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Turner InvestmentsU.S. AND GLOBAL GROWTH EQUITY STRATEGIES
First Quarter 2011
The enclosed materials have been prepared by Turner Investment Partners, Inc. and are being provided solely for the information of the persons to whom they have been delivered. These materials are being issued in the United Kingdom by Turner International, Ltd., which is authorized and regulated by the UK Financial Services Authority (the "FSA"). These communications are being issued in the United Kingdom only to and/or are directed only at persons who are professional clients or eligible counterparties for the purposes of the rules of the FSA and the products and services described in these communications are only available to such persons. Persons of any other description should not rely or act upon this information. These materials may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Turner Investment Partners, Inc.
GROWTH
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
–Benjamin Franklin
Table of contents
3
Firm overview One
Investment philosophy & process Two
UCITs offeringU.S. Concentrated All Cap Growth EquityGlobal Growth Equity Three
Appendix Four
A culture defined by growth and innovation
4
Growth-equity focus for over 20 years
100% employee-owned; accountable professionals in a collaborative environment
Research team structure designed to drive clarity and conviction
Interests aligned with clients’
We remain firmly committed to who we are and the clients we serve.
Please see the appendix following this presentation for important information about how Turner aligns its interests with its clients’.
Your trusted partner
5We are quite fortunate to be among such good company.
†International clients
Note: This is a partial client list. Turner does not use performance-based criteria to determine which clients are included on the list. It is not known whether the clients approve or disapprove of Turner or its services.
CORPORATE
AT&T, Inc.
Campbell Soup Company
Caterpillar Inc.
CenterPoint Energy, Inc
Chevron Corporation
The Coca-Cola Company
Deluxe Corporation
Duke Energy Corporation
Mary Kay Inc.
McDonald’s Corporation
Shell Oil Company
Southern California Edison
Toyota
Wilshire Associates, Inc.
ENDOWMENT/FOUNDATION
Archdiocese of Los Angeles
Baptist Foundation of Texas
Catholic Healthcare West
Christian Brothers
Georgia Baptist Foundation
Navy-Marine Corps Relief Society
Thomas Jefferson University
University of Wisconsin Foundation
PRIVATE WEALTH
Brinker Capital
Merrill Lynch
Morgan Stanley Smith Barney
UBS Financial Services
Wells Fargo
PUBLIC
Alabama Trust Fund
California Public Employees’ Retirement System (CalPERS)
Cincinnati Retirement System
City of Milwaukee Employes’ Retirement System
Commonwealth of Pennsylvania State Employees’ Retirement System (PA SERS)
H.E.S.T. Australia Ltd.†
Minnesota State Board of Investment
Missouri Local Government Employees’ Retirement System (LAGERS)
Nebraska Investment Council
Philadelphia Public Employees’ Retirement System
South Carolina Retirement System
Teachers’ Retirement System of the State of Illinois
SUB-ADVISORY
Allianz Life Insurance Company
Deutsche Asset Management
Lincoln Financial
MassMutual
MetLife Investors
Penn Mutual Life Insurance Company
Principal Financial Group
Prudential
Russell Investment Group
RiverSource Investments
Thrivent Financial for Lutherans
Touchstone Investments
TAFT-HARTLEY
1199SEIU Benefit & Pension Funds
Boilermakers National Annuity Trust
IBEW Local No. 98
Inter-Local Pension Fund of the GCC/IBT
Media Guild Retirement Plan
Plumbers Local Union 690
Sheet Metal Workers’ Local No. 19
United Airlines Pilots
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Firm Founded
Large CapGrowth Equity
Experience in many growth market cycles
A natural history of evolution Commitment to our growth heritage that began over 20 years ago
A philosophy informed by groundbreaking research that began in the late 70s
Decades of experience through various market cycles bring depth and rigor to our approach
Introduction of new growth equity strategies at a measured pace
6Our understanding of growth equity is thorough and ingrained.
Note: Timeline shows a partial list of Turner strategies
Small CapGrowth Equity
MidcapGrowth Equity
InternationalGrowth Equity
Growth-Focused Long/Short Equity
Global Growth Equity
Multi-StrategyLong/Short Equity
SUPPLEMENTAL INFORMATION
Strategy summary
7
As of 3.31.11*Closed to new investors.**Formerly Turner Strategic Growth Equity***Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity. In addition the Russell 3000 Growth Index was added as a performance benchmark.
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein.
Composite Inception date Market cap range Holdings range Performance benchmark
Relative performance vs performance
benchmark(since inception)
U.S. GROWTH EQUITY
All Cap Growth Equity*** 6.30.00 Greater than $1b 25 to 45 Russell 3000 Growth Index*** 2.7%
Core Growth Equity 4.1.90 Greater than $2b 50 to 70 Russell 1000 Growth Index 1.8%
Large Cap Growth** 12.1.01 Greater than $2b 50 to 70 Russell 1000 Growth Index 2.0%
Concentrated Growth Equity 1.1.98 Greater than $2b 15 to 30 Russell 1000 Growth Index 7.5%
Midcap Growth Equity 8.1.96 $1b to $10b 80 to 100 Russell Midcap Growth Index 4.9%
SMID Growth Equity 11.1.04 $500m to $5b 60 to 80 Russell 2500 Growth Index 3.3%
Small Cap Growth Equity 12.1.93 $5b or smaller 110 to 135 Russell 2000 Growth Index 7.5%
Small Cap GrowthPlus Equity 9.1.96 $2b or smaller 110 to 135 Russell 2000 Growth Index 4.0%
Micro Cap Growth Equity* 3.1.98 $200m to $1b 90 to 125 Russell 2000 Growth Index 17.4%
GLOBAL/INTERNATIONAL GROWTH EQUITY
Global Growth Equity 1.1.05 Greater than $2b 60 to 80 MSCI World Growth Index 2.0%
Concentrated Global Growth Equity 4.1.05 Greater than $2b 20 to 30 MSCI World Growth Index 5.7%
International Growth ADR Equity 5.1.02 Greater than $2b 50 to 70 MSCI World Growth, ex-US Index 3.0%
International Growth Equity 2.1.06 Greater than $2b 50 to 70 MSCI World Growth, ex-US Index 4.6%
Concentrated International Growth Equity 1.1.07 Greater than $2b 20 to 30 MSCI World Growth, ex-US Index 0.8%
Emerging Markets Equity 8.1.10 Greater than $2b 40 to 80 MSCI Emerging Markets Index 0.7%
8
Composite Inception date Market cap range Holdings range Performance benchmark
Relative performance vs performance
benchmark(since inception)
LONG/SHORT EQUITY
Long/Short Equity 1.1.07 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Index 9.5%
Select Opportunities Equity 1.1.08 Greater than $100m 10 to 50 long10 to 50 short S&P 500 Index 9.3%
Market Neutral Equity 4.1.08 Greater than $500m 20 to 60 long20 to 60 short S&P 500 Index 6.5%
Spectrum Equity 11.1.08 Greater than $100m 125 to 250 long125 to 250 short S&P 500 Index -5.3%
Titan Equity 7.1.10 Greater than $10b 75 to 125 long S&P 500 Index -8.1%
SECTOR-FOCUSED LONG/SHORT EQUITY
Global Consumer Long/Short Equity 1.1.05 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Consumer Disc. Index 8.9%
Global Financial Services Long/Short Equity 1.1.05 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Financials Index 16.1%
Global Medical Sciences Equity 1.1.08 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Healthcare Index 13.5%
Global Resources & Infrastructure Equity 1.1.09 Greater than $100m 15 to 75 long15 to 75 short S&P 500 Index -8.2%
As of 3.31.11
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Foreign stocks involve special risks not typically associated with U.S. stocks. The stocks held by the strategy may underperform other types of stocks, and they may not increase or may decline in value. The strategy may also enter into foreign currency exchange contracts to hedge the currency risk of portfolio securities denominated in a foreign currency. Foreign investments may be riskier than U.S. investments because of factors such as foreign government restrictions, changes in currency exchange rates, incomplete financial information about the issuers of securities, and political or economic instability. Foreign stocks may be more volatile and less liquid than U.S. stocks. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein.
SUPPLEMENTAL INFORMATION
Strategy summary
9
Composite Inception date Market cap range Holdings range Performance benchmark
Relative performance vs performance
benchmark(since inception)
QUANTITATIVE EQUITY
Quantitative Broad Market Equity 11.1.02 Greater than $700m 75 to 115 Russell 3000 Index 1.9%
Quantitative Small Cap Value Equity 1.1.04 $400m to $1.6b 140 to 170 Russell 2000 Value Index 2.1%
Quantitative Small Cap Growth Equity 7.1.04 $400m to $1.6b 130 to 170 Russell 2000 Growth Index 0.8%
Quantitative Micro Cap Equity* 7.1.04 $50m to $600m 220 to 260 Russell Microcap Growth Index 3.2%
As of 3.31.11
*Closed to new investors.
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein..
SUPPLEMENTAL INFORMATION
Strategy summary
The Turner difference
We are dedicated to delivering an exceptional experience – and consistent results. 10
Culture
Empowered to perform
A culture shaped by collaboration and accountability
Research
Informed by experience
Growth research powered by depth and rigor
Innovation
Driven to discover new ideas
Looking forward to uncovering new investment opportunities
The power of a global perspective
Distinct Structure Sector/Industry-focused expertise allows us to capture
investment opportunities
Integrated global research operation
Information Advantage Continuous, informal exchange of information and ideas
Ability to cross-pollinate ideas from around the world
Creative Thinking Build on each other’s ideas and move thinking forward
Since our founding, we have organized our teams by sector and industry as the best means to develop investment
ideas.11
Sector/Industry-Based Fundamental Research
Health Care
Frank L. Sustersic, CFA
Heather Flick McMeekin
Vijay Shankaran, MD, PhD
Theresa B. Hoang
Richard Simons, CFA
Financial Services
Mark D. Turner
Rick Wetmore, CFA
David J. Honold, Jr., CFA
Pablo Echavarria, CFA
Sorin D. Roibu
Consumer
William C. McVail, CFA
Jason D. Schrotberger, CFA
Halie W. O’Shea
Eric R. Turner
Christopher E. Baggini, CFA
Cyclical
Robb J. Parlanti, CFA
Donald W. Smith, CFA
Marc G. Bianchi, CFA
Scott C. Swickard
Joshua B. Kohn, CFA
Technology
Robert E. Turner, CFA
Christopher K. McHugh
Tara R. Hedlund, CFA, CPA
Michael J. Lozano
Daniel Hirsch
The foundation of our thinking
We believe Earnings drive stock prices
Buying companies with sustainable and improving earnings dynamics generates superior returns over time
A disciplined process with the right structure and a talented, stable team provides a sustainable edge
We believe that inefficiencies in the market can be exploited.
