08-27-2004
A~e City of
.n.ventura
A
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POUCE OFFICERS' RmREMENT PLAN
BOARD OF TRUSTEES MEmNG
August 27, 2004 9 AM
I:, .., rd'
Aventura Government Center
19200 West Country Club Drive
Aventura, FL 33180
19200 West Countrv C1uh Drive Aventura. FL
AGENDA
1. Call to Order/Roll Call
2. Approval of Minutes: August 13, 2004
August 20, 2004
3. Presentations by Third Party Administrators:
Benefits USA, Inc.
Pension Resource Center
David M. Williams and Cheryl E. Winton
4. Selection of Third Party Administrator
5. Presentation by Investment Consultants (continued)
Smith Barney Consulting Group
6. Selection of Investment Consultant
7. Review of Summary Plan Description/Operating Rules
and Procedures
8. Adjournment
This meeting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persons who are disabled and
who need special accommodations to participate in this meeting because of that disability should contact the Office of the City Clerk,
305-466-8901, not later than two days prior to such proceeding. One or more members of the City of Aventura Commission and/or
Advisory Boards may be in attendance.
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Klausner <@) Kaufman
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
writer's Email: adam@robertdklausner.com
August 16, 2004
Benefits USA, Inc.
Attention: Peter K. Prior, President
3810 Inverrary Boulevard, Suite 208
Lauderhill, Florida 33319
Re: Aventura Police Pension Plan
Our file No. 03-0033
Dear Mr. Prior and Carolyn:
Thank you for submitting your RFP for third party administrator
services to the Aventura Police Pension Plan. Your interview has
been scheduled for Friday, August 27~, 2004 at 9:15 a.m. at City
Hall, 19200 West Country Club Drive. The presentation should run
approximately one half hour.
If you should have any questions, please feel free- to call.
Sincerely,
Itk- ~
ADAM P. LEVINSON
APL/bkb
cc: Teresa M. Soroka, City Clerk
IIp\030033\Benefits USA Itr re third party admin. service
10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324
PHONE: (954) 916-1202 · FAX: (954) 916-1232
www.robertdklausner.com
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Klausner <@) Kaufman
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
writer's Email: adam@robertdklausner.com
August 16, 2004
The Pension Resource Center
Attention: Margaret M. Adcock, Esquire
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL. 33410
Re: Aventura Police Pension Plan
Our file No. 03-0033
Dear Ms. Adcock:
Thank you for submitting your RFP for third party administrator
services to the Aventura Police Pension Plan. Your interview has
been scheduled for Friday, August 27~, 2004 at 9:45 a.m. at City
Hall, 19200 West Country Club Drive. The presentation should run
approximately one half hour.
If you should have any questions, please feel free to call.
S4L~
ADAM P. LEVINSON
APL/bkb
cc: Teresa M. Soroka, City Clerk
IIp\030033\Pension Resource Center Itr re third party admin. service
10059 NORTHWEST 1ST COURT, PLANTATION, FLORIDA 33324
PHONE: (954) 916-1202 · FAX: (954) 916-1232
www.robertdklausner.com
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Klausner <@) Kaufman
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
writer's Email: adam@robertdklausner.com
August 16, 2004
Williams & Winton
Attention: David M. Williams
350 Oak Grove Circle
Davie, Florida 33328
Re: Aventura Police Pension Plan
Our file No. 03-0033
Dear Mr. Williams:
Thank you for submitting your RFP for third party administrator
services to the Aventura Police Pension Plan. Your interview has
been scheduled for Friday, August 27~, 2004 at 10:15 a.m. at City
Hall, 19200 West Country Club Drive. The presentation should run
approximately one half hour.
If you should have any questions, please feel free to call.
Sincerely,
~~
ADAM P. LEVINSON
APL!bkb
cc: Teresa M. Soroka, City Clerk
IIp\030033\Williams & Winton Itr re third party admin. service
10059 NORTHWEST 1 ST COURT, PLANTATION, FLORIDA 33324
PHONE: (954) 916-1202 · FAX: (954) 916-1232
www.robertdklausner.com
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STATEMENT OF INVESTMENT POLICY AND OBJECTIVES
SAMPLE
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For The
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CITY OF A VENTURA POLICE PENSION FUND
August 27, 2004
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I. INTRODUCTION AND BACKGROUND
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The City of A ventura Police Pension Fund is a defined benefit plan established by
Ordinance of the City of A ventura to provide retirement benefits for its employees. The
City of Aventura is the "plan sponsor". The Plan is administered by the Police Pension
Fund Board of Trustees. The Plan is a pension plan maintained to provide retirement,
disability, termination and death benefits, as the case may be, to participants in
accordance with the express provisions of the Plan.
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The Plan and the benefits provided thereunder are funded by contributions by the City of
Aventura, tax rebates from the State of Florida pursuant to Chapter 185, Employees'
contributions, interest income and other income in accordance with the underlying Plan
documents.
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The Board of Trustees is charged by Ordinance with the responsibility of developing a
policy for the investment of the assets of the Fund. The trustees are named fiduciaries.
The investment of the assets of our retirement plan must be consistent with the written
investment policy adopted by the board of trustees. The policies are structured to
maximize the financial return to the retirement plan consistent with the risks incumbent
in each investment and are structured to establish and maintain an appropriate
diversification of the retirement system or plan's assets. To assist the Board in this
function, they are authorized to engage the services of investment and actuarial
consultants to provide expert assistance. The Board periodically undertakes studies to
evaluate the potential consequence of alternative investment strategies on the long term
well being of the Plan. In the view of its consultants and the Board, the investment
program defined in this Statement will produce a result over the long term consistent with
the Plan's primary objective of preserving and enhancing the purchasing power of assets.
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In the implementation of the investment program, the Plan will employ investment
managers who have demonstrated expertise with particular asset classes. Furthermore,
the Plan's investment managers utilize a variety of investment approaches. This
diversification of managers and investment approach should reduce the risk of loss and
contribute to the attainment of a more consistent positive return. Nonetheless, there will
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be short term periods when the fund may experience negative returns. Such periods are
not inconsistent with achievement of the targeted long term objective.
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II. INVESTMENT POLICY AND OBJECTIVES
Based on analysis of the Plan assets and expected investment returns and risks associated
with alternative asset mix strategies, the Board adopted the following asset class targets,
based on market value:
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EQUITY
Large Cap. Value Manager
Large Cap. Growth Manager
SmalVMid Cap. Core Manager
International Manager
Total Equity
FIXED INCOME MANAGER
% Ran2e
22.5% -17.5%
22.5% -17.5%
12.5% - 7.5%
10.0% - 7.5%
62.5% - 57.5%
42.5% - 37.5%
% Tar2et
20.0%
20.0%
10.0%
10.0%
60.0%
40.0%
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These ranges and targets are established as maximum weightings in each respective asset
class. If the investment manager determines that a percentage of their allocation should
be invested in cash, then they are permitted that flexibility and will be evaluated by their
decisions accordingly.
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Over time, it is the Board's intention to direct cash flows toward the asset class(es) that
are under-represented and away from the class(es) that are over-represented.
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The General investment objectives ofthe Board are as follows:
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1.
Establish a Prudent Investment Proeram
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Although the Pension Fund is not covered by the Employee Retirement Income
Security Act of 1974 (ERISA), the assets of this fund shall be invested in a manner
consistent with the fiduciary standard set forth in ERISA, as though ERISA
applied to the Pension Fund; namely, (1) in accordance with the safeguards and
diversity to which a prudent investor would adhere (2) and all transactions
undertaken on behalf of the Fund must be for the sole interest of Plan participants
and their beneficiaries in order to provide benefits and pay the expenses of the
Fund. The pension investment program must operate in compliance with all
applicable State and Federal laws and regulations concerning the investment of
pension assets.
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2. Achieve Growth in Purchasine Power
Primary investment emphasis must be placed upon the consistent protection of the
funds assets and growth performance, i.e., the achievement of adequate
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investment growth must not be at the expense of the protection of the assets over
the investment horizon.
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More specific investment objectives established by the Board include the
following:
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· The Fund should earn a return over time exceeding the assumed actuarial
rate of 8.0%. In addition, the Fund should earn a return greater than
inflation, as measured by the Consumer Price Index, by 4.0% per year.
Meeting this objective indicates that the active management of the various
portfolio components has added value over a passively managed fund. It is
also consistent with the Boards objective to enhance the purchasing power of
the Funds.
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· Individual investment managers will not be measured against the aggregate
fund objective stated above. They will be compared to appropriate market
indices, and the performance of other managers who utilize a similar
investment style.
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III. INVESTMENT GUIDELINES
II.
A. Liauiditv Reauirements
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There is a requirement to maintain liquid reserves for the payment of pension
benefits and expenses. The Board will review these projected cash flow
requirements at least annually.
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B.
Eauities
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The investment managers are permitted to invest in equity securities (including
convertible bonds) listed on the New York, American and principal regional and
foreign (for foreign securities) exchanges. They may also invest in over-the-
counter securities for which there is an active market maker regulated by the
NASD. The equity position in anyone company shall not exceed 5% of the total
portfolio at market. Any investment that does not fall into a category listed above
is prohibited.
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The equity portion of each portfolio manager shall not:
1. Be more than 10% invested in the securities of anyone company at market.
2. Make short sales.
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3. Use margin or leverage.
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4. Be invested in commodities.
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5. Be invested in private real estate.
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6. Be invested in "investment art objects. "
7. Invest in Options, including the purchase, sale or writing of options unless
options are "covered" by the corresponding security.
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8. Be invested in warrants, although warrants issued in connection with stocks
held by the fund may be sold, held, or converted by the investment manager at
its discretion.
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The total portfolio shall not exceed the 10% maximum limit on foreign securities
set forth in Section 185, Florida Statutes. The compliance and monitoring is the
responsibility of the consultant and the trustees. The consultant's responsibility is
to report any non-compliance to the trustees each quarter.
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a.) LarJ!e -Cavitalization Value & Growth Stocks
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Large capitalization stocks are expected to have the greatest weighting in the
Pension Fund. They are expected to provide more consistent returns over time
than our other equity styles. The objective is to maximize investment return over
a market cycle by investing in large capitalization equities having the potential to
generate investment returns exceeding those of a passively managed large stock
index.
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Large-capitalization equity manager performance parameters include the following;
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· Performance within the top half of a Universe of Large Capitalization Value
or Growth Managers.
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· Performance comparable to the Russell 1000 Value or Russell 1000 Growth
Indexes.
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· Performance comparable to the S&P 500 Stock Index. (Market & Equal-
Weighted)
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· The risk associated with the managers portfolio as measured by the
variability of quarterly returns (standard deviation) should not exceed that of
the market (S&P 500 Index) without a corresponding increase in performance
above the index.
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· Achieve the performance parameters within a time horizon of a minimum of
three to five years or a full market cycle.
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b.) Mid/Small Capitalization Stocks
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Mid/Small capitalization stocks are expected to improve total portfolio
diversification and provide opportunities for higher incremental returns in the
long run. The objective is to maximize investment return over a market cycle by
investing in mid/small capitalization equities having the potential to generate
investment returns exceeding those of a passively managed mid/small stock index.
Mid/Small capitalization growth stock managers generally purchase companies
with a market capitalization of greater than $500 million.
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Mid/Small capitalization equity manager performance parameters include the
following:
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· Performance within the top half of a Universe of Mid/Small Capitalization
Value or Growth Managers
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· Performance comparable to the Russell 2000 Value or Russell 2000 Growth
Indexes.
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· Achieve the performance parameters within a time horizon of a minimum of
three to five years or a full market cycle for the mid/small capitalization
market.
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c.) International Stocks
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International Stocks are expected to improve total portfolio diversification and
provide opportunities for higher incremental returns in the long run. The
objective is to maximize investment return over a market cycle by investing in
international securities through American Depository Receipts (ADRs). These
equities should generate investment returns exceeding those of a passively
managed international index.
