Crescat

Crescat Portfolio Management LLC claims compliance with the Global Investment Performance Standards (GIPS®).

Click here to download the most recent Performance Report Since Inception (PDF) updated monthly for the Crescat Large Cap Composite prepared and presented in compliance with GIPS®.

Click here to download the most recent Verification Report for the Crescat Large Cap Composite (typically updated at least annually) from GIPS verification firm, Ashland Partners & Company LLP (PDF).

The Crescat Large Cap Composite is a long-only, large cap separately managed account equity strategy launched on 1 January 1999. The accounts in the composite represent actual client accounts not model results. Kevin C. Smith, CFA has been the portfolio manager since inception. The Composite is tactically focused on typically 20 to 25 large cap stocks within three to five key sectors at any time to capitalize on and hedge against Crescat’s Macroeconomic Themes. The portfolio manager utilizes a proprietary multi-factor equity scoring model based on predominantly fundamental factors to assist with individual stock selection.

The Crescat Large Cap Composite has been among the top performing strategies in its peer group since inception navigating through two major bear markets in one of the most challenging decades in U.S. stock market history. The strategy has been recognized by independent, 3rd-party rating services. Most recently:

• Morningstar awarded Crescat Large Cap with a 5-star Morningstar rating in the Large Blend category over 5 years and 10 years as of 31 March 2012.
• PSN Informa also rated Crescat Large Cap #5 for 3-year gross performance ending 31 March 2011 in the Large Cap Core Equity Universe.
• Informa Investment Solutions ranked Crescat Large Cap the Best of the Best for 2010 gross performance in the Large Cap Core Universe.

The Crescat Large Cap Composite has sharply outperformed its benchmarks since inception on an absolute and risk-adjusted basis. From inception through 30 September 2011, CLCC delivered 8.2% points of annualized excess returns with only 1.0% more of annualized downside deviation (a measure of downside risk).

Crescat Large Cap Composite
Performance from 1 January 1999 (Inception) through 31 March 2012

* Quoted performance is net of all fees and incentive allocations.

The portfolio manager employs a multidisciplinary investment process that leverages macroeconomic research, fundamental analysis, quantitative modeling and technical / behavioral tools. The investment process begins with identifying important global macroeconomic themes that present both risk and opportunity to investors. The portfolio manager then identifies equity sectors that enable us to capitalize on those themes. He uses a proprietary multi-factor quantitative model based predominantly on fundamental factors to select individual securities within those sectors. He perform additional fundamental and technical analysis on all securities prior to investing. The portfolio is carefully monitored to conform to key parameters. The portfolio is rebalanced periodically and securities are replaced using a multi-factor sell discipline that includes opportunity cost, thematic change, fundamental deterioration, and risk control.

Click here and select “OnlineTrading.com Clients Login” to access your individual Crescat Large Cap custodial account statements and 1099 reports from JP Morgan/TradeStation.

Disclosures: Additional information is available upon request (see the Contact Us page). The quoted performance data represents past performance, and past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Morningstar Ratings™ are based on risk-adjusted 3-, 5- and 10-year (if applicable) returns, and past performance is no guarantee of future results. Ratings are subject to change every month. For each investment vehicle with at least a 3-year history, Morningstar calculates a Morningstar Ratings™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (net of fees), placing more emphasis on downward deviations and rewarding consistent performance. The top 10% of investment vehicles in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.