The views expressed represent the opinions of Turner Investments and are not intended as a forecast, a guarantee of future results, or investment recommendations. Past performance is no guarantee of future results.
“Standardized unexpected
earnings are a significant
discriminator for excess
return. Stock prices do
respond to unanticipated
earnings changes.”
– Henry A. Latané and
Charles P. Jones
Source: Standardized Unexpected Earnings--1971-77; Henry A. Latané and Charles P. Jones; The Journal of Finance, Vol. 34, No. 3 (Jun., 1979) pp.717-724
12
Historical underpinningsEffects of unexpected earnings on excess returns of U.S. stocks 1971-74
> -5 -5 - -4 -4 - -3 -3 - -2 -2 - -1 -1 - +1 1 - 2 2 - 3 3 - 4 4 - 5 > 5-0.08
-0.06
-0.04
-0.02
0.00
0.02
0.04
0.06
Mea
n ex
cess
ret
urn
at 6
mon
ths
Greater than expectedLess than expected MAGNITUDE OF EARNINGS SURPRISE
The breadth of our expertise
13
Investment team – a global view
We are committed to discovery of the best investment ideas across the globe.
Average years of experience:
Sr. portfolio managers: 23 years
Analysts: 9 years
Traders: 22 years
William C. McVail, CFA
Halie W. O’Shea
Jason D. Schrotberger, CFA
Eric R. Turner
Christopher E. Baggini, CFA
Robb J. Parlanti, CFA
Donald W. Smith, CFA
Marc G. Bianchi, CFA
Scott C. Swickard
Joshua B. Kohn, CFA
Mark D. Turner
David J. Honold, CFA
Rick Wetmore, CFA
Pablo Echavarria, CFA
Sorin D. Roibu
Frank L. Sustersic, CFA
Heather Flick McMeekin
Vijay Shankaran, MD, PhD
Theresa B. Hoang
Richard Simons, CFA
051015202530
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Years of experience _x000d_at Turner
Years of experience _x000d_prior to Turner
YEARS
Robert E. Turner, CFA
Christopher K. McHugh
Tara R. Hedlund, CFA, CPA
Michael J. Lozano
Daniel Hirsch
David Kovacs, CFA
Claire C. McConnell
Daniel McManus
Matthew Topley
Michelle McKeown
Melissa F. Hinmon
Michelle A. Brennan
Louise Hertzog
Kathleen M. Furgiuele
0 5 10 15 20 25 30 35
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24
YEARS
CONSUMER
CYCLICAL
FINANCIAL SERVICES
HEALTH CARE
TECHNOLOGY
QUANTITATIVE
TRADING
INVESTMENT PROCESS
Leveraging analytical power and insight
A continuous, disciplined process Multi-disciplinary research and analysis
Clear portfolio construction parameters and sell disciplines
Fully integrated risk management
Portfolio Construction
Stock Selection
FundamentalAnalysis
Idea Generation
Universe
PORTFOLIO MONITORING
FULLY INTEGRATED RISK MANAGEMENT
Our structure, resources and process rigor create the potential to deliver repeatable superior results. 14
IDEA GENERATION
Sourcing the best ideas
The heart of our investment process is fundamental research. 15
IDEA GENERATION
We seek to identify
Companies benefiting from change:
Accelerating earnings
Improving expectations
High returns on capital
Industry leaders:
Strong management
Sustainable earnings, margins, and
revenue growth
Compelling new products and services
Open-ended business opportunities
Market share gains
We continuously uncover new opportunities
Analyst teams
Screen to identify companies with improving fundamentals
Meet with company management teams
Access independent research
FUNDAMENTAL ANALYSIS
Rigorous security analysis
Industry-based experts Identify and quantify growth drivers
Produce 360° analysis using input from financials, competitors, suppliers, customers, and independent research
Conduct over 2,200 company meetings per year
Develop and continually analyze earnings models
TRACKER
16We incorporate multiple frames of reference to improve the quality of our investment insight.
Critical Drivers
Metrics
Income statement
Balance sheet
Guidance and estimates
Valuations
Market share
Dynamics
Drivers of growth
Caliber of management
Product cycles and pipelines
Brand value
Currency and political risks
Litigation and regulatory risks
FUNDAMENTAL ANALYSIS
STOCK SELECTION
Benefits from decades of investment experience
Portfolio managers Collaborate directly with analysts on company financial models and analysis
Responsible for security selection and weighting decisions
Our information edge provides the basis for superior security selection.
STOCK SELECTION
17
Informed decision making
Positive changes
Improving revenues, margins, earnings
Industry leadership – products, services, distribution, productivity
Improving technicals confirm fundamentals
Strong return potential
Target price providing attractive upside
Reasonable and transparent downside risk
High confidence
PORTFOLIO CONSTRUCTION
Portfolios are constructed to reflect conviction
We create diversified portfolios with our best ideas in each sector/industry.
PORTFOLIO CONSTRUCTION
18
Construction parameters
Style pure
Strict adherence to client guidelines
Rigorous sell discipline
Global Growth Equity
60 - 80 global growth stocks
Opportunistic exposure to emerging markets
Flexibility to invest in mid and large cap companies
Fully invested - cash typically less than 3%
All Cap Growth Equity
25 – 45 growth stocks
Market capitalization minimum generally greater than $1 billion
Fully invested - cash typically less than 3%
We will sell at the first sign of earnings concern Changes in company fundamentals
Changes in technical indicators
Portfolio construction parameters
Identification of a better opportunity
We adhere to our sell discipline in all market environments.
PORTFOLIO MONITORING
19
PORTFOLIO MONITORING
Sell discipline
RISK MANAGEMENT
Fully integrated process
RISK MANAGEMENT
20Our implementation of risk management is designed to improve risk-reward outcomes.
Multi-disciplinary, multi-level risk management and oversight
FIRM LEVEL PORTFOLIO LEVEL SECURITY LEVEL
Dedicated compliance team
Six seasoned professionals
Enforce strict adherence to Code of Ethics and Personal Trading Policy
Pre- and post-trade compliance checks
State-of-the-art systems
Ongoing internal reviews(tracking performance)
Ongoing, real-time testing
Portfolio characteristics
Economic variables
Historical simulations
Stress testing
Sensitivity analysis
Correlation tracking
Sector
Industry
Security
Continuous analysis
Changing fundamentals
Deteriorating technicals
Valuations
Litigation/regulatory concerns
All Cap Growth Equity
22We provide a superior risk-reward experience.
SUPPLEMENTAL PERFORMANCE INFORMATION
Annualized returns
Turner All Cap Growth Equity Composite**Inception date: June 30, 2000Performance as of March 31, 2011
**Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
*** Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
For the period ended March 31, 2011, the composite returned net of fees: 38.3%, 9.9%, 5.5%, 8.0%, -0.5% for the one year, three year, five year, ten year, and since inception periods.
1Q11 1 year 3 year (annualized)
5 year _x000d_(annualized)
10 year _x000d_(annualized)
Since inception _x000d_(annualized)
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
8.3%
40.1%
11.3%
6.9%9.4%
0.8%
6.3%
19.2%
5.6%4.3% 3.3%
-1.9%
5.0%
17.2%
7.9%
4.4% 5.0%
-2.6%
Turner All Cap Growth Equity Composite Russell 3000 Growth Index*** NASDAQ Composite Index
23An attractive performance profile through both positive and negative years.
SUPPLEMENTAL PERFORMANCE INFORMATION
Annual returns
Turner All Cap Growth Equity CompositeInception date: June 30, 2000
*Partial year return (6.30.00 through 12.31.00)
**Effective February 28, 2011, the Russell 3000 Growth Index was added as performance benchmark.
***The S&P 500 Index is being shown as a supplemental benchmark.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000*
Turner All Cap Growth Equity Composite 41.1% 64.9% -55.5% 31.7% 11.0% 12.9% 13.0% 95.0% -46.6% -37.7% -19.8%
Russell 3000 Growth Index** 17.6% 37.0% -38.4% 11.4% 9.5% 5.2% 6.9% 31.0% -28.0% -19.6% -25.4%
NASDAQ Composite Index 18.2% 45.4% -40.0% 10.7% 10.4% 2.1% 9.1% 50.8% -31.3% -20.8% -37.6%
S&P 500 Index*** 15.1% 26.5% -37.0% 5.5% 15.8% 4.9% 10.9% 28.7% -22.1% -11.9% -8.7%
Value Added vs. Russell 3000 Growth Index**
23.5% 27.9% -17.1% 20.3% 1.5% 7.7% 6.1% 64.0% -18.6% -18.1% 5.6%
Value Added vs. NASDAQ Composite Index
22.9% 19.5% -15.5% 21.0% 0.6% 10.8% 3.9% 44.2% -15.3% -16.9% 17.8%
Value Added vs. S&P 500 Index***
26.0% 38.4% -18.5% 26.2% -4.8% 8.0% 2.1% 66.3% -24.5% -25.8% -11.1%
We provide a superior risk-reward experience. 24
SUPPLEMENTAL PERFORMANCE INFORMATION
Annualized returns
Turner U.S. Concentrated All Cap Growth Equity Fund*Inception date: July 31, 2008Performance as of March 31, 2011
*Please note that effective 16 March 2011 the Turner US Concentrated All Cap Growth Equity Fund changed its name from the Turner US Quantitative Broad Market Equity Fund. The change of name reflects a change in the investment objective and policy of the sub-fund. The performance data included here relates to the investment objective of the sub-fund prior to this change. Potential investors are advised to read the full Prospectus dated 16 March 2011 before making an investment decision on whether or not to invest in the Fund. Please note that past performance is not necessarily a guide to future performance. The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. A free prospectus, which contains important information about the Fund, can be obtained from www.turnerfundsplc.com. An investor should read the prospectus carefully before investing. Funds are not available for sale in any jurisdiction in which the sale would be prohibited. Accordingly, this document is not available for distribution in any jurisdiction where the funds have not been approved for sale. The Fund is available only to Professional clients and may not be suitable for all investors. The Investments of the Company are subject to market fluctuations and the risks inherent in all investments and there can be no assurance that an investment will retain its value or that appreciation will occur. The price of Shares and the income from Shares can go down as well as up and investors may not realise the value of their initial investment. A Fund may concentrate its investments, which means that it may invest in the securities of fewer issuers than more diversified funds. As a result, they may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased risk of loss and increased volatility. Prospective investors should consult a stockbroker, bank manager, solicitor, accountant, financial adviser or their professional advisers accordingly.
