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Clark Capital Management Group, Inc.Philadelphia FPA
Clark Capital Management Group, Inc.Philadelphia FPA
Embracing VolatilityManaging Risk in a Rising Rate Environment
Embracing VolatilityManaging Risk in a Rising Rate Environment
3
OverviewOverview
* As of 2/28/2011
$2.6 Billion* in AUM
Family and Employee Owned
Institutional Asset Management Firm (Institutional Solutions to Everyday Affluent)
52 dedicated and experienced employees
8 Investment Professionals
4 CFAs on Staff
Average 25+ Years Industry Experience
* As of 3/31/11
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Investment PhilosophyInvestment Philosophy
* As of 2/28/2011
Provide superior risk adjusted returns through a disciplined process focused on
Meaningful diversification
Opportunistic asset allocation
Systematic risk management
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Investor’s & Advisor’s DilemmaInvestor’s & Advisor’s Dilemma
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Loss on InvestmentLoss on Investment
When do you begin to get nervous about your investment performance?
Source: Lippincott – Natixis June 2010
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Attitudes toward RiskAttitudes toward Risk
51%
54%
59%
61%
67%
70%
73%
74%
My portfolio is built around managing my risk
I try to measure the risk of my investments
The more risk I take, the more I can make
I pay more attenionto risk now than I have ever…
I seek a balance between risk and return when…
I pay attention to the overall risk of my portfolio
The more I risk I take, the more I could lose
Having different types of investments lowers my…
While risk appears to continue to play a strong role within investing, investors are paying more attention to risk than ever before.
Source: Lippincott – Natixis June 2010
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The Meaning of RiskThe Meaning of Risk
0%
24%
48%
28%
Thrill
Opportunity
Uncertainty
Loss
Which of the following terms best describes “risk” for you?
How do you measure risk of your portfolio?
The relationship between risk and reward. “Risk Budgeting”
Source: Lippincott – Natixis June 2010
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Investor’s & Advisor’s DilemmaInvestor’s & Advisor’s Dilemma
How do you measure the success of your portfolio?
Source: Lippincott – Natixis June 2010
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Investor’s & Advisor’s DilemmaInvestor’s & Advisor’s Dilemma
…with stability and security in the forefront of the minds
Source: Lippincott – Natixis June 2010
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What Are Investors Searching for? What Are Investors Searching for?
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How Do You Manage Risk?How Do You Manage Risk?
What is Your Plan?What is Your Plan?
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How Do You Manage Risk?How Do You Manage Risk?
Asset Allocation
Fixed Income
Alternative Asset Classes
Tactical Asset Allocation (Market Timing)
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Problems with Efficient FrontierProblems with Efficient Frontier
Efficient Frontier Is Based upon Historical Inputs That Are by Definition Not Stable:
Returns Change
Standard Deviations (risk) Change
Correlation Change
You Need Stable Inputs to Create A Future Efficient Frontier to Manage Risk!
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CorrelationCorrelation
Source: Morningstar Direct
BullCorrelation
1990s
Bear Correlation
1990s
Bull Correlation
2000s
Bear Correlation
2000s
Correlation 2007-10-01 to
2009-02-28
S&P 500 1.00 1.00 1.00 1.00 1.00
Russell 1000 Value 0.80 0.92 0.86 0.85 0.98
Russell 2000 0.51 0.66 0.43 0.67 0.96
MSCI EAFE 0.37 0.55 0.63 0.83 0.91
MSCI World Ex US 0.38 0.57 0.65 0.83 0.91
MSCI Emerging Markets 0.31 0.68 0.47 0.66 0.80
DJ Credit Suisse Hedge Fund 0.09 0.41 0.58
S&P GS Commodity Index -0.14 -0.12 0.08 0.39 0.56
NAREIT US Real Estate 0.18 0.47 0.25 0.55 0.83
BC US Corporate High Yield 0.15 0.57 0.31 0.56 0.71
BC US Agg Bond TR USD 0.27 0.13 0.00 0.15 0.36
CBOE Market Volatility -0.11 -0.66 -0.32 -0.46 -0.71
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CorrelationCorrelation
Source: Ned Davis Research
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Modern Portfolio Theory’s Cruel JokeModern Portfolio Theory’s Cruel Joke
Good Times Bad Times
Low Correlation High Correlations
Low Volatility High Volatility
High Returns Low Returns
“Any plan conceived in moderation, must fail when circumstances are set in extremes.”
