AthenaInvest Pure Valuation | Profitability Tops Morningstar’s Small Value SMA Category for 2013

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Equity Portfolio Also Receives PSN Best-of-the-Best and Top-Guns Performance Recognition

AthenaInvest, Inc. ( announced today that the Athena Pure Valuation | Profitability Portfolio outperformed all other Small Value separately managed account portfolios for the twelve-month period ending 2013, according to Morningstar (1). The portfolio also received ‘PSN Best-of-the-Best’ and ‘PSN Top-Guns’ performance recognition for 2013 from Informa Investment Solutions (2). The Portfolio has 5 consecutive years of ‘PSN Top-Guns’ recognition and has outperformed its 10-year benchmark, demonstrating the long-term value of the investment strategy tied to behavioral factors.

The Portfolio differs from its peer group both in design and investment approach. The Portfolio is managed based on Behavioral Portfolio Management principles, a new investment approach tied to Behavioral Finance. C. Thomas Howard, Ph.D., CEO and Director of Research at AthenaInvest is the portfolio manager. “The Portfolio is a single strategy, concentrated equity portfolio that typically holds about 10 U.S. stocks and is designed to generate alpha by focusing on specific behavioral factors,” explains Dr. Howard. “There is a wide body of research that shows portfolios can be adequately diversified with 10 to 20 holdings.” Dr. Howard also notes that “many portfolios are overly diversified and risk under-performance which is more likely in large index-hugging portfolios.”

AthenaInvest’s Behavioral Portfolio Management approach is based on patented research and decades of research performed by Dr. Howard and the academic community. “Our approach systematically identifies predictable behavioral errors in the equity markets,” comments Professor Howard. “These mistakes create inefficiencies in the markets which directly translate to investment opportunities.”

Dr. Howard is the industry thought leader in Behavioral Portfolio Management with numerous publications and speaking engagements. His research and white papers are widely available across the web and are downloadable at

For media inquiries about AthenaInvest, please contact Lambert Bunker at (303) 809-1367 or Lambert.Bunker(at) For financial professionals requesting more information, please visit or call (877) 430-5675.

About AthenaInvest Advisors, LLC
AthenaInvest is the industry leader in Behavioral Portfolio Management with a patented research process built on a deep academic foundation developed over 35 years of interaction with leading academics and institutional managers by C. Thomas Howard, PhD, CEO and Director of Research. AthenaInvest analyzes persistent and predictive behavioral factors to build innovative investment strategies including concentrated equity, high-dividend equity and global tactical equity portfolios. AthenaInvest is a sub-advisor to AdvisorShares and ICON Advisers.

1. For more information, visit
2. For more information, visit

Headquartered in Greenwood Village, Colorado, AthenaInvest is a SEC Registered Investment Advisor.
Please visit for additional information.
© 2014 by AthenaInvest, Inc. All Rights Reserved
Protected by US Patents 7734526, 8352347 and Singapore Patent 150371.


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Lambert Bunker
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Pamela Saunders