Cornerstone's
Model Portfolio
Cornerstone’s
Model Portfolio has not been static
As the mountain chart below shows, we have made slight and
major shifts as warranted by market action.
Cornerstone’s Model Portfolio and
Client Composite Performance Comparisons.
Cornerstone
Model Portfolio
|
Since
Inception 5/31/99 to 04/30/08
|
5
Years
|
3
Years
|
1
Year
|
YTD |
Total
Return
|
166.29% |
72.21%
|
42.67%
|
11.61%
|
0.81% |
Annualized
|
11.61% |
11.48% |
12.57% |
11.61% |
NA |
Beta
|
0.07 |
0.25 |
0.21 |
0.09 |
NA |
Correlation
|
0.14 |
0.34 |
0.25 |
0.14 |
NA |
| |
|
|
|
|
|
Client
Composite
|
|
5
Years |
3
Years
|
1
Year
|
YTD |
Total
Return
|
|
50.08% |
33.86% |
10.00% |
0.65% |
Annualized
|
|
9.43% |
10.24% |
10.49% |
NA |
| Beta |
|
0.25 |
0.24 |
0.23 |
NA |
| Correlation |
|
0.40 |
0.40 |
0.51 |
0.31 |
| |
|
|
|
|
|
Major
Indices
(Not annualized)
|
5/31/99
to 04/30/08
|
5
Years
|
3
Year
|
1 Year |
YTD |
S&P
500
|
5.51% |
48.93% |
17.50% |
-7.88% |
-7.00% |
Dow
Jones Ind
|
19.10% |
48.82% |
23.11% |
-3.39% |
-4.86% |
Nasdaq
|
-2.91% |
59.93% |
21.42% |
-7.26% |
-11.70% |
Lehman
Br. Govt/Corp Bd Ind
|
6.82% |
-
1.61% |
-
1.02% |
5.27% |
1.40% |
DJ
Commodity Index
|
175.01% |
90.82% |
40.53% |
23.78% |
15.92% |
| Phil
Gold & Silv Index |
220.77% |
194.39% |
129.82% |
40.26% |
10.92% |
All
Model Portfolio and Client Composite figures are after fees.
(Indices do not pay fees)
Disclosures
All
information contained herein is stated as of December 31, 2007,
unless indicated otherwise. Results shown are past performance,
which is not an indication of future results.
Cornerstone
Investment Services, LLC has prepared and presented this report
in compliance with the Performance Presentation Standards of the
Association for Investment Management and Research (AIMR-PPS®),
the U.S. and Canadian version of the Global Investment Performance
Standards (GIPS®). AIMR has not been involved in the preparation
or review of this report.
Cornerstone
Investment Services, LLC is a registered investment adviser. The
firm is privately owned. The firm maintains a complete list and
description of composites, which is available upon request.
The
Cornerstone Client Composite (CCC) started 10/31/02 and is defined
as all fully discretionary portfolios (including cash) under management,
including those no longer with the firm. Accounts that were following
the Cornerstone Model Portfolio (CMP) but were non-discretionary
(but have since become discretionary) for a portion of the measured
time period may also be included. There is no minimum account size
for this composite. For comparison purposes, the composite is measured
against a variety of indices that represent equities, bonds and
commodities. CCC performance numbers are averaged together
for various time frames. Because of different starting dates
and differences in portfolio makeup, the CCC performance will vary
from the Cornerstone Model Portfolio.
The
Cornerstone Model Portfolio (CMP) is an integral part of our investment
management process, which is why it is included in this report.
It is a hypothetical portfolio which began on 5/31/99 and is driven
by Cornerstone’s research. Performance is net of fees and
utilizes the same investments as discretionary client portfolios.
All discretionary accounts follow the CMP, but none are identical
to it. Cornerstone’s money management process first makes
changes to the CMP and then applies those changes to client portfolios
as appropriate. Client portfolio performance will differ from the
CMP due to various factors including, but not limited to time, asset
allocation, income distributions and risk tolerance of the investor.
The
CCC results are time-weighted total returns net of all fees and
charges. Fees vary according to account size. A fee schedule is
available upon request and is described in Part II of the firm’s
ADV. A client’s actual net total return may differ from the
CCC due to various factors including, but not limited to time, asset
allocation, income distributions and risk tolerance of the investor.
The
performance information is supplied for reference. Past performance
is no guarantee of future results. Results will vary among accounts.
The U.S. dollar is the currency used to express performance. All
material is compiled from sources believed to be reliable, but accuracy
cannot be guaranteed.
For
other information please contact Cornerstone Investment Services,
LLC at (401) 453-5550. This report is not to be considered an offer
to buy or sell any financial instrument. As with all investments,
there are associated inherent risks. Please obtain and review all
financial material carefully before investing.
Past
performance is no guarantee of future results.
Call
for our latest Form ADV
It contains all details regarding fees and services
|
