Overview
NLG Capital, Inc., f/k/a Sentinel Asset Management, Inc. (“NLG Capital”) is an investment
adviser registered with the SEC and has been in business since 1968. NLG Capital is wholly-
owned by NLV Financial Corporation, which is a wholly-owned subsidiary of National Life
Holding Company. National Life Holding Company is a Vermont mutual insurance holding
company, meaning that it is owned by policyholders of National Life Insurance Company.
NLG Capital offers discretionary investment advisory services to various types of affiliated
institutional clients, focusing on fixed income investments. Although NLG Capital
predominantly offers fixed income investment advice to its clients, NLG Capital also may
provide advice to clients on issues related to other types of investments or strategies as
necessary during the course of NLG Capital’s engagement with a client (e.g., NLG Capital may
provide investment advice to a client on issues relating to other types of assets that the client
may already own). NLG Capital generally does not offer non-discretionary investment advisory
services to clients. NLG Capital is not actively seeking new clients.
NLG Capital’s fixed income strategies incorporate sector allocation and security selection
decisions to meet the income and capital preservation goals of the client. Based on an analysis of
current market conditions and future expectations, NLG Capital allocates to the fixed income
sectors, maturities, and securities it believes offer the best relative value and balance between
return and risk control within a particular strategy. In conjunction with establishing top-down
asset allocation, yield curve and duration positioning, the investment team applies disciplined
fundamental analysis to security selection.
More information regarding NLG Capital’s fixed income investment strategies, methods of
analysis
and the risks associated with investments in any of these strategies is provided under the
heading “Methods of Analysis, Investment Strategies and Risk of Loss” below.
As part of its fixed income investment strategies, NLG Capital also invests in commercial
mortgage loans, middle market loans, residential mortgage loans, and private credit (funds and
direct investments).
NLG Capital invests in private equity (funds and direct investments) and in equity securities on
behalf of an affiliated charitable portfolio; however, no equity strategies are offered beyond this
affiliate.
NLG Capital offers tailored fixed income investment advisory services to clients and may offer
other strategies to its clients in the future. Clients may impose restrictions on investing in certain
securities or types of securities, most of which will be honored unless it is not feasible for NLG
Capital to incorporate a requested restriction into the management of a client’s account, in which
case the client will be notified of such an issue. NLG Capital consults with each of its clients
initially and on an ongoing basis to ascertain and discuss the client’s investment objectives and
any restrictions that the client may request. Client portfolios are monitored on an ongoing basis to
ensure that any restrictions on a client’s portfolio are maintained.
As of December 31, 2023, NLG Capital manages approximately $35 billion in client assets on a
discretionary basis and does not manage any client assets on a non-discretionary basis.
Individuals associated with NLG Capital may also have officer roles with its affiliated insurance
company entities. Such personnel are subject to the NLG Capital’s compliance policies and
procedures when acting on behalf of NLG Capital, and additionally, subject to the policies and
procedures of the affiliate when acting on behalf of that affiliate.