HomeMy WebLinkAboutAgenda Fire Pension 021111THE R ESOURCE C ENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW .R ESOURCE C ENTERS .COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Special Meeting of Friday, February 11, 2011
Location: Council Chambers, Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 11:30 A.M.
A GENDA
1. Call Meeting to Order
2. Investment Manager Presentations
• ICC
• Rockwood
3. Other Business
4. Schedule Next Meeting: Monday, March 28, 2011 at 9:00 A.M.
5. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decisi on made by the Board with respect to any matter
considered at such meeting or hearing, he will need a record of t he proceedings, and for such purpose he
may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In a ccordance with the Americans With Disabilities Act
of 1990, persons needing a special a ccommodation to participate in th is meeting should contact The
Resource Centers, LLC no later t han four days prior to the meeting.
February 11, 2010
PREPARED FOR
CAPITAL MANAGEMENT, INC.
Pr E s ENTATI o N F or INVE s TMENT MANAGEMENT s E r VICE s
PALM BEACH GA r DEN s
FI r EFIGHTE rs ’ PEN s I o N FUND
FI r M o VE r VIEW
MULTI-CAP EQUITY
s UPPLEMENTAL MATE r IAL s
I
II
III
s TEVE s TACK
e-mail: sstack@icccapital.com
tel: 407-926-7774
ICC OVERVIEW
OUR INVESTMENT STRATEGIES
BIOGRAPHIES
OUR CLIENTS
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CAPITAL MANAGEMENT, INC.
FIRM OVERVIEW
1
OVERVIEW
ICC Capital is an employee-owned organization headquartered in Orlando, FL. We are solely dedicated to the practice of investment management.
• Offices in Orlando, FL; New York, NY; Walnut Creek, CA • 100% Employee-owned • Assets under management: $3.27 billion
The founders of the company have over 125 years of combined experience in investment management. All senior professionals are owners of the company. This ownership structure is significant because it:
• Provides stability to our organization • Aligns our incentives directly with those of our clients
At ICC, we are focused on developing solid, long-term relationships with our clients as educators and partners in the investment process. We understand that while strong performance gets us in the door, it takes consistent performance based on a rigorous and value-added investment process, and trusted client-manager relation -ships to keep us there.
• Public Funds • Taft-Hartley • Corporate • Endowments & Foundations
We believe the key to consistent, long-term performance is first based on preserving the capital entrusted to us. Therefore, portfolios are managed not only to maximize returns within client guidelines, but also to minimize risk. We implement our philosophy through:
• Innovative investment concepts • Rigorous processes • Risk control
OUR COMPANY
OUR PHILOSOPHY
OUR TEAM
OUR CLIENTS
Assets Under Management by Client Assets Under Management by Asset Type
Public
Funds
49%
Taft-Hartley
48%
Other
3%
Equity
86%
Fixed
14%
2
OUR INVESTMENT STRATEGIES
This strategy blends quantitative multi-factor modeling along with traditional bottom up fundamental
analysis to identify securities which exhibit above average earnings growth rates while trading at attractive
relative valuations. Portfolios consist of 40-50 large cap, high growth securities with broad diversification
across market sectors.
LARGE CAP GROWTH EQUITY
The International ADR Equity strategy utilizes our quantitative multi-factor model for top-down analysis
of broad regions and bottom-up analysis of individual securities. Portfolios consist of approximately 25
large-cap ADR securities diversified across regions and industries.
INTERNATIONAL ADR EQUITY
This strategy meets client goals and objectives and controls portfolio risk by accenting yield and
carefully managing sector weightings. We further minimize volatility by evaluating duration risk on an
issue specific and total portfolio basis.
CORE FIXED INCOME / SECTOR ROTATION
Our Multi-Cap Equity product is a successful complement to traditional equity strategies offered by most
investment firms. Based on anticipated economic, market and investment trends, portfolios rotate among
market capitalizations (small/mid/large), investment styles (growth/value) and market sectors. Portfolios
consist of 25-55 securities with potential for concentration in both sectors/industry groups and individual
holdings.