“Any plan conceived in moderation, must fail when circumstances are set in extremes.”
Prince Metternick
18
Is inflation keeping your clients up at night?Is inflation keeping your clients up at night?
19
For illustrative purposes only. The information is not intended to be a recommendation to purchase or sell a security. Past performance is no guarantee of future results. Returns reflect reinvestment of capital gains and dividends, if any. Indices are unmanaged and do not incur fees. It is not possible to invest in an index. Stocks are represented by the S&P 500 Index. Bonds are represented by the Ibbotson Associates U.S. Long Term Government Index. Inflation-adjusted returns are based on the average Consumer Price Index (CPI) through the referenced period (5% from 1954 to 1981 and 3% from 1981 to 2009).
Source: St. Louis Federal Reserve Bank, Morningstar
Changing Conditions May Call For a Broader ToolsetChanging Conditions May Call For a Broader Toolset
20
S&P 500 vs. InflationS&P 500 vs. Inflation
S&P 500 Total Return Gain/Annum When:
When Yr/Yr Charge in CPI is:
Gain/Annum % of Time
Above 4 4.5 32.8
4 and Below 13.9 67..2
Source: Ned Davis Research – 1/1/1950 to 9/30/2010
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Managing Fixed Income in a Rising Rate Environment?Managing Fixed Income in a Rising Rate Environment?
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Fixed Income Total ReturnFixed Income Total Return
Fixed IncomeFixed IncomeTotal ReturnTotal ReturnFixed IncomeFixed IncomeTotal ReturnTotal Return
U.S. Short-Term Treasuries
U.S. Government/Corporate Bond
High-Yield Bond
Portfolio Objective: The Fixed Income Total Return strategy is designed to deliver excess alpha over a full market cycle measured against Barclays Capital U.S. High Yield Bond Index and Barclays Capital U.S. Aggregate Bond Index. The strategy seeks total return with a secondary goal of current income.
23
Portfolio Characteristics & Allocation History as of 3/31/11 Portfolio Characteristics & Allocation History as of 3/31/11
Portfolio Characteristics
Total Holdings Exposure 666
Estimated Current Yield 8.14%
Average Coupon 8.43%
Average Duration 4.36 Yrs.
Average Credit Quality B
Holdings Ticker % # of
Positions
CurrentYield
SPDR Barclays Capital High Yield
JNK 49% 220 8.28%
iShares iBoxx $ High Yield Corp Bond
HYG 48% 446 8.00%
Cash 3%
Source: Morningstar Direct
24Source: Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure and net of fees presentation.
25Source: Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure and net of fees presentation.
26
Frequency of DeclinesFrequency of Declines
Source: Ned Davis Research – The Anatomy of Standard & Poor’s 500 Stock Index Declines 1/03/1928 to 6/29/2010
S&P 500Declines
OccurrencesPer Year
FrequencyAverage
Probability of Decline Moving to Next Stage
-5% or more 3.4 Every 14 weeks 34%
-10% or more 1.1 Every Year 44%
-15% or more 0.5 Every 2 years 61%
-20% or more 0.3 Every 3 years N/A
27
Winning by Not LosingWinning by Not Losing
Initial Investment: $100,000Years Needed to Break Even
at These Rates of Return
If your portfolio is down…
Current value
Amount needed to
break even
Return needed to
break even 2.00% 6.00% 10.00% 12.00%
10% $90,000 $10,000 11.1% 5.32 1.81% 1.11 0.93
20% $80,000 $20,000 25.0% 11.27 3.83 2.34 1.97
30% $70,000 $30,000 42.9% 18.01 6.12 3.74 3.15
40% $60,000 $40,000 66.7% 25.80 8.77 5.36 4.51
50% $50,000 $50,000 100.0% 35.00 11.90 7.27 6.12
28
20-Year Annualized Returns by Asset Class (1990-2009)20-Year Annualized Returns by Asset Class (1990-2009)
Source: JPMorgan. (1) Barclays Capital U.S. Aggregate Bond Index. (2) Calculated using Dalbar Funds Flow Information.
