Capital Gains Incorporated

Capital Gains Incorporated is an investment manager that focuses on institutional and public-entity clients such as municipalities, municipal districts, pension and profit-sharing plans, credit unions, banks and other non-profit entities rather than individual retail investors. The firm provides discretionary and non-discretionary portfolio management and may be engaged to perform pension consulting services, including portfolio analysis, development of investment strategy and specific security recommendations; it reports managing approximately $166.6 million in client assets.

The firm’s investment approach blends technical and fundamental analysis to construct diversified portfolios across fixed income and a broad range of equity exposures, implementing allocations through separate account managers, mutual funds and ETFs and adjusting sector weightings in response to changing macroeconomic conditions rather than pursuing broad market timing. Capital Gains customizes strategies to conform to each public entity’s investment policy and monitors managed accounts on a regular basis, drawing on third‑party research and broker-provided statistical reports to evaluate managers.

Noteworthy for an investment-manager of its type, Capital Gains emphasizes municipal and pension-plan work and offers pension consulting to public clients—services that are relatively uncommon among peers. The firm operates as an independent, fee-only adviser that does not take custody of client assets or accept commissions, but it may recommend third‑party managers and disclose that referral fees or receipt of research from brokers could present potential conflicts of interest.