About the BOC Portfolio  

Posted March 30, 2023 By Dan Wagner and Jeff Liautaud

Who we are not.
Business Owners Charter, Inc. (“BOC”) has no assets under management and is not a Registered Investment Advisor, a Broker Dealer, or any entity licensed to sell securities (“Clients”).

Who we are.
BOC is a wholesale investment methodology fiduciary for investment firms.

What we do.
Our wholesale investment methodology offers a potential to provide outperformance of benchmark SPDR S&P 500 ETF Trust (symbol SPY).

Why we do this.
You make more. Your clients get better returns. According to Barron’s Top 100 RIA cover story dated 9/15/23, “average team” advisor fees are 0.46% of assets under management, or 46 one hundredths of 1% (“23 million divided by 5 billion”), while BOC Portfolio RIA’s earn about double.

Fewer than 13% of funds beat the S&P 500. We are a fiduciary to our wholesale clients. It is very difficult to do what we do.  We seek to determine the expensive investment problems plaguing the financial professional investor market and solve them with small on-going, nuanced improvements. Our wholesale clients are fiduciaries like us. A fiduciary must offer what a prudent person knowledgeable in the affairs at hand would do for one’s self. With inception of our BOC Portfolio in 2017 our Total Returns after advisor fees thru 12/31/2023 beat the S&P 500 with less risk.


How we do this.

We seek a repeatable big data methodology through:

  • Opportunities worldwide.
  • Moderate correlation relative to SPY with less risk and excess returns.
  • Active investing including a time consuming market exit strategy.

The BOC Portfolio is created using algorithms and statistics, a process of two strategies overseen by a BOC Portfolio Director.

  • First, a List Strategy uses big data to identify an initial ETF List using a proprietary market momentum algorithm. A macro analysis, or context, is derived principally from the stock market.
  • Second, the ETF List is reduced using a Filter Strategy. The Filter Strategy is qualitative, searching for fundamental value and momentum within the context. The resulting BOC Portfolio may be substantially different from the initial ETF List.

The context principally from the stock market may opportunistically provide a Market Exit Strategy to reduce beta and increase alpha.

Proof of returns
The methodology was an outgrowth of the work of BOC since 2001. Like GIPS, our methodology’s standard of proof is voluntary. Hypothetical Investment returns are matched to actual retail client outcomes since 2003. These matched returns are open for confidential due diligence as our highest standard of proof.

Our returns are published.
Our wholesale investment methodology is protected. BOC seeks to keep proprietary all investment algorithms and methodology to this day in house.

Our Culture
BOC culture of confidence thrives from our true fiduciary status and the true fiduciary status of our partners. Focio.org is a website that lists fiduciaries wholesale like us and retail including those who are 3rd party non associated sub advisors who use BOC to execute their trades in compliance with their respective client agreements. BOC finds trade execution a significant component of trades for best trade execution for independent Registered Investment Advisors. Here are hypothetical comparisons of common sub advisors to partner trade executed actual BOC Portfolio returns.


BOC Portfolio risk tolerance returns after advisor fees are available upon request.





Our market exit strategy employs a published special report available to subscribers costing $1,000 per year mitigating risk in down markets. The macro analysis is the context. Actual model portfolios are included in our Newsletter.

Without advisor fees hypothetical returns increase to the same extent as returns before advisor fees in the above analysis. Taking this into account BOCX Portfolio outperforms the S&P 500 etf (symbol SPY) by fee savings on average per year of an additional 1.98%. Email Dan@BusinessOwnersCharter.com to receive 1 free sample newsletter. Ready to Subscribe click here. Liability is limited to a full refund of annual subscription at any time for any or no reason.

See Focio.org for a list of fiduciaries subscribing to our newsletter. This is a voluntary offering and service to our subscribing retail fiduciaries. Not all subscribers to our Newsletter need be listed at Focio.org, a public website.

Our Newsletter is published after trade execution by 3rd party non associated sub advisors.

Reporting is incremental in blocks up or down 5%. Our strategy is a waiting strategy. Not every year do we out perform. But when our algorithms are applicable, outperformance can be dramatic. In the interim an element of conservatism in down markets may mitigate some losses. Our expert experience demonstrates less investor anxiety viewed this way in net positive increments, and tending toward interior investor peace of mind.