This strategy is driven by our quantitative multi-factor model which filters large quantities of macroeco -
nomic, fundamental and technical data to rank broad industry sectors and individual securities according
to relative attractiveness. Portfolios consist of 40-50 value-oriented large-cap securities diversified across
market sectors.
MULTI-CAP EQUITY
CORE VALUE EQUITY
3
INVESTMENT PROFESSIONALS
J. Andrew Richey, CFA
President/Portfolio Manager/CIO
Andy serves as the lead portfolio manager for our Multi-Cap Equity product in addition to managing his responsibili -
ties as Chief Investment Officer. Prior to joining ICC in 1995, Andy worked as portfolio manager and investment
strategist at Alliance Capital Management LP. During this decade long tenure he appeared in numerous public and
industry forums as a spokesman for the firm’s investment products. Andy received his BA from Wabash College,
his MBA from Indiana University. He is a CFA charterholder.
Vittorio Fratta, CFA
Assistant Portfolio Manager
Vittorio joined the company in August 2005 as a Senior Operations Analyst and was promoted to a Multi-Cap Eq -
uity trader in November 2006. Vittorio joined Multi-Cap Equity strategy team as the Assistant Portfolio Manager in
October 2008. Prior to coming to ICC he interned at KCM Asset Management. He graduated as a Roland George
Merit Scholar from Stetson University, where he earned a BBA in Finance with an Information Technology minor
in 2005 and MBA in 2007. Vittorio is a CFA charterholder. He works out of our Walnut Creek office in California.
Grant McMurry
Managing Director
Grant is responsible for servicing our Florida Municipal relationships and heads our Public Fund client servicing
efforts. He joined the firm in 1986 following ten years of service as a pension consultant with Rogers, Casey
& Barksdale and later with William M. Mercer, Inc. Prior to his consulting experience, Grant served as a
staff attorney with General Mills, Inc. He received a BA from Drake University, a JD from the William Mitchell
College of Law, is a licensed attorney and a member of the Minnesota State Bar. Grant is an owner of the firm.
Steven Stack
Chief Compliance Officer
Steve joined ICC in 2001 and is responsible for maintaining client relationships and policy administration within our
Public Fund client services group. In addition to his role within our client services team, Steve is the Chief Compli -
ance Officer of ICC. Prior to joining our firm, Steve worked for the Georgia Lottery Corporation in a marketing and
client servicing role. He received his BA from Ferris State University and MBA in Marketing from Mercer University.
Steve is a member of the National Association of Compliance Professionals and is a Certified Regulatory and
Compliance Professional through the FINRA Institute at the Wharton School of Business.
4
PUBLIC, ENDOWMENTS & CORPORATE CLIENTS
Archdiocese of Galveston-Houston Pension Plan
Arkansas State Teachers’ Retirement System
Avon Park Police Officer’s Retirement Fund
Bay Harbor Islands Pension Fund
Boy Scouts of America
Cape Coral Firefighters’ Retirement Plan
Cape Coral General Employees’ Retirement Plan
Cape Coral Police Officers’ Retirement Plan
Children’s Home Society of Florida Foundation
City of Brockton Retirement System
City of Cocoa Firefighters’ Retirement Fund
City of Coral Springs General Employees’ Pension Fund
City of Dania Beach Police & Firefighters’ Pension Fund
City of Saginaw Police & Fire Pension Fund
City of Sarasota Firefighters’ Pension Fund
Cooper City General Employees’ Retirement Fund
Dade City Police Pension Fund
Dade City Firefighters’ Pension Fund
Delray Beach Police & Firefighters’ Pension Fund
Deerfield Beach Police Officers’ Pension Fund