29
Winning by Not LosingWinning by Not Losing
Saving Withdrawing Income
If investmentis down
Return neededto break even
(without withdrawals)
Return neededto break even(withdrawing 5%
at the end of each year)
5% 5.30% 11.10%
10% 11.10% 17.60%
15% 17.60% 25.00%
20% 25.00% 33.30%
25% 33.30% 42.90%
30% 42.90% 53.80%
35% 53.80% 66.70%
40% 66.70% 81.80%
30
-50%
-50%
+100%
-55%
+100%
Source: Ned Davis Research
31
Market Performance Off the Bottom
32
Source: Bloomberg
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Is there more risk today?Is there more risk today?
For Advisor Use Only.
34
Current RisksCurrent Risks
For Advisor Use Only.
the so-so U.S. recovery
U.S.’s deficit, debt ceiling impasse and dysfunctional political process
the economic impact of deleveraging and austerity;
the over-indebtedness of peripheral eurozone countries
the possibility of rekindled inflation and rising interest rates
the uncertain outlook for the dollar, euro and sterling
the instability in the Middle East and resulting uncertainty over the price of oil
35
So what is your plan?So what is your plan?
For Advisor Use Only.
36
Why Embrace Volatility to Manage Risk? Why Embrace Volatility to Manage Risk?
For Advisor Use Only.
37
30.00
10.00
15.005.00
35.00
5.00
Asset Allocation
S&P 500 - 30%
Russell 2000 - 10%
MSCI EAFE - 15%
MSCI Emerging Markets - 5%
BarCap US Agg Bond - 35%
BarCap High Yield Bond - 5%
40.00
20.00
10.00
20.00
10.00
Equity Allocation
S&P 500 - 40%
S&P MidCap 400 - 20%
Russell 2000 - 10%
MSCI EAFE - 20%
MSCI Emerging Markets -10%
Why Embrace Volatility?Why Embrace Volatility?
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
38
Why Embrace Volatility?Why Embrace Volatility?
As of 1/31/2011 Asset Allocation Asset Allocation with 5% Volatility
1 Year Return 15.61 14.20
3 Year Return 4.16 4.55
5 Year Return 5.27 6.36
10 Year Return 5.49 5.76
1 Year Standard Deviation 11.42 8.37
3 Year Standard Deviation 14.91 11.28
5 Year Standard Deviation 12.13 9.18
10 Year Standard Deviation 10.54 8.14
1 Year Beta 0.61 0.42
3 Year Beta 0.67 0.49
5 Year Beta 0.67 0.47
10 Year Beta 0.62 0.45
Source: Morningstar Direct
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
39
Embracing Volatility to Manage RiskEmbracing Volatility to Manage Risk
As of 1/31/2011 Equity Portfolio Equity Portfolio 5% Volatility
1 Year Return 24.09 21.71
3 Year Return 1.74 3.14
5 Year Return 3.80 5.52
10 Year Return 4.91 5.70
1 Year Standard Deviation 19.50 15.29
3 Year Standard Deviation 24.29 19.17
5 Year Standard Deviation 19.82 15.60
10 Year Standard Deviation 17.73 14.14
1 Year Beta 1.05 0.81
3 Year Beta 1.09 0.85
5 Year Beta 1.09 0.84
10 Year Beta 1.06 0.82Source: Morningstar Direct
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
40
How Does Clark Capital Embrace Volatility? How Does Clark Capital Embrace Volatility?
For Advisor Use Only.
41
How Does Clark Capital Embrace Volatility How Does Clark Capital Embrace Volatility
Protective Put Option Hedge StrategyProtective Put Option Hedge Strategy
42
How Does Clark Capital Embrace Volatility How Does Clark Capital Embrace Volatility
S&P 500
S&P 500 Put Option
Down Market
S&P 500
S&P 500 Put Option
Up Market
Protective Put Option Hedge StrategyProtective Put Option Hedge Strategy
Consistent Negative Correlation
43
How Does Clark Capital Embrace Volatility? How Does Clark Capital Embrace Volatility?