BOC Long Term Strategy
BOC Portfolio seeks opportunities worldwide with a potential for a repeatable methodology. When its systematic, computer-powered List Strategy identifies a lack of momentum, it uses benchmark-like investments seeking relative fundamental value; when its algorithms indicate momentum, fundamental value and momentum-based investments are used. Adding an element of conservatism in a portfolio is as important to the Director as considering upside potential. A market exit strategy employs a special report mitigating risk in down markets. The macro analysis is the context.

Underlying the BOC Portfolio is a belief that there may be less risk actively investing in the growing tip of world-wide securities markets than passively investing in under performing asset allocations; in rising markets it seeks to recommend investments in categories of securities with accelerating demand and rising value preferably at the start of their investment life cycles; in falling markets it seeks to preserve capital.

Management Background
Jeffrey Liautaud (MBA, BS Mathematics) began his career on Wall Street in investment banking. Later he purchased and operated the Sherpa Snowshoe Company. When the snowshoe markets changed, Jeff nearly went bankrupt, and in 1998 he sold the business.

This near bankruptcy experience forever changed him to add an element of conservatism in all that he did. That same year Jeff became a financial planner. In 2001, he founded Business Owners Charter, Inc. (“BOC”) for ownership of proprietary investment algorithms.

In 2003, Jeff founded Tree Fort Financial a Registered Investment Advisor.

In 2014, Jeff’s daughter, Jacki Liautaud, purchased Tree Fort Financial (“TFF”) from Jeff.  With a double major in college, she graduated number one in her class in Sociology. For over 15 years she worked as a business consultant in marketing, sales and business development.

In 2015, seeking to optimize the BOC algorithms with greater consistency, Jeff and Jacki were mentored by a Fortune 500 pension consultant and turnaround specialist using alternative investments. He signed a BOC confidentiality agreement and mentored back testing BOC algorithms. BOC applied a rigorous, scientific method-based approach to historically quantify the most promising algorithms and completed a detailed research study. Under the mentorship, Jacki became the BOC Portfolio Recommender and Jeff became the BOC Portfolio Director. Dan Wagner executed the actual back test for BOC which tied out to the mentor’s back test thus giving BOC its first credible self back test capability highly proprietary and confidential to this day.

From 2015 through 2020 Dan Wagner, a graduate engineer, and developer, worked part time for BOC to integrate research findings and was responsible for maintaining and updating the multiple SQL databases used in BOC research while working a full time day job 60 hours per week. Jeff knew Dan as a go-getter and learned that on a trip to New York for his day job Dan was called in by his division Sales Manager at a prospective new major bank client. The prospective Credit Card Division Chief asked Dan : “How can you deliver technology I know is impossible?” Dan replied: “Because I have already delivered the same thing more than 50 times,” and proceeded to explain in detail how he did this for the division Chief’s team involved. At that meeting Dan’s reputation grew as the “go to” person in his day job for technology. His fame spread to Jeff.

In 2021, Dan consulted with 100% of his time for BOC, at half pay compared to his previous job, providing to BOC automated solutions, and to support research back testing, because he had seen first-hand the BOC investing methodology and its potential. Jacki began to mentor Dan to do detailed momentum and fundamental investing analysis as BOC Portfolio Recommender. One day, Jacki and Jeff looked at each other as Dan gave a convicted BOC Portfolio Recommendation based on multiple sequenced analyses. He was right. He had learned our BOC methodology.

In 2022, Angela Onelia Liautaud accepted sole voting control of BOC with hire and fire authority over the BOC Chief Executive Officer.

In 2023, Dan became the BOC Portfolio Director, and President of Business Owners Charter, Inc. Our goal is to be an investment methodology fiduciary to investment firms like yours serving all risk tolerances. His duties now include a direct President to President outreach to investment firms like yours.

In addition, the BOC Portfolio Director pluralistically offers a Newsletter Subscription to subscribers without limit.

If interested, call Dan at 708-825-7301 or email Dan@BusinessOwnersCharter.com.


This content is provided by BOC for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. In spite of best efforts, losses may occur.