Eatonville Police Pension Trust Fund
Eustis Firefighters’ Retirement Fund
Eustis Municipal Police Officers’ Retirement Fund
Fernandina Beach General Employees’ Pension Fund
Fernandina Beach Police & Fire Pension Fund
Fort Meade Combined Investment Fund
Fort Meade Firemen’s Pension Trust Fund
Fort Meade General Employees’ Retirement Fund
Fort Meade Policemen’s Pension Trust Fund
Fort Meade Renewal & Replacement Fund
Frostproof Police Officers’ Retirement Fund
Georgia Sheriffs Retirement Fund
Haines City Municipal Firefighters’ Retirement Trust
Haines City Municipal Police Officers’ Retirement Trust
Hialeah Gardens Police Pension Fund
Holly Hill Firefighters’ Retirement Fund
Homestead Firefighters’ Pension Fund
International Association of Firefighters Pension Fund
Jesuit High School of New Orleans
John Deere Pension Trust Fund
Key West General Employees’ Fund
Key West Police & Fire Retirement Fund
Kissimmee General Employees’ Retirement Plan
Lake Mary Police Officers’ Pension Fund
Lake Wales Firemen’s Pension Trust Fund
Lake Wales General Employees’ Pension Fund
Lake Wales Police Officers’ Pension Fund
Lake Worth Firemen’s Pension Trust Fund
Lake Worth Police Relief & Pension Fund, Div II
Lantana Police Pension Fund
Lauderhill General Employees’ Retirement System
Lauderhill Confidential & Managerial Pension Plan
Lauderhill Police Retirement System
Leesburg Firemen’s Retirement Trust
Longboat Key General Employees’ Retirement System
Melbourne Firemen’s Pension Trust
Melbourne Police Pension Trust
Miami Beach General Employees’ Retirement Fund
Miami Springs Employees’ Retirement System Fund
Miami Springs Police & Fire Pension
New Haven Police & Fire Retirement System
North Palm Beach Police & Fire Pension Fund
Ocoee General Employees Pension Fund
Orange Park Police Officers’ Retirement Fund
Palm Beach Gardens Police Officers’ Retirement Fund
Port Orange General Employees’ Retirement System
Port St. Lucie Police Pension Trust Fund
Punta Gorda Firefighters’ Retirement Fund
Punta Gorda Municipal Employees’ Retirement Fund
Punta Gorda Police Officers’ Retirement Fund
San Antonio Police & Fire Retiree Healthcare Fund
Sebastian Police Officers’ Pension Fund
South Pasadena Firefighters’ Fund
Sunrise Firefighters’ Retirement Fund
Surfside Pension Trust Fund
Tarpon Springs Firefighters’ Pension Trust
Temple Terrace Firefighters’ Retirement Fund
Temple Terrace Police Officers’ Retirement Fund
United Methodist Children’s Endowment Fund
Vero Beach Firemen’s Relief & Pension Fund
Vero Beach Police Officers’ Retirement Fund
Village of Palm Springs Police Officers’ Pension Plan
Winter Garden Firefighters’ & Police Pension Fund
Winter Garden General Employees’ Pension Fund
Winter Haven Firefighters’ Pension Fund
Winter Haven General Employees’ Pension Fund
Winter Park Firemen’s Pension Trust Fund
5
TAFT-HARTLEY CLIENTS
Asbestos Workers Local #10 Pension Plan
Asbestos Workers Local #55 Pension Plan
Asbestos Workers Local #78 Pension Plan
Boston Pipefitters Local #537 Pension Fund
Bricklayers Local Union #1 Fringe Benefit Fund
Carpenters Local Union #127 Pension Plan
Carpenters Local Union #345 Pension Plan
Cement & Concrete Workers Pension
Cement Mason Local Union #521 Pension Plan
Cement Masons Local Union #780 Pension Fund
Cement Masons Local Union #780 Annuity Fund
Cement Masons Local Union #780 Trust Fund
Coral Gables Firefighters’ Local 1210 Insurance Fund
Empire State Carpenters Annuity Fund
Empire State Carpenters Welfare
Florida Firefighters’ Insurance Trust Fund
General Building Laborers’ Local 66 Pension Fund
Hialeah Firefighters’ Local 1102 Insurance Trust Fund
Iron Workers Local 40, 361 & 417 Security Funds
IBEW Local #505 Pension Plan - N.E.C.A.