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International equity manager performance parameters include the following:
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· Exceed MSCI EAFE - Net Dividend or MSCI EAFE (GDP) - Gross Dividend
Index.
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· Achieve the performance parameters within a time horizon of a minimum of
three to five years or a full market cycle of the international market.
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C. Fixed Income
Fixed income securities shall be invested entirely in marketable debt securities
issued or guaranteed by either (a) the United States Government or its agencies,
(b) domestic corporations (including industrial and utilities) or Israel Bonds (c)
domestic banks and other US financial institutions. All securities must hold a
rating in one of the three highest classifications by a major rating service. Such
investments shall all be in accordance with the Code of the City of Aventura. Any
investments that do not fall under the criteria listed above are prohibited from
being purchased. Securities ratings reduced beneath the three highest
classifications after purchase should be sold by the portfolio manager within a
reasonable period of time as determined by the manager. It is the manager's
responsibility to notify the board in writing immediately after a security is
downgraded below the policy guidelines. The written explanation should
describe the manager's intentions regarding the disposition of the security being
downgraded. Restrictions on fzxed income include the following:
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1. Except for Treasury and Agency obligations, the debt portion of the Fund
shall contain no more than ten percent (10%) of a given issuer irrespective of
the number of differing issues. Other diversification standards should be
developed and applied by the Investment Manager(s).
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2. If commercial paper is used it must be only of the highest quality (A-lor P-1).
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3. Private placement debt is not permissible.
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Fixed income manager(s) performance parameters include the following:
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· Performance comparable to the Lehman Brothers Intermediate Aggregate
Bond Index (LB Int. Agg.)
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· The risk associated with the manager's portfolio as measured by the
variability of quarterly returns (standard deviation) must not exceed that of
the Lehman Brothers Intermediate Aggregate Bond Index without a
corresponding increase in performance above the index.
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. Achieve the above objectives within a time horizon of a minimum of three to
five years or a full market cycle.
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D.
State Mandated Requirements
1. EXPECTED ANNUAL RATE OF RETURN. For each actuarial valuation, the
board shall determine the total expected annual rate of return for the current
year, for each of the next several years, and for the long term thereafter. This
determination must be filed promptly with the Department of Management
Services and with the plan's sponsor and the consulting actuary.
2. THIRD-PARTY CUSTODIAL AGREEMENTS. The securities should be held
with a third party, and all securities purchased by, and all collateral obtained by,
the board should be properly designated as an asset of the board. No withdrawal
of securities, in whole or in part, shall be made from safekeeping except by an
authorized member of the board or the board's designee. Securities transactions
between a broker-dealer and the custodian involving purchase or sale of
securities by transfer of money or securities must be made on a "delivery vs.
payment" basis, if applicable, to ensure that the custodian will have the security
or money, as appropriate, in hand at the conclusion of the transaction.
3. MASTER REPURCHASE AGREEMENT. All approved institutions and
dealers transacting repurchase agreements shall execute and perform as stated in
the Master Repurchase Agreement. All repurchase agreement transactions shall
adhere to requirements of the Master Repurchase Agreement (where applicable).
4. BID REQUIREMENT. The board shall determine the approximate maturity
date based on cash-flow needs and market conditions, analyze and select one or
more optimal types of investment, and competitively bid the security in question
when feasible and appropriate. Except as otherwise required by law, the most
economically advantageous bid must be selected.
5. INTERNAL CONTROLS. The board shall establish a system of internal
controls which shall be in writing and made a part of the board's operational
procedures. The policy shall provide for review of such controls by independent
certified public accountants as part of any financial audit periodically required of
the board's unit of local government. The internal controls should be designed to
prevent losses of funds which might arise from fraud, error, misrepresentation by
third parties, or imprudent actions by the board or employees of the unit of local
government.
6. CONTINUING EDUCATION The continuing education of the board
members in matters relating to investments and the board's responsibilities is
required.
7. REPORTING. Appropriate annual or more frequent periodic reports of the
investment activities shall be prepared for submission to the governing body of
the unit of local governments. The reports shall include investments in the
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portfolio by class or type, book value, income earned, and market value as of the
report date. Such reports shall be available to the public.
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8. FILING OF INVESTMENT POLICY. The investment policy shall be promptly
filed with the Department of Management Services and the plan 's sponsor and
consulting actuary.
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9. VALUATION OF ILLIQUID INVESTMENTS. Illiquid investments for which a
generally recognized market is not available or for which there is no consistent or
generally accepted pricing mechanism shall be valuated when those investments
are utilized. Any asset without a fair market value shall be excluded from the
determination of annual funding cost.
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E.
Review of Investment Manallers
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The Board will meet at least semiannually with the consultants. Additionally, the
Board will review investment results quarterly.
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These reviews will focus on:
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. the managers' adherence to the policy guidelines;
. comparison of managers' results against funds using similar policies (in terms
of the diversification, volatility, style, etc.);
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· the opportunities available in both equity and debt markets; and
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· material changes in the managers' organizations, such as philosophical and
personnel changes, acquisitions or losses of major accounts, etc.
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F.
Performance Exoectations
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The most important performance expectation is the achievement of investment
results that are consistent with the Plan's investment policy statement. A 4.0%
real return is a reasonable expectation in light of this policy. The Board
recognizes that this real return objective may not be attainable during some time
periods, it is a long term goal. In order to ensure that investment opportunities
available over a specific time period are fairly evaluated, the Board will use
comparative performance statistics to evaluate investment results. Performance
of the Plan will be compared to other funds utilizing a similar investment policy.
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G.
Fiduciarv and Other Responsibilities
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The Investment Manager shall carry out its duties with the care, skill, prudence
and diligence under the circumstances then prevailing that a prudent man acting
in a like capacity and familiar with such matters would use in the conduct of an
enterprise of like character and with like aims. The Investment Manager shall
discharge its duties hereunder solely in the interest of the Pension Fund's
participants and beneficiaries for the exclusive purpose of providing benefits to
participants and their beneficiaries and defraying reasonable expenses of
administering the Pension Fund's retirement plan. The Investment Manager shall
diversify the assets in the account so as to minimize the risk of large losses. The
Investment Manager, by execution of this Agreement, acknowledges that it is a
fiduciary with respect to the Pension Fund and a named fiduciary within the
meaning of Section 112.656(2), Florida Statutes.
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H.
Policv Review
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Periodic reviews of the Policy Statement will be made by the Board to evaluate its
appropriateness. Any modification of policy guidelines shall be approved by the
Board of Trustees and acknowledged in writing by the investment managers.
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Adopted
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Signed
Cha111l1lln
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Manager's Acknowledgment
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I, the undersigned, acknowledge that I have received the policy statement for the City of
A ventura Police Pension Fund, dated . I affirm that I have read and
understand said Policy Statement, and do hereby agree to abide to the guidelines
expressed in the Policy Statement.
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Large Capitalization Value Manager Search Analysis
Prepared for Sample
~
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As of June 30, 2004
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L
SMITH BARNEY....
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Prepared by:
Charles H. Mulfinger, II, CIMA
Senior Institutional Consultant
Smith Barney Consulting Group
100 North Tampa St., Suite 3000
Tampa, FL 33602
(800) 282-0655 ext. 2061
L.
L.
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The underlying data has been obtained from sources considered to be reliable, The information is believed to be
accurate but there is no assurance that it is so, This evaluation is for informational purposes only and is not intended to
be an offer, solicitation, or recommendation with respect to the purchase or salc of any sccurity or a recommendation of
the services supplied by any money management organization,
},
~
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_ Consulting Group
Prepared for Sample
~
IN ITIAL Q U ALIFICA TIO NS* .............. ............... ,.............. ............................................. ..... 1
L
IN VE S TME NT PO L ICY * . ........ .............. ...... ......... .............., .......... ,.... ........, ...... .................... 1
L
10,7,5,3,1 YR - ANNUALIZED RATES OF RETURN* ..................................................2
ANNUAL RATES OF RETURN - TRAILING 7 YEARS * ..............................................., 2
CONSISTENCY OF PERFORMANCE (ROLLING 3 YEAR ANNUALIZED
L.
RET URNS)* . ............... .............................. ............... ............................................. ............... .....3
CAPT URE RA TIOS* ...............................................................................................................3
...
WORST/BEST RETURNS (ROLLING 1 YEAR TIME PERIODS)* .............................., 4
i
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10, 7, 5, 3, 1 YR - BATTING AVERAGE (QTRS)* .............................................................. 4
M'PT ST A TI'S TI CS* ... ............... .......................................................................................... .....5
L.
RI SK/RE TURN ANAL YS I S * .. ...... ......... ..... .......... ........ ....... ........ ......, ............... ...... .........,.... 6
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10,7,5,3 YR - ABOVE CAPITAL MARKET LINE* ......................................................... 7
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ROLLING SHARPE RATIOS (10 OBSERV ATIONS)* ..................................................... 7
RISK/RETURN TIME STUD y* ............ ,............" ...... ..,...... ............... ..........,.... ,................... 8
SMITH BARNEY DISCLAIMER PAGE ............................................................................1 0
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GLOSSARY.. ............... .............................. .............................. ................................................1,1
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ALPHA......................................................................... ....... ............................. ........... ................ I I
ANNUALIZED RETURN ...... ..................... ............ ................ ......................... ................................ 11
BATTING AVE RAGE.. ...... .................................. ................... ............................. ........ ...... ............ 1 I
BETA.. .................. ............ ......... ...... ...... .............. ............ ........... ................. ............................... 11
CUMULATIVE RETURN.......... ................... .......................... .................. ..................... .................. 11
MAXIM UM RETURN.. .......... ............. .................................. ..... .... ...................................... ....... ... 11
MINIMUM Acco UNT SIZE ............... ......... ........ ............ ...................................... ........................ 1 I
M INIM UM RETURN... .......................... ............ ............. ....... ........ ....... ............................... .......... I 1
R 2 ....... ............... ............. .......... .......................... ............... ......... ......... ........... .... ........................ 11
SHARPE RATIO ................... ........................... ..... ......... ...... ............... ............................ .............. 12
STANDARD DEViATION............ ............................ ........ ............................................................... 12
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i.
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L
The underlying data has been obtained from sources considered to be reliable, The information is believed to be
accurate but there is no assurance that it is so, This evaluation is for informational purposes only and is not intended to
be an offer, solicitation, or recommendation with respect to the purchase or sale of any security or a recommendation of
the services supplied by any money management organization,
Large Capitalization Value Manager Search Analysis
i
As of June 30, 2004
.
...
L
_ Consulting Group
Prepared for Sample
f
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1..
Initial Qualifications*
427 Candidates considered
165 Candidate failed
262 Candidates remain
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The following is a breakdo\M1 of the initial qualifications required for inclusion:
. Manager must have at least $100 Million under Management;
. Manager must be part of Consulting Group's Fiduciary Services or Consulting and
Evaluation Services program;
. Manager must have no less than a 5- Year, verifiable, AIMR-Compliant Track Record;
. Manager should be accepting new accounts.
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Investment Policy
262 Candidates considered
239 Candidate failed
23 Candidates passed
3 Candidates chosen to make presentations
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For the purposes of clarity, the following is an initial description of investment policy to be
followed by perspective investment managers:
. Manager must only invest in Domestic Securities;
. Manager's style must reflect a consistent orientation to Large Cap. Value;
. All tabular and graphical displays of manager information are in relation to the Russell
1000 Value Index and, unless otheIWise noted, representative of a 5- Year period of time.
\
1.
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,
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3 Candidates remain
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CANDIDA TE
1 FLIPPIN BRUCE LG CAP VAL FS
2 LORD ABBETI LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 RUSSELL 1000 VALUE
l
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
1
As of June 30, 2004
L
_ Consulting Group
Prepared for Sample
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III
10, 7, 5, 3, 1 yr - Annualized Rates of Return*
3 Candidates remain
...
