HomeMy WebLinkAboutAgenda Fire Pension 031907THE PENSION RESOURCE CENTER, INC.
4360 North lake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410
Phone (561) 62+3277 ❖ Fax (561) 6243278 ❖ www.RESOURCECENTEPS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting of Monday, March 19, 2007
Location: Palm Beach Gardens Fire Rescue — Station 3
5161 Northlake Blvd.
Palm Beach Gardens, Florida 33410
(561) 776 -1071
Time: 10:00 A.M.
AGENDA
1. Call Meeting to Order
2. Minutes of Meeting Held February 20, 2007
3. Investment Monitor Report: Bogdahn Consulting
Bond Portfolio Review
4. Attorney Report: Bob Sugarman
5. Administrative Report: Margie Adcock
6. Disbursements
7. Other Business
8. Schedule Next Meeting: Monday, April 30, 2007 at 10:00 A.M.
9. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter
considered at such meeting or hearing, he will need a record of the 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 accordance with the Americans With Disabilities
Act of 1990, persons needing a special accommodation to participate in this meeting should contact The
Pension Resource Center, Inc. no later than four days prior to the meeting.
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
DISBURSEMENTS
March 19, 2007
• PENSION RESOURCE CENTER, INC. $ 500.00
(Bill for services for March 2007)
• SUGARMAN & SUSSKIND $ 2,300.00
(Fees for legal services for February 2007)
Total Disbursements for Approval $ 2,800.00
(Trustee)
(Trustee)
PENSION RESOURCE CENTER
4360 Northlake Boulevard, Suite 206
West Palm Beach, FL 33410
r
Bill To
Palm Beach Gardens Firefighters'
Ship To
Invoice
Date Invoice #
3/1/2007 1842
P.O. Number
Terms
Rep
Ship
Via
F.O.B.
Project
3/l/2007
Quantity
Item Code
Description
Price Each
Amount
I
Admin Fee- PBGFF...
Palm Beach Gardens Firefighters' Pension Fund - March 2007
500.00
500.00
Total 5500.00
r
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
Robert A. Sugarman
Two Datran Center, Suite 1129
Howard S. Susskind
9130 South Dadeland Boulevard
David E. Robinson
Miami, Florida 33156
Kenneth R. Harrison, Sr.
(305) 529 -2801
D. Marcus Braswell, Jr.
Broward 763 -2566
Pedro A. Herrera
Toll Free 1- 800 -329 -2122
Facsimile (305) 447 -8115
March 5, 2007
p1:q-CE:j,V
City of Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator 13Y. MAR 1 3 2007
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 2U6
Palm Beach Gardens, Florida 33410
CURRENT FEES: 2,300.00
CURRENT COSTS: 0.00
PREVIOUS BALANCE: 3,260.00
PAYMENTS RECEIVED: 0.00
TOTAL AMOUNT DUE: 5,560.00
Sugarman & Susskind
Two Datran Center, Suite 1129
9130 South Dadeland Boulevard
Miami, Florida 33156
Telephone: 305 -529 -2801
Fax: 305- 447 -8115
City of Palm Beach Gardens Firefighters' Pension Fund March 05, 2007
c/o Margaret M. Adcock, Administrator Invoice #47295
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Client:Matter PBGF:ADMN
In Reference To: Administrative Manager
Professional Services
Hrs /Rate Amount
2/6/2007 Review and edit Administrative contract. 0.50 100.00
200.00 /hr
2/16/2007 Receipt and review of Administrator Contract from Pension Resource. 1.25 250.00
200.00 /hr
For professional services rendered 1.75 $350.00
Previous balance $400.00
Balance due
Client-.Matter PBGF:BUSH
In Reference To: Disability Application of Kathleen S. Bush
$750.00
Amount
Previous balance $110.00
Balance due $110.00
City of Palm Beach Gardens Firefighters' Pension Fund Page 2
Client:Matter PBGF:MEET
In Reference To: Meeting
Professional Services
Hrs /Rate Amount
2/20/2007 Prepare for meeting, Attend meeting 6.00 1,200.00
200.00 /hr
For professional services rendered 6.00 $1,200.00
Previous balance $1,550.00
Balance due $2,750.00
Client:Matter PBGF:MISC
In Reference To: Miscellaneous
Professional Services
Hrs /Rate
Amount
2/2/2007 Telephone conference with Ed on trustee appointment procedures
0.25
50.00
200.00 /hr
2/6/2007 Legal research regarding resign to run law.