PUT OVERLAY: Portfolio Managers customize an allocation to protective S&P 500 puts, which are continuously monitored and can change when market volatility spikes.
S&P 500 put options only
9 to 18 months of duration
5 to 10% out of the money
Consistently allocated to hedge 100% of equity portfolio
Targeting 3 to 7% allocation over market cycle
Opportunistically managed to reduce drag
Puts options are purchased with cash, margin is not utilized
44
Hedge Strategy ObjectivesHedge Strategy Objectives
Reduce equity volatility
Prevent large portfolio losses through systematic portfolio put option protection
Provide consistent negative correlation in all market environments
Provide systematic risk management without forecasting or market timing influence
Provide confidence in the expected outcome in all market environments
Provide continuous protection from event driven declines (i.e. natural disaster, terrorist attacks)
45
Hedge Strategy Implementation – 1/1/2003 to 12/31/2010Hedge Strategy Implementation – 1/1/2003 to 12/31/2010
Index Source: Bloomberg
46
Historical ImplementationHistorical Implementation
Total Roll Trades
Gain/Loss % *
Average Portfolio
Allocation*
Average %Out of the Moneyof Put Allocation
2004 1 -2.27% 3.34% 4.52%
2005 3 -2.27% 2.56% 4.25%
2006 2 -4.77% 3.46% 2.33%
2007 2 -0.02% 4.33% 3.26%
2008 5 17.43% 9.57% -0.50%
2009 3 -2.45% 8.17% 4.49%
2010 4 -6.65% 6.19% 6.70%
Total 20 -0.40% ** 5.38% 3.58%
* Based upon actual trades of one S&P 500 index put option contact applied to a hypothetical $125,000 account value.
For illustrative purposes only and not necessarily indicative of actual client results.
* * Annualized
47Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure and net of fees performance presentation.
48Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure and net of fees performance presentation.
49Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure and net of fees performance presentation.
50
Embracing Volatility with Clark CapitalEmbracing Volatility with Clark Capital
Navigator Unified Solutions – TAMP
Direct Relationship – TAMP
Separate Accounts
Direct Relationship – TAMP
Various Platforms (sample)
401K Collective Trusts
Various Platforms (sample)
Navigator Equity Hedged Mutual Fund
51
Contact UsContact Us
For Advisor Use Only.
Advisor Support800-766-2264
Joe Bell - jbell@ccmg.com
www.ccmg.com
52For Advisor Use Only.
QQ&&AA
53
Net of Fees Results (Net of Maximum 1.10% Fee)Net of Fees Results (Net of Maximum 1.10% Fee)
Source : Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS® Standards. See end of the presentation for full disclosure.
54
Disclosure – Navigator® Global Equity HedgedDisclosure – Navigator® Global Equity Hedged
For Advisor Use Only.
Firm Information: Clark Capital Management Group, Inc. is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisory Act of 1940. Clark Capital is a closely held, mostly employee owned C Corporation with all significant owners currently employed by the firm in key management capacities. The firm specializes in managing equity and fixed income portfolios for individuals and institutions.
Clark Capital Management Group claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with GIPS standards. Clark Capital has been independently verified for the period 12/31/2002 through 12/31/2009. Verification assess whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Navigator® Global Equity ETF Hedged composite has been examined for the period 7/1/2004 through 12/31/2009. The verification report and performance examination reports are available upon request.
To receive a copy of the complete list and description of Clark Capital’s composites including the firm's policies for calculating and reporting returns and/or a presentation that adheres to the GIPS® standards, contact Joseph Bell, Executive Vice President, 215-569-2224, e-mail jbell@ccmg.com. The composites are comprised of all fully discretionary accounts managed in the strategy for one full month, including those accounts no longer with the firm. Closed accounts are included through the completion of the last full month of eligibility.