1Q11 1 year Since inception _x000d_(annualized)0%
5%
10%
15%
20%
25%
6.8%
13.5%
3.5%
6.3%
19.2%
4.8%
Turner U.S. Concentrated All Cap Growth Equity Fund* Russell 3000 Growth Index
Share class
Initial sales charge
Management fee
CCY ISIN SEDOL WKN VALOR BLOOMBERG LIPPER MORNINGSTAR
I Up to 3.00% 0.75% $US IE00B3BFR920 B3BFR92 A1H4JC 4474070 TURUSQI ID 68084761 F00000LYJ4
A Up to 5.00% 1.55% $US IE00B46G1J56 B46G1J5 A1JFED 12527018 TURUSQA ID 68087481 F00000M9LJ
Portfolio attribution
Turner All Cap Growth Equity Composite Quarter ending March 31, 2011
25
Source: FactSet
Holdings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.
Top relative contributors SectorRelative performance vs.
Russell 3000 Growth Index
Green Mountain Coffee Roasters Inc.
Consumer staples 2.3%
Aruba Networks Inc. Technology 1.1%
NetLogic Microsystems Inc. Technology 0.9%
Cimarex Energy Co. Energy 0.9%
Concho Resources Inc. Energy 0.8%
Top relative detractors SectorRelative performance vs.
Russell 3000 Growth Index
F5 Networks Inc. Technology -0.8%
Entropic Communications Inc. Technology -0.8%
Marvell Technology Group Ltd. Technology -0.7%
Guess? Inc. Consumer discretionary -0.6%
NetApp Inc. Technology -0.3%
Consumer staples
Health care
Producer durables
Energy
Materials and processing
Financial services
Consumer discretionary
Technology
2.7%
0.7%
0.6%
0.1%
0.1%
-0.5%
-0.8%
-0.9%
Relative performance by sector vs. the Russell 3000 Growth Index
HOLDINGS
Top ten holdings
We stand behind our convictions. 26
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
As of 3.31.11Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.
Company nameTurner All Cap
Growth Equity*Russell 3000
Growth Index**
Apple Inc. 4.31% 4.18%
Las Vegas Sands Corp. 3.69% 0.18%
TIBCO Software Inc. 3.68% 0.06%
Concho Resources Inc. 3.63% 0.15%
Alexion Pharmaceuticals Inc. 3.50% 0.12%
Cimarex Energy Co. 3.36% 0.13%
Abercrombie & Fitch Co. 3.34% 0.05%
Entropic Communications Inc. 3.32% 0.01%
ASML Holding N.V. 3.31% 0.00%
Citigroup Inc. 3.28% 0.00%
Percentage of overall portfolio 35.42% 4.87%
27
Past performance is no guarantee of future results.
Turner All Cap Growth Equity Composite As of March 31, 2011
Representative holdings Rationale
High-quality growth companies:
Apple Inc. The launch of the iPad created a positive buzz for the company, while sales of its iMac desktop computers, MacBook laptop computers and iPhones remain robust.
IntercontinentalExchange Inc. The operator of regulated futures exchange and over-the-counter markets should be a direct beneficiary from the financial reform taking shape as there could be upwards to $1 billion in new revenue opportunities.
Market share gainers:
Las Vegas Sands Corp.
This casino operator continues to have a competitive advantage, especially overseas, with the recent addition of properties in Macau and Singapore. The expected growth in gaming volume in the Singapore market, combined with the company’s experienced management team, should position it for success.
F5 Networks
The company provides hardware and software solutions that optimize the delivery of network-based applications, which ultimately reduce the total server and technology expenditures for their customers. These products are instrumental in the growing trend of reducing cost through data center consolidation.
Cyclical growth companies:
Varian Semiconductor Equipment Associates
Company is a market leader in semiconductor implant technology and was recently awarded a large contract relating to the development of process equipment for a new solar project.
NetLogic Microsystems Inc. The leader in the design and development of knowledge-based processors and high-speed integrated circuits should benefit from an increase in cap-ex spending.
Focus on earnings growth continuesInvesting in companies with strong earnings prospects:• Product innovators, developing new markets• Management talent and depth• Favorable industry trends• Special emphasis placed on balance sheet
strength
RESULTS
Portfolio positioning
We maintain style purity throughout all market cycles. 28
Sources: FactSet, Turner quantitative system
RESULTS
Portfolio characteristics
Turner All Cap Growth Equity Composite Lead portfolio manager: Christopher K. McHugh
Sector Allocation
Consumer discretionary
Consumer staples
Energy
Financial services
Health care
Materials and processing
Producer durables
Technology
Utilities
Cash
15.6%
5.2%
9.2%
9.9%
13.8%
1.9%
8.2%
34.7%
0.0%
1.5%
19.2%
7.6%
11.4%
6.9%
10.7%
6.4%
12.8%
24.6%
0.4%
0.0%
Russell 3000 Growth Index Turner All Cap Growth Equity
Turner All Cap Growth Equity*
Russell 3000Growth Index**
Weighted average market capitalization $28.3B $83.6B
Weighted median market capitalization $9.8B $34.1B
Market capitalization range >$52.2B
7.6% 41.3%
$5.7B - $52.2B 59.8% 42.0%
$2.2B - $5.7B 25.2% 9.7%
<$2.2B 7.4% 7.0%
EPS Growth – 1 year forecast 18.8% 15.2%
P/E – 1 year forecast 17.3X 14.1X
P/E to growth ratio – 1 year forecast 0.9 0.9
Number of holdings 35 1,876
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
Characteristics, holdings and sector weighting information are as of March 31, 2011, are from a representative account, are subject to change and should not be considered as recommendations.
RISK-REWARD MEASURES
Achieving desirable outcomes
Returns that justify the risks
We seek to produce
Consistent alpha generation
Volatility in line with benchmark return patterns
Style and capitalization purity
Aggressive growth with a record of alpha preservation through changing market conditions. 29
Returns-based statisticsTurner All Cap Growth Equity Composite vs. Russell 3000 Growth Index
Five year Since inception
Alpha (Jensen) 1.77% 5.85%
Beta 1.37 1.76
Standard deviation 27.40% 37.61%
Tracking error 13.07% 22.55%
R2 83.34 78.60
Information ratio 0.20 0.12
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
Past performance is not a guarantee of future results and there can be no assurance that the strategy will be successful in limiting risk or volatility. As with all investments, there are associated inherent risks. Portfolios that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies. Please obtain and review all financial material carefully before investing. Alpha is a measurement of risk-adjusted performance against its relative benchmark. Beta is the systematic risk of a portfolio and represents sensitivity to its benchmark. Standard deviation is a measurement of dispersion of a set of data from its mean. Tracking error is the active risk of the portfolio and the annualized standard deviation of the excess returns between the portfolio and its benchmark. R-squared is a measurement of how much a portfolio’s performance reflects the returns from the relevant market. Information ratio is the ratio of expected return to risk, as measured by standard deviation.
Source: FactSet
This information is based on gross of fee performance for the five year and since inception (6.30.00) time periods ending 3.31.11.
Turner All Cap Growth Equity Composite vs. Russell 3000 Growth Index
We believe our performance profile is attractive in both up and down markets. 30
*Gross of fee returns were utilized for the calculation from composite inception (6.30.00) through 3.31.11. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Fees reduce performance and will alter the gap between the composite and the index. Down/Up market returns determine the period where the selected indexes’ returns were less than/greater than zero and calculates the corresponding composite’s compound total return. Capture % does not reflect actual composite returns. The same information, when charted over a different market cycle, will yield a different result and the results of other accounts will vary. Please see important information in the appendix following this presentation for actual composite returns.
Upside capture %
the upmarket return of the
portfolio divided by the
upmarket return of the
benchmark
Downside capture %
the downmarket return of the
portfolio divided by the
downmarket return of the
benchmark
Upside capture % Downside capture %-200.0%
0.0%
200.0%
400.0%
600.0%
800.0%
1000.0%
1200.0%
1065.6%
-105.4%
100.0%
-100.0%
Turner All Cap Growth Equity Composite Russell 3000 Growth Index
Cat
egor
y %
SUPPLEMENTAL PERFORMANCE INFORMATION
Upside/Downside capture
Source: FactSet
Global Growth Equity
We provide a superior risk-reward experience. 32
SUPPLEMENTAL PERFORMANCE INFORMATION
Annualized returns
Turner Global Growth Equity CompositeInception date: January 1, 2005Performance as of March 31, 2011
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
For the period ended March 31, 2011, the composite returned net of fees: 21.5%, 0.8%, 4.1%, 6.5% for the one year, three year, five year and since inception periods.
