Bradley Foster & Sargent's (BFS) focuses on long-term investments and their first priority is capital preservation. The firm is a GARP manager that uses fundamental analysis to invest in sound companies with identifiable prospects for earnings growth, when the stocks of the companies can be purchased at reasonable valuations. Portfolios generally hold 25 or more stock positions diversified among attractive industries, depending on the size of the portfolio. BFS' investment philosophy involves 5 main tenets: capital preservation, a commitment to equities, reasonable prices, diversification, and the ineffectiveness of market timing. BFS offers advice on and invests client assets in equity securities, including exchange-listed securities, securities traded over-the-counter, and foreign issuers. They offer advice on and invest in warrants, corporate debt securities (other than commercial paper), CDs, municipal securities, mutual fund shares, US government securities, options contracts on securities, and publicly quoted partnerships investing in oil and gas interests.BFS generally includes a majority of US large-cap stocks in a client's portfolio; however, they may also use small- and mid-cap, as well as international stocks (ADRs and emerging market ETFs). As part of a fixed income strategy, the firm often recommends government, tax exempt, and corporate bonds, REITS, MLPs, open-end mutual funds investing primarily in bonds, and closed-end funds investing primarily in bonds.