Calculation Methodology: The composite is shown as total return, assumes reinvestment of dividends and capital gains as well as no reduction for taxes, is calculated in U.S. dollars, and is computed on an asset weighted rate of return basis. The results before 1/1/2007 reflect a time-weighted total rate of return, calculated using the modified Deitz method. Results after 1/1/2007 were calculated using a daily valuation method. Performance results have been presented both prior to the deduction of investment advisory fees (“gross-of-fees”) and after the deduction of investment advisory fees (“net-of-fees”). Performance results of Clark Capital clients will be reduced by Clark Capital’s investment advisory fees, and possibly fees retained by the wrap program sponsor and third party investment advisor. Actual client fees may be lower than the fees used in this presentation. Internal dispersion is calculated using the average deviation of all portfolios that were included in the composite for the entire year. Trade date accounting is used. Leverage is not used in the composite. The net of fees performance results may be reduced by fees retained by the wrap program sponsor and third party investment advisor.
Fee Summary:
Past performance does not guarantee future results. Client account values will fluctuate and may be worth more or less than the amount invested. Clients should not rely solely on this performance or any other performance illustrations when making investment decisions.
55
Disclosure – Navigator® Global Equity HedgedDisclosure – Navigator® Global Equity Hedged
Composite Description: The Navigator® Global Equity ETF Hedged composite is defined to include separately managed accounts invested in equity exchange traded funds of U.S. market capitalizations and styles, sectors and industry groups and international countries and regions. The Navigator ® Global Equity ETF Hedged utilizes S&P 500 Index puts to hedge the portfolio. The strategy seeks to provide capital appreciation with a secondary goal of capital preservation on a consistent basis by applying a disciplined quantitative investment approach. This composite was created July 1, 2004.
Pure gross-of-fees performance returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented as supplemental information. Therefore, actual returns will be reduced by advisory and other expenses. Net-of-fees performance returns are calculated by deducting the highest monthly investment advisory fee of 0.0917% (1.10% annually) from the monthly pure gross composite.
The benchmarks are the S&P 500 and the MSCI World net Indexes. The S&P 500 measures the performance of the 500 leading companies in leading industries of the U.S. economy, capturing 75% of U.S. equities. The MSCI World Net Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance net of dividend withholding tax to non-resident individuals. Index returns include the reinvestment of income and dividends. The returns for these unmanaged indexes do not include any transaction costs, management fees or other costs. It is not possible to make an investment directly in any index.
*Not meaningful
Navigator® GLOBAL EQUITY ETF HEDGED
Pure Gross Total Net
MSCI World Net Index
Dispersion Range Number of
Total Composite Assets as of Percent of Total Firm
Return Return Benchmark of Returns Portfolios End of Period Firm Assets Assets
7/1/2004 - 12/31/2004 6.65% 6.07% 10.82% * 55 $8,485,636 1.62% $525,400,000
2005 7.26% 6.10% 9.49% 0.27% 170 $27,089,406 3.44% $788,000,000
2006 8.61% 7.43% 20.07% 0.75% 425 $74,289,699 7.35% $1,011,200,000
2007 13.15% 11.92% 9.04% 0.17% 473 $90,692,409 8.18% $1,109,000,000
2008 -20.62% -21.51% -40.71% 2.16% 394 $56,240,893 5.45% $1,032,300,000
2009 24.10% 22.77% 29.99% 1.01% 420 $68,852,698 4.16% $1,655,630,000
2010 10.07% 8.87% 11.76% 1.38% 440 $75,551,561 3.28% $2,304,270,557
1/1/2011 to 3/31/2011 0.99% 0.72% 4.80% * 438 $75,175,270 3.04% $2,469,651,837
Cumulative 53.94% 42.98% 43.38%
Annualized 6.60% 5.44% 5.48%
3 Year Std. Dev. 12.61% 12.61% 23.75%
56
Disclosure – Navigator® Global EquityDisclosure – Navigator® Global Equity
For Advisor Use Only.
Firm Information: Clark Capital Management Group, Inc. is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisory Act of 1940. Clark Capital is a closely held, mostly employee owned C Corporation with all significant owners currently employed by the firm in key management capacities. The firm specializes in managing equity and fixed income portfolios for individuals and institutions.
Clark Capital Management Group claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with GIPS standards. Clark Capital has been independently verified for the period 12/31/2002 through 12/31/2009. Verification assess whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Navigator® Global Equity ETF composite has been examined for the period 4/1/2004 through 12/31/2009. The verification report and performance examination reports are available upon request.