IBEW Local #508 Pension Plan
IBEW Local #903 Pension Plan
IBEW Local #164 Pension Fund
International Painters & Allied Trades Annuity Plan
IUPAT Death Benefit Fund
IUPAT General Convention Fund
IUPAT Operating Fund
Laborers Local #1298 Pension Fund
Local #638 Steamfitters Industry Pension Fund
Louisiana Carpenters Pension Fund
Louisiana Carpenters Health Benefit Trust Fund
Mason Tenders District Council Trust Funds
Mechanical Contractors Local Union #119 Pension
Metal Trade Branch Local Union #638 Pension Fund
Miami Beach Firefighters’ Local 1501 Insurance Fund
Middle Tennessee Carpenters & Millwrights Pension
Mid-South Carpenters Regional Council H&W Fund
Millwrights Local Union #1192
National Automatic Sprinkler Industry Fund
NY District Council of Carpenters Pension Fund
NJ Statewide Building Laborers Pension Fund
PACE Industry Union-Management Pension Fund
PACE International Union Fund
Painters Local #35
Painting Industry Annuity Plan
Pipefitters Local #274 Pension Fund
Plumbers Local #17 Pension Plan
Palm Beach County Fire Insurance Trust
RWDSU Local #338
Southeastern Carpenters and Millwrights
Southern Region of Teamsters
Steamfitters Local #475 Pension Fund
Steamfitters Local Union #614 Pension Plan
Sheetmetal Workers Local #85 Pension Fund
Sheetmetal Workers Local #441 Pension Fund
Stonesetters’ Local #84 Pension & Annuity Fund
Teamsters Local #553 Pension Fund
Teamsters Local #677 Health Service & Insurance Plan
Tile Layers Local #52 Pension Fund
TriState Carpenters of Chattanooga
UA Local 198 Pension Trust Fund
UA Local 198 Annuity Trust Fund
UA Local 198 Education Trust Fund
UA Local 198 Health & Welfare Trust Fund
1
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INVESTMENT PROCESS
PRIOR CYCLE ROTATIONS
RELATIVE SECTOR WEIGHTS
PORTFOLIO PROFILE
RELATIVE PERFORMANCE
COMPOSITE PERFORMANCE
FEE SCHEDULE
DISCLOSURES
CAPITAL MANAGEMENT, INC.
MULTI-CAP EQUITY
1
MULTI-CAP EQUITY - Investment Process
Our Multi-Cap Equity investment philosophy is driven by the following beliefs:
• Capital markets are ultimately efficient and operate in an environment of generally useful and
correct information over time. However, through accurate evaluation areas of opportunity can
be identified and prioritized based on their potentials and risks.
• In such environments, the value added reward in active portfolio management comes from a
process based on relative portfolio positioning rather than targeted stock picking.
Our investment decision making process is driven by a proprietary methodology which reviews large quantities of macroeconomic, fundamental and technical data in an attempt to detect situations within individual securities and broad market sectors that represent potential investment opportunities for our portfolio managers to evaluate.
Our process underpins portfolio management decisions, which are operationally effective on several levels:
• They expand the potential investment universe, allowing for the evaluation of hundreds of
individual securities as market conditions evolve over time.
• They minimize consensus behavior, providing for rational and consistent investment decision
making.
• They identify underlying trends in securities and sectors that often go unnoticed in traditional
fundamental analysis.
• They assist in both identifying the current status of expected rates of return in financial markets
as well as prioritizing opportunity and risk potential. Knowing the status of expected returns
and the priorities associated with them leads to efficient analysis and effective decision
making.
Our proprietary methodology provides portfolio managers with the tools necessary to identify trends as they develop and respond quickly to rapidly changing market conditions.
INVESTMENT PHILOSOPHY
Our firm’s quantitative and qualitative investment process focuses on the pivotal investment questions of HOW MUCH to commit and WHEN to make the commitment, rather than the traditional approach of WHAT to invest in and WHY .
INVESTMENT PROCESS
2
MULTI-CAP EQUITY - Prior Cycle Rotations
Previous Rotations: Repositioning Portfolios in Advance of a New Market Cycle
Over the course of the last 10 years, our investment process has correctly forecasted 2 major
inflection points in the market: 2000 bull market peak & 2002 bear market bottom. In both
instances, our model based processes suggested significant shifts in portfolio positioning in
anticipation of a change in market leadership.
These shifts took on average 4-6 months to complete, during which time, our portfolio underperforms as
we “step away” from the market leaders. Once the repositioning is complete, our anticipatory shifts have
paid off in the form of significant outperformance for the next 24-36 months.