1.25
250.00
200.00 /hr
2/13/2007 Legal research regarding "resign to run" law. Legal research regarding
2.25
450.00
Trustee serving as ER appointee and running for EE seat.
200.00 /hr
For professional services rendered
3.75
$750.00
Previous balance
$600.00
City of Palm Beach Gardens Firefighters' Pension Fund
Balance due
Client:Matter PBGF:PLAN
In Reference To: Plan
Previous balance
Balance due
Client:Matter PBGF:RSPD
In Reference To: Summary Plan Description
Previous balance
Balance due
Page 3
$1,350.00
Amount
$100.00
$100.00
Amount
$500.00
$500.00
[M&G]MAGER & GOLDSTEIN LLP
City of Palm Beach Gardens
Firefighters' Pension Fund
Monitoring Report
February 2007
MAGER & GOLDSTEIN LLP
Attorneys at Law
I. UPDATE ON NEW SECURITIES CLASS ACTIONS!!
After reviewing the entire investment portfolio available to Mager & Goldstein, we have
determined that the Fund has no interest in any recently filed securities class actions. However,
because Mager & Goldstein only has access to the Fund's last three years of investments, we will
be able provide further information if more extensive access to your investment history is
afforded.
II. UPDATE ON PENDING SECURITIES CLASS ACTIONS
After reviewing the entire investment portfolio available to Mager & Goldstein, we have
determined that the Fund has no interest in any pending securities class actions that warrant your
immediate attention. However, because Mager & Goldstein only has access to the Fund's last
three years of investments, we will be able provide further information if more extensive access
to your investment history is afforded.
III. SETTLED SECURITIES ACTIONS
After reviewing the entire investment portfolio available to Mager & Goldstein, we have
determined that the Fund has no interest in any recently settled securities class actions.
However, because Mager & Goldstein only has access to the Fund's last three years of
investments, we will be able provide further information if more extensive access to your
investment history is afforded.
STOCK OPTIONS BACK - DATING
AND THE RESULTING LITIGATION
Stock options provide recipients with the right to convert the options to shares in the
company at some future point in time. While such options are a common and accepted
method of rewarding high -level executives for their performance as reflected in the
company's stock, companies have cleverly discovered ways to manipulate the grant dates
and prices of the stock options to artificially reward targeted employees.
In short, stock options do not present the recipient with a financial gain unless the
stock increases from the date in which the option was granted. Of course, no stock is
guaranteed to increase under any employee's tenure; thus, companies would simply backdate
their stock options to dates at which the stock was at a low- point. Such protective measures
artificially ensured the profitability of the option.
This practice of backdating stock options is deceptive to stockholders and violative of
SEC regulations. Furthermore, the practice creates additional compensation costs to the
company that must be reflected in the company's accounting. However, the deceptive
measures taken to conceal the stock option manipulations create not only GAAP violations,
but numerous tax code implications.
All of these issues have not only caught the attention of the SEC, but also of class
action firms around the country. The Securities and Exchange Commission's probe to
determine if companies improperly manipulated the grant dates and exercise prices of stock
options given to executives has grown to over 80 different companies and has spawned 23
securities class actions as of February 1, 2007.
These companies include: American Tower Corporation, Apollo Group, Inc., Apple
Computer, Inc., Aspen Technology Inc., Broadcom Corporation, Brocade Communication
Systems, Inc., Brooks Automation, Inc., Comverse Technology, Inc., Hansen Natural
Corporation, Jabil Circuit, Inc., Juniper Networks, Inc., KLA- Tencor Corporation, Marvell
Technology Group, Ltd., Meade Instruments Corporation, Mercury Interactive Corporation,
Michaels Stores, Inc., Rambus, Inc., SafeNet, Inc., Sunrise Senior Living, Inc., UnitedHealth
Group, Inc., Vitesse Semiconductor Corporation, Witness Systems, Inc., Zoran Corporation.
,T• +`.11:'R.
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Am T
99 Cents Only Stores
7/22/03 — 9/21/05
Gilardi & Co. LLC
2/26/07
$4.3 million
P.O. Box 990
Corte Madera, 94976
www.gilardi.com
Abbey National, PLC
1/2/02- 6/10/02
4/19/07
$525,000
Abercrombie & Fitch Co.
10/8/99 — 10/13/99
The Garden City Group, Inc.
