Equity Strategy
Disclosed returns for the DBF Diversified Core and DBF Diversified Passive Core strategies are actual composite returns. Disclosed returns for the DBF Diversified Balanced strategy are actual returns from a representative client. Future returns will depend on future allocation decisions. The returns are annualized and calculated gross of fees. Both DBF returns and index returns reflect the reinvestment of dividends. Indices are included for comparison purposes only. 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 equity investment, including DBF’s portfolio, has the potential of generating losses as well as profits.
About the Indices
The MSCI All Country World Index is an equity index that covers large, mid and small cap stocks in 45 developed and emerging economies. It is widely regarded as the best gauge of the global equity market. The S&P 500 Index is widely regarded as the best single gauge of the U.S. equities market and includes a representative sample of 500 leading companies in leading industries of the U.S. economy. 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.
Composites include only assets invested in the DBF Wealth Management Strategies. D.B. Fitzpatrick & Co. had $65,684,991.39 in total wealth management assets as of December 31, 2011. Wealth management assets are invested in equities, including exchange-traded funds, and/or fixed-income securities.
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 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 management fees which range 0.50%-1.00% per year.
5. Total Firm Assets include $511,065,944 in whole loan commercial mortgages, which are not liquid securities.
6. No leverage or derivatives were used in producing the above investment results.
7. Trade date valuation is used in calculating investment returns.