Quarter and YTD returns not annualized. Lifetime performance is not examined.
1 Results are presented net of actual fees until December 31, 2005; from January 1, 2006 through the present, net composite results are presented net of highest fee. MAP has been independently verified for compliance with all the composite construction requirements of the GIPS Standards and the design of its policies and procedures.
2 The information provided is supplemental and complements the MAP US Multi-Cap Value Composite presentation. 3 Descriptive statistics derived from holdings based on the aggregate of individual portfolios in the composite. Holdings of individual client portfolios in the composite may differ, sometimes significantly, from those shown. 4 Based on the annualized quarterly returns of the US Multi-Cap Value Composite compared to the annualized quarterly total returns of the MSCI USA Index since inception. 5 Based on the cumulative performance for the MSCI USA Index’s 53 positive quarters and 20 negative quarters between January 1, 2003 and March 30, 2020.
All investments are subject to risk, including the loss of principal.
Past performance is no guarantee of future results.
The Global Investment Performance Standards are a trademark of CFA Institute. CFA Institute has not been involved in the preparation or review of this report/advertisement.
* The information provided is supplemental and complements the MAP US Multi-Cap Value Composite presentation.
1 Descriptive statistics derived from holdings based on the aggregate of individual client portfolios in the Composite. Holdings of individual client portfolios in the Composite may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.
Definitions: Yield to Maturity: annualized rate of return an investor will receive if a debt instrument, such as a bond, is held to maturity. Maturity: date at which a debt instrument is due and payable. Duration: the approximate percentage change in price for a 100-basis point change in yield. A duration of 5 means that bond’s price will change by 5% for a 100-basis point change in yield. Duration is valid only for small changes in yield. S&P Rating: evaluation of a company’s credit history and ability to repay its obligations performed by S&P. An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Market Capitalization: total value of all the issued and outstanding common stock of a corporation. Dividend Yield: the annual percentage of return earned by an equity investor from the payment of dividends on common or preferred stock. Price to Earnings Ratio (PE): price of a stock divided by the trailing twelve months earnings per share. Price to Sales Ratio: price of a stock divided by the trailing twelve months sales per share. Price to Book Ratio: the ratio of market price of a company’s shares (share price) over its book value of equity. Turnover: the volume of the composite’s holdings that is sold and replaced with new securities annually, expressed as a percentage of the composite’s total assets. Beta: measures the composite’s covariance relative to its benchmark. Sharpe Ratio: the ratio of the return earned over the risk-free rate divided by the variability of the composite. It indicates the risk premium return earned per unit of total risk. Alpha: measures how much of the rate of return on the composite is attributable to the manager’s ability to derive above average returns adjusted for risk. R2: measures the strength of the linear relationship between the composite and its benchmark. Upside Capture Ratio: measures the manager’s overall performance to the benchmark’s overall performance, considering only the quarters that are positive in the benchmark. An Upside Capture Ratio of more than 100% indicates a manager that is able to outperform the benchmark during up markets. Downside Capture Ratio: measures the manager’s overall performance to the benchmark’s overall performance, considering only quarters that are negative in the benchmark. A Downside Capture Ratio of less than 100% indicates a manager that is able to outperform the relative benchmark during down markets.
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
1 For the periods prior to 2017 composite assets are calculated based on composite membership as of 12/31. Composite assets include accounts that enter the composite on 12/31.
MAP U.S. Multi-Cap Value Composite seeks to generate long-term growth of capital by investing in a diversified portfolio of securities issued by US companies. Effective 12/31/2018, the benchmark is the MSCI USA Index. Prior to that, the benchmark was the Russell 1000 Index. There is no secondary benchmark.The benchmark change to the MSCI USA Index is consistent with, and more closely represents the construction of MAP’s U.S. Multi-Cap Value Composite, which is the U.S. only component of MAP’s Global Equity Composite, just as the MSCI USA Index is the U.S. only component of the MSCI All Country World Index, which is the benchmark for MAP’s Global Equity Composite. The MSCI USA Index measures the performance of the large and mid cap segments of the U.S. market. The index covers approximately 85% of the free float adjusted market capitalization in the U.S. market. The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology – a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. It aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.
Managed Asset Portfolios, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Managed Asset Portfolios, LLC has been independently verified for the periods March 31, 2001 through June 30, 2019.The verification reports are available upon request.
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 MAP US Multi-Cap Value Composite has been examined for the periods January 1, 2013 through June 30, 2019. The verification and performance examination reports are available upon request.
Managed Asset Portfolios, LLC is a registered investment adviser. The firm’s list of composite descriptions is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest management fee of 1.00%, applied monthly. Wrap/bundled fee accounts represent the following percentages of the composite: 2018: 2.46%, 2019: 11.18%. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request
The management fee is generally 1.00% for the first $5,000,000. The fee is negotiable for accounts over $5,000,000. Actual investment advisory fees incurred by clients may vary.
The MAP U.S. Multi-Cap Value Composite was created March 31, 2008.