Institutional Composite. (Net)

Transcription

1 Current Performance Returns through September 30, 06 (not annualized if less than year) Q3 06 Navellier Tactical Libertas 30 Institutional (Gross) Navellier Tactical Libertas 30 Institutional () Blended : 45% S&P 500, 5% MSCI World ex U.S., 30% U.S. Aggregate Bond Index Blended () 3 rd Quarter 06.34%.7% 3.46% Year-to-Date 3.88% 3.4% 6.30% Trailing Year.47%.87% 0.57% Trailing 3 Year 7.6% 7.07% 6.5% Since Inception (7//03) 8.70% 8.8% 7.7% Wrap Wrap S & P 500 Index 3 rd Quarter %.89% 3.85% Year-to-Date 4.44%.73% 7.84% Trailing Year 3.% 0.8% 5.43% Since Inception (//03) 9.96% 7.7% 8.93% Wrap Wrap S & P 500 Index 3 rd Quarter % 4.03% 3.85% Year-to-Date 5.9% 3.94% 7.84% Trailing Year 3.90%.7% 5.43% Since Inception (//03) 0.9% 9.5% 8.93% Wrap Wrap Blended () 3 rd Quarter 06.95%.50% 3.46% Year-to-Date 5.03% 3.55% 6.30% Trailing Year 3.5%.48% 0.57% Since Inception (//04) 7.67% 5.95% 5.88% Wrap Wrap Blended () 3 rd Quarter % 3.87% 3.46% Year-to-Date 6.50% 5.6% 6.30% Trailing Year 5.0% 3.6% 0.57% Since Inception (//03) 7.09% 5.47% 5.59% () Blended : 45% S&P 500, 5% MSCI World ex U.S., 30% U.S. Aggregate Bond Index Source: Navellier & Associates. Past performance is no guarantee future results. Investment Results include the reinvestment dividends and other earnings. See important disclosures at end document. NCD-6-095

2 Navellier Tactical Libertas 30 Institutional Percentage % Non-fee Paying Pure Gross Net Global Balanced Blended Dispersion (%) 05,00 0 <% ,07 3 <% ,3 <% N/A Performance calculations for the period ended December 3, 03 includes 6 months history. verified for the periods January, 995 through December 3, 04 by Ashland or training. Navellier & Associates, Inc. manages a variety equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating presentations are available 3. Description - The Navellier Tactical Libertas 30 Institutional includes all discretionary Navellier Tactical Libertas 30 equity accounts managed with similar objectives for a full month, including those accounts no longer with the firm. This global balanced strategy is a tactical, defensive portfolio that has the potential to invest in domestic equity sector ETFs, international ETFs, fixed income ETFs, ETFs representing alternative investments, and takes defensive positions by investing in a cash equivalent, such as money market funds. The strategy can raise up to 00% cash when conditions warrant. All ETFs in the universe are ranked based on a weighted, quantitative multi-factor model relative to the S&P 500 and to cash to determine timing, allocation, positioning, and overall portfolio risk. Based on the model ranking, the strategy typically holds 8 to 0 ETFs. The strategy uses sine waves to measure the wave heights the market. These sine waves produce signals that indicate when the portfolio should move in and out ETFs and cash. This strategy is more aggressive than other similar Libertas strategies and may have lower allocations. From inception, there is one non-management-fee paying account included in the composite. Performance figures that are net fees take into account advisory fees and any been deducted from the account. Gross-fees returns reflect the deduction transaction costs/commissions, but do not reflect the deduction any investment management fees. Performance results are total returns and include the reinvestment all income, including dividends. The composite was created June 30, 03. Valuations and returns are computed and stated in U.S. Dollars. fee schedule for accounts ranges from 60 to 90 basis points, depending on account size and brokerage selected. Some incentive fee, fixed fee, and fulcrum fee accounts may be included. Fees the same rate. Fees are negotiable, and not all accounts included in the composite are charged the same rate. The client is referred to the firm s Form ADV Part A for a full disclosure the fee 5. Dispersion - If applicable, across asset-weighted portfolio level gross returns represented within the composite for the full year The Blended is a blended benchmark using the following indices: S&P 500 (45%), MSCI World ex U.S. (5%), and Barclays Capital U.S. Aggregate Bond Index (30%). The benchmark is rebalanced monthly. Prior to July 03, this blended benchmark was referred to as the Allocator Blended. The S&P 500 Index measures the performance the 500 leading companies in leading industries the U.S. economy, focusing on the large cap segment the market, with approximately 75% coverage U.S. equities. The MSCI World ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance developed markets. As June 04, the MSCI World ex U.S. Index consisted the following 3 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI World ex U.S. Index targets 85% the free float adjusted market capitalization. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixedrate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM passthroughs), ABS, and CMBS. The returns for the index includes the reinvestment any dividends and interest income. The asset mix the composite may not be precisely comparable to the presented index. Presentation index data does not reflect a belief by the that the Blended, or any other index, constitutes an strategy presented in these materials or is necessarily comparable to such strategies. Libertas 30

