CROSS-CYCLE INVESTMENT MANAGEMENTBuilt to compound wealth. Designed to manage downside risk.
Analog Capital Partners builds multi-asset portfolios in-house, combining quantitative equity research, broad diversification, and disciplined risk management. Our objective is to pursue long-term growth while managing the risks that can disrupt retirement, spending plans, and your family’s financial future.
Our Cross-Cycle™ approach pursues long-term growth while accounting for what matters beyond returns: your spending needs, your capacity to withstand losses, and your financial flexibility.
THE ANALOG CROSS-CYCLE™ PHILOSOPHYBuilt for more than one market outcome.
Your financial future should not depend on getting the next economic forecast right.
We combine quantitative equity research, diversified return sources, and systematic rebalancing to pursue long-term growth with deliberate attention to downside risk. Each component has a defined role, and every allocation is considered in the context of the whole portfolio.
The objective: reduce dependence on any single market environment—not predict every turning point.
Getting Wealthy and Staying Wealthy Are Different Investment Challenges.
When your portfolio must support retirement, family spending, or a lasting legacy, the question is no longer simply how much it might earn.
It is also how much it could lose, how long recovery could take, and what those losses could mean for your plans.
A major decline can force difficult decisions: reduce spending, postpone a purchase, or sell investments at an unfavorable time. Those possibilities should influence portfolio construction before markets become difficult—not only after losses occur.
The deeper the decline, the greater the gain needed to recover—which is why managing downside risk is an essential part of pursuing long-term growth.
The Mathematics of Recovery
20% decline
Requires a 25% gain to recover
30% decline
Requires a 42.9% gain to recover
50% decline
Requires a 100% gain to recover
Illustrative arithmetic only, excluding withdrawals, contributions, fees, and taxes. These figures are not Analog investment results or forecasts.
For investors taking withdrawals, the challenge becomes greater: money withdrawn during a decline is no longer available to participate in a recovery. That is why we consider growth potential, downside risk, and spending needs together.
What is Analog Cross-Cycle™?
Analog Cross-Cycle is Analog Capital Partners’ multi-asset investment approach. It combines quantitative equity selection, investments with different economic sensitivities, and systematic rebalancing.
The objective is to pursue long-term growth with deliberate attention to downside risk—not to predict every market turning point or provide a guaranteed loss cushion.
Three disciplines bring the approach together: Analog Equity, Analog Diversify, and Analog Rebalance.
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Analog Equity™
Quality + Momentum
Our U.S. large-cap equity process combines two complementary disciplines.
Quality evaluates corporate economics, financial strength, and the durability of profitability. Momentum evaluates price and earnings trends relative to sector peers.
We use quantitative research to select individual stocks while maintaining broad sector diversification. These disciplines guide our large-cap stock selection—not every equity exposure in the portfolio.
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Analog Diversify™
Different return sources. Deliberate portfolio roles.
We combine equity exposure with U.S. Treasuries, precious metals, real estate, and other appropriate investments.
Each allocation must have a defined purpose within the overall portfolio. We evaluate how investments interact across different economic conditions, rather than treating everything beyond stocks and bonds as an afterthought.
The objective is to reduce dependence on any single asset class or economic outcome.
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Analog Rebalance™
Maintain the discipline as markets change.
Markets can move a portfolio away from its intended allocations as some investments outperform others.
We monitor portfolio weights and use systematic rebalancing rules to address meaningful deviations. Implementation also considers taxes, liquidity, and withdrawals.
The purpose is to maintain a deliberate portfolio—not allow recent market performance to determine its risk profile.
These are complementary investment disciplines—not three separate products a client must assemble. We integrate them within a coordinated portfolio.
No discipline eliminates investment risk. Equity strategies can underperform, diversifying assets can decline together, and rebalancing can generate taxes and transaction costs.
OUR FLAGSHIP MODERATE-RISK STRATEGYAnalog Cross-Cycle Moderate™
Quality + Momentum | U.S. Treasuries | Real Assets | Systematic Rebalancing
Analog Cross-Cycle Moderate brings our investment system into a complete, multi-asset portfolio.
It combines U.S. large-cap Quality and Momentum stock selection with small-cap equity exposure, U.S. Treasuries, real estate, precious metals, and disciplined rebalancing.
Its objective is to balance meaningful long-term growth potential with deliberate attention to drawdowns, diversification, and the needs of investors whose portfolios support ongoing financial commitments.
Analog Cross-Cycle Moderate™ is one of five Cross-Cycle portfolios spanning a range from conservative to aggressive. The appropriate strategy depends on your financial plan, time horizon, withdrawals, tax circumstances, and capacity to absorb losses.
The right portfolio begins with what your wealth needs to accomplish.
“Moderate” describes the strategy’s intended positioning within Analog’s portfolio range. It does not imply a maximum loss, guaranteed return, or suitability for every investor.
A Different Objective Means Accepting Different Trade-Offs.
A diversified multi-asset portfolio can trail an equity-heavy portfolio during a strong stock market. Investments intended to diversify risk may disappoint, and several asset classes can decline together.
Our objective is not to lead every market rally. It is to pursue returns in a way that remains consistent with the risks your financial plan can reasonably bear.
We assess performance against appropriate benchmarks while also examining the depth of declines, recovery periods, and the portfolio’s ability to support your needs.