2/26/07
$6.05 million
P.O. Box 9000 #6478
Merrick, NY 11566 -9000
www.,gardencitygroup.com
Ace Cash Express, Inc.
6/7/06- 10/5/06
Adelphia Communications
8/16/99 — 6/10/02
Valley Forge Administrative
3/10/07
$460 million
Corporation
Services
P.O. Box 220
(Deloitte & Touche
Villanova, PA 19085
($210 million)
Settlement)
www.adelphiasettlement.com
(Banks Settlement)
($250 million)
Advanced
4/24/03 — 2/16/05
RSM McGladrey, Inc
3/19/07
$3 million
Neuromodulation Systems,
P.O. Box 1367
Inc
Blue Bell, PA 19422
Amerigroup
2/16/05 — 9/28/05
The Garden City Group, Inc.
3/20/07
$5 million
P.O. Box 9091
Dublin, OH 43017
www.gardeiicit.ygroLiL).com
Anchor Glass Container
9/25/03 — 11/4/04
Gilardi & Co. LLC
4/30/07
$5.5 million
Corporation
P.O. Box 990
Corte Madera, 94976
wwwgilardi.com
Bisys Group, Inc
10/23/00 — 8/11/06
A.B. Data, Ltd.
3/26/07
$65.875
P.O. Box 170200
million
Milwaukee, WI 53217
www.abdatalawserve.com
Catalina Marketing Corp.
10/14/99 - 8/25/03
5/21/07
$8.500 million
CWW
'01 xr-
rAIEQ
�11iMISbt4
„ °Ii?
AMU.UNT
Central Freight Lines, Inc
12/12/03 — 3/17/05
The Garden City Group, Inc.
4/15/07
$2.6 million
P.O. Box 9000 #6450
Merrick, NY 11566 -9000
www.gardencit:�group.com
Cerus Corporation
12/19/00 — 1/30/03
Gilardi & Co. LLC
3/5/07
$6 million
P.O. Box 8040
San Rafael, CA 94912
www.gilardi.com
Check Point Software
7/10/01— 4/4/02
$13 million
Technologies
CIGNA Corp
11/2/01 - 10/24/02
$93 million
Concord Camera Corp
1/18/01 — 6/22/01
RSM McGladrey, Inc
2/20/07
$1.5 million
P.O. Box 1367
Blue Bell, PA 19422
CV Therapeutics, Inc.
12/30/02- 12/5/03
4/10/07
$13.350
million
DDi Inc.
February 14, 2001
The Garden City Group, Inc.
4/6/07
$4.35 million
IPO for $23.50 per
P.O. Box 9000 #6465
share
Merrick, NY 11566 -9000
www.gardencitkgroup.com
Dobson Communications,
5/6/03 — 8/9/04
The Garden City Group, Inc.
3/26/07
$3.4 million
Inc
P.O. Box 9000 #6411
Merrick, NY 11566 -9000
www.gardencit,ygrouL).com
Dominion Bridge Corp
4/20/95 — 5/18/96
Berdon Claims Administration
3/3/07
$750,000.00
(f /k /a Cedar Group)
P.O. Box 9014
Jericho, NY 11753
www.berdonllp.com /claims
Focal Communications
7/27/99 — 10/1/02
Berdon Claims Administration
5/1/07
$13 million
Corp.
P.O. Box 9014
Jericho, NY 11753
www.berdonilk).com /claims
CLAIM
FILING
SETTLEMENT
CLASS PERIOD
ADMINISTRATOR
DEADLINE
AMOUNT
Gainsco, Inc
11/17/99 — 2/7/02
Gilardi & Co. LLC
2/19/07
$4 million
P.O. Box 8040
San Rafael, CA 94912
www.gi lardi.coni
Huntington Bacnshares, Inc.
1/18/02 - 7/3/03
2/28/07
$8,634,480
million
Ibis Technology Corp.
7/23/03 — 12/12/03
$1.9 million
Immune Response
5/17/99 — 7/6/01
$9.8 million
Corporation
King Pharmaceuticals, Inc
2/16/99 — 3/10/03
A.B. Data, Ltd.
2/8/07
$38.25 million
P.O. Box 170200
Milwaukee, WI 53217
www.abdatalawserve.com
Krispy Kreme Doughnuts,
3/8/01- 4/18/05
3/5/07
$75 million
Inc.
