Cary M. Schwartz

President and Chief Investment Officer

Cary Schwartz studied finance at the Wharton School, University of Pennsylvania, graduating with a B.S. in Finance in 1966. Cary received a J.D. from the University of Pennsylvania Law School in 1969, after which he began his career at Goldman Sachs where he was employed for 19 years. During his tenure at Goldman Sachs, he served in several capacities including Vice President of Equity Capital Markets where he led the distribution of equity-related products including initial public offerings (IPOs), primary, secondary, and convertible securities, master limited partnerships, oil and gas issues, and exchange offers. While at Goldman Sachs, Cary also provided investment counseling services to high net worth individuals.

In February 1988, Cary founded Blackhill Capital, Inc., an independent Registered Investment Advisor (RIA). As the Chief Investment Officer, he undertakes a long-term, value-based investment approach and seeks to identify companies before the marketplace has recognized their true asset value. The portfolio of each client is reviewed daily and intraday should a security exhibit unusual price fluctuations or be the subject of significant news events that may affect the value of client portfolio holdings. Personalized, portfolio-specific letters are sent to clients on a quarterly basis.

You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

–Warren E. Buffet


Blackhill Capital, Inc. is a Registered Investment Advisor and independent fiduciary regulated by the U.S. Securities and Exchange Commission (SEC) and the Investment Advisors Act of 1940. These rules and regulations define the role and responsibilities of an independent fiduciary who ethically acts on behalf of clients and is compensated for those actions. At Blackhill Capital, we are proud to fulfill the obligations that accompany being an independent fiduciary and diligently practice the five core principles of the Fiduciary Standard:

• Put the client’s best interests first
• Act with prudence; that is, with the skill, care, diligence and good judgment of a professional
• Do not mislead clients; provide conspicuous, full and fair disclosure of all important facts
• Avoid conflicts of interest
• Fully disclose and fairly manage unavoidable conflicts