Candidate 10 year 7 year 5 year 3 year 1 year
FLIPPIN BRUCE LG CAP VAL
FS
2 LORD ABBETT LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 RUSSELL 1000 VALUE
14,56%
8,67%
3.03%
5.12%
24,62%
.~
..
14,56%
13,84%
9,92%
9,15%
7.21%
6,70%
6,04%
7,14%
23,80%
29,34%
12.64%
7,36%
1,87%
2,96%
21.13%
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Annual Rates of Return - Trailing 7 Years *
3 Candidates remain
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Annual Returns
Candidate 06/04 06/03 06/02 06/01 06/00 06/99 06/98
FLIPPIN BRUCE LG CAP VAL 24,6% 2,6% -9.1 % 18,0% -15.3% 24.4% 23,9%
FS
2 LORD ABBETT LG VAL EQ FS 23.8% 1.4% -5,0% 17,6% 1.0% 15,9% 18,1%
3 NWQ INVESTMENT LARGE 29,3% 3,0% -7,7% 18.2% -4,9% 12.4% 18,8%
VALUE EQUITY FS
4 RUSSELL 1000 VALUE 21.1% -1.0% -9,0% 10.3% -8,9% 16.4% 28,8%
~
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
2
As of June 30, 2004
L
8 Consulting Group
Prepared for Sample
L
L
Consistency of Performance (Rolling 3 Year Annualized
Returns)*
This test depicts the number oftimes the manager's return exceeds the return of the index. 3
year annualized returns are evaluated over rolling 1 year intervals.
L
3 Candidates remain
L.
L
3 Year Annualized Returns
Candidate Beat 06/04 06/03 06/02 06/01 06/00
index
FLIPPIN BRUCE LG CAP VAL 3 5,1% 3.2% -3.2% 7,5% 9.3%
FS
2 LORD ABBETT LG VAL EQ FS 5 6,0% 4.2% 4.1% 11.3% 11.4%
3 NWQ INVESTMENT LARGE 4 7,1% 4,0% 1.3% 8.1% 8,3%
VALUE EQUITY FS
4 RUSSELL 1000 VALUE 0 3,()oIo -0.2% -2,9% 5.4% 10,9%
!
!
...
L
L.
Captu re Ratios*
Capture Ratio is the ratio ofthe manager's overall performance relative to the overall
performance of the benchmark. Up Capture Ratio considers only those time periods that are
zero or positive for the benchmark. In evaluating Up Capture Ratio, higher values are more
favorable. Down Capture Ratio considers only those time periods that are negative for the
benchmark. Lower values are more favorable in assessing Down Capture Ratio.
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LeSs thdll () Ikt \\ecll () and I (ireakr thelll I
Up Capture Poor Worse than Index Excellent
Down Capture Excellent Better than Index Poor
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3 Candidates remain
,
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Candidate Down RaUo Down ROR Up Ratio Up ROR Cumulative ROR
1 FLIPPIN BRUCE LG CAP VAL 1.06 -39.25% 1.24 91.22% 16,17%
FS
2 LORD ABBETT LG VAL EQ FS 1.02 -37,67% 1.24 91,32% 19,24%.
3 NWQ INVESTMENT LARGE 0,99 -36,82% 1.29 94,64% 22.98%
VALUE EQUITY FS
4 RUSSELL 1000 VALUE 1.00 -37,06% 1.00 73 Al % 9,15%
.
L.
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*Performance information is located at the conclusion of this report.
Large Capitalization Value Manager Search Analysis
3
As of June 30, 2004
L
_ Consulting Group
Prepared for Sample
~
..
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Worst/Best Returns (Rolling 1 year time periods)*
3 Candidates remain
(
...
Candidate Worst ROR Worst Date Best ROR Best Date
I FLlPPIN BRUCE LG CAP VAL
FS
2 LORD ABBETT LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 RUSSELL 1000 VALUE
-24,93%
Mar-03
47.31%
Mar-04
-21,64%
-21.68%
Mar-03
Mar-03
44.41 %
50,01 %
Mar-04
Mar-04
...
-22,79%
Mar-03
40,81%
Mar-04
L
~.
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10,7, 5, 3, 1 yr - Batting Average (Qtrs)*
Batting average is computed by taking the number of quarters the manager beat the
benchmark and dividing it by the total number of quarters in the period being measured.
..
3 Candidates remain
I
...
Candidate 10 year 7 year 5 year 3 year 1 year #Wins
FLIPPIN BRUCE LG CAP VAL 58.3% 62.5% 58,3% 75.0% 75,0% 5
FS
LORD ABBETT LG VAL EQ FS 66,7% 62.5% 66.7% 75,0% 75,0% 5
NWQ INVESTMENT LARGE 75,0% 68.8% 75,0% 87,5% 100,0% 5
V ALUE EQUITY FS
RUSSELL 1000 VALUE 0.0% 0,0% 0,0% 0,0% 0,0% 0
L.
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
4
As of June 30, 2004
L
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<<; Consulting Group
Prepared for Sample
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MPT Statistics*
Modern Portfolio Theory (MPT) attempts to quantify the relationship between risk and
return and operates under the assumption that an investor must be compensated for assuming
risk. The measure Alpha, Beta, and R-Squared are used to describe the value-added (Alpha),
the volatility (Beta), and the predictability (R-Squared) of the manager's perfonnance to a
stated index's perfonnance. Note: If the R-Squared is less than .80, the relationship between
the manager and the index is inconclusive, and no attempt should be made to draw
conclusions from the MPT analysis for that particular manager.
:-
..
"
[:
...
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3 Candidates remain
L
Candidate Alpha Beta R-squared
FLIPPIN BRUCE LG CAP VAL 2,32% 1.07 0,93
FS
2 LORD ABBETT LG VAL EQ FS 3,07% 1.06 0,99
3 NWQ INVESTMENT LARGE 4.18% 1.07 0,99
VALUE EQUITY FS
4 RUSSELL 1000 VALUE 0,00% 1.00 LOO
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
5
As of June 30, 2004
L
e Consulting Group
Prepared for Sample
L
L
Risk/Return Analysis*
3 Candidates remain
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5
10 15
STANDARD DEVIATION
20
25
CANDIDA TE Standard Annualized
Deviation Return
....
1 FLlPPIN BRUCE LG CAP VAL FS 23,38% 5.12%
2 LORD ABBETT LG VAL EQ FS 22.52% 6,04%
3 NWQ INVESTMENT LARGE 22,73% 7,14%
VALUE EQUITY FS
4 90-DA Y T-BILLS 0,31% 1.45%
5 RUSSELL 1000 VALUE 21.07% 2,96%
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*Performance information is located at the conclusion of this report.
Large Capitalization Value Manager Search Analysis
6
As of June 30, 2004
L
l
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Prepared for Sample
L
10, 7, 5, 3 yr - Above Capital Market Line*
The Capital Market Line is a line on the Risk Return graph connecting the market index
(typically the S&P 500) and the risk-free index (e.g., Treasury Bills). The X and Y axes are
Standard Deviation and Annualized Return, respectively. Theoretically, managers falling
above the capital market line have added value by generating excess return for the amount of
risk assumed.
L
it
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...
3 Candidates remain
L
Candidate 10 year 7 year 5 year 3 year #Abv Cap Mkt Line
L
FLIPPIN BRUCE LG CAP VAL Yes Yes Yes Yes 4
FS
2 LORD ABBETT LG VAL EQ FS Yes Yes Yes Yes 4
3 NWQ INVESTMENT LARGE Yes Yes Yes Yes 4
VALUE EQUITY FS
4 90-DA Y T-BILLS 0
5 RUSSELL 1000 VALUE 0
L
L
Rolling Sharpe Ratios (10 observations)*
3 Candidates remain
L
L
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~
Candidate 06/04 03/04 12/03 09/03 06/03 03/03 12/02 09/02 06/02 03/02
L
FLIPPIN BRUCE LG CAP 0.25 0.33 0,30 0.28 0.26 0.16 0,25 0.21 0.46 0,69
VALFS
2 LORD ABBETT LG VAL EQ 0,35 0.44 0.43 0.39 0.37 0,24 0,34 0.28 0.61 0,81
FS
3 NWQ INVESTMENT LARGE 0.29 0,37 0.34 0.29 0.29 0.16 0.24 0.1 8 0.47 0,68
VALUE EQUITY FS
4 90-DA Y T-BILLS 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0.00 0,00
5 RUSSELL 1000 VALUE 0.21 0.31 0.29 0.26 0.26 0.14 0,22 0.20 0,52 0,72
J
...
L
L
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L
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
7
As of June 30, 2004
L
L
_ Consulting Group
Prepared for Sample
L
Risk/Return Time Study*
3 Candidates remain
t
L.
Periods ranging from 09/99-09/02 (smallest) through 06/01-06/04 (Iar est)
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ST ANDARD DEVIATION
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Standard Deviation Series
CANDIDA TE SYMBOL 06/2001-06/2004 03/2001-03/2004
t
..
1 FLIPPIN BRUCE LG CAP VAL FS <> 0.2338 0.2353
2 LORD ABBETT LG VAL EQ FS 0 0.2252 0.2255
3 NWQ INVESTMENT LARGE ~ 0,2273 0.2277
VALUE EQUITY FS
4 90-DA Y T-BILLS D 0,0031 0,0044
5 RUSSELL 1000 VALUE ~ 0.2107 0.2117
i
...
Standard Deviation Series
CANDIDA TE 12/2000-12/2003 09/2000-09/2003 06/2000-06/2003
...
1 FLIPPIN BRUCE LG CAP VAL FS 0.2350 0.2278 0.2271
2 LORD ABBETT LG VAL EQ FS 0.2317 0.2235 0.2298
3 NWQ INVESTMENT LARGE 0.2268 0.2146 0.2158
VALUE EQUITY FS
4 90-DA Y T-BILLS 0,0059 0,0081 0,0093
5 RUSSELL 1000 VALUE 0.2156 0.1999 0.2049
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L
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*Performance information is located at the conclusion of this report,
Large Capitalization Value Manager Search Analysis
8
As of June 30, 2004
L
_ Consulting Group
Prepared for Sample
L
Ii
..
Standard Deviation Series
CANDIDATE 0312000-031200~ 09/1999-09/2002
1 FLIPPIN BRUCE LG CAP VAL FS
2 LORD ABBETI LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 90-DA Y T-BILLS
5 RUSSELL 1000 VALUE
0.1941
0.2044
0.1 827
0.1938
0.2022
0.1869
0,1870
0.2015
0.1 755
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0,0097
0.1765
0,0097
0.1754
0,0092
0.1687
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Annualized Return Series
CANDIDA TE 0612001-061200~ 12/2000-12/2003
1 FLIPPIN BRUCE LG CAP VAL FS
2 LORD ABBETI LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 90-DA Y T-BILLS
5 RUSSELL 1000 VALUE
0,0512
0,0604
0,0714
0,0675
0,0694
0,0762
0,0624
0,0338
0,0562
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0.0145
0,0296
0,0166
0.0430
0,0197
0,0122
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~
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Annualized Return Series
CANDIDA TE 0912000-09/200~ 03/2000-03/2003
1 FLIPPIN BRUCE LG CAP VAL FS
2 LORD ABBETI LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 90-DAY T-BILLS
5 RUSSELL 1000 VALUE
0,0381
0,0198
0,0308
0,0323
0,0425
0,0397
-0.0392
-0,0147
-0,0297
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0,0240
-0,0201
0,0284
-0.0019
0,0323
-0.0686
,
...
Annualized Return Series
CANDIDATE 12/1~.09/2002
I FLIPPIN BRUCE LG CAP VAL FS
2 LORD ABBETI LG VAL EQ FS
3 NWQ INVESTMENT LARGE
VALUE EQUITY FS
4 90-DAY T-BILLS
5 RUSSELL 1000 VALUE
-0,0378
-0,0054
0.0046
-0,0509
-0,0065
-0,0179
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0,0362
-0,0515
0,0395
-0.0626
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Large Capitalization Value Manager Search Analysis
9
As of June 30, 2004
~
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Prepared for Sample
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Smith Barney Disclaimer Page
Although the statements of fact and data in this Report have been obtained from, and are
based upon, sources that the Firm believes to be reliable, we do not guarantee their accuracy,
and any such information may be incomplete or condensed. All opinions included in this
Report constitute the Firm's judgment as of the date of this Report and are subject to change
without notice. This Report is for informational purposes only and is not intended as an otTer
or solicitation with respect to the purchase or sale of any security. Past performance is not a
guarantee of future results.