Laserscope
6/5/06 — 7/25/06
Laserscope Shareholder Litigation
Fairness
$275,000.00
P.O. Box 8040
Hearing
San Rafael, CA 94912
2/16/07
Mamma.com Inc
3/2/04 — 2/16/05
$3.15 million
Molex Incorporated
7/27/04 — 2/14/05
Gilardi & Co. LLC
2/19/07
$10.5 million
P.O. Box 5100
Larkspur, CA 94977
www.gilardi.com
Neoforma, Inc
10/11/05 — 3/3/06
Gilardi & Co. LLC
Hearing
$325,000
P.O. Box 990
set for
Corte Madera, 94976
2/27/07
www.gilardi.com
Parmalat Finanziaria, SPA
1/5/99 — 12/18/03
$50 million
Philip Services Corporation
2/28/96 — 5/7/98
Berdon Claims Administration
5/18/07
$79.75 million
P.O. Box 9014
Jericho, NY 11753
www.berdonllp.com /claims
z
y
CAM
i1±. IJNG
>
b ass P oop
AoMtrris.riu�,
b EAmiNE
AmouNT
Quovadx, Inc.
10/22/03 — 3/15/04
RG /2 Claims Administration
3/15/07
$9 million
P.O. Box 59479
Philadelphia, PA 19102
Refco, Inc
8/5/04 — 10/17/05
$108 million
Spear & Jackson Inc.
1/30/02 — 4/16/04
$775,000.00
Spiegel, Inc
2/16/99 — 6/4/02
Gilardi & Co. LLC
3/5/07
$17.5 million
P.O. Box 8040
San Rafael, CA 94912
www.gilardi.com
Taser International
5/29/03- 1/11/05
4/16/07
$20 million
Transaction Systems
1/21/99 — 11/19/02
Complete Claims Solutions, LLC
4/24/07
$24.5 million
Architects
P.O. Box 24751
West Palm Beach, FL 33416
Van Der Moolen Holding
10/18/01 — 10/15/03
Strategic Claims Services
2/20/07
$8 million
N.V.
2710 Concord Rd, Suite 5
Aston, PA 19014
610 - 364 -2693
www.strategicclaims.net
VeriSign, Inc.
1/25/01- 1/25/01
4/3/07
$78 million
Wave Systems Corp.
7/31/03 — 12/18/03
The Garden City Group, Inc.
3/8/07
$1.75 million
P.O. Box 9000 #6472
Merrick, NY 11566 -9000
www.gardencitygroLip.com
Willbros Group, Inc
5/6/02 — 5/16/05
The Garden City Group, Inc.
2/28/07
$10.5 million
P.O. Box 9000 #6443
Merrick, NY 11566 -9000
www.garclencit)�groul2.com
Williams Companies, Inc.
7/24/00- 7/22/02
2/16/07
$311 million
Winstar Communications
3/10/00 — 4/2/01
Winstar Communications
6/17/07
$18.125
Securities Litigation
million
P.O. Box 8040
San Rafael, CA 94912
` Page 1 of 2
Mark Mirsberger
- Q — 7 - - -- o� e�i�A O-k
From: Jessica Dela Torre [Jess @sugarmansusskind.com]
Sent: Wednesday, March 14, 2007 10:04 AM
To: Mark Mirsberger
Cc: Ken Harrison; Pedro Herrera; Mike Welker
Subject: [NEWSENDER - ] - City of Palm Beach Gardens Firefighters' Pension Fund - Message is from an unknown sender
Dear Mr. Mirsberger:
At the direction of the Board of Trustees of our mutual client, the City of Palm Beach Gardens
Firefighters' Pension Fund, we are hereby enclosing the Amended Exhibit A (Fee Schedule) to
the Investment Management Agreement between your firm and our client. We have
confirmed the revised fees with Mike Welker of Bogdahn Consulting Group and are forwarding
to you this amendment for your review and approval. ,,.
If the Amended Fee Schedule meets your approval, kindly print out three originals, have them
signed by a duly authorized officer of your firm and forward them to Margie Adcock, the Plan's
Administrator, at The Pension Resource Center, 4360 Northlake Boulevard, Suite 206, Palm
Beach Gardens, FL 33410. The Amended Fee Schedule will be presented to the Trustees for
their final consideration and adoption . Upon full execution by the Chairperson of the Board
an original will be mailed back to you for your files, an original will be retained by the Pension
Fund, and the third original will be forwarded to our office.
