AAC has presented to you a combination
of three well diversified investment management styles and methodologies,
whose actual and back tested results have been able to achieve the
following otherwise most contrary objectives and attributes.
While Combination 3 comes first in more
attributes than the other two Combinations,
because of the importance of attribute 3 and
5 to this client's conservative stance, we
would choose Combination 1.
- Exceeds the 90-day T-Bill
returns over every one of the 60 twelve month periods, save for
four ending periods (April, July through September 1996).
- Achieves rolling 12 month returns
of 10 percent or more in 82 percent of the 60 ending periods.
- Demonstrates a positive
return of 25.43 percent during losing Market months, themselves
totaling -78.07 percent (see Combination
Growth Chart for dramatic confirmation of the effectivenes
of the recent four month period).
- Expected cumulative returns
of 110 percent in excess of the Market are achieved over a 60
- Averages five largest drawdowns
at .13% less than that of the Market.
As can be seen from the above, the selection of Combination
1 over 2 or 3 in effect opts for the lowest of the three
sets of expected returns. Having so stated, it is the client's responsibility
to choose other alternatives, and we would welcome such direction.
We confess that our corporate orientation
is in no small part influenced by our view of present Market conditions,
and their projected future outcomes over the next few years.
If you wish to learn more about the AAC
asset consulting approach, please click the
contact us button.