1Q11 1 year 3 year _x000d_(annualized) 5 year _x000d_(annualized) Since inception _x000d_(annualized)
0%
5%
10%
15%
20%
25%
4.9%
22.2%
1.5%
4.8%
7.2%
3.8%
15.5%
1.1%
3.4%
5.2%4.9%
14.0%
0.3%
2.6%
4.8%
Turner Global Growth Equity Composite MSCI World Growth Index MSCI World Index
An attractive performance profile through both positive and negative years. 33
SUPPLEMENTAL PERFORMANCE INFORMATION
Annual returns
Turner Global Growth Equity CompositeInception date: January 1, 2005
Composite returns are gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
2010 2009 2008 2007 2006 2005
Turner Global Growth Equity Composite 20.3% 45.5% -50.7% 31.4% 15.8% 11.9%
MSCI World Growth Index 14.9% 33.8% -40.9% 15.1% 15.5% 9.7%
MSCI World Index 12.3% 30.8% -40.3% 9.6% 20.7% 10.0%
Value Added vs. MSCI World Growth Index 5.4% 11.7% -9.8% 16.3% 0.3% 2.2%
We provide a superior risk-reward experience. 34
SUPPLEMENTAL PERFORMANCE INFORMATION
Annualized returns
Turner Global Growth Equity FundInception date: July 31, 2008Performance as of March 31, 2011
The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. A free prospectus, which contains important information about the Fund, can be obtained from www.turnerfundsplc.com. An investor should read the prospectus carefully before investing. Funds are not available for sale in any jurisdiction in which the sale would be prohibited. Accordingly, this document is not available for distribution in any jurisdiction where the funds have not been approved for sale. The Fund is available only to Professional clients and may not be suitable for all investors. The Investments of the Company are subject to market fluctuations and the risks inherent in all investments and there can be no assurance that an investment will retain its value or that appreciation will occur. The price of Shares and the income from Shares can go down as well as up and investors may not realise the value of their initial investment. A Fund may concentrate its investments, which means that it may invest in the securities of fewer issuers than more diversified funds. As a result, they may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased risk of loss and increased volatility. Prospective investors should consult a stockbroker, bank manager, solicitor, accountant, financial adviser or their professional advisers accordingly.
1Q11 1 year Since inception _x000d_(annualized)0%
5%
10%
15%
20%
25%
4.7%
20.3%
2.4%3.8%
15.5%
1.3%
4.9%
14.0%
1.3%
Turner Global Growth Equity Fund MSCI World Growth Index MSCI World Index
Share class
Initial sales charge
Management fee
CCY ISIN SEDOL WKN VALOR BLOOMBERG LIPPER MORNINGSTAR
I Up to 3.00% 0.75% $US IE00B3BFR581 B3BFR58 A1H4JB 4474064 TURGGEI ID 68084760 F00000LYJ3
A Up to 5.00% 1.55% $US IE00B3Z72F51 B3Z72F5 A1JFEC 12526930 TURGGEA ID 68087480 F00000M9LI
Portfolio attribution
Turner Global Growth Equity Quarter ending March 31, 2011
35
Source: FactSetHoldings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.
Top relative contributors SectorRelative performance vs. MSCI World Growth Index
ARM Holdings PLC Technology 0.7%
Valeant Pharmaceuticals International Inc.
Health care 0.6%
Cimarex Energy Co. Energy 0.5%
Caterpillar Inc. Producer durables 0.4%
Concho Resources Inc. Energy 0.4%
Top relative detractors SectorRelative performance vs. MSCI World Growth Index
Yara International ASA Materials and processing -0.3%
Canon Inc. Producer durables -0.3%
LVMH Moet Hennessy Louis Vuitton
Consumer discretionary -0.2%
HSBC Holdings PLC Financial services -0.2%
F5 Networks Inc. Technology -0.2%
Technology
Health care
Energy
Consumer staples
Materials and processing
Consumer discretionary
Utilities
Producer durables
Financial services
1.3%
0.7%
0.3%
0.2%
0.0%
0.0%
-0.1%
-0.3%
-0.6%
Relative performance by sector vs. the MSCI World Growth Index
HOLDINGS
Top ten holdings
We stand behind our convictions. 36
As of 3.31.11Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.
Company nameTurner Global
Growth EquityMSCI World
Growth Index
Google Inc. 4.80% 1.15%
Apple Inc. 4.01% 2.52%
Caterpillar Inc. 2.68% 0.56%
BHP Billiton PLC 2.41% 0.68%
Siemens AG 2.30% 0.58%
Schlumberger Ltd. 2.22% 1.00%
QUALCOMM Inc. 2.22% 0.70%
ASML Holding N.V. 2.10% 0.00%
HSBC Holdings PLC 2.05% 1.43%
Devon Energy Corp. 2.05% 0.00%
Percentage of overall portfolio 26.84% 8.62%
37
Past performance is no guarantee of future results.
Turner Global Growth Equity As of March 31, 2011
Representative holdings Rationale
High-quality growth companies:
Apple Inc. The launch of the iPad created a positive buzz for the company, while sales of its iMac desktop computers, MacBook laptop computers and iPhones remain robust.
Amazon.com Emerging as a dominant leader in e-commerce as third-party providers are directing more product to this online retailer.
Salesforce.com Inc.
The company specializes in customer relationship management applications, using cloud computer platforms that allow customers to avoid expensive hardware and software purchases. The key benefits of this technology are lower cost, higher speed, and instant collaboration among its users as the cloud computing concept is clearly taking off.
Market share gainers:
Las Vegas Sands Corp.
This casino operator continues to have a competitive advantage, especially overseas, with the recent addition of properties in Macau and Singapore. The expected growth in gaming volume in the Singapore market, combined with the company’s experienced management team, should position it for success.
Acme Packet Inc. The company is benefiting from the transition of networks using internet protocol technology in place of traditional telephone networks. This same IP technology is also gaining momentum in mobile technologies, which we feel should fuel continued growth for Acme Packet.
Cyclical growth companies:
ASML Holding N.V. Semiconductor well positioned with a persistent dominant position in the lithography market. The company is experiencing an increase in systems backlog as a result of high structural demand for their products, which should be a growth driver for earnings going forward.
OMRON Corp.The Japanese electronics manufacturer should see a rebound in industrial activity in both Europe and Asia. OMRON is poised to benefit from stronger than expected demand in both advanced and emerging markets.
Focus on earnings growth continuesInvesting in companies with strong earnings prospects:• Product innovators, developing new markets• Management talent and depth• Favorable industry trends• Special emphasis placed on balance sheet
strength
RESULTS
Portfolio positioning
RESULTS
Portfolio characteristics
Turner Global Growth Equity
Lead portfolio manager: Robert E. Turner, CFA
We maintain style purity throughout all market cycles. 38
Characteristics, holdings and sector weighting information are as of March 31, 2011, are from a representative account, are subject to change and should not be considered as recommendations.
Turner GlobalGrowth Equity
MSCI World Growth Index
Weighted average market capitalization $57.8B $59.5B
Weighted median market capitalization $22.1B $31.5B
Market capitalization range >$41.0B
33.3% 40.5%
$16.3B - $41.0B 29.0% 27.5%
$10.1B - $16.3B 16.5% 13.3%
$2.6B - $10.1B 16.5% 18.3%
<$2.6B 4.7% 0.4%
EPS Growth – 1 year forecast 18.7% 14.9%
P/E – 1 year forecast 15.1X 13.9X
P/E to growth ratio – 1 year forecast 0.8 0.9
Number of holdings 71 992Sources: FactSet, Turner quantitative system
17%
8%
9%
9%
8%10%
15%
20%
1% 3%
Consumer discretionaryConsumer staples EnergyFinancial servicesHealth careMaterials and processingProducer durablesTechnologyUtilitiesCash
Sector Allocation Region Allocation
6%
16%
4%
62%
2%10%
Emerging Markets
Europe, ex-United Kingdom
Japan
North America
Pacific, ex-Japan
United Kingdom
Returns-based statisticsTurner Global Growth Equity Composite vs. MSCI World Growth Index
Five year Since Inception
Alpha (Jensen) 1.25% 1.51%
Beta 1.11 1.12
Standard deviation 21.72% 20.12%
Tracking error 5.87% 5.66%
R2 93.65 93.18
Information ratio 0.24 0.33
RISK-REWARD MEASURES
Achieving desirable outcomes
Returns that justify the risks
We seek to produce
Consistent alpha generation
Volatility in line with benchmark return patterns
Style and capitalization purity
39Aggressive growth with a record of alpha preservation through changing market conditions.
Source: FactSet
This information is based on gross of fee performance for the five year and since inception (1.1.05) time periods ending 3.31.11.
Past performance is not a guarantee of future results and there can be no assurance that the strategy will be successful in limiting risk or volatility. As with all investments, there are associated inherent risks. The strategy is subject to risks due to its foreign investments. Foreign stocks involve special risks not typically associated with U.S. stocks. The stocks held by the strategy may underperform other types of stocks, and they may not increase or may decline in value. The strategy may also enter into foreign currency exchange contracts to hedge the currency risk of portfolio securities denominated in a foreign currency. Foreign investments may be riskier than U.S. investments because of factors such as foreign government restrictions, changes in currency exchange rates, incomplete financial information about the issuers of securities, and political or economic instability. Foreign stocks may be more volatile and less liquid than U.S. stocks. Please obtain and review all financial material carefully before investing. Alpha is a measurement of risk-adjusted performance against its relative benchmark. Beta is the systematic risk of a portfolio and represents sensitivity to its benchmark. Standard deviation is a measurement of dispersion of a set of data from its mean. Tracking error is the active risk of the portfolio and the annualized standard deviation of the excess returns between the portfolio and its benchmark. R-squared is a measurement of how much a portfolio’s performance reflects the returns from the relevant market. Information ratio is the ratio of expected return to risk, as measured by standard deviation.
Turner Global Growth Equity Composite vs. MSCI World Growth Index
Performance profile is attractive in both up and down markets. 40
*Gross of fee returns were utilized for the calculation from composite inception (1.1.05) through 3.31.11. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Fees reduce performance and will alter the gap between the composite and the index. Down/Up market returns determines the period where the selected indexes’ returns were less than/greater than zero and calculate the corresponding composite’s compound total return. Capture % does not reflect actual composite returns. The same information, when charted over a different market cycle, may yield a different result. Please refer to the GIPS® performance in the appendix for important information about the composite results following this presentation.
Upside capture %
the upmarket return of the
portfolio divided by the
upmarket return of the
benchmark
Downside capture %
the downmarket return of the
portfolio divided by the
downmarket return of the
benchmark
Upside capture % Downside capture %-150.0%
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
138.3%
-105.7%
100.0%
-100.0%
Turner Global Growth Equity Composite MSCI World Growth Index
Cat
egor
y %
SUPPLEMENTAL PERFORMANCE INFORMATION
Upside/Downside capture
Source: FactSet
The Turner solution
A culture shaped by collaboration and accountability
Sector/industry-focused research powered by depth and rigor
Investment acumen that drives innovation
Proven success as a global growth equity manager
We deliver the benefits of growth. 41
As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.