The investment results depicted herein represent historical gross performance with no
deduction for investment management fees or transaction costs. Actual returns will be
reduced by expenses that may include management fees and costs of transactions. The client
is referred to the Consulting Group Descriptive Brochure (Schedule H of Form AD V) for a
full disclosure of the fee schedule. As fees are deducted quarterly, the compounding effect
will be to increase the impact of the fees by an amount directly related to the gross account
performance. For example, on an account with a 2% annual fee, if the gross performance is
10%, the compounding effect of the fees will result in a net performance of approximately
7.81. On an account with a 1 % annual fee, if the gross performance is 6%, the compounding
effect of the fees will result in a net performance of approximately 4.94%. This Report is for
use in one-on-one client presentations only.
If the investment manager (the "Manager") participates in the Fiduciary Services program,
certain performance figures may represent the Manager's composite performance as
calculated by the Manager and predates entry into the FS Program. The Manager's composite
performance depicts the performance of accounts employing similar, but not the actual
investment strategies used by Consulting Group. Actual results may vary. Please refer to the
Consulting Group Profile for information with respect to the Manager's historical
performance. Smith Barney makes no representations concerning Managers in the
Investment Management Services Program and does not assume any liability for any loss,
claim, damages or expenses attributable to a client's selection of such Manager or the
investment selections made by such Manager.
To the extent the investments depicted herein represent international securities, you should be
aware that there may be additional risks associated with international investing involving
foreign economic, political, monetary and/or legal factors. International investing may not be
for everyone. If investing in Small Capitalization companies, you should be aware that these
companies may be subject to higher volatility than larger, more established companies.
Smith Barney does not provide tax or legal advice. Please consult with your tax and/or legal
advisor for such guidance.
Smith Barney and Consulting Group are divisions of Citigroup Global Markets Inc. Smith
Barney is a service mark of Citigroup Global Markets Inc. and its affiliates and is used and
registered throughout the world. CITIGROUP and the Umbrella Device are trademarks and
service marks of Citicorp or its affiliates and are used and registered throughout the world.
Citigroup Global Markets Inc. is a member of the Securities Investor Protection Corporation
(SIPC).
(Revised June 2003)
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Large Capitalization Value Manager Search Analysis
10
As of June 30, 2004
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Glossary
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Alpha
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The subject's risk-adjusted value added; i.e., the y intercept of the linear regression line through
the subject series and the independent benchmark. A positive Alpha is the expected extra return
awarded to the investor for taking a risk instead of accepting the benchmark return.
For example, an alpha of 0,6% means the subject would be expected to outperform the beta-
adjusted independent benchmark return by 0.6%, based on past performance, Past performance
does not ensure similar performance in the future,
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Annualized Return
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The constant rate of return that. compounded annually, would yield the same overall return for a
multi-year period as the actual return observed; or the cumulative return, when the time period is
one year or less.
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Batting Average
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The number of periods the subject beat the benchmark, di vided by the total number of periods in
the series.
Beta
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The subject's non-diversifiable risk; i.e., the slope of the linear regression line through the data
points, A beta of 0.7 means a candidate's price is likely to move up or down 70% of the market
change; a beta of 1.3 means the candidate's price is likely to move up or down 30% more than the
market based on past performance. Past performance does not ensure similar performance in the
future,
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Cumulative Return
The subject's compounded rate of return over an extended period.
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Maximum Return
The subject's highest rate ofretum during a single period,
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The minimum account size the program allows,
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The subject's lowest rate of return during a single period.
R2
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A dimensionless index ranging from 0 to 1 inclusive, reflecting the extent of a linear relationship
between two data sets (the subject series and the independent benchmark series).
...
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Large Capitalization Value Manager Search Analysis
11
As of June 3D, 2004
L
_ Consulting Group
Prepared for Sample
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If the R2 between the subject series and the independent benchmark series is 1, the two series are
perfectly correlated. If the R 2 is 0, no correlation exists between the two series.
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Sharpe Ratio
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The candidate's risk-adjusted return. Using standard deviation as a proxy for portfolio risk, the
Sharpe ratio represents the excess return achieved per unit of risk undertaken, This is a value
which any risk-averse investor seeks to maximize. The Sharpe ratio can be used to rank the
performance of portfolios one versus another relative to the overall market.
One of the major recommendations of the landmark 1968 BAI study "Measuring the Investment
Performance of Pension Funds" was that portfolio performance be evaluated on a risk-adjusted
basis. In other words, portfolio returns should be evaluated in the context of risk incurred
(volatility of returns), The recognition that portfolio performance should be evaluated on a two-
dimensional basis was not new. However, it was not until the early 1960's that advances in
portfolio theory (specifically, the ability to quantify risk) had made composite performance
measurement feasible.
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Large Capitalization Value Manager Search Analysis
12
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PAGE ONE
Consulting Group Profile
Lord, Abbett & Co. LLC
Large Cap Value Equity Portfolios
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Performance Highlights
Total Return for Period Ending 03/31/2004
L
Cumulative Return Annualized Return
Lord Abbett Russell 1000 S&P 500 Lord Abbett RusseU 1000 S&P 500
Value Value
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1 Year
3 Years
5 Years
7 Years
44,41%
22,30%
55.33%
121.26%
40,81%
13.47%
20,98%
87,03%
L
The Finn
Founded in 1929, Lord, Abbett &
Co, LLC is an independent money
management fIrm structured as a
limited liability company, Lord Abbett
is owned by 46 partners who are active
in the management and operation of
the fIrm.
Investment Objective
Lord Abbett's value-based,
disciplined investment process
employs both informed judgment and
quantitative analysis in seeking to
identify and invest in undervalued
stocks, They seek to outperform the
Russell 1000 Value Index over a full
market cycle while assuming less risk,
There is, of course, no assurance
that these goals will be realized,
Portfolio values will fluctuate as
market conditions change.
Investment Discipline
As a value manager, Lord Abbett
believes that the market systematically
undervalues stocks and groups of
stocks, Lord Abbett combines
valuation measures with fundamental
company and industry research to
identify such value opportunities.
They calculate where they believe the
market would price these stocks at fair
value. Lord Abbett constructs
portfolios of issues where they believe
the gap between market value and fair
value can be closed over a reasonable
period of time. This process is
implemented within the context of
anticipated changes in the economy
which will have a future impact on
asset valuations and portfolio risk.
The investment process for large cap
value incorporates 3 disciplines:
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35,13%
1.91%
-5,86%
65,05%
44.41 %
6,94%
9,21%
12.01%
40.81%
4,30%
3,88%
9.36%
35.13%
0,63%
-1.20%
7.42%
SMITHBARNEY~
CltlgroupJ
PERFORM ANC E ANALYSIS
80
valuation ranking, fundamental
analysis and risk control.
Stock selection employs both
bottom-up stock valuation and
fundamental analysis. Lord Abbett
uses quantitative analysis focusing on a
universe of large-cap stocks, The
stocks are analyzed and ranked using a
proprietary valuation model which
provides objective measures of relative
value.
Focusing primarily on stocks that
appear attractive from a valuation point
of view, a team of six analysts, each
with an assigned industry of
concentration, performs extensive
fundamental research in an effort to
identify those stocks with the strongest
fundamentals relative to their
valuations.
The portfolio construction process
incorporates elements of measuring and
controlling marcro-economic risk.
Lord Abbett performs an economic
analysis of the next twelve months
through its business cycle analysis,
Factors considered include:
.the level and direction of inflation
and interest rates
.general economic activity and
. government monetary and fiscal
policies,
Strength of company fundamentals,
stock valuation rankings and macro-
economic risk control techniques
influence the final portfolio
construction of 55 - 65 names,
A stock may be sold due to
diminishing valuation ranking,
deteriorating fundamental outlook,
and/or a change in emphasis of the
macro-economic risk profile,
40
20
o
-20
-40
2002 2003 3 Mos. 2004
2000 2001
. Lord Abbett
a SAP 500
~ Ru...111000 V.Iu.
COMPARATIVE ANALYSIS OF UP & DOWN MARKETS
UP DOWN UP
800
500
400
300
200
100
0
.100
~oo 03I01Hl3103 03103-03104
. Lord Abbett I:2ZI Ru...U 1000 V.Iu.
a SAP 500
All Rates Unannualized
RISK/RETURN ANALYSIS
03131/1999 - 0313112004
30
A 25
N
N 20
U
A 15
L 10
1
Z 5
E
D 0 .
R -5
0 5 10 15 20 25 30 35
E ANNUALIZED STANDARD DEVIATION
T (Based on quarterly data)
U
R * Lord Abbett . Ruaaell1000 Value
N . S&P 500 & 90 Day TOBlIIs
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@ 2004 SInlth Barney and Consu1tmg Group are diVlSlOns of CIl1group Global Markets Inc, Member SIPC.
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PAGE TWO
Consulting Group Profile
Lord, Abbett & Co. LLC
Large Cap Value Equity Portfolios
SMITH BARNEY
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INVESTMENT MANAGER BIOGRAPHIES
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Robert S. Dow
Managing Partner and
Chief Investment Officer
M,S" New York University
M.B.A, Columbia University
Investment Career Began 1 rn2
Robert G. Morris, CFA
Partner and
Director of Equity Investments
B.A., State Univ, of NY . Buffalo
MA, NlI1heastem University
Investment Career Began 1971
En M. Salzmann
Partner and Director of
Institutional Equity Investments
B,A., Princeton Universtiy
M,B.A., New York University
Investment Career Began 1987
Daniel H. Frascarelli, CFA
Partner and Investment Manager
80S" Syracuse University
M,S, Colwnbia University
M,B.A. New York University
Investment Career Began 1983
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...
ASSET ALLOCATION HISTORY
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2000 2001 2002 2003 2004
lQ 2Q 3Q 4Q lQ 2Q 3Q 4Q lQ 2Q 3Q 4Q lQ 2Q 3Q 4Q lQ
Equity 95% 93% 92% 95% 94% 92% 98% 96% 90% 96% 98% 93% 94% 92% 93% 95% 94%
Casb 5% 7% 8% 5% 6% 8% 2% 4% 10% 4% 2% 7% 6% 8% 7% 5% 6%
The asset allocation history represents a composite of accounts managed with objectives similar to those of the Consulting Group program.
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EQUITY SECURITY CHARACTERISTICS'
.J
Representative Size (Millions) Safety Income Value Growth
Holdings Equity Debt to Dividend PIE % Return on 5 Year Annual %
Capital Sales Equity Yield Ratio Assets Equity EPS Sales
CITIGROUP INC 266,298 94,713 142.6 3.1 14.8 1.4 18.4 41.0 4.4
DEERE & CO 16,877 15,389 206.7 1.6 22,4 2.5 16,1 -8,6 2,4
EXXON MOBIL CORP 272,727 213,199 5,3 2.4 13.2 12.3 23.9 19.1 16.2
MOTOROLA INC DE 41,195 27,058 56.4 0,9 46.3 2,8 7.0 N/A -1.7
WALT DISNEY CO 51,169 27,061 46,2 0.8 29.1 2.5 5,3 -6,5 3,3
TOTAL PORTFOLIO 63,188 34,951 212.0 1.8 22.4 3.8 -0,7 3.6 8,6
S&P 500 INDEX CAP WID 89,478 38,617 115.4 1.7 20,2 5.6 18.3 10.5 11.8
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. Information accurate as of March 31, 2004. Representative Holdings and Portfolio Sector Weightings are subject to change at any thue. Representative Holdings lists and sector
weightings are calculated by Smith Barney (S8), or in certain cases by third-party service providen, based on data provided to them by either Consulting Group or the Investment
Manager. Representative Holdings lists indicate the largest security holdings in the portfolio, and sector weightings are based on industry standard sector identification codes. Both
are measured as a percentage of the total portfolio in tenDS of asset value as of the date indicated above. Individual client portfolios may be different based on variations in security
purchase price and date, and individual client restrictions. To the extent any representative holdings contained herein includes securities of Citigroup and/or its affiliates, such
information is not intended to be and should not be considered a recommendation to buy or sen any such securities.
