Inception: January 1, 1995.
* Figures as of the period ending December 31, 2011.
**Annualized returns as of the period ending December 31, 2011.
+ N/M denotes that the information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year, or the composite period is less than a year
SAM is an SEC registered investment advisor. All composite accounts were invested using the same “value” investment philosophy now employed at SAM. Historic performance is no guarantee of future performance, profitability, or the avoidance of losses.
The Small-Cap Value Equity composite was created in January 2000 and incepted on January 1, 1995. The composite was created to reflect all portfolios managed with a similar mandate. The composite contains concentrated, commission-paying, non-taxable value equity accounts managed using a bottom-up, fundamental investment approach and each with a market capitalization focus of holdings consistent with the composite name. All accounts are included in the composite unless: (a) the account size is less than $250,000; or (b) the account has been in place less than a full calendar quarter; or (c) the client has not given full investment discretion over the account. Both gross and net results include the reinvestment of dividends and income and are gross of custody fees but net of transaction costs. Withholding tax on dividends is treated as a reduction of the security’s dividend income for companies not domiciled in the U.S. Withholding tax on U.S. equities held by non-domestic accounts is treated as a cash withdrawal. Returns include the effect of foreign currency exchange rates. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. Net performance reflects the deduction of actual advisory fees. Other expenses, such as custody fees, which the investors may have incurred independently, may have further reduced investors’ actual results. The currency used to calculate performance is the U.S. dollar. A percentage of the composite may be invested in non-U.S. securities. Portions of the Small-Cap Value Equity composite have been carved-out from an account with an all capitalization mandate. (The carve-out represents 100% of the Small-Cap Value Equity composite from 1995-1999 and 80.71%, 72.82%, 67.24% and 51.81% respectively from 2000-2003. Cash has been allocated to the carve-out based on the small cap percentage of the total account using the ending market value. Beginning January 1, 2004, carve-outs were no longer included in the Small-Cap Value Equity Composite.) Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations as well as a complete list of SAM’s composite descriptions is available upon request. SAM’s investment management fee schedule is 1.00%. Actual investment advisory fees incurred by clients may vary. Non-commission portfolios generally incur fees, e.g. ‘wrap fees’ charged separately by the plan sponsor and are included in net of fee performance calculations.
SAM’s Small-Cap Value Equity composite is compared to the Russell 2000® Value Index. For additional information, the composite has also been compared to the S&P 500 Index. The Russell 2000® Value Index is a hypothetical and unmanaged index compiled by the Frank Russell Company. The S&P 500 Index is a hypothetical and unmanaged index compiled by Standard and Poor’s. Both indices are weighted by market capitalization and their returns include the reinvestment of dividends. The indices do not account for transaction costs or other expenses which an investor might incur in attempting to obtain such returns. The Russell and S&P indices are taken from published sources and deemed reliable. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of SAM. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in SAM’s presentation thereof. The composite may differ significantly from the relevant performance benchmarks. Specifically, the composite may invest in fewer companies, and have significantly different industry exposure. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.
Steinberg Asset Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Steinberg Asset Management, LLC has been independently verified for the periods January 1, 1992 through December 31, 2010.
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. The Small-Cap Value Equity composite has been examined for the periods January 1, 1995 through December 31, 2010. The verification and performance examination reports are available upon request.
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