Tax-Sensitive Growth
| Year End | Annual Performance Results | Composite Assets | Total Firm Assets ($millions) | Assets in Strategy ($millions) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Composite | Custom BM* (%) | Russell 2000 Growth Index (%) | Return Std. Dev. (Dispersion) | U.S Dollars ($millions) | % of Firm Assets | Number of Accounts | ||||
| Gross of Fees (%) | Net of Fees (%) | |||||||||
| 2007 | -0.47 | -1.61 | 9.26 | 7.05 | 0 | 16.6 | 0.7 | 1 | 2,273 | 16.6 |
| 2006 | 10.30 | 7.52 | 12.05 | 13.35 | 0 | 18.4 | 0.7 | 1 | 2,501 | 18.4 |
| 2005 | 18.20 | 17.40 | 8.09 | 4.15 | 0 | 17.1 | 0.7 | 1 | 2,412 | 17.1 |
| 2004 | 18.14 | 17.34 | 14.95 | 14.31 | 0 | 17.9 | 0.7 | 1 | 2,452 | 17.9 |
| 2003 | 57.40 | 56.42 | 45.65 | 48.54 | 0 | 15.3 | 0.8 | 1 | 2,083 | 15.3 |
| 2002 | -20.54 | -21.15 | -28.77 | -30.26 | 0 | 9.8 | 0.7 | 1 | 1,362 | 9.8 |
| 2001 | -24.38 | -25.53 | -14.75 | -9.23 | 0 | 14.9 | 0.8 | 1 | 1,965 | 14.9 |
| 2000 | 6.70 | 4.14 | -17.07 | -22.43 | 0 | 20.0 | 1.0 | 1 | 1,996 | 20.0 |
| 1999 | 53.99 | 52.97 | 47.30 | 43.09 | 0 | 21.0 | 1.1 | 1 | 2,436 | 21.0 |
| 1998 | 5.95 | 5.45 | 9.33 | 1.23 | 2.71 | 33.1 | 2.2 | 5 | 1,336 | 33.1 |
| 1997 | 13.76 | 12.60 | 17.83 | 12.95 | 1.63 | 33.9 | 2.7 | 4 | 1,262 | 33.9 |
| 1996 | 20.73 | 19.91 | 14.47 | 11.26 | 1.37 | 27.7 | 2.6 | 3 | 1,051 | 27.7 |
| 1995 | 25.11 | 24.60 | 32.55 | 31.04 | 2.64 | 26.8 | 3.0 | 3 | 900 | 26.8 |
| 1994 | 11.15 | 10.56 | -2.28 | -2.43 | 0.29 | 24.8 | 3.9 | 2 | 638 | 24.8 |
| 1993 | 28.70 | 28.20 | 12.30 | 13.36 | 1.24 | 23.6 | 3.6 | 2 | 656 | 23.6 |
| 1992 | 8.78 | 7.90 | 8.37 | 7.77 | 3.52 | 18.9 | 3.2 | 3 | 598 | 18.9 |
| * Custom Benchmark is a 50/50 blend of the Russell 2000 Growth Index and the Russell Midcap Growth Index. | ||||||||||
Wall Street Associates has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS.)
Wall Street Associates, LLC ("The Firm", "WSA") is a registered investment advisor, established in 1987. WSA is defined as an independent investment advisory firm that is not affiliated with any parent organization. The Firm is defined as all actual, institutional and sub-advisory (mutual fund) accounts managed by WSA. WSA invests primarily in U.S. Micro to Mid Cap growth securities for U.S. institutional clients. WSA maintains a complete list and description of composites, which is available upon request.
Tax-Sensitive Growth Composite ("The Composite") created in May of 1991. The Composite includes all actual fee paying private client, institutional and sub advisory (mutual fund) accounts with comparable investment objectives and risks, managed by WSA for at least one full month. On a tax-managed basis, the Composite invests primarily in domestic growth equities with a market capitalization of less than $10b (gross) at purchase, including benchmark constituents above $10b. It is measured against a 50/50 blend of the Russell 2000 Growth Index and the Russell Midcap Index for comparison purposes. Prior to 1999, the composite was measured against the Russell 2000 Growth Index. Both indices are provided to maintain continuity. The change to the 50/50 blend in 1999 provided a more accurate reflection of the strategy. The Russell 2000 Growth and Russell 2000 Growth/Russell Midcap Growth 50/50 Index returns, which do not reflect the deduction of advisory fees, have been provided for comparison purposes only and have not been examined by independent accountants. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to- book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index. The Tax-Sensitive Growth Composite's results have been prepared and presented in compliance with Global Investment Performance Standards for the period January 1, 1992 through December 31, 2007.
The US Dollar is the currency used to express performance. Results are based on fully discretionary, accounts under management, including those accounts no longer with the firm. Performance information reflects total return and includes dividends and other earnings. There is no minimum account size for this composite. Past performance is not indicative of future results.
Returns were calculated on a total return basis. Returns include all dividends and interest, other income, realized and unrealized gains or losses, and are net of all brokerage commissions, execution costs and without provision for federal or state income taxes. Securities transactions are accounted for on trade date, with dividends and other earnings accounted for on a cash basis. Cash and equivalents are included in performance returns. Monthly returns of The Composite combine individual accounts' return (calculated on a time-weighted rate of return basis which is revalued daily) by asset-weighting each accounts asset value as of the beginning of the month. Annual returns are calculated by geometrically linking the monthly returns. Gross returns do not give effect to investment advisory fees, which would reduce such returns. Net of fee performance was calculated using the weighted average fee rate of the previous quarters actual fees, as provided in Part II of the firm's ADV. For the partial quarter prior to the first complete quarter (if provided), the base management fee rate was utilized to calculate net performance. A fee schedule is an integral part of a complete presentation. Actual investment advisory fees incurred by clients may vary due to various conditions including account size. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.
Performance returns have not been audited or verified by and independent third party.From time to time, WSA may invest some client accounts in shares of companies through initial public offerings ("IPOs"). IPOs have the potential to produce substantial gains. There is no assurance that any client account will have continued access to profitable IPOs and as account assets grow, the impact of an IPO investment in that account may decline. Investors should not rely on these past gains as an indication of future performance.
No leverage or derivatives are used in this product. Disclosures are the representation of management. Performance results shown above are included as part of a complete disclosure presentation.