42
Appendix
44
Firm structure
45
Consumer team
William C. McVail, CFASenior Portfolio Manager/ Global Security Analyst, Principal
Halie W. O’SheaPortfolio Manager/Global Security Analyst, Principal
Jason D. Schrotberger, CFASenior Portfolio Manager/Global Security Analyst, Principal
Eric R. TurnerGlobal Security Analyst, Principal
Christopher E. Baggini, CFASenior Portfolio Manager/Global Security Analyst, Principal
BA - Economics (Vassar College); BA - Psychology (Vassar College)
24 years experience, joined Turner in 1998
Previous employment: BlackRock Equity Advisors, PNC Investment Management and Research
CFA Institute; CFA Society of Philadelphia
MBA - (New York University); BS - Journalism (Northwestern University)
18 years experience, joined Turner in 2003
Previous employment: Janney Montgomery Scott, Sanford C. Bernstein & Co., Inc., Platts (a McGraw-Hill company), Loan Pricing Corporation
CFA Institute; CFA Society of Philadelphia
MBA - Finance (University of Illinois); BA - Economics (Denison University)
17 years experience, joined Turner in 2001
Previous employment: BlackRock Financial Management, PNC Asset Management, Commonwealth of PA PSERS
CFA Institute; CFA Society of Philadelphia
BS - Finance (University of Notre Dame)
3 years experience, joined Turner in 2009
Previous employment: Goldman Sachs & Co.
MBA - Finance (New York University); BS - Economics (Fairfield University)
25 years of experience, joined Turner in 2010
Previous employment: Aberdeen Asset Management, Nationwide Financial Services, Allied Investment Advisors, First Metropolitan
CFA Institute; CFA Society of Philadelphia
Industry expertise:Commercial/industrial services
Wholesale distribution
Consulting and personnel services
Environmental services
Industry expertise:Staples
Household personal care/sundries
Industry expertise:Apparel footwear/retail
Specialty stores
Restaurants
Gaming
Industry expertise:Airlines
Autos/auto parts/aftermarket
Recreational products
Industry expertise:Discount/department stores
Advertising
Hotels/lodging
Internet
46
Cyclical team
Robb J. Parlanti, CFASenior Portfolio Manager/Global Security Analyst, Principal
Donald W. Smith, CFAPortfolio Manager/Global Security Analyst, Principal
Marc G. Bianchi, CFAPortfolio Manager/Global Security Analyst, Principal
Scott C. SwickardGlobal Security Analyst, Principal
Joshua B. Kohn, CFAPortfolio Manager/Global Security Analyst, Principal
BS - Business (Wake Forest University)
24 years experience, joined Turner in 1993
Previous employment: PNC Bank
Board member of ALPHA Mid-Atlantic
CFA Institute; CFA Society of Philadelphia
MBA - Business Administration (MIT Sloan School of Management); BS - Operations Management (Syracuse University)
14 years experience, joined Turner in 2003
Previous employment: Delaware Investment Advisors, David L. Babson & Co. Inc., Polaris Service, Miller Anderson & Sherrerd, LLP
Member of U.S. National Rowing Team 1993-2000; Olympic Team 1996 and 2000
CFA Institute; CFA Society of Philadelphia
MBA - Finance (Crummer Graduate School of Business); BA - Economics (Rollins College)
8 years experience, joined Turner in 2004
Previous employment: Melhado Flynn & Associates, Crummer - Suntrust Scholarship Endowment Fund
CFA Institute; CFA Society of Philadelphia
MS - Accounting (Bradley University); BS - Accounting and Finance (Bradley University)
4 years experience, joined Turner in 2007
MS - Engineering (University of Pennsylvania); BS – Economics (University of Pennsylvania - Wharton School); BS - Engineering (University of Pennsylvania)
10 years experience, joined Turner in 2010
Previous employment: New York based Multi-Strategy Hedge Fund; George Weiss Associates, LLC
CFA Institute; New York Society of Security Analysts
Industry expertise:Integrated oil
Refiners
Chemicals
Domestic utilities
Industry expertise:Mining
Coal
Metals
Precious metals
Industry expertise:Oil service
Alternative energy
Paper/forest
Containers/packaging
Industry expertise:International utilities
Agriculture
Construction materials
Building products
Industry expertise:Exploration & production
Engineering & consultants
Pipelines
47
Financial services team
Mark D. TurnerPresident/Senior Portfolio Manager, Founder
David J. Honold, Jr., CFAPortfolio Manager/Global Security Analyst, Principal
Rick Wetmore, CFAPortfolio Manager/Global Security Analyst, Principal
Pablo Echavarria, CFAGlobal Security Analyst, Principal
Sorin D. RoibuGlobal Security Analyst
MBA - Finance (University of Illinois); BS - Economics (Bradley University)
29 years experience, co-founded Turner in 1990
Previous employment: First Maryland Asset Management, Merrill Lynch Asset Management, Wachovia Investment Management
Board of Trustees – The Haverford School; Board of Directors – CityTeam Ministries (Chester) and The Philadelphia Ronald McDonald House
CFA Institute; CFA Society of Philadelphia
BA - English with concentration in Economics (College of the Holy Cross)
13 years experience, joined Turner in 2005
Previous employment: Keefe, Bruyette & Woods, UBS, Federal Reserve Bank of New York
CFA Institute; CFA Society of Philadelphia
BS - Economics (University of Pennsylvania - Wharton School)
9 years experience, joined Turner in 2002
CFA Institute; CFA Society of Philadelphia
BS - Business Administration with concentrations in Finance and Accounting (Drexel University)
4 years experience, joined Turner in 2007
CFA Institute; CFA Society of Philadelphia
BS - Business Administration with a concentration in Finance (Drexel University)
9 years experience, joined Turner in 2011
Previous employment: BlackRock, Bank of America Securities, Rock Hill Funds, LLP
Industry expertise:Asset managers
European banks
Australian banks
Japanese banks & brokers
Industry expertise:US banks & thrifts
Canadian banks
Mortgage finance
Consumer finance/cards
Industry expertise:Financial processors
Financial analytics
Exchanges/market structure
Emerging markets banks
Industry expertise:Latin American banks
Global insurance
Industry expertise:Global property
Global banks
48
Health care team
Frank L. Sustersic, CFASenior Portfolio Manager/ Global Security Analyst, Principal
Heather Flick McMeekinPortfolio Manager/Global Security Analyst, Principal
Vijay Shankaran, MD, PhD Senior Portfolio Manager/Global Security Analyst, Principal
Theresa B. HoangGlobal Security Analyst, Principal
Richard Simons, CFAPortfolio Manager/Global Security Analyst, Principal
BS - Economics (University of Pennsylvania)
22 years experience, joined Turner in 1994
Previous employment: First Fidelity Bank Corporation
Wharton Club of Philadelphia
CFA Institute; CFA Society of Philadelphia
MBA - Finance (New York University); BSM - Finance (Tulane University)
16 years experience, joined Turner in 2001
Previous employment: UBS Paine Webber, Donaldson, Lufkin & Jenrette
CFA Institute; CFA Society of Philadelphia
MD and PhD - Immunology (Washington University School of Medicine); MBA (Wharton School of Business, University of Pennsylvania); AB - Chemistry (Dartmouth College)
11 years experience, joined Turner in 2006
Previous employment: Caxton Associates, MedImmune, Inc., RiverVest Ventures
Affiliate member of CFA Institute; Affiliate member of CFA Society of Philadelphia
BS - Business Administration (Temple University)
8 years experience, joined Turner in 2007
Previous employment: Towers Perrin
Affiliate member of CFA Institute; Affiliate member of CFA Society of Philadelphia
MB - Biopharmaceutical Engineering (University of Pennsylvania); BS - Biophysics (State University of New York at Geneseo)
7 years experience, joined Turner in 2010
Previous employment: Tryphon Capital Advisors
CFA Institute; CFA Society of Philadelphia
Industry expertise:Medical devices
Healthcare IT
Industry expertise:US pharmaceuticals
Euro pharmaceuticals
Managed care
Contract research organizations
Industry expertise:Biotechnology
Industry expertise:Pharmacy benefit managers
Distributors
Specialty distributors
Home health
Industry expertise:Life sciences
Instruments and consumables
Specialty pharmaceuticals
49
Technology team
Robert E. Turner, CFAChairman/Chief Investment Officer, Founder
Christopher K. McHughVice Chairman/Senior Portfolio Manager, Founder
Tara R. Hedlund, CFA, CPAPortfolio Manager/Global Security Analyst, Principal
Michael J. LozanoGlobal Security Analyst, Principal
Daniel HirschGlobal Security Analyst, Principal
MBA - (Bradley University); BS - Accounting (Bradley University)
30 years experience, co-founded Turner in 1990
Previous employment: Meridian Investment Company, Integon Corporation, McMillon/Eubanks, Andersen Consulting
Board of Directors - Bradley University; Advisory Board - City Team Ministries, Advisory Council - University of Notre Dame School of Architecture
CFA Institute; CFA Society of Philadelphia
MBA - Finance (Saint Joseph’s University); BS - Accounting (Philadelphia University)
25 years experience, co-founded Turner in 1990
Previous employment: Provident Capital Management
Board of Trustees - Philadelphia University
Affiliate member of CFA Society of Philadelphia
BBS - Accountancy (Villanova University)
16 years experience, joined Turner in 2000
Previous employment: Arthur Andersen LLP
PICPA; AICPA
CFA Institute; CFA Society of Philadelphia
BS - Business Administration with a concentration in Finance (University of Notre Dame)
4 years experience, joined Turner in 2007
Affiliate member of CFA Institute; Affiliate member of CFA Society of Philadelphia
BS - Business Administration with concentrations in Finance and Accounting (Drexel University)
3 years experience, joined Turner in 2008
Affiliate member of CFA Institute; Affiliate member of CFA Society of Philadelphia
Industry expertise:Data networking
Computer communications
Specialty telecomm
Telecomm equipment
Industry expertise:Electrical products
Electronic equipment instruments/components
Electronics distributors
Semiconductors
Industry expertise:Computer peripheral
Computer processing hardware
Information technology services
Packaged software
Industry expertise:Electronic equipment/instruments
Other industrials
Industry expertise:Electrical products
Office equipment/supplies
Aero/defense
Industrial specialties
50
Quantitative team
David Kovacs, CFAChief Investment Officer, Quantitative Strategies, Principal
Claire C. McConnellQuantitative Analyst, Principal
MBA - Finance and Accounting (University of Notre Dame); BS - Mathematics and Computer Science (University of Notre Dame)
21 years experience, joined Turner in 1998
Previous employment: Pilgrim Baxter & Associates, The West Company, Allied Signal, Inc.