1998 Rotation: Repositioned Portfolios in Advance of 2000 Bull Market Peak
2002 Rotation: Repositioned Portfolios in Advance of 2002 Bear Market Bottom
Nature of Rotation: Increasing Market Cap, Emphasis toward Defensive Sectors, Increasing
Exposure to Value Stocks, Decreasing Exposure to Growth Stocks.
Pre-Rotation Portfolio Structure: Post-Rotation Portfolio Structure:
Weighted Average Market Cap: $39B Weighted Average Market Cap: $60B
Exposure To Growth Stocks: 55% Exposure To Growth Stocks: 15%
Exposure To Value Stocks: 45% Exposure To Value Stocks: 85%
Largest Sector Exposure: Largest Sector Exposure:
Technology (Aggressive) 25% Energy (Defensive) 24%
Smallest Sector Exposure: Smallest Sector Exposure:
Healthcare (Defensive) 0.6% Communications (Aggressive) 0.9%
Nature of Rotation: Decreasing Market Cap, Emphasis toward Cyclical Sectors, Increasing
Exposure to Aggressive Growth Stocks, Decreasing Exposure to Value Stocks.
Pre-Rotation Portfolio Structure: Post-Rotation Portfolio Structure:
Weighted Average Market Cap: $35B Weighted Average Market Cap: $19B
Exposure To Growth Stocks: 10% Exposure To Growth Stocks: 40%
Exposure To Value Stocks: 90% Exposure To Value Stocks: 60%
Largest Sector Exposure: Largest Sector Exposure:
Energy (Defensive) 24% Industrials (Cyclical) 22%
Smallest Sector Exposure: Smallest Sector Exposure:
Communications (Aggressive) 1.0% Healthcare (Defensive) 1.5%
3
MULTI-CAP EQUITY - Relative Sector Weights
Multi-Cap Equity
04/30/05 - 12/31/10
Russell 3000
04/30/05 - 12/31/10
0%
20%
40%
60%
80%
100%
1 Q 0 6
2 Q 0 6
3 Q 0 6
4 Q 0 6
1 Q 0 7
2 Q 0 7
3 Q 0 7
4 Q 0 7
1 Q 0 8
2 Q 0 8
3 Q 0 8
4 Q 0 8
1 Q 0 9
2 Q 0 9
3 Q 0 9
4 Q 0 9
1 Q 1 0
2 Q 1 0
3 Q 1 0
4 Q 1 0
0%
20%
40%
60%
80%
100%
1 Q 0 6
2 Q 0 6
3 Q 0 6
4 Q 0 6
1 Q 0 7
2 Q 0 7
3 Q 0 7
4 Q 0 7
1 Q 0 8
2 Q 0 8
3 Q 0 8
4 Q 0 8
1 Q 0 9
2 Q 0 9
3 Q 0 9
4 Q 0 9
1 Q 1 0
2 Q 1 0
3 Q 1 0
4 Q 1 0
Util itie s En ergy Te ch no lo gy Co mm un ic at io ns He al th Car e
Co ns um er S tapl es Fi na nc ia ls Co ns um er D iscr et io na ry Industrials Ma terial s
4
Multi-Cap R3000
Avg. Market Capitalization (Bil.)50.54 71.74
Price to Earnings 12.7 14.3
Price to Sales ttm 0.74 1.27
Price to Book ttm 2.4 2.2
Dividend Yield 1.8%1.7%
5 Year EPS Growth 3%7%
5 Year Standard Deviation 19.9%18.5%
Beta (10 Year vs. Russell 3000)1.04 ------
Alpha (10 Year vs. Russell 3000)6.4%------
R 2 (10 Year vs. Russell 3000)0.81 ------
Sharpe Ratio (10 Year vs. Russell 3000)0.31 ------
Info Ratio (10 Year vs. Russell 3000)0.73 ------
MULTI-CAP EQUITY - Portfolio Profile
As of December 31, 2010
Relative
Valuation Screening
Statistical
Analysis
Active
Concentration
& Sector Rotation
Fundamental
& Technical
Evaluation
Russell 3000
Universe
Step 1:
Step 2:
Step 3:
Step 4:
0.00%
10.00%
20.00%
30.00%
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Multi-Cap R3000
SECURITY SELECTION PROCESS SECTOR ALLOCATION
PORTFOLIO CHARACTERISTICS
TOP 10 HOLDINGS
ttm - trailing twelve months
Company Name Portfolio %
Hewlett Packard Co.5.8%
Chesapeake Energy Corp.5.2%
Eli Lilly and Company 5.0%
AMR Corp.5.0%
Coca Cola Company 4.8%
International Paper Company 4.4%
Boeing Co.4.3%
Barrick Gold Corp.4.1%
Micron Technology Inc.4.0%
Pall Corp.3.9%
Supplemental Information
5
$0
$1
$2
$3
$4
$5
$6
Ap
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6
Ma
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F eb
