Dover Investment Advisory Corporation

Dover Investment Advisory Corporation provides discretionary portfolio management to individuals, trusts and corporations, managing about $135 million across roughly 45 client relationships. The firm offers two primary strategies—an equity strategy and a balanced strategy—and may manage either all or a portion of a client’s investable assets; it does not offer financial planning services.

The firm’s investment approach emphasizes broad diversification and low-cost funds, using index mutual funds and ETFs as core holdings while selectively employing active strategies in areas such as small-cap, value and international exposures. Portfolios are constructed from a high-level asset allocation determined by a client’s time horizon and risk tolerance, are rebalanced periodically, and the firm will adjust allocations away from asset classes it perceives as significantly overvalued or toward those it perceives as undervalued.

Notable features include the firm’s use of the principal’s personal portfolio as the basic template for client portfolios, resulting in substantial overlap between the firm’s and clients’ holdings, and a practice of concentrating client assets on a single institutional platform to access a broad mutual fund supermarket and waived sales charges. The firm manages accounts individually without trade aggregation and maintains a proxy voting policy (including voting against fund fee increases and for general governance measures), and it reports quarterly in writing to clients.