The composites shown below each represent a particular investment objective or strategy. The composite return is the asset-weighted average of all the portfolios in the composite.
*2012 composite return information is through March 31st, 2012. 2012 returns are not annualized.
Notes:
1. D.B. Fitzpatrick & Co., Inc. (DBF) is an independent investment management firm established in 1984 and is registered with the U.S. Securities and Exchange Commission and the Idaho Department of Finance. DBF manages a variety of equity, fixed-income, and balanced assets for primarily U.S. institutional and individual clients.
2. Valuations and returns are computed and stated in U.S. Dollars.
3. The annual composite dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.
4. Performance results are presented net of trading commissions and gross of weighted average management fees of 0.25% per year.
5. Total Firm Assets include approximately $511 million in whole loan commercial mortgages, which are not liquid securities.
6. No leverage or derivatives were used in producing the above investment results.
7. The minimum portfolio size for inclusion in the composite is $2,000,000.
8. Trade date valuation is used in calculating investment returns.
9. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that when redeemed, investments may be worth more or less than the original cost.