Year |
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
Year |
Previous
Year End % Equity |
Previous
Year End % Bonds & Cash |
1993 |
PSCo |
3.55 |
1.30 |
2.74 |
0.97 |
8.80 |
50 |
50 |
|
Benchmk |
3.82 |
0.95 |
2.26 |
1.51 |
8.80 |
|
|
1994 |
PSCo |
(1.69) |
2.24 |
3.20 |
4.14 |
8.00 |
58 |
42 |
|
Benchmk |
(2.74) |
0.18 |
3.26 |
0.11 |
0.72 |
|
|
1995 |
PSCo |
7.48 |
4.89 |
4.08 |
4.51 |
22.60 |
59 |
41 |
|
Benchmk |
7.22 |
7.28 |
5.35 |
4.76 |
26.96 |
|
|
1996 |
PSCo |
2.05 |
2.58 |
2.59 |
6.28 |
14.10 |
65 |
35 |
|
Benchmk |
3.13 |
3.04 |
2.53 |
5.95 |
15.44 |
|
|
1997 |
PSCo |
(0.63) |
13.48 |
12.19 |
1.47 |
28.30 |
62 |
38 |
|
Benchmk |
1.76 |
11.24 |
5.39 |
2.52 |
22.30 |
|
|
1998 |
PSCo |
7.04 |
0.87 |
(7.76) |
12.18 |
11.70 |
67 |
33 |
|
Benchmk |
8.88 |
2.66 |
(4.41) |
12.93 |
20.66 |
|
|
1999 |
PSCo |
1.79 |
10.76 |
(2.80) |
4.45 |
14.46 |
52 |
48 |
|
Benchmk |
3.02 |
4.28 |
(3.41) |
8.85 |
12.96 |
|
|
2000 |
PSCo |
3.20 |
1.21 |
1.66 |
2.95 |
9.30 |
37 |
63 |
|
Benchmk |
2.06 |
(1.00) |
0.42 |
(3.23) |
(1.81) |
|
|
2001 |
PSCo |
(0.18) |
2.36 |
(2.63) |
4.24 |
3.70 |
34 |
66 |
|
Benchmk |
(6.22) |
3.64 |
(7.40) |
6.16 |
(4.45) |
|
|
2002 |
PSCo |
1.37 |
(0.23) |
(1.08) |
3.36 |
3.40 |
24 |
76 |
|
Benchmk |
0.17 |
(7.11) |
(8.98) |
5.18 |
(10.92) |
|
|
2003 |
PSCo |
0.29 |
3.36 |
0.98 |
3.46 |
8.30 |
21 |
79 |
|
Benchmk |
(1.48) |
9.76 |
1.63 |
7.14 |
17.74 |
|
|
2004 |
PSCo |
2.27 |
(1.82) |
1.65 |
4.98 |
7.15 |
24 |
76 |
|
Benchmk |
1.74 |
0.35 |
(0.42) |
5.63 |
7.39 |
|
|
2005 |
PSCo |
(0.52) |
0.54 |
2.38 |
0.86 |
3.28 |
32 |
68 |
|
Benchmk |
(1.43) |
1.59 |
2.09 |
1.53 |
3.79 |
|
|
2006 |
PSCo |
2.67 |
0.55 |
1.46 |
2.34 |
7.18 |
46 |
54 |
|
Benchmk |
2.54 |
(0.66) |
4.40 |
4.41 |
11.03 |
|
|
2007 |
PSCo |
1.39 |
3.17 |
3.45 |
2.68 |
11.13 |
27 |
73 |
|
Benchmk |
0.97 |
3.94 |
2.38 |
(0.96) |
6.41 |
|
|
2008 |
PSCo |
1.20 |
|
|
|
1.20 |
25 |
75 |
|
Benchmk |
(4.39) |
|
|
|
(4.39) |
|
|
The investment returns shown above are based on a certain group of
clients that meet criteria for inclusion in our performance statistics.
To be selected for inclusion an account has to be under our management
for five full quarters, pay fees directly from their account, and not
have substantial holdings that were restricted as to our investment decisions.
For the years 1993 through 1997 an account had to be $150,000 or greater
in size and for the years 1998 through the present the required size
was $200,000 for inclusion. Beginning 1/1/2004 accounts in the lowest
risk category at the beginning of the calendar year are excluded, as
their portfolios do not reflect the balanced account strategy applied
to the composite of accounts included herein. We employ a total return
strategy for our balanced accounts with no limitations on asset allocation
between equities and fixed income, or the types of stock, bond or cash
equivalents purchased. The benchmark used for comparison in the above
table is 60% S&P 500 Index, 30% Lehman Intermediate Government
Bond Index and 10% 90 Day Treasury Bills. There are times when stock
exposure in our balanced accounts is heavier than the benchmark and times when it is lighter than the
benchmark. We have averaged the prior year-end equity exposure levels
for all accounts included in our performance numbers and included this
information in the table above. Equity exposure levels that were somewhat
higher than the benchmark were beneficial to our performance in the
years when equity markets were strong, and our reduction in equity exposure
in favor of bonds and cash has aided returns in those years when the
equity markets were weak. Our performance numbers include the reinvestment
of all dividends and interest, and are net of management fees, brokerage
commissions, and any other investment related fees paid from the account.
Our record of positive annual returns does not preclude the possibility
of losses in the future.
Past performance is no guarantee of future results.