The information provided in this report should not be considered a recommendation to purchase or sell a particular security. There is no assurance that any securities discussed
herein will remain in an account portfolio at the time you review this report or securities sold have not been re~purchased. The securities discussed do not represent an account's
entire portfolio and, in the aggregate, may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the security transactions or
holdings discussed were or wiD prove to be profitable or that the investment recommendations or decisions made in the future will be profitable or will equal the investtnent
performance of the securities discussed herein.
..
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The infOlmation conlained in this Consnlting Group Profile for Lord, Abbett & Co. is as ofMarcb 31, 2004. The information was collected from Lord, Abbett & Co. and other souteeS believed 10
be reliable.
Their minimum account size for Smith Barney's Fiduciary Services Program. is $50,000.
The Performance Highlights section shows annual and total returns which are calculated assuming reinvestment of dividends and income plus capital appreciation. The performance results shown
are those of Lord Abben's Value Equity composite, a capitaIization-weighted composite of fifteen tax-exempl discretionary, separately managed accounts managed by Lord, Abbett & Co. Prior to
1988, the accounl returns are equally weighled, Perfonnance since July I, 1996 represents all value equity Consulting Group accounts managed by Lord, Abbett & Co. for more than Iwo full
quarters. While Lord, Abbett & Co. believes these perfonnance results best reflect the past performance of its large cap value discipline, it should be noted that past performance is not necessarily
indicative of future performance.
Composites calculated by Smith Barney (SB) include all actual, fee paying, discretionary portfolios. Perfonnance will be calculated on a total return basis, gross of invesbnenl mlll1llgemenl fees
and transaction costs. New accounts are included upon the 1st fun quarter of performance (two full quarters for accounts added to the compos ite prior to 1 Q02). Accounts with restrictions are not
included in the composite. Terminated accounts are removed in the quarter in which they terminate.
Prior to inclusion in Ibe Consulting Group program (1/30196), tnmsaction costs were deducted from gross perfonnance,
Ahhough the statements of fact and data in this report have been obtained from, and are based upon, sources that the Finn believes to be reliable, we do not guarantee their accuracy. and any such
information may be incomplete or condensed. All opinions included in this report constitute the Firm's judgment as of the date of this report and are subject to change without notice.
Smitb Barney and Consuhing Group are divisions of Citigroup Global Marlcets Inc. Smitb Barney Inc is a service mati< of Citigroup Global Matkets Ine, and its affiIiates and is used and registered
Ihroughoul the world. CIDGROUP and the Umbrella Device are trademarks of Citicotp or its affiliates and are used and registeted throughoul the world,
This report is for infonnational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future
results.
The investment results depicted herein represent historical gross performance with no deduction for investment management fees or transaction costs. Actual returns will be reduced by expenses
that may include management fees and costs of transactions. The client is refened to the Consulting Group Descriptive Brochure (Schedule H of Form ADV) for a full disclosure of the fee schedule.
As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, on an account with a
2% annual fee, if the gross performance is 10%. the compounding effect of the fees will result in a net performance of approximately 7.81 %. This report is for use in one-on-one client presentations
only.
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. Consulting Group
7/19/04
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Lord, Abbett & Co. - Large Cap Value
Product name as assigned by Lord, Abbett & Co.
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Current Previous
Opinion Opinion
7/19/04 4/19/04
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....
i Diamond Opinion
i Qualitative
Personnel
Investment Process
Quality of Research
Implementation of Process
Business Evaluation
i Reliability of Composite
I Quality of Composite
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Distin uishin features
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. Valuation and growth metrics tend to be at or above
the benchmark
. The process combines bottom up stock selection
based on relative value with benchmark risk controls
. Very aware of benchmark risk which is monitored
using Barra
. At times, significantly underweights Financials and
overweights Technology
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Points to consider
L
. Potential for overlap with core or growth managers
due to flexibility of relative value process
. Bias over time toward higher growth and PE stocks
than the Russell 1000 Value may cause
underperformance when higher growthlPE stocks are
out offavor
. Despite risk controls and flexibility of investment
process, portfolio may underperform when deep value
stocks lead the Russell 1000 Value
. Active risk in sectors could cause significant
performance deviation from the benchmark
. Performance dispersion between managed accounts
and institutional due to some differences in holdings,
number of holdings, and turnover
. The portfolio generally holds 55-65 stocks and has
turnover of approximately 50%
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Investment Style
Large Cap Value
Investment Sub-Style
Relative Value
4
5
Primary Benchmark
Russel/1000 Value
Stren ths of firmldiscipline
. Strong, high quality portfolio management team
. Flexible investment process
. Depth of business, operations, and marketing
infrastructure
Current issues
. Q4 2003/Ql 2004 - CG was informed that Lord
Abbett received information requests from the SEC
and NASD and a subpoena from the Bureau of
Securities of the State of New Jersey relating to
market timing and late trading. In addition, they
have received inquiries from the SEC and NASD
relating to revenue sharing arrangements, are
currently being examined by the SEC and
investigated by the NASD in connection with
revenue sharing arrangements and the use of fund
brokerage commissions and received a subpoena
from the US Postal Inspection Service relating to
revenue sharing arrangements.
. Ql 2004 - Modified maximum position size for
large benchmark stocks to the lesser of
approximately l.5x benchmark weight of a stock or
approximately 7.5%.
. QI 2004 - Given a high and rising level of assets in
Large Cap Value at the firm, CG believes liquidity
may become an issue
CONSULTING GROUP RESEARCH
Page 10f5
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(; Consulting Group
SMITH BARNEY
cltlgrouPt
7/19/04
Lord, Abbett & Co. - Large Cap Value
Product name as assigned by Lord Abbett & Co.
CONCLUSIONS AND RECOMMENDATIONS
· Consulting Group ("CG") maintains a .... opinion of Lord Abbett & Co. (LA) Large Cap Value.
· The opinion is supported by the significant size, experience, and overall quality of the key investment
professionals; an investment process that is highly flexible, has considerable depth, and is well thought out
from a portfolio construction point of view; and, the strength of the firm from a product, operations, and
distribution perspective.
· CG believes the large cap value portfolio management team is very strong. The team is heavily focused and
has demonstrated an active thought process at the individual stock and at the portfolio construction level. CG
has a very high level of confidence in their abilities, investment acumen, and knowledge of portfolio holdings.
Organizational Overview
· LA, founded in 1929, is an independent asset management firm structured as a partnership (LLC). Lord Abbett
transitioned from a general partnership to a limited liability company in 2002.
· Assets under management are approximately $81 billion as of 6/30/04, consisting primarily of mutual funds,
managed account programs and separately managed equity and fixed-income accounts for corporations,
institutions and individuals.
· The strength of LA from a business perspective was reflected in an upgrade in the score for Business
Evaluation from a 4 to a 5 in August 2003.
Large Cap Value Overview
As a value manager, LA philosophically believes that:
· The market consistently misprices stocks and groups of stocks
· Macro-economic factors and company specific events influence the behavior of stock prices
· A disciplined process based on strong fundamental and proprietary quantitative research is expected to
successfully identify undervalued securities while reducing downside risk
LA's goal is to construct a portfolio with stocks that have:
· Positive fundamental outlook
. Attractive valuation
· Appropriate economic exposure
· Appropriate risk parameters versus the benchmark
· CG believes the LA Large Cap Value product is appropriate for investors who desire a manager with a flexible
value process that is materially influenced by benchmark construction, but has a strong bottom up stock
capability.
CONSULTING GROUP RESEARCH
Page 2 of 5
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7/19/04
Lord, Abbett & Co. - Large Cap Value
Product name as assigned by Lord Abbett & Co.
· Potential for overlap with core or growth managers is high due to the flexibility of the relative value investment
process.
· Over time, LA has displayed a bias toward higher growth and PE stocks than the Russell 1000 Value. This
could cause underperformance when higher growth/PE stocks are out of favor. In addition, the portfolio is
likely to underperform when deep value stocks lead the Russell 1000 Value, as LA has not typically positioned
the portfolio with a deep value orientation. While LA has at times in the past outperformed in such
environments due to strong stock and/or sector selection, CG believes that over time LA is likely to have
difficulty outperforming in such environments.
· LA ranks all stocks as buys or sells, with no holds allowed. Clients should be aware that the strict "no holds
allowed" approach may cause newly established portfolios to quickly incur realized gains or losses since
portfolios may quickly buy the model portfolio and individual securities may become sells or trims in short
order.
· Dispersion between institutional and managed account portfolios has occurred historically and should be
expected to continue. Dispersion within each distribution platform is low.
· Some concern exists with historic analyst turnover and this will continue to be monitored by CG on a going
forward basis.
Analysis of Sub-Style
· Consulting Group assigns this product to the Relative Value sub-style.
· Key factors driving the sub-style rating include:
o Over time, LA has displayed a bias toward higher growth and PE stocks than the Russell 1000
Value.
o LA tends to underweight Financials (typically considered a value-oriented sector) and overweight
Technology (typically considered a growth-oriented sector)
o Highly Flexible investment process. In 1999, the LA investment process resulted in portfolios
which included non-traditional value names such as Sun Microsystems, Oracle, Apple Computer,
Qualcomm and EMC.
· Flexibility with respect to sub-style categorization:
o LA has shown the ability to move around the valuation spectrum to a limited degree, from relative
value in 1999 to more of a traditional value orientation for much of 2000, and back toward
relative value in more recent periods.
o A deep value orientation has not taken place and CG believes that such an orientation is unlikely
to take place in the future as LA is typically positioned with a relative value orientation.
ADDENDUM TO FULL REPORT
Product Current 0 inion Date Full Re ort Date
Large Cap Value
July 19, 2004
August29,2003
CONSULTING GROUP RESEARCH
Page 3 0(5
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SMITH BARNEY
cltlgroupt
. Consulting Group
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7/19/04
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Lord, Abbett & Co. - Large Cap Value
Product name as assigned by Lord Abbett & Co.
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The following are a summary of material events or changes that have been identified by Consulting Group
since issuance of our last Full Report Date. Along with each item is included the impact, if any, that these
changes or events have had on Consulting Group's Scores or Opinion Rating.
j
02 2004
Date Event 1m act on 0 inion or Scores
,~
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04 2003/01
2004
01 2004
01 2004
01 2004
01 2004
04 2003
Current sector weight in Financials of None
18% compared to 33% for the Russell
1000 Value is beyond LA's sector
guideline of plus or minus 10 percentage
points, though this is a guideline not a
rule.
CG was informed that Lord Abbett None
received information requests from the
SEC and NASD and a subpoena from
the Bureau of Securities of the State of
New Jersey relating to market timing and
late trading. In addition, they have
received inquiries from the SEC and
NASD relating to revenue sharing
arrangements, are currently being
examined by the SEC and investigated
by the NASD in connection with revenue
sharing arrangements and the use of
fund brokerage commissions and
received a subpoena from the US Postal
Inspection Service relating to revenue
sharing arrangements.
Modification to maximum position size. None
For those stocks that represent
approximately 3.33% or more of the
benchmark, modified the approximate
5% limitation to the lesser of
approximately 1.5x the benchmark
weight of a stock or approximately 7.5%.
Current sector weight in Financials of None
19% compared to 36% for the Russell
1000 Value is beyond LA's sector
guideline of plus or minus 10 percentage
points, though this is a guideline not a
rule.