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98
Ja
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No
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Ru sse ll 3 00 0 I CC Mu lti-Ca p
ICC Multi-Cap vs Russell 3000
Growth of $1 (4/1996 - 12/2010)
(gross of management fees)
$5.34
$2.62
MULTI-CAP EQUITY - Relative Performance
6
$0
$1
$2
$3
Ma
r-00
Ja
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No
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Se
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Ju
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No
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Se
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Ma
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Ma
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Ru ssel l 300 0 I CC Mu lti-Ca p
ICC Multi-Cap vs Russell 3000
Growth of $1 (3/2000 - 12/2010)
(gross of management fees)
$2.67
$1.18
MULTI-CAP EQUITY - Relative Performance
7
$0
$1
$2
No
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J an
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Ma
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Ru sse ll 3 00 0 I CC Mu lt i-Ca p
ICC Multi-Cap vs Russell 3000
Growth of $1 (11/2007 - 12/2010)
(gross of management fees)
$1.11
$0.89
MULTI-CAP EQUITY - Relative Performance
8
As of December 31, 2010
MULTI-CAP EQUITY - Composite Performance
-10.0%
0.0%
10.0%
20.0%
Multi-Cap 17.5%6.7%10.5%12.0%8.3%
R3000 16.9%-2.0%2.7%4.5%2.2%
1 Year 3 Year 5 Year 7 Year 10 Year
ANNUALIZED RETURNS (gross of fees)
CUMULATIVE RETURNS (gross of fees)
0%
10%
20%
30%
40%
50%
60%
70%
Multi-Cap 65.0%
R3000 14.5%
5 Year 0%
20%
40%
60%
80%
100%
120%
140%
Multi-Cap 122.6%
R3000 23.8%
10 Year
5 Year Cumulative Return 10 Year Cumulative Return
9
Assets Fee
First $25 Million 0.85%
Next $25 Million 0.65%
Next $50 Million 0.50%
Over $100 Million Negotiable
• Proven Investment Process
• Experienced Team
• Strong Historical Pattern of Performance
• Commitment to Clients
FEE SCHEDULE
WHAT WE OFFER
MULTI-CAP EQUITY - Fee Schedule
10
Year
Gross-of-
Fees
Return (%)
Net-of-
Fees
Return (%)
Benchmark 1
Return (%)
Composite
3-Yr
St. Dev. (%)
Benchmark 1
3-Yr
St. Dev. (%)
Number
of
Portfolios
Composite
Dispersion
(%)
Total
Composite
Assets
(Millions)
Total Firm
Assets
(Billions)
2000 10.0 9.0 -7.5 17.80 17.97 9 1.30 $521.2 $1.34
2001 -2.6 -3.4 -11.5 17.78 17.12 7 0.47 $490.6 $1.40
2002 -25.9 -26.5 -21.5 21.42 18.82 7 1.29 $375.1 $1.28
2003 39.1 38.0 31.1 21.75 18.37 8 5.13 $561.7 $1.63
2004 15.0 14.1 11.9 20.24 15.05 8 0.25 $646.8 $2.02
2005 16.6 15.7 6.1 15.12 9.63 20 1.20 $910.6 $2.36
2006 23.5 22.5 15.7 12.03 7.62 28 0.78 $1,294.9 $2.89
2007 9.9 8.9 5.1 11.81 8.26 40 2.10 $1,390.5 $3.03
2008 -25.3 -25.9 -37.3 17.32 16.02 53 1.68 $1,177.4 $2.20
2009 38.5 37.4 28.3 23.46 20.61 57 5.17 $1,671.9 $2.84
2010 17.5 16.5 16.9 24.36 22.94 74 1.56 $2,005.4 $3.27
January 1, 2000 through December 31, 2010
MULTI-CAP EQUITY- Disclosures
ICC Capital Management claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report
in compliance with the GIPS standards, ICC has been independently verified for the periods 1/1/1995 - 9/30/2010. The verification report is available
upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a
firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.