CFA Institute; CFA Society of Philadelphia
BA - Engineering Sciences (Dartmouth College)
2 years experience, joined Turner in 2009
51
Trading team
Daniel McManusManaging Director of Global Equity Trading, Principal
Matthew TopleyDirector of Alternative Trading, Principal
Michelle McKeownSenior Equity Trader, Principal
Melissa F. HinmonSenior Equity Trader, Principal
Michelle A. BrennanEquity Trading Assistant, Principal
BBA - Marketing and Management (University of Pennsylvania - Wharton School)
33 years experience, joined Turner in 1995
Previous employment: Delaware Investment Advisors
Investment Traders Association of Philadelphia; TraderForum; Board member of Father Judge Alumni Vision for the Future Scholarship Fund
MS - Organizational Dynamics (University of Pennsylvania); MBA - Finance (La Salle University); BA - Management and Marketing (Holy Family University)
15 years experience,joined Turner in 1996
Previous employment: Cintas Corporation
Investment Traders Association of Philadelphia; TraderForum; Board member of Father Judge Alumni Vision for the Future Scholarship Fund; Board of Directors – Business Leadership Organized for Catholic Schools (BLOCS)
BS - Marketing (Pennsylvania State University)
15 years experience, joined Turner in 1999
Previous employment: Meridian Investment Company, CoreStates Asset Management
Investment Traders Association of Philadelphia; TraderForum
25 years experience, joined Turner in 2001
Previous employment: Merrill Lynch, NatWest Markets, McNamara Trading
Investment Traders Association of Philadelphia; Affiliate member of Market Technicians Association; TraderForum; National Organization of Investment Professionals; Quorum 15; ICI Equity Markets Advisory Committee
BS - Accounting (West Chester University)
13 years experience,joined Turner in 2002
Previous employment: Schorn Wealth Management Group
Trading team continues on the next page
52
Trading team, continued
Louise HertzogProgram Trader, Principal
Kathleen M. FurgiueleSenior Equity Trader, Principal
22 years experience, joined Turner in 2003
Previous employment: StoneRidge Investment Partners LLC, Meridian Investment Company, Provident National Bank
30 years experience, joined Turner in 2005
Previous employment: Wells Fargo Securities, Investec, Inc. and SM Jenkins & Company
Investment Traders Association of Philadelphia; TraderForum
Important information
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity and the Russell 3000 Growth Index was added as performance benchmark.
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s All Cap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s All Cap Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
The NASDAQ Composite Index is a market-value weighted index that includes the more than 3,000 domestic and non-U.S. based securities listed on The NASDAQ Stock Market. The Russell 3000 Growth Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Turner All Cap Growth Equity Composite* as of 12.31.10Inception date/Creation date: 6.30.00
Year Gross of Fees Net of Fees
NASDAQ Composite
IndexRussell 3000
Growth Index*
No. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End (in
millions)
2010 41.09% 39.30% 18.16% 17.64% < 5 N/A 0.2 44.65
2009 64.86% 62.76% 45.36% 37.01% < 5 N/A 0.2 27.07
2008 -55.54% -56.11% -40.00% -38.44% < 5 N/A 0.1 18.01
2007 31.67% 30.00% 10.66% 11.40% < 5 N/A 0.4 103.41
2006 11.02% 9.32% 10.38% 9.46% < 5 N/A 0.1 24.48
2005 12.88% 11.27% 2.13% 5.17% < 5 N/A < 0.1 11.46
2004 12.96% 11.58% 9.15% 6.92% < 5 N/A 0.1 16.63
2003 94.95% 92.69% 50.77% 30.97% < 5 N/A 0.1 15.06
2002 -46.61% -47.15% -31.26% -28.03% < 5 N/A < 0.1 3.42
2001 -37.67% -38.42% -20.82% -20.82% < 5 N/A < 0.1 8.70
A1
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Core Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Core Growth Equity strategy is 0.75% on the first $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Turner Core Growth Equity Composite as of 12.31.10Inception date: 4.1.90; Creation date: 1.1.93
Year Gross of Fees Net of FeesRussell 1000
Growth IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End (in millions)
2010 12.89% 12.46% 16.71% 26 0.56 15.2 2,727.93
2009 38.82% 38.27% 37.21% 45 0.62 19.3 3,407.27
2008 -48.53% -48.73% -38.44% 47 0.35 15.7 2,426.28
2007 23.21% 22.77% 11.81% 43 0.23 12.3 3,581.44
2006 9.60% 9.21% 9.07% 25 0.31 14.3 3,251.52
2005 14.40% 13.96% 5.26% 21 0.36 11.7 2,149.30
2004 11.56% 11.00% 6.30% 17 0.51 9.2 1,449.52
2003 35.87% 35.04% 29.75% 17 0.51 4.1 501.68
2002 -26.36% -26.83% -27.88% 26 0.29 4.1 353.88
2001 -22.22% -22.70% -20.43% 25 0.35 4.7 450.82
A2
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management . Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Large Cap Growth strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Large Cap Growth strategy is 0.75% on the first $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Indexes are unmanaged and cannot be invested in directly.
Turner Large Cap Growth Composite* as of 12.31.10Inception date/Creation date: 12.1.01
Year Gross of Fees Net of FeesRussell 1000 Growth
IndexNo. of Accounts at
EndComposite Dispersion
% Firm AssetsMarket Value at End
(in millions)
2010 18.52% 17.62% 16.71% 28 N/A 9.6 1,729.90
2009 45.73% 45.07% 37.21% < 5 N/A < 0.1 0.72
2008 -50.61% -50.82% -38.44% < 5 N/A 1.3 204.40
2007 29.72% 29.25% 11.81% < 5 N/A 1.6 479.09
2006 7.28% 6.93% 9.07% < 5 N/A 1.7 391.44
2005 9.02% 8.67% 5.26% < 5 N/A 2.1 390.79
2004 11.99% 10.86% 6.30% < 5 N/A 2.6 404.99
2003 50.14% 48.26% 29.75% < 5 N/A < 0.1 4.27
2002 -31.70% -32.55% -27.88% < 5 N/A < 0.1 3.97
Dec 01 -0.77% -0.87% -0.19% < 5 N/A 0.1 10.87
A3
*Effective November 2010, the composite name changed from Strategic Growth Equity.
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in the Turner’s Concentrated Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Turner Concentrated Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.98
Year Gross of Fees Net of FeesRussell 1000 Growth
IndexNo. of Accounts
at EndComposite
Dispersion % Firm Assets
Market Value at End (in millions)
2010 19.87% 19.10% 16.71% <5 N/A 0.5 88.87
2009 50.08% 49.07% 37.21% < 5 N/A 4.1 731.28
2008 -57.81% -58.10% -38.44% < 5 N/A 3.4 528.68
2007 32.75% 31.88% 11.81% 5 0.43 6.3 1,832.41
2006 6.28% 5.37% 9.07% 5 N/A 6.1 1,388.37
2005 14.31% 13.30% 5.26% < 5 N/A 2.6 476.43
2004 3.00% 2.05% 6.30% 5 N/A 3.4 538.17
2003 61.15% 59.66% 29.75% 5 N/A 5.5 677.94
2002 -46.09% -46.53% -27.88% 5 N/A 3.9 334.73
2001 -40.11% -40.69% -20.43% 9 1.45 3.0 289.04
A4
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Midcap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Midcap Growth Equity strategy is 0.75% on the first $25 million and 0.65% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8 % of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.
Turner Midcap Growth Equity Composite as of 12.31.10Inception date/Creation date: 8.1.96
Year Gross of Fees Net of FeesRussell Midcap
Growth IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End (in millions)
2010 28.76% 27.78% 26.38% 21 0.48 17.4 3,128.28
2009 49.71% 48.59% 46.29% 24 0.73 17.0 3,007.95
2008 -48.24% -48.62% -44.32% 26 0.45 16.5 2,550.42
2007 25.84% 24.91% 11.43% 24 0.40 15.7 4,585.44
2006 7.61% 6.81% 10.66% 29 0.40 17.0 3,875.23
2005 13.24% 12.37% 12.10% 33 0.30 20.6 3,766.89
2004 12.24% 11.36% 15.48% 36 0.27 21.1 3,337.92
2003 50.87% 49.64% 42.71% 36 0.85 21.1 2,602.47
2002 -31.98% -32.55% -27.41% 37 0.38 16.8 1,436.06
2001 -27.73% -28.35% -20.15% 35 0.40 16.7 1,592.42
A5
Important information
Turner Investments, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®) .
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s SMID Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s SMID Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Firm assets for 1998 include $360 million from Solon Asset Management, acquired 1.5.98. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 2500 Growth Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index.
Turner SMID Growth Equity Composite as of 12.31.10Inception date: 11.1.04; Creation date: 9.1.09
Year Gross of Fees Net of FeesRussell 2500
Growth Index
No. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End (in millions)
2010 32.18% 31.20% 28.86% 5 N/A 1.5 264.14
2009 56.45% 55.30% 41.66% < 5 N/A 1.2 213.92
2008 -50.19% -50.56% -41.50% < 5 N/A 0.9 141.79
2007 25.99% 25.25% 9.69% < 5 N/A 1.0 305.06
2006 10.92% 10.42% 12.26% < 5 N/A 0.1 23.22
2005 17.47% 16.94% 8.17% < 5 N/A 0.1 18.71
Nov 04 to end Dec 04
11.74% 11.66% 11.74% < 5 N/A 0.1 15.93
A6
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Small Cap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Small Cap Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
.
