and portfolio construction.

Investment Process

Key elements of the investment process include the following:

Portfolio Construction
  • Relative Value Assessment
  • Portfolio Diversification
  • Liquidity
  • Risk Management & Monitoring
Fundamental Credit Analysis
  • Consistency of Cash Flow Generation
  • Collateral Assessment
  • Management Quality
  • Credit Agreement/Bond Indenture Review (legal analysis)
Investment advice offered through Level Four Capital Management, LLC, an SEC registered investment advisor. Level Four Capital Management, LLC provides investment management services to institutional and individual investors. Prior to October 2019, Level Four Capital Management, LLC conducted business as Level Four Asset Management, the asset management division of Level Four Advisory Services, LLC., an SEC registered investment advisor that provides investment management services to institutional and individual investors. Level Four Capital Management, LLC manages a variety of value and quantitative strategies.

Investing involves risk including loss of principal. The investment returns and principal value of the portfolio will fluctuate so that the value of an investor’s account, when redeemed, may be worth more or less than their original value. No strategy assures success or protects against loss.

All indices are unmanaged and may not be invested into directly.

Investors should consider the investment objectives, risks, charges and expenses of mutual funds and exchange traded funds carefully before investing. The prospectus and, if available, the summary prospectus contains this and other important information about the fund(s). You can obtain a prospectus and summary prospectus from your financial representative. Read carefully before investing.

ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

Asset Allocation Models

Investment Process

For clients seeking a comprehensive solution, our Asset Allocation models seek to provide the highest rate of return for a given level of risk. Our investment selection and allocation is based on our forward-looking capital market assumptions and in-depth investment screening process to optimize the appropriate mix of equity, bond, and alternative investments.

The investment process employed utilizes a combined Top-Down and Bottom-Up approach to formulate the Strategic Models:

MACRO ANALYSIS TO DETERMINE CAPITAL MARKET ASSUMPTIONS

Macro Analysis employs both internal and externally sourced research. Internal research tools include our quarterly Economic Strategy Workbook, historical market data, and analysis of the current Economic and Business Cycle. Externally, we source and leverage high quality street research.

ASSET ALLOCATIONS AND MODEL ESTABLISHMENT

Current model allocations are determined and established based on the application of the investment committee’s research and analysis work within the confines of the investment process.

SECURITY SELECTION

Using our security selection process, we build the model portfolios bottom-up, employing a multi-factor scoring system to identify investment vehicles that exhibit robust risk and return characteristics.

We score each applicable universe on multiple different weighted statistical factors, and determine which investment fit is the best. These factors analyze:
Efficiency
Tradability
Fit
Raw & Risk-Adjusted Performance
Downside/Tail Risk
Investment advice offered through Level Four Capital Management, LLC, an SEC registered investment advisor. Level Four Capital Management, LLC provides investment management services to institutional and individual investors. Prior to October 2019, Level Four Capital Management, LLC conducted business as Level Four Asset Management, the asset management division of Level Four Advisory Services, LLC., an SEC registered investment advisor that provides investment management services to institutional and individual investors. Level Four Capital Management, LLC manages a variety of value and quantitative strategies.

Investing involves risk including loss of principal. The investment returns and principal value of the portfolio will fluctuate so that the value of an investor’s account, when redeemed, may be worth more or less than their original value. No strategy assures success or protects against loss.

All indices are unmanaged and may not be invested into directly.

Investors should consider the investment objectives, risks, charges and expenses of mutual funds and exchange traded funds carefully before investing. The prospectus and, if available, the summary prospectus contains this and other important information about the fund(s). You can obtain a prospectus and summary prospectus from your financial representative. Read carefully before investing.

ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

Our team of specialists can help you succeed on your financial journey.

Insurance & Risk Management
  • Life
  • Long-term Care
  • Medicare
  • Fixed & Variable Annuities
  • Corporate Retirement
  • Pooled Employer Plan
Learn More about our Insurance Agency
Capital Management
  • Equity SMA Strategies
  • Fixed Income SMA Strategies
  • Asset Allocation Models
  • Crypto
  • Alternative Investments
Visit our Capital management Solutions
Financial Planning
  • Estate Planning
  • Family Needs Planning
  • Insurance Planning
  • Investment Management
  • Organize & Analyze
  • Retirement Planning
  • Tax Planning
Fill our out WKYUAN form
Business Solutions
  • Tax Planning
  • Exit Planning
  • Employee Retention
  • Asset & Risk Management
  • Executive Benefits
  • Retirement Plan Consulting
  • Buy-Sell Consulting
Learn More about Our Business SolutionsVisit Level Four's Planning
Advisory Services
  • Corporate Retirement Plans
  • Pooled Employer Plan
  • Plan Assessment
  • Investment Management
  • Fiduciary Support
  • Investment Review
  • Plan Enrollment
  • Financial Education
Learn More about Our Advisory ServicesVisit Level Four's Planning
Private Client Services
  • Estate Planning
  • Multi-Generation Planning
  • Advanced Planning
  • Retirement Plan Consulting
  • White Glove Services
Learn More about Our Sports & Entertainment ServicesVisit Level Four's Planning

Ready to get started?

Contact  Level Four to find out how you can begin to pursue the life you dream.

Level Four Capital Management
Privacy Policy | Form ADV Part 2A | Form CRS

Investment advice offered through Level Four Capital Management, LLC, an SEC registered investment advisor. The content herein is derived from sources believe to be reliable and accurate. The information contained herein is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for informational purposes only, and should not be considered as a solicitation for the purchase or sale of any security.

Corporate Contact Information

12400 Coit Road, Suite 700 Dallas, TX 75251
Office: (866) 834-1040  |  Fax: (866) 763-9136  |  Email: [email protected]
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Level Four Financial

Legal Disclosures | Privacy Policy | Form CRS

Check the background of your Financial Professional on FINRA’s BrokerCheck. We take protecting you data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information. © 2021 Level Four Financial, LLC Member FINRA/SIPC Disclosures Representative Login | Representative Email 

Level Four Capital Management
Privacy Policy | Form ADV Part 2A | Form CRS

Investment advice offered through Level Four Capital Management, LLC, an SEC registered investment advisor. The content herein is derived from sources believe to be reliable and accurate. The information contained herein is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for informational purposes only, and should not be considered as a solicitation for the purchase or sale of any security.

Level Four Advisory
Privacy Policy | Form ADV Part 2A | Form CRS
Check the background of your financial professional on FINRA's BrokerCheck.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Securities offered through Level Four Financial, LLC, a registered broker dealer and member of FINRA/SIPC. Advisory services are offered through Level Four Advisory Services, LLC, an SEC-registered investment advisor. Accounts carried by Raymond James & Associates, Inc. Member New York Stock Exchange/SIPC. Neither Level Four Financial, LLC nor Level Four Advisory Services, LLC offer tax or legal advice. Please contact your tax or legal professional for specific information regarding your individual situation. Level Four Financial Registered Representatives associated with this site may discuss and/or transact securities business only with residents in states where they are registered. Please refer to https://brokercheck.finra.org for additional information.
Level Four Group, LLC is a division of CRI Capital Group, LLC, a subsidiary of CRI Advisors, LLC. “CRI" is the brand name under which Carr, Riggs & Ingram, L.L.C. (“CPA Firm”) and CRI Advisors, LLC (“Advisors”) and its subsidiary entities provide professional services. CPA Firm and Advisors (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. CPA Firm is a licensed independent CPA firm that provides attest services to its clients, and Advisors and its subsidiary entities provide tax and business consulting services to their clients. Advisors and its subsidiary entities are not licensed CPA firms.
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