Bonita Burrell joined the Large Cap None
Value team as a healthcare analyst.
Given a high and rising level of assets in None
Large Cap Value at the firm, CG
believes liquidity may become an issue.
In November 2003, Larry Chinsky, a None
research analyst (generalist), resigned.
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CONSULTING GROUP RESEARCH
Page 4 of5
...
...
.
...
l
. Consulting Group
SMITH BARNEY
cltlgrouPt
7/19/04
)
..
,
..
Lord, Abbett & Co. - Large Cap Value
Product name as assigned by Lord Abbett & Co.
\
..
03 2003
Current sector weight in Financials of None
18% compared to 35% for the Russell
1000 Value is beyond LA's sector
guideline of plus or minus 10 percentage
points, though this is a guideline not a
rule.
Current sector weight in Financials of None
18% compared to 36% for the Russell
1000 Value is beyond LA's sector
guideline of plus or minus 1 0 percentage
points, though this is a guideline not a
rule.
04 2003
r
,
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L
L
This report was prepared by:
Drew B. Soffer
302.888.4106
drew.b.soffer@citigroup.com
L
?
L.
Although the statements of fact and data in this Report have been obtained from, and are based upon, sources that the Firm
believes to be reliable, we do not guarantee their accuracy, and any such infonnation may be incomplete or condensed, All opinions
included in this Report constitute the Finn's judgment as of the date of this Report and are subject to change without notice, This
Report is for infonnational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any
security, Past perfonnance is not a guarantee of future results,
~
L.
L
For infonnation about the Consulting Group research process and the diamond rating system, please ask your financial consultant
for a copy of the Consulting Group White Paper entitled Behind the Diamonds,
For further infonnation on sub-styles, please see the Research Bulletin entitled .Why Sub-Styles Matter."
L
To the extent the investments depicted herein represent intemational securities, you should be aware that there may be additional
risks associated with intemational investing involving foreign economic, political, monetary and/or legal factors, International
investing may not be for everyone, These risks may be magnified in emerging markets, In addition, the securities of small-
capitalization companies may be subject to higher volatility than larger, more established companies, Smith Barney does not
provide tax or legal advice, Please consult with your tax and/or legal advisor for such guidance,
k
l
...
Smith Barney and Consulting Group are divisions of Citigroup Global Markets Jnc, Smith Barney is a service mark of Citigroup
Global Markets Inc, and its affiliates and is used and registered throughout the world, CITIGROUP and the Umbrella Device are
trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world, Citigroup Global
Markets Inc, is a member of the Securities Investor Protection Corporation (SIPC),
L
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CONSULTING GROUP RESEARCH
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SMITHBARNEY Capital Markets Overview
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2nd Quarter 2004
Mixed News Leads to Stock Market Standoff
L.
. The U.S. stock market posted slight gains in the second quarter, as worries about higher oil
prices and interest rates were offset by solid growth in corporate earnings and signs of a
broadening economic expansion.
~
. The Fed nudged short-term interest rates higher - pushing its target for the key Federal
Funds Rate to 1.25% on the last day of the quarter.
. The U.S. economy appeared to grow at a robust pace, although signs of deceleration
appeared near the end of the quarter, Job creation, which had lagged growth in 2003,
improved significantly.
i..
L.
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. With job growth accelerating and interest rates and oil prices both rising, most fixed
income benchmarks posted negative returns for the quarter. Losses were steepest at the
long end of the yield curve,
l
. International stock markets were mixed in the second quarter, as a rising dollar slightly
trimmed returns for U.S.-based investors. Emerging markets generally fell, on concerns
about the impact of high U.S. interest rates on global capital flows.
La
L
The second quarter was a rocky one for
the U.S. stock market, as equity investors
confronted a number of unsettling
developments, including higher oil prices,
terrorist attacks in Saudi Arabia and a growing
perception the Federal Reserve would
soon move to raise interest rates for the
first time in four years.
~
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..
Countering these anxieties, however,
the outlook for economic growth and
corporate profits remained bright.
Operating earnings for the S&P 500
companies rose 26% in the first quarter
from the first three months of 2003,
according to Wall Street analysts.
Earnings appeared to continue rising at
a rapid clip in the second quarter.
~
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With profits rising and job growth
accelerating, the Fed nudged short-term
interest rates higher - pushing its target
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for the key Federal Funds Rate to 1.25% on
the last day of the quarter. Investors, however,
took some comfort from comments from Fed
officials indicating they expect to lift rates
only gradually in coming months.
Returns on Major U.S. Stock Market Indices
8%
6,8%
6%
4%
2%
0%
Dow Jones S&P 500 Nasdaq Russell Russell
Industrial 1000 2000
I_ 2nd Quarter Ii!il First Half I
Source: Consulting Group
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
L
~
Pulled by these opposing forces, the
U.S. stock market ended the second
quarter with slight gains. The Dow
Jones Industrial Average rose to
10,435.48 from 10,357.70 at the end
of the first quarter. That still left the
A verage slightly lower for the first
half. Including dividends, however,
the Dow returned 1.26% for the
quarter and 0.77% for the half.
2%
10%
8%
f
L.
6%
4%
!
...
0%
f
..
Reports of a long awaited pick-up in
job creation and strong retail sales
sparked a rally to open the quarter.
But stocks struggled mid April as
rising inflation increased the
likelihood of a rate increase and offset
strong earnings reports. Investors began to
adjust their portfolios for the risk of higher
rates. Large-cap stocks were down
approximately 2%, while small cap issues
dropped 5%.
i
..
Russell Size and Style Indices
7.8%
Russell 1000 Russell 1000 Russell 2000 Russell 2000
Value Growth Value Growth
. 2nd Quarter !1il'l First Half I
Source: Consulting Group
,
i..
a
...
,
~
..
The market faded in May amid interest rate
and inflation concerns. While the Fed
signaled a shift toward rate hikes later this
year, strong economic data and accelerated
earnings increased speculation on the timing
and magnitude of the action. By mid May
major indices were at the lowest levels for the
year. Sentiment improved amid signs of
lower oil prices and bargain hunting pushed
stocks higher by month end. Major indices
finished up roughly 1.5%.
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ill
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In June, continued strength in job creation and
declining oil prices drove stocks higher.
Stocks idled until late in the month, then rose
as investors shifted back to a view of
moderate Fed action and began to anticipate
upbeat second quarter profits.
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Large capitalization stocks delivered modestly
positive returns, on average. The S&P 500
posted a return of 1.71 % for the second
L
f:
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quarter, and 3.44% for the first half. Strong
returns for several major technology stocks
helped the Nasdaq Composite Index post a
2.69% return for the second quarter, and
2.22% for the first half. The Russell 1000
Index - a broad benchmark that includes both
large-cap and mid-cap stocks - gained 1.4%
for the quarter and 3.33% for the first half.
In terms of S&P 500 economic sectors,
Industrials led the way with a 8.46% second
quarter return, as signs of economic strength
boosted a number of major manufacturing
stocks. Energy gained 7.56% on the heels of
rising oil prices. Healthy gains on a several
S&P 500 Economic Sectors
Second Quarter 2004
-100/. -80/. .60/, ....a;. .2".
B% 100/, 120/.
0-;. 20/. 4% 6%
Industrials
8.5%
Energy
Information Technology
Health Care
7.6~/o
2.8%
2.7%
Materials
Consumer Staples
Consumer Discretionary
Telecomm Service
Utilitie.
Financials
Sooroe: Ve6takSystems
2
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
L
Large Cap vs. Small Cap
Returns on Russell 1000 Minus Russell 2000
L.
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
L
...
00 00 00 01 01 01 01 02 02 02 02 03 03 03 03 04 04
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
S:lurce:VEil9~Sysll9ms
~
mega-cap computer and Internet stocks helped
offset broader weakness in the Information
Technology sector, which returned 2.84% for
the quarter. Lagging economic sectors
included Financials, which lost 2.38%, and
Utilities, down 1.29%. Telecommunications
Services lost 0.97%, while Consumer
Discretionary sector dropped 0.29%.
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f
..
Small capitalization stocks lagged the large-
cap sector in the second quarter, although by
only a relatively narrow margin. The Russell
2000 Index - a popular benchmark for small-
cap stocks - returned 0.47%. For the first half,
however, the small-cap benchmark remained
modestly ahead of its large cap cousin, with a
6.76% return.
...
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SmaIl Cap Returns
,
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Russell 2000 returns were dominated by solid
gains in the small-cap energy sector, and more
moderate advances by industrial
conglomerates, transportation and consumer
durable stocks. Lagging sectors included
Technology, Shelter and Retail. Investors
showed a defensive preference in the second
quarter, as larger, less volatile and less richly
valued stocks in the Russell 2000 generally
outperformed.
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t
1
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The small cap value sector - stocks those with
below average valuations and above average
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dividend yields - narrowly outperformed the
broader small-cap universe in the second
quarter. The Russell 2000 Value Index, a
subset of Russell 2000 stocks with value-like
characteristics, returned 0.85% for the quarter,
bringing its first half return to 7.83%.
Within the value sector, energy, consumer
durable and transportation stocks led the way,
while housing, health care and technology
stocks lagged. Investors generally shied away
from the smallest and most high yielding
stocks in the Russell 2000 Value Index during
the second quarter, but showed a preference
for more volatile stocks.
Small growth stocks - those with above
average valuations and expected earnings
growth - lagged the broader small-cap
universe in the second quarter, although by a
relatively small margin. The Russell 2000
Growth Index, a subset of Russell 2000 stocks
with growth-like characteristics, gained a
slight 0.10% during the quarter, for a first-half
return of 5.69%.
Within the Russell small growth benchmark,
industrial conglomerate and energy stocks
outperformed, while the technology, consumer
services and housings stocks lagged the index.
During the second quarter small growth
investors generally shunned the smallest and
most volatile stocks, as well as those with
extremely high and extremely low expected
earnings growth.
In general, U.S. large-cap investors showed
few pronounced preferences in the second
quarter when it came to capitalization,
volatility or other stock characteristics. One
exception: Investors demonstrated a modest
tilt towards stocks with relatively low
dividend yields.
U.S. equity investors also showed no strong
bias towards either the growth or value styles
3
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
L.
Value vs. Growth
Retums on Russell 1000 Growth Minus Russell 1000 Value
l
...
30%
20"10
10"/0
L
0%
-1 0"10
;;:
...
-20"10
-30"10
00 00 00 01 01 01 01 02 02 02 02 03 03 03 03 04 04
~~~~~~~~~OO~~~~~~~
L
SOUr<:e: Consulting Group
l
of investing in the second quarter. The Russell
1000 Growth Index - a subset of stocks in the
Russell 1000 with growth characteristics such
as relatively high price-to-earnings multiples -
returned 1.94% for the second quarter and
2.74% for the first half. The Russell 1000
Value Index - which contains stocks with
value characteristics such as relatively low PE
multiples - returned 0.88% for the quarter and
3.93% for the half.
f,
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Moderate losses in the Shelter, Financial and
Utility sectors - all highly sensitive to rising
interest rates and all heavily represented in the
large value universe - held back the value
benchmark. Leading sectors included
Transportation (up 9.63%), Multi-Industry
(+8.99%) and Energy (+8.51%). Large cap
value investors generally shunned high-
volatility and extremely high-yielding stocks
in the second quarter, and generally favored
the higher end of the size spectrum.
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In the second quarter, large cap growth
investors generally preferred the biggest
stocks in the Russell 1000 Growth Index -
those with market capitalization of $150
billion or more. In terms of economic sectors
within the growth universe, Transportation
and Capital Goods stocks outperformed the
growth benchmark, with returns of 11.27%
and 10.61 %, respectively. Lagging sectors
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Distribution of Returns in the S&P 500
Second Quarter 2004
300
250
.
...
S 200
Ul
~ 150
.
