Investment Overview
- The DBF Diversified Core Equity composite includes accounts that hold individual stocks or a blend of individual stocks and equity exchange traded funds (ETFs). The composite holds no fixed income instruments. The composite holds stocks of companies domiciled in the United States as well as American Depositary Receipts of companies domiciled in foreign countries.
- Accounts are benchmarked to the MSCI All Country World Index. No derivatives are used.
Annualized Performance through March 31, 2013
Portfolio Asset Allocation by Country as of March 31, 2013
Breakdown of Individual Stocks by Sector as of March 31, 2013
DBF Diversified Core Equity Strategy
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 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.
Benchmark
Effective January 2005, the benchmark for the DBF Diversified Core Equity 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. Prior to January 2005 the benchmark of the composite was the S&P 500 Index. 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.
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.