Verification does not ensure the accuracy of any specific composite presentation.
Firm and Composite Information
ICC Capital Management, Inc. is an independent registered investment advisor investing in domestic equity, domestic fixed income and international
equity securities. The Multi-Cap Equity composite was created on April 1, 1996. The Multi-Cap Equity composite includes all institutional and trust
portfolios invested in multi-capitalization asset classes with emphasis placed on sector and style rotation. The Multi-Cap Equity composite invests in
small, mid and large capitalization domestic and international stocks. Beginning April 1, 2006, the minimum account size for inclusion into the Multi-
Cap Equity composite is $500,000. Beginning January 1, 2006, this composite changed its name from Active Core Equity to Multi-Cap Equity to better
reflect the investment philosophy of the composite. Prior to July 1, 2005, ICC carved out single asset class portfolios from multiple asset class port -
folios and carved out cash based on clients’ target allocation. No alteration of the composite has occurred because of changes in personnel or other
reasons. A complete list and description of firm composites is available upon request by contacting compliance department by tel: (800)-480-6445.
1 Benchmark(s)
The benchmark is the Russell 3000 index or other indices that reflect the investment strategy of the composite. The Russell 3000 Index measures
the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index
is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure
new and growing equities are reflected. The Russell 3000 Index is calculated on a total return basis with dividends reinvested and is not assessed
a management fee.
Performance Calculations
Valuations and returns are computed and stated in U.S. Dollars on a time-weighted basis. Results reflect the reinvestment of dividends and other
earnings. Beginning January 1, 2005, dividends are being recognized on an accrual basis. Gross-of-fees returns are presented before management
fees that were paid, but after all trading expenses. Net-of-fees returns are calculated using the highest fee that may be charged and presented after
the deduction of trading expenses. The standard investment fee is 0.85% for first $25 million, 0.65% for next $25 million, 0.50% for next $50 million,
over $100 million is negotiable. To illustrate the effect that the 0.85% investment advisory fee may have on your return, after deduction of the advisory
fee, the 1-, 3-, 5-, 7- and 10-year returns presented would be 16.49%, 5.84%, 9.62%, 11.09% and 7.42%, respectively. Additional information about
regarding ICC’s fees is included in its Form ADV Part II. Dispersion of annual returns has been measured by the asset-weighted standard deviation of
all accounts included in the composite for the entire year. As of September 30, 2008, significant cash flow is defined as an account within the compos -
ite that has over 20% external cash flow as compared to the average cash position of the composite. Prior to this date it was defined as an account
within the composite that had over 10% external cash flow. The exclusion of the account is the month in which the significant cash flow occurred.
The 3-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period.
Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request by contacting compliance
department by tel: (800)-480-6445.
Past performance does not guarantee future results.
ICC Capital
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1 Supplemental Materials 1
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2 Supplemental Materials 2 As of September 30, 2010
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3 Supplemental Materials
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Percent (%)
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6 Supplemental Materials 6
Th
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Total Firm Assets ($mil)
%
o
f
F
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(
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Ye
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r
No
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s
:
1.
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c
k
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3.
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4.
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6.
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7.
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8.
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h
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s
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d
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2
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.
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ced by advisory fees
in
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r
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a
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10
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11
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12
.
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’
c
o
m
p
o
s
i
t
e
s
,
c
o
n
t
a
c
t
A
n
t
h
o
n
y
B
r
o
w
n
a
t
(
3
1
4
)
9
6
2
-
6
1
4
3
.
Revised Mar 2010