Overview
Todd Asset Management LLC is a registered investment adviser, which began operations on
June 1, 1998, as Veredus Asset Management LLC (VAM or Veredus). Effective May 1, 2009,
VAM combined with Todd Investment Advisors, Inc. (TIA or Todd) through a series of
transactions in which VAM acquired substantially all the assets and identified liabilities of TIA
in exchange for 45% of the equity units of VAM. TIA was a registered investment advisor
which began in May of 1979. TIA was a successor firm to the Todd-Boston Company, an
investment counseling firm founded by Bosworth M. Todd in 1967. Upon the combination of
VAM and TIA in 2009, Veredus Asset Management LLC changed its name to Todd-Veredus
Asset Management LLC (TVAM).
On February 28, 2013, TVAM changed its name to Todd Asset Management LLC (TAM).
TAM continues to offer products and strategies managed by individuals and using the intrinsic
value process founded under TIA.
The management team of TAM holds 83% of the combined units of the firm and 100% of the
voting units, the remaining 17% is held by private investors. The units held by private
investors are non-voting units. Curtiss M. Scott Jr., President, and Chief Investment Officer,
owns greater than 25% of the total units of the firm. See Item 10 for affiliations.
Our firm provides portfolio management services based on the investment objectives
established by the client. Through personal discussions with a client in which the client’s
goals and objectives are established, we help our institutional and individual investors select
one or more of TAM’s various investment strategies that best suits the client’s circumstances.
Generally, we manage these advisory accounts on a discretionary basis.
Clients may impose reasonable restrictions on investing in certain securities, types of
securities, or industry sectors. Tax considerations may also come into play as part of the
management process. More information on these products and investment strategies can be
found in Item 8 of this Brochure.
TAM serves as a Sub-Advisor for other Investment Advisors. In this case TAM may or may
not have a direct relationship with an investor. TAM may also use a Sub-Advisor when
it
believes it is suitable for use to assist in the investing and reinvesting assets of certain clients,
primarily for fixed income investments.
TAM also provides discretionary investment management services based on one of the
investment strategies discussed in Item 8, to clients as part of Separately Managed Account
Program (SMA) available on various broker platforms, and non-discretionary investment
management service by providing a Model portfolio to clients (UMA). With each of these
relationships TAM will not work directly with the individual investor to determine if the product
selected meets that investor’s investment objectives and risks. With some SMA or UMA
programs, TAM has entered into an agreement with a wholesaler to provide marketing, or
other services to the Program sponsor. The wholesalers do not have any responsibility,
discretion, or authority for any investment decisions for the accounts. Please see Item 14 for
additional information on referral fees.
Further information on the types of clients of the firm can be found in item 7 of this Brochure.
Please refer to Item 5 of this Brochure for potential fees.
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Types of investments which can be used as part of the products’ philosophy include:
Exchange-listed securities
Securities traded over-the-counter
American Depositary Receipts (ADR)
Global Depository Receipts (GDR)
Foreign issuers
Exchange Traded Funds
Exchange Traded Notes
Corporate debt securities (other than commercial paper)
Commercial paper
Certificates of deposit
Municipal securities
Variable annuities
Mutual fund shares
United States governmental securities
Because all types of investments involve certain degrees of risk, they will only be
utilized/recommended when consistent with the client's stated investment objectives,
tolerance for risk, and liquidity needs.
AMOUNT OF MANAGED ASSETS
As of December 31, 2023, we were actively managing $4,469,969,570 of clients' assets on a
discretionary basis. Assets managed by others using a Model portfolio provided by TAM,
which follows one of the strategies discussed in Item 8, are approximately $969,088,700 as of
the same date.