Please note that the trustees will next be meeting on Monday, March 19th. If it is possible for
you to get it to Margie Adcock in advance of the meeting, assuming no revisions are
necessary, it would be greatly appreciated.
Should you have any questions with regards to the attached, please do not hesitate to contact
us at any time.
Please take note that effective January 29, 2007, we will be at our new
temporary office space. Although the phone numbers will remain the same,
our address will change. The new "temporary " address is 9130 South
Dadeland Boulevard, Suite 1129, Miami, FL, 33156.
Best Regards,
Jessica A. De la TorreVila
SUGARMAN & SUSSKIND, P.A.
9130 South Dadeland Boulevard
Suite 1 129
Miami, FL 33156
Telephone: (305) 529 -2801
Facsimile: (305) 447 -8115
Email: jess@sugarmans_usskind.com
I /1 A /Inn'1
AMENDMENT TO EXHIBIT "A"
OF THE
INVESTMENT MANAGEMENT AGREEMENT
between'
CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
( "Pension Fund ")
and
DANA INVESTMENT ADVISORS, INC.
("Investment Manager ")
EXHIBIT "A" _
(EFFECTIVE April 1, 2007)
FEE SCHEDULE
For services under this Agreement, the Investment Manager shall be entitled to receive
from the Retirement System a fee at the annual rate as set forth below. Said fees shall not be
increased during the initial term of this Agreement without the written consent of both parties.
Such fee shall be computed on the total assets covered by this Agreement. Total assets shall
mean the sum of the values taken at market of all the Investment Assets under management by
the Investment Manager (i.e., the last quoted sales price on the principal exchange on which such
assets are traded).
Equity investments
First three million dollars Seventy -five basis points (.0075)
Over three million dollars Sixty basis points (.0060)
Fixed income /cash investments
Twenty -Five basis points (.0025)
ACCEPTED and AGREED to by:
City of Palm Beach Gardens Firefighters' Pension Fund
IIn
Chairman
Date:
Dana Investment Advisors, Inc.
By:
Title: Chi&.F c.&r
Date: ?-f5'-c,7
Performance: Calendar Period Returns
Data calculated using Quarterly returns
Agincourt Blend - Gross Size
Dana Agincourt - Gross Size
Dana Gaillard - Gross Size
Galliard Blend - Gross Size
Lehman Aggregate Bond
Returns
2006
2005
2004
1 2003
2002
4.72
2.17
4.06
5.01
10.25
4.61
2.43
3.66
4.28
9.35
4.56
2.75
3.83
4.85
9.41
4.71
2.85
4.46
5.54
10.11
4.33
2.43
4.34
4.11
10.27
V)
(0Y
L r �
o c° O
C N
Ci 0)-o
C _ �
E�
a>
LLo
Performance: Index Relative Risk Statistics
Benchmark. Lehman Aggregate Bond
5 Years Trailing ending 12/31/2006
Data calculated using Quarterly returns
Alpha Beta R- Squared
0.6
0.5 ,
0.4
0.3
0.2
0.1
0.0
5Yr
Treynor Ratio
4,
3,
2
1'
0
5Yr
• Agincourt Blend - Gross Size
• Dana Agincourt - Gross Size
O Dana Gaillard - Gross Size
a Gaillard Blend - Gross Size
♦ Lehman Aggregate Bond
Timeframe: 5 Years Trailing
Index: Lehman Aggregate Bond
1.0 -
0.9
0.8 I
0.7 I
0.6 i
0.5-1
0.4 1
0.3
0.2
0.1 1
0.0 '
60
50
40.1
I
30
20
10
0
5Yr
Batting Average
5Yr
100
90
80
70
60
50
40
30
20 i
10 '
0
5Yr
Information Ratio
0.8 ,
0.6
0.4
0.2
0.0 '
i
-0.2
-0.4
-0.6
-0.8
5Yr
Alpha
Beta
R-Squared
Traynor
Ratio
Batting
Averse
Information
Ratio
0.20
0.97
98.37
2.88
55.00
0.2
0.18
0.85
99.01
2.89
55.00
-0.3
0.37
0.85
98.15
3.11
60.00
-0.0
0.
0.96
98.06
3.2
60.001
0.7
_
0.001
1.0
100.00
2.