3 Navellier Tactical Wrap Percentage Pure Gross Net S&P ,00.5 % , <% N/A 03,3 0.5 <% N/A Performance calculations for the period ended December 3, 03 include month history. This space left intentionally blank. verified for the periods January, 995 through December 3, 04 by Ashland or training. Navellier & Associates, Inc. manages a variety equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating presentations are available 3. Description - The Navellier Tactical Wrap includes all discretionary Navellier Tactical equity accounts managed with similar objectives for a full month, including those accounts no longer with the firm. The strategy is a tactical, defensive portfolio that invests in ten equity sector ETFs and takes defensive positions by investing in three bond ETFs staggered along the yield curve when conditions warrant. The strategy may invest in a cash equivalent, such as money market funds. The strategy uses sine waves to measure the wave heights the market. These sine waves produce signals that indicate when the portfolio should move in and out stock or bond ETFs. Performance figures that are net fees take into account advisory fees, wrap fees, and any been deducted from the account. Pure gross--fees returns do not reflect the deduction any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment all income, including dividends. The composite was created December, 03. Valuations and returns are computed and stated in U.S. Dollars. 40 to 00 basis points; however, some make up 00% the composite for all generally range from 00 to 00 basis with the management the account. The Part A for a full disclosure the fee 5. Dispersion - If applicable, across asset-weighted portfolio level gross returns represented within the composite for the full year The primary benchmark for the composite is the S&P 500 Index. The S&P 500 consists 500 stocks chosen for market size, liquidity and industry group re It is a market value weighted index with each stock s weight in the index proportionate to its market value. The reported returns reflect a total return for each quarter inclusive dividends. The asset mix the composite may not be precisely comparable to the presented indices. Presentation index data does not reflect a belief by the that the S&P 500 Index, or any other index, constitutes an

4 Navellier Tactical featuring AlphaDEX Wrap Percentage Pure Gross Net S&P , % , <% ,3 0.4 <% N/A Performance calculations for the period ended December 3, 03 includes month history. This space left intentionally blank. verified for the periods January, 995 through December 3, 04 by Ashland or training. Navellier & Associates, Inc. manages a variety equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating presentations are available 3. Description - The Navellier Tactical featuring AlphaDEX Wrap includes all discretionary Navellier Tactical U.S. Equity Sector Plus equity accounts managed with similar objectives for a full month, including those accounts no longer with the firm. The strategy is a tactical, defensive portfolio that invests in ten equity sector ETFs and takes defensive positions by investing in three bond ETFs staggered along the yield curve when conditions warrant. The strategy may invest in a cash equivalent, such as money market funds. The strategy uses sine waves to measure the wave heights the market. These sine waves produce signals that indicate when the portfolio should move in and out stock or bond ETFs. Performance figures that are net fees take into account advisory fees, wrap fees, and any been deducted from the account. Pure gross--fees returns do not reflect the deduction any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment all income, including dividends. The composite was created December, 03. Valuations and returns are computed and stated in U.S. Dollars. 40 to 00 basis points; however, some make up 00% the composite for all generally range from 00 to 00 basis with the management the account. The Part A for a full disclosure the fee 5. Dispersion - If applicable, across asset-weighted portfolio returns represented within the composite for the full year The primary benchmark for the composite is the S&P 500 Index. The S&P 500 consists 500 stocks chosen for market size, liquidity and industry group re It is a market value weighted index with each stock s weight in the index proportionate to its market value. The reported returns reflect a total return for each quarter inclusive dividends. The asset mix the composite may not be precisely comparable to the presented indices. Presentation index data does not reflect a belief by the that the S&P 500 Index, or any other index, constitutes an featuring AlphaDEX

