Investment Overview
- The DBF Balanced 60/40 strategy includes accounts that primarily hold individual stocks, equity exchange traded funds, and fixed income exchange traded funds.
- The composite holds primarily stocks of companies domiciled in the United States as well as American Depositary Receipts of companies domiciled in foreign countries.
- Accounts are benchmarked to a blended 60/40 Equity-Fixed Income Index consisting of 60% MSCI All Country World Index and 40% Barclays Capital U.S. Aggregate Bond Index. No derivatives are used.
Annualized Performance through March 31, 2013
Portfolio Asset Allocation
DBF Strategies
Future returns will depend on future allocation decisions. Both DBF returns and index returns reflect the reinvestment of dividends and other earnings. Indices are included for comparison purposes only and do not include transaction costs. Volatility, number of issues, capitalization size, year-to-year return history, and other security attributes of the indices differ from the attributes of the DBF Portfolios. Past performance does not guarantee future results. Any investment, including DBF’s portfolios, has the potential of generating losses as well as profits.
Benchmarks
Effective January 2005, the benchmark for the equity portion of the DBF Balanced Composite is the MSCI All Country World Index (Gross) (MSCI ACWI). The MSCI ACWI is designed to measure the performance of the broad global equity markets. The index is free float-adjusted market-cap weighted and is comprised of 24 developed and 21 emerging market country indices. The index includes the reinvestment of dividends and other earnings but does not include transaction costs. Prior to January 2005 the benchmark for equities was the S&P 500. The change, which was made on a prospective basis only, was prompted by the evolution of the strategy and the need to provide a benchmark that was more representative of the investment universe. The Barclays Aggregate Index is a market value weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate publicly placed, dollar-denominated and non-convertible investment-grade debt issues with at least $100 million par amount outstanding and with at least one year to final maturity.
Notes:
- 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. Registration does not imply a certain level of skill or training. DBF manages a variety of equity, fixed-income, and balanced assets for U.S. institutional and individual clients.
- Valuations and returns are computed and stated in U.S. Dollars.
- The annual composite dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.
- Total Firm Assets include $504.3 million in whole loan commercial mortgages, which are not liquid securities.
- All returns are net of trading commissions. Gross returns do not reflect the deduction of the management fees or any other expenses that may be incurred in the management of the account. Net returns are net of model management fees in effect for the respective time period and are derived using the maximum rate of the fee schedule. Actual returns may vary.