.Q
~ 100
z
192
o
50
9
o
o 4
o
les. -75%to ~SO%to -25%&0 ~1001oto O%to 10%10 2S'IIato Wt.to gntaler
than .S(IIlI. -25",4 -10% 0% 10% 25% SOD!. 75% than
-75% 75"10
Range of Returns
$;)ull::e: Con~u1tir'9 Group, Vtlslek Systems
included Retail (-5.14%), Consumer Services
(-3.15%) and Financials (-3.01%). Growth
investors generally preferred the largest of
large cap stocks in the second quarter - those
with capitalization of$150 billion and up.
The market gains seen in the second quarter
may have been modest, but they were
distributed relatively evenly across the
capitalization spectrum.
Dividing the stocks in the S&P 500 into five
equal groups, or quintiles, we find that returns
on the smallest group (consisting of stocks
with capitalization under $4.2 billion) was
1.6% - only slightly higher than the 1.4%
return on the very largest group (capitalization
above $23 billion).
Gaining stocks also broadly outnumbered
losing stocks during the second quarter. Of the
stocks in the S&P 500 Index at the end of
June, 293 - just under 60% - posted positive
returns for the quarter, while 206 - just over
40% - posted negative returns. One stock did
not have a return for the full second quarter.
Stocks were slightly more expensive at the
end of the second quarter than they were at the
end of the first - at least according to one
common valuation model. The earnings yield
on the S&P 500, based on expected l2-month
4
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
n
L.
S&P 500 Valuation Model
10.Year Treasury Yield Minus S&P Earnings Yield
3%
L
2%
1-/0
0%
L.
.1%
-2%
I
..
.3'10
; ~ ~ ~ ~ : ~ I g Q ~ : 3 ~ : ~ I g g ~ S ~
o ~ ~ Q Q 0 0 Q Q 0 0 0 Q Q Q 0 0 Q 0 000
_ _ ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ N N N N
Sources: First CaR, Pri.dentia/ Financial. Federal Reserve
L.
earnings, was about 1.4 percentage points
higher than the yield on the lO-year Treasury
note, versus a 1.9 percentage point earnings
premium at the beginning of the second
quarter. A somewhat similar model, which
uses the average yield on corporate bonds
rated BAA by Moody's Investors Service, also
showed the S&P 500 grew modestly more
expensive in the first quarter.
,
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The U ,S, Bond Market
k
...
The bond market endured a difficult quarter,
as oil prices rose sharply and inflationary
pressures appeared in some sectors of the
economy. Prices of most fixed-
income securities fell sharply in
April and early May. However, 5%
bond prices rebounded
somewhat in late June as oil 4%
prices retreated from their highs
and U.S. economic growth 3%
appeared to moderate.
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...
2%
L
The yield on the benchmark 10-
year Treasury note rose to 4.62%
at the end of June from 3.86% at
the end of March. The second
quarter also brought a steeper
yield curve. Although the
adjustment came partly at the
long end of the curve - with 30-
year yields increasing 53 basis
0%
3-Month 6-Month l-Year Bill 2-Year 3-Year 5-Year 7.Year 10-Year
Bill Bill Note Note Note Note Note
1%
L
points versus 39 basis points in the 3-month -
the intermediate portion of the curve widened
more. Three-year yields rose the most,
jumping 118 basis points.
Despite the June rally, most major fix ed-
income indices ended the quarter with
moderate losses. The Lehman Brothers
Government Credit Index - a benchmark for
both private and public sector bonds - lost
3.17% in the second quarter, leaving it with a
0.19% loss for the first halt:
Government debt issues slightly outperfonned
corporate instruments, as the Lehman
Government Index lost 2.97% in the second
quarter and 0.12% in the first half. Although
corporate earnings reports were generally
positive, investors appeared to take profits in
the investment-grade corporate sector, which
had outperformed in the last quarter of 2003
and the first quarter of this year. The Lehman
Credit Index lost 3.42% for the quarter and
0.26% for the half.
In terms of credit sectors, returns were better
for AAA-rated bonds and became
progressively worse as credit quality declined,
Treasury Yield Curve
1....-6130/2003 ..... 9/30/2003 -'-12/31/2003 .... 3/31/2004 ....6/30/20041
I
I..
Source: Federal Reserve Board of Governors
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd QU31ier 2004
L.
U.S. Bond Market Returns
6"10
L
4%
1.4'4
1.
L
..4%
..6"/0
.3,4%
-3.2% -3,0'/0
Mortgage HighYlakl Irtermediate Creel<< Aggregate GcM.lCrectit Government
Backlld Govt./Credl
.2nd Quarter I!lIFirst Half I
SOu(t;e: Goo$tllting GIOUp
E
L
also a reversal from the prior quarter. Higher-
rated sectors likely suffered from the impact
of interest rate tightening on interest margins,
while specific business developments, such as
disappointing auto sales, may have impacted
some lower-rated sectors.
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The Lehman Aggregate Index - the broadest
fixed income benchmark - posted a 2.44%
loss for the second quarter, leaving it with a
0.15% gain for the first half. Losses were
significantly steeper among longer-dated
issues in the second quarter. The Lehman
Long Government Credit Index lost 5.27% for
the quarter and 0.46% for the half.
I
...
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Mortgage-backed securities, on the other
hand, generally outperformed in the second
quarter, as rising interest rates reduced risks
stemming from early repayment of existing
loans. The Lehman Mortgage Index lost
1.13% in the second quarter, but finished the
first half with a 0.77% gain. Longer-dated
maturities drove returns in the mortgage
sector. The Lehman Government National
Mortgage Association (GNMA) 30- Year
Index lost 0.89% in the quarter versus a 1.26%
lost for the Lehman GNMA 15- Year Index.
t
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High yield issues also fared relatively well, as
the continued strength in corporate earnings
continued to soothe investors' fears of default.
The Lehman High Yield Index lost 0.96% in
1
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the second quarter, but returned 1.36% in the
first half. High yield sectors that did relatively
better during the second quarter included
Consumer Cyclical (with a 0.70% loss) and
Capital Goods (down 0.65%). Both benefited
from the improving economy.
The Lehman Municipal Index, a broad index
of municipal bonds, finished the second
quarter 2004 with a 2.4% loss. The yield on
the muni index finished the quarter at 4.07%,
a 66 basis point increase from the end of the
first quarter. This implied a 6.26% taxable-
equivalent yield for an investor in the highest
federal tax bracket. Municipals continued to
have attractive valuations versus U.S.
Treasury and agency securities. At the end of
June, the Lehman Municipal Long Bond Index
was yielding 5.27%, which was 102% of the
30-year Treasury yield (5.18%) and 90% of
the 30-year Agency yield (5.86%).
The V,S. Economy
The second quarter began with a string of
strong economic numbers, as job growth
accelerated and manufacturing orders
strengthened. However, by mid-June evidence
of a slowdown became apparent, as orders for
durable items, including capital goods,
declined and some major chain stores reported
softening sales. Government analysts also
U.S. GDP Percentage Growth
10%
8%
6%
4%
2% ~,
0%
-0,2%
..2% -0,6"10.1.3%
4%
8,2%
4.7%
4,1 o/:.~.,j.
01 01 01 01 02 02 02 02 03 03 03 03 04
Q1 Q2 OJ Q4 Q1 Q2 OJ Q4 Q1 Q2 OJ Q4 Q1
1_ ~arterly Change at Armual Rate -+- Year-Over-Year Change I
Soorce: Commerce Department
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
21\(1 Quarter 2004
L
Federal Funds Rate
I
..
20%
18%
16%
14%
12%
10',{,
8',{,
6%
4',{,
2%
0%
..
....
~
~ ~ i ~ : = I ~ : : : : g s x
~ ~ : ~ ~ ~ m ~ ~ ~ m ~ ~ ~ ~
1.
i
..
I
~
..
SOlIl0ll:FeO,reIRe6lt~8ankolSt.l.J::)uls
L
trimmed their estimate of economic growth
in the first quarter, as a surge in imports cut
into domestic production. According to the
Commerce Department, Gross Domestic
Product expanded at a 3.9% annual rate in the
first three months of the year, versus the 4.1 %
initially reported.
L
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Economists disagreed on the significance of
these numbers, although most analysts seemed
to view them as welcome signs that the Fed
would not need to raise interest rates as
quickly or as drastically as some had feared.
On the other hand, slower growth led some
investors to question whether the rapid gains
in corporate earnings seen over the past three
quarters would continue in the second half of
the year.
i
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For now, however, the profits picture still
seems bright. Even as the Commerce
Department was lowering reported first-
quarter GDP growth, it raised its estimate of
corporate earnings. Adjusted for the effect of
inflation on corporate depreciation charges
and inventory costs, earnings rose more than
32% over the year ending in the first quarter -
the fastest rate of growth since 1984.
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L.
The employment picture also seemed to
brighten in the second quarter, as the economy
produced more than 670,000 new jobs.
However, job growth appeared to slow
L
l
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
Corporate Profits
Vear Over Vear Percentage Change
i-I quarter
2004: +32.3%
:: :: ~ ~ ~ := = a1 ;; ~ ~ :; ~ I ~ : ~ g c s a
0) 0) 0) Cb en 0) 0) en en 010 c:n Cb Cb 0) 0) en m coo 0
'II"" 'II"" ,.. 'II"" 'I"" .... _ 'II"" ,.. _ 'II"" or- .... .... _ 'II"" ,... <'l ('Ill C'Iol N
SOUlCe- Commerce Department
significantly in June while total hours worked
declined for the first time since last December.
The unemployment rate remained at 5.6%, as
the increase in new jobs was roughly matched
by the number of new job seekers. With labor
market conditions still relatively slack, wage
growth was moderate. The average hourly
wage rose 2.02% in the year ending in June -
little changed from the 1.8% increase seen in
2003.
Despite continued moderation in wage gains,
faster growth and rising oil prices caused
inflation to accelerate slightly in the first
quarter. The Consumer Price Index rose
roughly 3% in the 12 months ending in May,
versus a 1.82% increase in 2003. However,
the so-called "core" index, which excludes
volatile food and energy prices, rose just
1.76% in the 12 months ending in May, up
from a 1.09% gain last year.
International Markets
International stock markets were mixed in the
second quarter, as a rising dollar slightly
trimmed returns for U.S.-based investors. The
Morgan Stanley Capital International Europe,
Australasia and the Far East, or EAFE, Index
- a popular benchmark for the major non-U.S.
developed markets - returned 0.44% for the
quarter in the dollar terms.
7
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
21ld Quarter 2004
..
~
...
Developed Market Returns
In U,S, Dollars
w
...
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
10,8%
L
I
...
Italy Germany France United EAFE Japan Hong
Kingdom IIIDEX Kong
L
I .2nd Quarter . First Half I
SoUIl:lEI Morgan SlBnlsy capital lntemalbnal
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The foreign exchange value of the dollar
increased by about 1 %, on balance, during the
quarter, but was about 22% below its most
recent peak in February 2002 relative to a
basket of major countries' currencies and
about 11 % below its peak relative to a broader
basket of currencies.
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Developed European markets generally
outperformed developed Asian markets, as
signs of somewhat faster growth in France and
Germany partially offset worries about higher
oil prices and terrorism. Asian investors, on
the other hand, worried about the impact of
rising interest rates in both the United States
and China.
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\
1.
The MSCI Europe Index retumed 2.44% for
the quarter and 3.40% for the first half in the
dollar terms. Gains were tempered late in the
quarter, as European investors focused on
concerns surrounding the situation in Iraq and
other geopolitical uncertainties, China's
efforts to slow economic growth and curb
inflation, and anticipation of European Central
Bank rate increases.
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The British market, which is the most heavily
weighted in the MSCI Europe Index, posted a
1.5% gain in the second quarter. Investors
continued to focus on movements by the Bank
1.
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Emerging Market Returns
In u,s. Dollars
20%
10'10
0%
-10'10
..20-10
~20.3"Jq
-30'10
Chile Thailand Mexico China EM Brazil Korea Russia
INDEX
I .2nd Quarter . First Half I
Souroe: ~~n SBnley O!Ip/tallntemali::frClI
of England and the possibility that U.K. real
estate prices may be forming a bubble.