5 Navellier Tactical Wrap Percentage Pure Gross Net Blended 05,00 0. <% N/A 04, <% N/A Performance calculations for the period ended December 3, 04 includes months history. verified for the periods January, 995 through December 3, 04 by Ashland or training. Navellier & Associates, Inc. manages a variety equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating presentations are available 3. Description - The Navellier Tactical Wrap includes all discretionary Navellier Tactical equity accounts charged a wrap fee and managed with similar objectives for a full month, including those accounts no longer with the firm. This global strategy is a tactical, defensive portfolio that invests in nine equity sector ETFs, five international ETFs, five ETFs representing alternative investments, ten fixed income ETFs, and takes defensive positions by investing in an additional three bond ETFs staggered along the yield curve when conditions warrant. The strategy may invest in a cash equivalent, such as money market funds. The strategy uses sine waves to measure the wave heights the market. These sine waves produce signals that indicate when the portfolio should move in and out stock or bond ETFs. Performance figures that are net fees take into account advisory fees, wrap fees, and any brokerage fees or commissions that have been deducted from the account. Pure gross--fees returns do not reflect the deduction any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment all income, including dividends. The composite was created February, 04. Valuations and returns are computed and stated in U.S. Dollars. 40 to 00 basis points; however, some make up 00% the composite for all generally range from 00 to 00 basis with the management the account. The Part A for a full disclosure the fee 5. Dispersion - If applicable, across asset-weighted portfolio returns represented within the composite for the full year The Blended is a blended benchmark using the following indices: S&P 500 (45%), MSCI World ex U.S. (5%), and Barclays Capital U.S. Aggregate Bond Index (30%). The benchmark is rebalanced monthly. Prior to July 03, this blended benchmark was referred to as the Allocator Blended. The S&P 500 Index measures the performance the 500 leading companies in leading industries the U.S. economy, focusing on the large cap segment the market, with approximately 75% coverage U.S. equities. The MSCI World ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance developed markets. As June 04, the MSCI World ex U.S. Index consisted the following 3 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI World ex U.S. Index targets 85% the free float adjusted market capitalization. The Barclays Capital U.S. Aggregate Bond Index is a broadbased benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM passthroughs), ABS, and CMBS. The returns for the index include the reinvestment any dividends and interest income. The asset mix the composite may not be precisely comparable to the presented index. Presentation index data does not reflect a belief by the that the Blended, or any other index, constitutes an

6 Navellier Tactical featuring AlphaDEX Wrap Percentage Pure Gross Net Blended 05,00 <% ,07 3 <% ,3 <% N/A Performance calculations for the period ended December 3, 03 include 3 months history. verified for the periods January, 995 through December 3, 04 by Ashland or training. Navellier & Associates, Inc. manages a variety equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating presentations are available 3. Description - The Navellier Tactical featuring AlphaDEX Wrap includes all discretionary Navellier Tactical Global Allocation Plus equity accounts managed with similar objectives for a full month, including those accounts no longer with the firm. This global strategy is a tactical, defensive portfolio that invests in nine equity sector ETFs, five international ETFs, five ETFs representing alternative investments, ten fixed income ETFs, and takes defensive positions by investing in an additional three bond ETFs staggered along the yield curve when conditions warrant. The strategy may invest in a cash equivalent, such as money market funds. The strategy uses sine waves to measure the wave heights the market. These sine waves produce signals that indicate when the portfolio should move in and out stock or bond ETFs. Performance figures that are net fees take into account advisory fees, wrap fees, and any been deducted from the account. Pure gross--fees returns do not reflect the deduction any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment all income, including dividends. The composite was created November, 03. Valuations and returns are computed and stated in U.S. Dollars. 40 to 00 basis points; however, some make up 00% the composite for all generally range from 00 to 00 basis with the management the account. The Part A for a full disclosure the fee 5. Dispersion - If applicable, across asset-weighted portfolio level gross returns represented within the composite for the full year The Blended is a blended benchmark using the following indices: S&P 500 (45%), MSCI World ex U.S. (5%), and Barclays Capital U.S. Aggregate Bond Index (30%). The benchmark is rebalanced monthly. Prior to July 03, this blended benchmark was referred to as the Allocator Blended. The S&P 500 Index measures the performance the 500 leading companies in leading industries the U.S. economy, focusing on the large cap segment the market, with approximately 75% coverage U.S. equities. The MSCI World ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance developed markets. As June 04, the MSCI World ex U.S. Index consisted the following 3 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI World ex U.S. Index targets 85% the free float adjusted market capitalization. The Barclays Capital U.S. Aggregate Bond Index is a broadbased benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM passthroughs), ABS, and CMBS. The returns for the index include the reinvestment any dividends and interest income. The asset mix the composite may not be precisely comparable to the presented index. Presentation index data does not reflect a belief by the that the Blended, or any other index, constitutes an featuring AlphaDEX