100.00
Performance: Market Capture Ratios
Benchmark: Lehman Aggregate Bond
5 Years Trailing ending 12/31/2006
Data calculated using Quarterly returns
Up-Market Ratio Down - Market Ratio
120
Up- Market
Ratio
100.35
100
87.04
■ Dana Agincourt - Gross Size
80
67.17
❑ Dana Gaillard - Gross Size
93.34
60
■ Gaillard Blend - Gross Size
102.29
67.49
40 ;
100.00
100.00
I
20
0
--
5Yr
90
80 .
70 i
i
60
i
50
40 I
30
20
10 i
0'
5Yr
110
108
106
2 104
102
100 -
Y
m 98
96
94�
92
90 '
50 60 70 80 90 100 110 120 130 140 150
Down - Market Ratio
- - -- - - - —
■ Agincourt Blend - Gross Size
Up- Market
Ratio
100.35
Down- Market
Ratio
87.04
■ Dana Agincourt - Gross Size
90.95
67.17
❑ Dana Gaillard - Gross Size
93.34
59.50
■ Gaillard Blend - Gross Size
102.29
67.49
♦ Lehman Aggregate Bond
100.00
100.00
IndeX: Lehman Aggregate bons
Timeframe: 5 Years Trailing
Performance: Return vs Risk
Benchmark: Lehman Aggregate Bond
3 Years Trailing and 5 Years Trailing ending 12/31/2006
Data calculated using Quarterly returns
3 Years Trailing ending 1213112006 5 Years Trailing ending 12/3112006
4.2 5.6
4.0 5.4
3.8 N 5.2 ■
c E
3.6 i ■ ■ 5.0
I
3.4 i 4.8 ■
3.2 4.6
3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4
Standard Deviation Standard Deviation
■ Agincourt Blend - Gross Size
■ Dana Agincourt - Gross Size
❑ Dana Gaillard - Gross Size
■ Galliard Blend - Gross Size
♦ Lehman Aggregate Bond
Returns
Standard
Deviation
Returns
Standard
Deviation
3.64
3.66
5.21
3.62
3.56
3.17
4.84
3.13
3.71
3.16
5.05
3.15
4.00
3.55
1 5.51
3.54
3.70
3.83 1
5.06
3.69
Performance: Risk Analysis
Benchmark: Lehman Aggregate Bond
5 Years Trailing ending 12/31/2006
Data calculated using Quarterly returns
Returns
61
4
i
3j
21
I
0
5Yr
Negative Quarters
5Yr
Standard Deviation
4I
3�
i
2
1'
0 - -
5Yr
Worst Quarter
0.0
-0.5
-1.0 j
-1.5
i
-2.0 '
-2.5
-3.0 '
5Yr
0.9
0.8
0.7 1
0.6
0.5
0.4
0.3-1
0.2 {
0.1
0.0
Sharpe Ratio
5Yr
Worst 4 Quarters
0.2
0.0
i
-0.2
-0.4
-0.6
-0.8
-1.0
5Yr
Timeframe: 5 Years Trailing
Returns
Standard
Deviation
Sharpe
Ratio
Negative
Quarters
Worst
Quarter
Worst 4
I Quarter's
■ Agincourt Blend - Gross Size
5.21
3.62
0.7
5
-2.50
-0.09
■ Dana Agincourt - Gross Size
4.84
3.13
0.78
5
-2.05
0.16
❑ Dana Galliard - Gross Size
5.05
3.15
0.84
5
-1.93
0.15
■ Gaillard Blend - Gross Size
5.51
3.54
0.
4
-2.15
-0.1
• Lehman Aggregate Bond
5.06
3.6
0.72
6
-2.44
-0.81
Timeframe: 5 Years Trailing
Performance: Trailing Period Returns
Benchmark: Lehman Aggregate Bond
Trailing periods ending 12/31/2006
Data calculated using Quarterly returns
Agincourt Blend - Gross Size
Dana Agincourt - Gross Size
Dana Gaillard - Gross Size
Gaillard Blend - Gross Size
Qtr
I YTD
1Yr
3Yr
I 5Yr
10Yr
I 15Yr
20Yr
1.31
4.72
4.72
3.64
5.21
1.31
4.61
4.61
3.56
4.84
6.11
1.16
4.56
4.56
3.71
5.05
6.25
1.13
4.71
4.71
4.00
5.51
6.53
Lehman Aggregate Bond
1.24
4.331
4.331
3.70
5.00
6.24
6.50F
7.35
Returns