Turner Small Cap Growth Equity Composite as of 12.31.10Inception date/Creation date: 12.1.93
Year Gross of Fees Net of FeesRussell 2000
Growth IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End (in millions)
2010 27.02% 26.02% 29.09% 15 0.20 4.9 874.14
2009 39.97% 38.85% 34.47% 18 0.54 4.2 748.07
2008 -45.64% -46.07% -38.54% 18 0.18 3.4 530.83
2007 19.65% 18.71% 7.05% 16 0.31 3.3 965.11
2006 13.92% 13.01% 13.35% 17 0.49 3.8 873.38
2005 15.00% 14.07% 4.15% 18 0.49 4.6 842.42
2004 19.88% 18.89% 14.31% 14 0.36 3.4 544.39
2003 48.62% 47.36% 48.54% 13 0.88 2.7 336.91
2002 -25.98% -26.60% -30.26% 12 0.32 3.0 252.24
2001 -12.02% -12.75% -9.23% 13 0.57 3.5 338.50
A7
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Small Cap GrowthPlus Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Small Cap GrowthPlus strategy is 0.95% of the first $25 million and 0.85% on the balance. Minimum account size is $10 million. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
Turner Small Cap GrowthPlus Equity Composite as of 12.31.10Inception date/Creation date: 9.1.96
YearGross of
Fees Net of FeesRussell 2000
Growth IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End (in millions)
2010 29.79% 28.71% 29.09% 25 0.39 11.5 2,068.21
2009 37.84% 36.67% 34.47% 26 0.71 8.7 1,527.30
2008 -41.39% -41.89% -38.54% 29 0.54 7.0 1,073.46
2007 15.43% 14.44% 7.05% 29 0.53 5.7 1,660.89
2006 14.55% 13.58% 13.35% 28 0.30 6.6 1,514.19
2005 7.16% 6.22% 4.15% 26 0.30 7.5 1,374.80
2004 12.71% 11.71% 14.31% 24 0.35 8.6 1,355.47
2003 61.01% 59.46% 48.54% 11 0.59 6.2 767.89
2002 -32.22% -32.90% -30.26% 9 0.31 4.6 388.64
2001 -18.03% -18.86% -9.23% 9 0.67 7.0 667.16
A8
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Micro Cap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Micro Cap Growth Equity strategy is 1% on all assets. Minimum account size is $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.09 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values.
Turner Micro Cap Growth Equity Composite as of 12.31.10Inception date/Creation date: 3.1.98
Year Gross of Fees Net of FeesRussell 2000
Growth IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End (in millions)
2010 31.20% 29.52% 29.09% 6 0.13 4.0 726.96
2009 28.15% 26.48% 34.47% 6 N/A 3.3 587.89
2008 -42.80% -43.55% -38.54% 5 1.14 2.9 452.70
2007 18.99% 17.43% 7.05% 5 0.18 2.9 852.34
2006 16.26% 14.74% 13.35% 5 0.18 3.3 758.84
2005 12.38% 10.91% 4.15% 5 0.31 3.6 667.63
2004 24.95% 23.31% 14.31% 5 N/A 3.5 559.48
2003 51.41% 49.30% 48.54% < 5 N/A 2.7 333.74
2002 -18.96% -20.04% -30.26% < 5 N/A 2.1 175.21
2001 20.12% 18.60% -9.23% < 5 N/A 2.3 219.69
A9
Turner Global Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.05
Year Gross of Fees Net of FeesMSCI World
Growth IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End ($ in millions)
2010 20.26% 19.54% 14.89% 6 N/A 2.8 508.69
2009 45.48% 44.14% 33.85% 5 N/A 1.4 241.87
2008 -50.72% -51.03% -40.90% < 5 N/A < 0.1 2.85
2007 31.42% 30.64% 15.12% < 5 N/A < 0.1 7.68
2006 15.79% 15.09% 15.48% < 5 N/A < 0.1 0.65
2005 11.93% 11.26% 9.73% < 5 N/A < 0.1 0.56
A10
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Growth Equity strategy is 0.60% on the first $100 million, 0.50% on the next $150 million, and 0.40% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes. MSCI World Index.
Turner Concentrated Global Growth Equity Composite as of 12.31.10Inception/Creation date: 4.1.05
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Concentrated Global Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated Global Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes. The MSCI World Index – (Morgan Stanley Capital International) is a market capitalization-weighted index that measures the performance of stock markets in 22 countries.
Year Gross of Fees Net of FeesMSCI World
Growth IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End ($ in millions)
2010 23.33% 22.74% 14.89% 5 N/A 1.9 339.96
2009 61.24% 60.34% 33.85% < 5 N/A 1.3 230.58
2008 -52.95% -53.18% -40.90% < 5 N/A 0.4 67.93
2007 39.80% 38.67% 15.12% < 5 N/A 0.5 144.82
2006 11.59% 10.61% 15.48% < 5 N/A 0.1 24.07
Q2 05 to end Q4 05 24.92% 23.98% 12.03% < 5 N/A < 0.1 0.62
A11
Important information
Turner International Growth ADR Equity Composite as of 12.31.10Inception/Creation date: 5.1.02
YearGross of
Fees Net of Fees
MSCI World Growth Index,
ex-US
No. of Accounts at
EndComposite Dispersion % Firm Assets
Market Value at End (in
millions)
2010 22.84% 22.35% 13.42% < 5 N/A < 0.1 18.74
2009 46.24% 45.66% 31.20% < 5 N/A < 0.1 14.70
2008 -50.12% -50.37% -42.65% < 5 N/A < 0.1 9.75
2007 29.23% 28.19% 18.41% < 5 N/A < 0.1 0.58
2006 26.29% 25.28% 22.47% < 5 N/A < 0.1 0.45
2005 15.65% 14.73% 14.77% < 5 N/A < 0.1 0.35
2004 15.28% 14.35% 16.63% < 5 N/A < 0.1 0.31
2003 47.23% 46.06% 33.47% < 5 N/A < 0.1 0.27
May 02 to end Dec 02 -19.21% -19.64% -15.80% < 5 N/A < 0.1 0.18
A12
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s International Growth ADR strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s International Growth ADR strategy is 0.80% on the first $25 million, 0.70% on the next $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.
The MSCI World Growth Index, ex-US measures the performance of growth stocks in developed countries throughout the world, excluding the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.
Turner International Growth Equity Composite as of 12.31.10Inception/Creation date: 2.1.06
Year Gross of Fees Net of Fees
MSCI World Growth Index,
ex-USNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End
($ in millions)
2010 28.48% 26.84% 13.42% < 5 N/A < 0.1 6.13
2009 48.87% 47.23% 31.20% < 5 N/A < 0.1 4.19
2008 -51.35% -51.84% -42.65% < 5 N/A < 0.1 2.43
2007 30.53% 29.27% 18.41% < 5 N/A < 0.1 4.20
Feb 06 to end Dec 06 17.38% 16.52% 14.95% < 5 N/A < 0.1 1.93
A13
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s International Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s International Growth Equity strategy is 0.80% on the first $25 million, 0.70% on the next $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index, ex-US measures the performance of growth stocks in developed countries throughout the world, excluding the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.
Turner Concentrated International Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.07
Year Gross of Fees Net of Fees
MSCI World Growth Index,
ex-USNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End ($ in millions)
2010 13.45% 12.32% 13.42% <5 N/A < 0.1 0.79
2009 43.58% 42.14% 31.20% < 5 N/A < 0.1 0.71
2008 -50.76% -51.25% -42.65% < 5 N/A < 0.1 0.49
2007 30.18% 28.88% 18.41% < 5 N/A < 0.1 1.15
A14
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Concentrated International Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated International Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index, ex US measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes.
Turner Emerging Markets Equity Composite as of 12.31.10Inception/Creation date: 8.1.10
Year Gross of Fees Net of FeesMSCI Emerging
Markets IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End ($ in millions)
ITD 21.84% 21.33% 17.03% <5 N/A 0.1 1.30
A15
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Emerging Markets Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Emerging Markets Equity strategy is 1.00% on the first $50 million, 0.80% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
MSCI Emerging Markets Index is designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float-adjusted market capitalization index. As of May 2005, it consisted of indices in 26 emerging economies: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. Indexes are unmanaged and cannot be invested in directly.