Returns matter. So does what you have to endure to earn them.
Your Portfolio Has a Job Beyond Generating Returns.
It may need to replace a salary, fund decades of retirement, support family members, or provide flexibility after a business sale.
Those responsibilities should influence how it is invested.
We consider planned withdrawals, liquidity needs, concentrated holdings, unrealized gains, and assets held outside the investment portfolio. Tax-aware implementation may include tax-loss harvesting, gain-and-loss budgeting, charitable gifting, and coordination with Roth conversions and withdrawal planning.
Investment management, financial planning, tax strategy, and estate considerations should inform one another. At Analog, these disciplines are coordinated around the same family objectives, with qualified legal counsel involved where legal implementation is required.
One family. One coordinated financial strategy.
Explore Our Integrated Wealth Management Approach →
Investment Expertise Behind the Portfolio.
Analog’s investment strategy and portfolio construction are led by Billy Desai, MBA, CFA, CFP®, whose experience spans more than two decades across institutional investing, quantitative research, and multi-asset portfolio management.
His background includes quantitative equity research at Credit Suisse and portfolio-construction work at Invesco, where he advised hundreds of financial advisors.
That experience informs how Analog evaluates investments, combines return sources, and considers risk at the portfolio level.
Our investment work is connected to a broader team supporting financial planning, tax considerations, and estate strategy—so portfolio decisions remain grounded in the needs of the family they serve.
For Investors Who Want Their Wealth to Do More than Keep Score.
Our focus is high-net-worth individuals and families who value long-term growth, thoughtful risk management, and a clear connection between their investments and their lives.
This includes families with approximately $3 million to $10 million in investable assets, as well as larger households with more complex needs.
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Approaching or living in retirement
You want an investment strategy that considers withdrawals, market declines, and the challenge of funding a long retirement—not simply an expected average return.
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Managing wealth after a major transition
A business sale, inheritance, or other liquidity event has changed your financial position. Your investment strategy needs to reflect the responsibilities and opportunities that come with it.
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Seeking a more deliberate portfolio
You have accumulated substantial assets but want a clearer understanding of what drives your returns, where your risks are concentrated, and how your investments support your goals.
The starting point is understanding what your wealth needs to accomplish—not choosing an allocation before understanding your life.
Does Your Portfolio Reflect the Life it Needs to Support?
Start with a conversation about your current portfolio, spending needs, and concerns. We will discuss where your investment approach may depend on particular market outcomes and whether a more detailed review would be useful.
The first conversation is about understanding your situation and assessing fit—not committing to a portfolio change.
Frequently Asked Questions
Does “Cross-Cycle” mean my portfolio cannot lose money?
No. Cross-Cycle describes our approach to diversification and portfolio construction, not a guaranteed outcome. Portfolios can experience substantial losses. We do not promise a fixed downside cushion, a maximum loss, or positive returns over any particular period.
What are Analog Equity, Analog Diversify, and Analog Rebalance?
They are the three complementary disciplines within our investment process. Analog Equity guides U.S. large-cap Quality and Momentum stock selection. Analog Diversify guides the combination of different return sources. Analog Rebalance guides the monitoring and maintenance of intended allocations.
They work together within our multi-asset portfolios rather than requiring clients to assemble separate products.
How does Cross-Cycle differ from a traditional 60/40 portfolio?
A conventional 60/40 allocation combines stocks and bonds. Cross-Cycle uses a broader multi-asset framework, together with Analog’s equity-selection and rebalancing disciplines.
The difference is in the portfolio’s exposures and construction—not a promise of superior returns. Cross-Cycle can underperform a stock-and-bond portfolio, and its diversifying investments can decline at the same time.
Do you use individual stocks or ETFs?
Both. Our Quality and Momentum stock-selection disciplines apply to U.S. large-cap equities and are implemented through individual stocks.
ETFs provide exposures such as small-cap equities, the Treasury ladder, real estate, and precious metals where they are appropriate implementation vehicles. The investment objective determines the vehicle—not the other way around.
How do Treasuries fit into the portfolio?
Our core defensive fixed-income allocation emphasizes U.S. Treasuries, with laddered exposure implemented through ETFs.
We use this allocation for its potential role in liquidity and diversification, rather than simply seeking additional yield through corporate credit. Treasury ETFs are investments that can decline in value; this allocation is not a guarantee against portfolio losses.
Do I need private investments to use your approach?
No. Our core Cross-Cycle portfolios use publicly traded investments.
Private investments may be considered separately for qualified clients when their objectives, liquidity needs, and circumstances support their use. They are not required to implement our core approach and can involve substantial risk and limited liquidity.
Is Analog a fiduciary, and where are my assets held?
Analog Capital Partners is an independent, fee-only registered investment adviser and acts as a fiduciary in its advisory relationships.
Client accounts are held with independent custodians, including Charles Schwab. Analog provides investment management under the authority established in the advisory relationship.
Who is the typical Analog Capital Partners client?
Our clients are typically high-net-worth and ultra-high-net-worth families who place significant importance on risk management, wealth preservation, portfolio construction, and integrated financial planning.
Your wealth has a purpose. Your portfolio should reflect it.
A portfolio should do more than pursue returns. It should reflect the income you need, the risks you can afford to take, and the future you want to fund.
The first step is a conversation—not a commitment to change your investments.