To receive a copy of the complete list and description of Clark Capital’s composites including the firm's policies for calculating and reporting returns and/or a presentation that adheres to the GIPS® standards, contact Joseph Bell, Executive Vice President, 215-569-2224, e-mail jbell@ccmg.com. The composites are comprised of all fully discretionary accounts managed in the strategy for one full month, including those accounts no longer with the firm. Closed accounts are included through the completion of the last full month of eligibility.
Calculation Methodology: The composite is shown as total return, assumes reinvestment of dividends and capital gains as well as no reduction for taxes, is calculated in U.S. dollars, and is computed on an asset weighted rate of return basis. The results before 1/1/2007 reflect a time-weighted total rate of return, calculated using the modified Deitz method. Results after 1/1/2007 were calculated using a daily valuation method. Performance results have been presented both prior to the deduction of investment advisory fees (“gross-of-fees”) and after the deduction of investment advisory fees (“net-of-fees”). Performance results of Clark Capital clients will be reduced by Clark Capital’s investment advisory fees, and possibly fees retained by the wrap program sponsor and third party investment advisor. Actual client fees may be lower than the fees used in this presentation. Internal dispersion is calculated using the average deviation of all portfolios that were included in the composite for the entire year. Trade date accounting is used. Leverage is not used in the composite. The net of fees performance results may be reduced by fees retained by the wrap program sponsor and third party investment advisor.
Fee Summary:
Past performance does not guarantee future results. Client account values will fluctuate and may be worth more or less than the amount invested. Clients should not rely solely on this performance or any other performance illustrations when making investment decisions.
57
Disclosure – Navigator® Global EquityDisclosure – Navigator® Global Equity
Composite Description: The Navigator® Global Equity ETF composite is defined to include separately managed accounts invested in equity exchange traded funds of U.S. market capitalizations and styles, sectors and industry groups and international countries and regions. The strategy seeks to provide capital appreciation on a consistent basis by applying a disciplined quantitative investment approach. This composite was created April 1, 2004.
Pure gross-of-fees performance returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented as supplemental information. Therefore, actual returns will be reduced by advisory and other expenses. Net-of-fees performance returns are calculated by deducting the highest monthly investment advisory fee of 0.0917% (1.10% annually) from the monthly pure gross composite.
The benchmarks are the S&P 500 and the MSCI World net Indexes. The S&P 500 measures the performance of the 500 leading companies in leading industries of the U.S. economy, capturing 75% of U.S. equities. The MSCI World Net Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance net of dividend withholding tax to non-resident individuals. Index returns include the reinvestment of income and dividends. The returns for these unmanaged indexes do not include any transaction costs, management fees or other costs. It is not possible to make an investment directly in any index.
* Not meaningful
Navigator® GLOBAL EQUITY ETF
Pure Gross Total Net MSCI World
Dispersion Range Number of
Total Composite Assets as of Percent of Firm Total Firm
Return Return Index of Returns Portfolios End of Period Assets Assets
4/1/2004 to 12/31/2004 8.91% 8.02% 11.79% * 6 $304,216 0.06% $525,400,000
2005 8.54% 7.36% 9.49% * 5 $567,150 0.07% $788,000,000
2006 14.86% 13.62% 20.07% * 28 $2,829,210 0.28% $1,011,200,000
2007 13.10% 11.88% 9.04% 0.27% 100 $13,306,608 1.20% $1,109,000,000
2008 -36.08% -36.81% -40.71% 0.31% 144 $7,539,380 0.73% $1,032,300,000
2009 37.40% 35.93% 29.99% 0.53% 143 $9,104,397 0.55% $1,655,630,000
2010 17.85% 16.58% 11.76% 0.13% 230 $16,372,755 0.71% $2,304,270,557
1/1/2011 to 3/31/2011 3.40% 3.12% 4.80% * 230 $18,077,285 0.73% $2,469,651,837
Cumulative 64.35% 52.22% 44.63%
Annualized 7.36% 6.19% 5.41%
3 Year Std. Dev. 22.45% 22.45% 23.75%
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