Lebed Asset Management LLC

The firm provides investment advisory services to high-net-worth individuals, trusts, and family partnerships, offering both equity-only and broadly diversified portfolios. It manages client accounts on a discretionary basis and generally does not accept portfolios below $1 million, overseeing about $24,247,130 in client assets across a small number of accounts.

The firm’s investment approach centers on fundamental analysis of U.S.-listed common stocks and ADRs, emphasizing holdings that the adviser believes trade below its estimate of intrinsic value and maintaining diversification by sector, position count, and market capitalization. For broadly diversified clients it supplements core equity holdings with fixed-income mutual funds, ETFs or individual bonds as appropriate, with periodic rebalancing and consideration of liquidity and tax status.

What is distinctive for a firm of this size is its formal affiliation with another registered investment adviser, including shared office space, resources, and certain portfolio-management personnel under contractual arrangements. The firm also relies on an independent qualified custodian for account custody and, by policy, does not vote client proxies, leaving proxy voting to clients — practices that differentiate it from many small independent advisers.