Intrinsic Value Opportunity
The Intrinsic Value Opportunity product began in April 2006. This strategy is designed to use the Price to Intrinsic Value discipline in a more sector concentrated, quantitative style. It combines Price to Intrinsic Value with measures of a company's financial strength and market acceptance to establish a 40-80 stock portfolio that is rebalanced every three months. The portfolio is unconstrained relative to sector and market cap weightings versus the S & P 500. The top 10 positions will average 10-25% of the portfolio's assets, with turnover between 100-200%. We believe this product will provide an aggressive long-only strategy that should complement the existing Large Cap Intrinsic Value strategy using the same underlying discipline.
| Intrinsic Value Opportunity |
| 4th Quarter 2011 Results |
|
Intrinsic Value Opportunity (Gross) |
Intrinsic Value Opportunity
(Net) |
Russell 1000
Value |
S&P 500 |
| 4Q11 |
11.08% |
10.89% |
13.11% |
11.82% |
| YTD |
6.06% |
5.30% |
0.39% |
2.11% |
| 1 Year |
6.06% |
5.30% |
0.39% |
2.11% |
| 3 Year |
24.28% |
23.44% |
11.55% |
14.11% |
| 5 Year |
1.99% |
1.32% |
-2.64% |
-0.25% |
| Since Inception(04/06) |
3.05% |
2.38% |
0.17% |
1.63% |
Performance Disclosure Opportunity
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Opportunity Annual Verification 2010
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