Stewart Asset Management

Stewart Asset Management, LLC is an investment advisory team operating under Ingalls & Snyder, a New York-based registered investment adviser and broker-dealer. The firm's history is deeply connected to its founder, William P. Stewart, who began his career in 1955 and established the predecessor firm, W.P. Stewart & Co., Ltd., in 1974. This original company grew significantly, managing approximately $13 billion in assets and becoming publicly traded on the NYSE in 2000 before its acquisition by Alliance-Bernstein at the end of 2013.

Approximately a year after the acquisition, Bill Stewart founded the current Stewart Asset Management, LLC. He was joined by key members from the predecessor firm, including Steve Powers (Senior Portfolio Manager) and Tom Valenzuela (CIO). In February 2024, the investment team moved to Ingalls & Snyder, an asset management firm founded in 1924. Despite organizational changes, the firm maintains the same concentrated growth stock strategy developed over its long history.

The core of Stewart Asset Management's business is a single, concentrated U.S. growth strategy focused on publicly traded companies, generally favoring mid-to-large capitalization stocks. The investment philosophy is centered on the principle that share prices follow earnings growth. The firm constructs portfolios of approximately 20 companies selected for their high-quality, recurring earnings, and sound management. Their process involves building detailed five-year financial models to project earnings and determine a "fair present value" for potential investments. The stated goal is to achieve an aggregate earnings growth of 15% or more per year, with the aim of doubling clients' capital every five years, net of fees.

The firm primarily serves high-net-worth individuals and various entities through separately managed accounts that closely mirror a model portfolio. As of early 2024, regulatory filings indicated assets under management of approximately $19 million, though other reports show portfolio values around $130 million. Client service and long-term partnership are emphasized, with the team making themselves available to clients as needed.

Keywords: concentrated growth strategy, equity investment management, high-growth companies, long-term investing, earnings growth focus, portfolio management, US securities, mid-cap stocks, large-cap stocks, asset management, investment advisory, wealth management, separately managed accounts, financial modeling, valuation, fundamental analysis, Ingalls & Snyder, William P. Stewart, high net-worth clients, investment philosophy