The MSCI Asia Index lost 5.34% in dollar
terms for the quarter, but still finished the half
with a 7.04% gain. The MSCI Japan Index
lost 3.82% in the second quarter in dollar
terms, due primarily to a modest decline in the
value of the Japanese yen. Also contributing
significantly to market losses were Japanese
banks and brokers, which posted an average
drop of nearly 10%. For the first half,
however, the Japan Index returned a solid
10.78%.
Emerging markets were particularly unnerved
by the prospect of higher rates in the United
States, and the consequent uncertainty over
the strength of future U.S. economic growth.
The MSCI Emerging Markets Index posted a
dollar loss of 9.57% in the second quarter,
leaving it down 0.78% for the first half.
The MSCI Latin America Index posted an
8.1 % decline in the second quarter, slightly
outperforming the overall Emerging Markets
index. Brazil, the largest country in the
regional index, lost 12.0%, due in part to a
6.1 % decline in the dollar value of the
country's currency, the real. Mexico, the other
large country in the regional benchmark,
continued its trend of relative outperformance
from the past quarter, posting a 4.4% decline.
8
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
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1.
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The International Fixed Income Market, as
measured by the Lehman M~ors Ex-US
Index, lost 3.63% for the quarter,
underperforming the domestic US market.
Negative returns were driven largely by
Australia and New Zealand, which lost
8.74% and 5.70% respectively. This can be
largely attributed to monetary policy as both
countries remain in tightening cycles.
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Emerging markets also reversed course from
the prior quarter, as the Lehman Emerging
Markets Index posted a 4.88% loss.
~
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....
01
'5 110
Q
(jj
a.
~ 105
>-
Source: Federal Reserve
Major Exchange Rates
First Half 2004
115
100
~ ~ ! ~ ! ! ~ ! ! ! ! ~ ~ ~
M ~ N ~ N _ N N _ ~
I-+-Yen '-Euro!
1.00
0,95 12
(5
0.90 '2
Q)
a.
0.85 e
:J
0.80 w
0.75
9
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
U.S. Equity Market Quarterly Performance I Source: Consulting Group
2004 2004- 2003 2003 2003 2003 2002 2002 2002
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
S&P 500 1.7% 1.7% 12.2% 2.6% 15.4% -3,2% 8.4% -17.3% -13.4%
DOW JONES 1.3% -0.4% 13.4% 3,8% 13,1% -3.6% 10,6% -17.4% -10.7%
NASDAQ 2,7% -0.5% 12.1% 10.1% 21.0% 0.4% 14.0% -19.9% -20,7%
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RUSSELL 1000 1.4% 1.9% 12.3% 3.0% 15.7% -2,9% 8.2% -16.9% -13,5%
RUSSELL 1000 GROWTH 1.9% 0.8% 10.4% 3.9% 14,3% -1.1% 7,1% -15.1 % -18.7%
RUSSELL 1000 VALUE 0,9% 3,0% 14.2% 2,1% 17.3% -4.9% 9.2% -18.8% -8.5%
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RUSSELL 2000 0,5% 6.3% 14.5% 9,1% 23.4% -4,5% 6.2% -21.4% -8.4%
RUSSELL 2000 GROWTH 0.1% 5.6% 12.7% 10,5% 24,2% -3.9% 7.5% -21,5% -15.7%
RUSSELL 2000 VALUE 0,9% 6,9% 16.4% 7.7% 22.7% -5.1% 4.9% -21.3% -2.1 %
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RUSSELL 3000 1,3% 2.2% 12.4% 3.4% 16.3% -3.1% 8.0% -17.2% -13.1%
RUSSELL 3000 GROWTH 1.8% 1.1% 10,6% 4.4% 14,9% -1.3% 7.2% -15,5% -18.5%
RUSSELL 3000 VALUE 0,9% 3,3% 14.4% 2.5% 17,7% -4,9% 8.9% -19,0% -8,0%
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RUSSELL MID-CAP 1.5% 5.1% 14.0% 6.4% 18.3% -2.4% 7,9% -17,6% -9.5%
RUSSELL MID-CAP GROWTH 1.1% 4.8% 12,2% 7,2% 18.8% -0.0% 9.2% -17.2% -18,3%
RUSSELL MID-CAP VALUE 1,7% 5.3% 15.2% 5.9% 17,9% -4.1% 7,1% -18,0% -4,78%
S&P 500 Sector Performance I Source: Vestek Systems
." 2004Q2 FIrst Half
Industrials 8.46% 7.37%
Energy 7.56% 13.14%
Information Technology 2.84% 0.23%
Health Care 2.70% 2.14%
Materials 2.54% 0.73%
Consumer Staples 0.47% 6.13%
Consumer Discretionary -0.29% 0.94%
Telecomm Service -0.97% 3.99%
Utilities -1.29% 3.80%
Financials -2.38% 2.38%
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2,1<1 Quarter 2004
Fixed Income Quarterly Performance I Source: Consulting Group
U,$, Fixedll'1come 200.4 2004 2003 2003 2003 2003 2002 2002 2002
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
LB AGGREGATE -2.4% 2,7% 0.3% -0,1% 2,5% 1.4% 1.6% 4.6% 3.7%
LB GOVT/CREDIT -3.2% 3.1% 0.0% -0.5% 3,5% 1.7% 1.7% 5.7% 3.8%
LB GOVT -3,0% 2.9% -0.4% -0.8% 2.5% 1.1% 0.7% 6,7% 4.4%
LB CREDIT -3.4% 3,3% 0.5% -0,2% 4,8% 2.4% 3.1% 4,5% 2.9%
LB INT GOVT /CREDIT -2,5% 2.5% 0.1% -0,0% 2.7% 1.5% 1.7% 4.5% 3,6%
LB G/C LONG -5.3% 5.1% -0.3% -2.0% 6.1% 2.1% 1,9% 9.4% 4,3%
LB HIGH YIELD -1.0% 2.4% 5.9% 2.8% 10,1% 7.6% 6.7% -2.9% -6.4%
LB MORTGAGE BACKED -1.1% 1.9% 0.9% 0,5% 0.7% 0.9% 1.4% 2.7% 3.5%
LB MUNI -2.4% 1,7% 1.4% 0.1% 2,6% 1.2% 0,0% 4,8% 3,7%
90 DAY TREASURY BILL 0.3% 0.2% 0,2% 0,2% 0.3% 0.3% 0.3% 0.4% 0.4%
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InteroationalFixed Income
LB MAJORS EX U.S, -3.6% 1.7% 6,6% 2.9% 3.9% 3.6% 5.8% 2,6% 13,8%
CITI WORLD GOVT UNHEDGED -3.3% 1.9% 5.2% 2,0% 3.9% 3,1% 4,7% 3,9% 11. 7%
CIn NON-US WGB UNHEDGED -3.4% 1.6% 6.7% 2.8% 4.2% 3.7% 6.1% 2,8% 14.0%
u.s. Treasury Yield Curve I Source: Federal Reserve Board of Governors
6/30/04 3/31/04 12/31103 9/30/03 6/30/03
3-Month Treasury 1.33% 0.95% 0,95% 0.95% 0.90%
6-Month Treasury 1.68% 1.01% 1.02% 1.01% 0.98%
1- Year Treasury 2.09% 1.20% 1.26% 1. 15% 1.09%
2- Year Treasury 2,70% 1.60% 1.84% 1,50% 1,32%
3- Y ear Treasury 3.16% 1.99% 2.37% 1. 9 5% 1.66%
5- Year Treasury 3,81% 2.80% 3.25% 2,85% 2.46%
7- Year Treasury 4.24% 3.33% 3,77% 3.41% 3.03%
10- Y ear Treasury 4.62% 3.86% 4.27% 3,96% 3,54%
11
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
21\d Quarter 2004
I
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International Developed Equity Performance
Source: Morgan Stanley Capital International
U.S. Dollar Local Currency
2004 Q2 First Half 2004 Q2 First Half
Regions
World Index 1.04% 3,79% 2,06% 4.78%
EAFE 0.44% 4,86% 2,63% 6.87%
Europe 2.44% 3.40% 3.31% 5,09%
North America 1.50% 3,00% 1.59% 3.17%
Pacific -3.98% 8.33% 1.10% 11,24%
World ex U.S.A. 0,31% 4.64% 2.50% 6.76%
National Indices
Australia -5,29% 0.63% 3,80% 8,85%
Canada -1.80% 0.98% 0.18% 4,77%
Finland -19.48% -6.64% -18.67% -3.21%
France 4,04% 3.67% 5.09% 7.48%
Germany 4.13% -0.49% 5,17% 3,17%
Hong Kong -4.50% 1. 73% -4.40% 2.20%
Italy 6.73% 6,33% 7,80% 10,24%
Japan -3,82% 10,78% 0.88% 12.79%
Netherlands 3.90% -0,11 % 4,94% 3,56%
New Zealand -1.17% 6.65% 3,61% 10,26%
Singapore Free -2.20% 3.42% 0.49% 4,89%
Spain 0,74% 1.48% 1. 7 5% 5.21 %
Sweden 5.12% 12.72% 5.00% 18.01%
Switzerland 2.56% 3.30% 1.39% 4,61%
United Kingdom 1.48% 3,32% 2,84% 1.99%
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SMITH BARNEY CONSULTING GROUP I CAPITAL MARKETS OVERVIEW
2nd Quarter 2004
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Source: Morgan Stanley Capital International
U.S. Dollar Local Currency
2004 Q2 First Half 2004 Q2 First Half
Regions
Emerging Markets (EM) -9.57% -0,78% -8.18% -1.21 %
EM Asia -11.60% -4.09% -9.96% -4,65%
EM Latin America -8,05% -1. 50% -4.23% 3,31%
EM Europe & Middle East -7.43% 10.07% -6.78% 10,89%
NationalIlldices
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Argentina -16,89% -7.90% -13,83% -7.06%
Brazil -11.95% -12.31% -6.45% -5,87%
Chile -0,84% -3.07% 2,28% 4.08%
China -7.66% -10.76% -7.56% -10.35%
HlU1gary 4.72% 29,80% 6.62% 28.99%
India -16.82% -17.96% -11.93% -17.33%
Indonesia -4.32% 1. 1 7% 5.05% 12,94%
Korea -14.67% 1.63% -14.00% -1.44%
Malaysia -9.76% 3.44% -9.76% 3.44%
Mexico -4.36% 14.67% -1.26% 17.69%
Poland 2.96% 11,63% -1.48% 10,27%
Russia -20.25% 3.29% -20,25% 3,29%
South Africa -5.77% 2.84% -7,13% -4.29%
Taiwan -11.68% -2,71% -9,83% -3,60%
Thailand -1.13% -13.48% 2,88% -10.73%
Turkey -18,64% -7.95% -8,11 % -2,77%
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Although the statements of fact and data herein have been obtained iI'om, and are based upon, SOllrl'eS the Firm believes reliable, we do not
guarantee their accuracy, and any such information may be incomplete or condensed. All opinions included in this report constitute the Firm's
judgn-ent as of the date and are subject to change without notice. This is tor informational pUlpOseS only and is not intended as an ofter or
solicitation with respect to the purchase or sale of any security. Past performance is not a guaranIee offuture results,
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There may be additional risks associated with intel11ational investing involving toreign economic, political, monetary andlor legal factors.
International investing may not be for everyone, The securities of small-capitalization con'q)anies may be subject to higher volatility than larger,
more established companies. Investors may not invest directly in an index.
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Smith Barney and Consulting Group are divisions ofCitigroup Global Markets Inc. Smith Barney is a service mark ofCitigroup Global Markets
Inc, and its atTiliates and is used and registered throughout the world. CITlGROUP and the Umbrella Devioo are trademarks and service marks
ofCiticorp or its atIiliates and are used and registered throughout the world. Citigroup Global Markets Inc. is a member ofthe Securities Investor
Protection Corporation (SIPC).
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