A16
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Long/Short Equity Composite as of 12.31.10Inception date: 1.1.07; Creation date: 1.1.07
YearGross of Fees Net of Fees S&P 500 Index
No. of Accounts at End
Composite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 2.62% 1.52% 15.08% < 5 N/A 0.9 162.10
2009 19.26% 18.05% 26.47% < 5 N/A 0.4 64.15
2008 -15.53% -16.46% -36.98% < 5 N/A 0.2 28.42
2007 41.95% 32.37% 5.49% < 5 N/A < 0.1 7.83
A17
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Select Opportunities Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Select Opportunities Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
Turner Select Opportunities Equity Composite as of 12.31.10Inception date: 1.1.08; Creation date: 1.1.08
YearGross of Fees Net of Fees S&P 500 Index
No. of Accounts at End
Composite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 17.84% 15.13% 15.08% <5 N/A 0.4 77.12
2009 11.22% 9.47% 26.47% <5 N/A 0.2 30.60
2008 -2.18% -3.43% -36.98% <5 N/A 0.1 15.93
A18
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Market Neutral Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Market Neutral Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Market Neutral Equity Composite as of 12.31.10Inception date: 4.1.08; Creation date: 4.1.08
Year
Gross of Fees Net of Fees S&P 500 IndexNo. of Accounts
at EndComposite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 -11.47% -12.45% 15.08% < 5 N/A 0.2 44.04
2009 28.99% 22.17% 26.47% < 5 N/A <0.1 11.71
Q2 08 to end Q4 08 7.86% 5.71% -30.41% < 5 N/A <0.1 1.18
A19
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Spectrum Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Spectrum Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Spectrum Equity Composite as of 12.31.10Inception date: 11.1.08; Creation date: 11.1.08
Year
Gross of Fees Net of Fees S&P 500 IndexNo. of Accounts at
EndComposite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 7.49% 5.40% 15.08% < 5 N/A 1.6 292.34
2009 17.65% 15.35% 26.47% < 5 N/A 0.1 22.94
Nov 08 to end Dec 08 -1.12% -1.28% -6.20% < 5 N/A < 0.1 0.61
A20
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Titan Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Titan Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Titan Equity Composite as of 12.31.10Inception date/Creation date: 7.1.10
YearGross of
Fees Net of Fees S&P 500 IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End ($ in millions)
ITD 2010 16.95% 15.29% 23.27% <5 N/A 0.3 47.55
A21
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Consumer Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Consumer Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
Turner Global Consumer Long/Short Equity Composite as of 12.31.10Inception date: 1.1.05; Creation date: 1.1.05
YearGross of Fees Net of Fees
S&P 500 Cons Discr Index
No. of Accounts at End
% Firm AssetsMarket Value at End
($ in millions)
2010 5.33% 4.26% 27.84% < 5 0.2 42.56
2009 10.13% 8.33% 41.28% < 5 <0.1 4.22
2008 2.47% 1.17% -33.49% < 5 <0.1 0.49
2007 35.40% 26.67% -13.21% < 5 <0.1 0.30
2006 15.33% 11.30% 18.63% < 5 <0.1 0.22
2005 8.16% 5.74% -6.36% < 5 <0.1 0.19
A22
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Financial Services Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Financial Services Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
Turner Global Financial Services Long/Short Equity Composite as of 12.31.10Inception date: 1.1.05; Creation date: 1.1.05
YearGross of Fees Net of Fees
S&P 500 Financials Index
No. of Accounts at End
Composite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 10.17% 8.99% 12.20% < 5 N/A 0.2 44.26
2009 8.41% 6.85% 17.33% < 5 N/A < 0.1 4.10
2008 -3.24% -4.13% -55.23% < 5 N/A < 0.1 0.53
2007 29.54% 22.20% -18.50% < 5 N/A < 0.1 0.37
2006 7.78% 5.36% 19.21% < 5 N/A < 0.1 0.28
2005 4.63% 2.95% 6.50% < 5 N/A < 0.1 0.26
A23
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Medical Sciences Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Medical Sciences Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
Turner Global Medical Sciences Equity Composite as of 12.31.10Inception date: 1.1.08; Creation date: 1.1.08
YearGross of Fees Net of Fees
S&P 500 Healthcare Index
No. of Accounts at End
Composite Dispersion
% Firm AssetsMarket Value at End
($ in millions)
2010 10.47% 9.11% 2.94% < 5 N/A 0.3 45.17
2009 23.32% 19.04% 19.72% < 5 N/A <0.1 5.20
2008 3.60% 2.32% -22.80% < 5 N/A <0.1 1.08
A24
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Resources & Infrastructure Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Resources & Infrastructure Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Global Resources & Infrastructure Equity Composite as of 12.31.10Inception date/Creation date: 1.1.09
YearGross of
Fees Net of Fees S&P 500 IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End ($ in millions)
2010 16.24% 12.18% 15.08% <5 N/A <0.1 0.75
2009 11.04% 7.75% 26.47% <5 N/A <0.1 0.59
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Quantitative Broad Market Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Broad Market Equity Strategy is 0.40% on the first $50 million, 0.30% on the next $50 million, and 0.20% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Turner Quantitative Broad Market Equity Composite as of 12.31.10Inception/Creation date: 11.1.02
Year Gross of Fees Net of Fees Russell 3000 IndexNo. of Accounts at
EndComposite Dispersion
% Firm Assets
Market Value at End (in millions)
2010 15.59% 14.74% 16.93% < 5 N/A < 0.1 12.34
2009 29.89% 28.71% 28.34% < 5 N/A < 0.1 1.26
2008 -39.04% -39.40% -37.31% < 5 N/A < 0.1 0.68
2007 16.83% 16.37% 5.14% < 5 N/A < 0.1 0.87
2006 13.96% 13.50% 15.71% < 5 N/A < 0.1 0.75
2005 7.49% 7.06% 6.12% < 5 N/A < 0.1 0.66
2004 17.21% 16.45% 11.94% < 5 N/A < 0.1 0.59
2003 31.95% 31.09% 31.06% < 5 N/A < 0.1 0.54
Nov 02 to end Dec 02
1.55% 1.44% 0.06% < 5 N/A < 0.1 0.41
A25
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Quantitative Small Cap Value Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Small Cap Value Equity Strategy is 0.85% on the first $25 million, and 0.75% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
Turner Quantitative Small Cap Value Equity Composite as of 12.31.10Inception/Creation date: 1.1.04
Year Gross of Fees Net of Fees Russell 2000 Value IndexNo. of Accounts
at EndComposite Dispersion % Firm Assets
Market Value at End
(in millions)
2010 26.35% 25.79% 24.50% < 5 N/A 1.9 343.14
2009 19.08% 18.56% 20.58% < 5 N/A 1.3 232.41
2008 -32.25% -32.60% -28.92% < 5 N/A 1.1 176.84
2007 8.52% 7.87% -9.78% < 5 N/A < 0.1 1.76
2006 17.12% 16.42% 23.48% < 5 N/A < 0.1 1.62
2005 8.14% 7.49% 4.71% < 5 N/A < 0.1 1.41
2004 24.44% 23.69% 22.25% < 5 N/A < 0.1 1.31
The Russell 2000 Value Index is the performance benchmark for this strategy.
A26
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions that invest in Turner’s Quantitative Small Cap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite’s underlying accounts’ fee schedules. The fee for Turner’s Quantitative Small Cap Growth Equity strategy is 0.85% on the first $25 million and 0.75% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market-weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
.
Turner Quantitative Small Cap Growth Equity Composite as of 12.31.10Inception/Creation date: 7.1.04
Year Gross of Fees Net of FeesRussell 2000 Growth
IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End (in millions)
2010 29.12% 28.50% 29.09% < 5 N/A 0.5 96.12
2009 33.28% 32.61% 34.47% < 5 N/A 0.3 52.06
2008 -43.12% -43.40% -38.54% < 5 N/A 0.3 39.63
2007 12.80% 12.25% 7.05% < 5 N/A 0.2 68.13
2006 16.11% 15.45% 13.35% < 5 N/A < 0.1 3.48
2005 9.36% 8.71% 4.15% < 5 N/A < 0.1 0.84
H2 04 10.28% 9.95% 8.16% < 5 N/A < 0.1 0.77
The Russell 2000 Growth Index is the sector neutral and performance benchmark for this strategy.
A27
Important information
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month excluding portfolios with significant restrictions, that are invested in Turner’s Quantitative Micro Cap Equity strategy. Micro capitalization stocks are generally those companies between $80 million and $500 million at initial purchase. The composite's primary benchmark is the Russell Microcap Growth Index. Prior to November 2006, the primary benchmark for the composite was the Russell 2000 Growth Index. Effective November 2006, the primary benchmark was changed to the Russell Microcap Growth Index, a new index created about that time that was believed to be more appropriate for the investment strategy The inception and creation date of this composite was July 1, 2004. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Micro Cap Equity Strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The micro capitalization companies the strategy invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these very small companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Micro cap stocks also tend to be traded only in the over the counter market, and may not be as liquid as larger capitalization stocks. As a result, the prices of the micro cap stocks owned by the strategy will be very volatile, and the price movements of the strategy’s shares will reflect that volatility.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values.
Turner Quantitative Micro Cap Equity Composite as of 12.31.10Inception/Creation date: 7.1.04
Year Gross of Fees Net of FeesRussell Microcap
Growth IndexNo. of Accounts
at EndComposite Dispersion
% Firm Assets
Market Value at End (in millions)
2010 25.38% 24.27% 29.48% < 5 N/A 0.2 34.11
2009 12.59% 11.59% 39.18% 5 0.14 1.3 236.75
2008 -33.09% -33.68% -44.65% 5 0.16 1.6 244.18
2007 1.48% 0.58% -2.68% 5 N/A 1.0 291.53
2006 18.15% 17.12% 11.39% < 5 N/A 0.4 92.88
2005 11.87% 10.88% 2.05% < 5 N/A 0.6 113.12
H2 04 13.19% 12.62% 6.61% < 5 N/A < 0.1 1.27
The Russell Microcap Growth Index is the performance benchmark for this strategy.
A28
Important information
Turner Investment Partners, Inc. (“Turner”), founded in 1990 and based in Berwyn, Pennsylvania, is an investment-management firm that's employee-owned.
Total firm assets under management as of 3.31.11 were approximately $18.6 billion; 1.6% of those assets were non-discretionary. Assets under management include all assets managed or sub-advised by Turner and its subsidiaries.
Interests aligned with clients’: We think our success has been due mainly to our commitment to providing clients with a level of investment performance and service that we ourselves would expect if we were in the client's shoes. Our actions are always guided by what’s best for our clients – with uncompromising integrity and ethical standards. As over 71% of our employees are equity owners of the firm, and many have invested personal capital in our investment strategies, we share in the risks and the rewards of our investment decisions. Our success is directly tied to our clients’ success.
Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules.
The views expressed represent the opinions of Turner and its subsidiaries as of the date indicated and may change. They are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. Opinions about individual securities mentioned may change, and there can be no guarantee that Turner will select and hold any particular security for its client portfolios.
Characteristics, holdings, and sector weighting information are subject to change, and should not be considered as recommendations. Cash consists of U.S. dollars and/or cash equivalents such as repurchase agreements, certificates of deposits or commercial paper. Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee of future results.
Turner claims compliance with the Global Investment Performance Standards (GIPS®). Please refer to the attached GIPS compliant performance presentation for more complete performance information and important performance disclosures. To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at drossi@turnerinvestments.com or write Ms. Rossi at Turner, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.
Turner is a signatory of the Principles for Responsible Investing (PRI) established by the United Nations. The Principles are a framework for investors to help them consider environmental, social and governance (ESG) issues in their investment decision-making processes. As supporters of the Principles we believe that applying them will improve long-term financial returns while simultaneously aligning the goals of institutional investors with those of society at large.
As with all investments, there are associated inherent risks. Portfolios that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies. Please obtain and review all financial material carefully before investing.
FactSet is a registered trademark of FactSet Research Systems Inc. and its affiliates.
Nothing presented should be considered an offer to provide any Turner service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.
This document and the information herein are confidential and may not be reproduced in any manner. Turner Investment Partners and Turner Investments are registered service marks of Turner Investment Partners, Inc.
This information is intended for use with institutional clients and intermediaries only. It has not been approved for and may not be distributed to the general public. This document and the information herein are confidential and may not be reproduced or distributed in any manner without prior written authorization from Turner. Earnings growth does not necessarily lead to an increase in share prices.
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