Performance Results
(Net of Fees*)
Past Performance Results
Jul05 Net of Fees
Mar05 Net of Fees* Performance represents equity performance (annual rate of return) of all SCM non-restricted discretionary actively managed accounts for non-taxable institutional clients over $1,000,000 since inception date of April 1, 1994. New accounts, for non-taxable institutional clients, are added to the composite after their first full quarter. The composite reflects performance of equity only portfolios. Computations include transaction costs, but do not include management fees and assume the reinvestment of all dividends, interest and capital gains (Total Return). The deduction of management fees reduces the client’s return and will have a compounding effect over time as reflected in the table below. The deduction of SCM’s 0.50% average fee for discretionary accounts from the performance results reflected in the composite would result in an actual annualized reduction in the client’s return of 0.50% since inception. SCM’s management fees are described more fully in part II of our ADV form.
The S & P 500 Index is an unmanaged, capital-weighted index representing the aggregate market value of the common equity 500 stocks primarily traded on the New York Stock Exchange (NYSE). The Barra Value Index represents more than 300 stocks within the S & P 500 characterized by low price-to-book ratios, high yield, and low price-to-earning ratios. The Russell Value 1000 Index broadly represents the value approach as discussed above.
