Net Annual Return (%) | S&P 500 Return (%) | ||
|---|---|---|---|
1996 | 28.6% | 26.0% | 18.4% |
1997 | 33.6% | 34.7% | 22.3% |
1998 | 21.4% | 30.2% | 17.0% |
1999 | 17.2% | 22.8% | 15.7% |
2000 | 15.6% | 7.2% | 12.2% |
2001 | −10.2% | −14.8% | −20.3% |
2002 | −5.7% | −18.0% | −15.2% |
2003 | −7.3% | 0.3% | −2.4% |
2004 | 20.5% | 19.1% | 24.0% |
2005 | 5.3% | 6.3% | 10.1% |
2006 | 17.7% | 8.6% | 16.9% |
Annualized Returns (ending 06/30/06) | |||
1 Year | 17.7% | 8.6% | 16.9% |
3 Year | 14.3% | 11.2% | 16.9% |
5 Year | 5.5% | 2.5% | 5.7% |
7 Year | 4.4% | 0.5% | 2.4% |
10 Year | 9.9% | 8.3% | 6.9% |
Since 7/01/1995 | 11.5% | 9.8% | 7.9% |
Fisher Investments Private Client Group has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The composite has been independently verified for the period January 1, 1995 through December 31, 2005.
Composite returns presented in the preceding table are calculated on a fiscal year basis ending June 30 for illustrative purposes. Annualized returns are presented from 1/1/95 through 6/30/06.
Fisher Investments (FI) is an investment adviser registered with the Securities and Exchange Commission. FI currently advises over $31 billion across two principal business units – Fisher Investments Institutional Group (FIIG) and Fisher Investments Private Client Group (FIPCG). FIPCG manages and serves all private client accounts managed by FI.
These results have been prepared and presented in compliance with GIPS standards for the period January 1, 1995 through June 30, 2006.
The composite's performance before 12/31/95 comprises equity-oriented, broad mandate FIIG accounts. Since 12/31/95, the composite comprises FIPCG accounts managed within the parameters of the Global Total Return strategy. The firm assets included in #4 below are based on FIIG before 12/31/95 and FIPCG after that date.
The number of accounts, dollar value (in millions), and percentage of firm assets represented by the composite as of each year end, respectively, was: 1995—1, $2, 0.2%, 1996—116, $75, 33%; 1997—461, $314, 60%; 1998—1078, $1026, 79%; 1999—2148, $2397, 85%; 2000—3845, $3488, 88%; 2001—6801, $5999, 93%; 2002—10973, $6765, 88%; 2003—13796, $11514, 89%; 2004—16265, $14059, 88%; 2005—16795, $14947, 85%.
The Global Total Return composite consists of accounts following the Global Total Return strategy. This broad-mandate strategy seeks capital appreciation by investing primarily in domestic and foreign common stocks, but may from time to time invest in fixed-income securities, money market instruments and other equity-type securities as well as utilize hedging instruments such as short equity positions and options.
The Morgan Stanley Capital International (MSCI) World Index has been selected as the benchmark for the composite. The MSCI World is an unmanaged, capitalization-weighted stock index measuring the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes.
Valuations and returns are computed and stated in US Dollars.
Performance for this composite was determined using time-weighted rates of return, with valuation on at least a monthly basis and geometric linking of periodic returns. Valuations are based on trade date. Returns reflect the reinvestment of dividends, royalties, interest and other forms of accrued income.
Performance results reflect the deduction of advisory fees, brokerage or other commissions and any other expenses that were charged to client accounts.
In 2001 and 2002, eligible portfolios in the Global Total Return strategy contained a small derivatives weight, specifically index put options. The use of derivatives was primarily focused on reducing benchmark risk within a bear market strategy. The strategy also utilized market neutral strategies, fixed income and/or cash in accounts to reduce risk, and may do so again when a significant market decline is expected.
Fisher Investments Private Client Group current standard tiered fee schedule (also listed in Part II of Fisher Investments' Form ADV) is: 1.25% on less than $1 million, 1.125% on the next $1 million to $5 million, and 1.00% on the next $5 million and greater. If FI accepts an account under one half-million dollars, a 1.50% annual fee will supersede the aforementioned fee schedule.
The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns gross of fees represented within the composite for the full year: 1995—N/A; 1996—7.0%; 1997—3.5%; 1998—5.0%; 1999—5.0%; 2000—2.8%; 2001—1.7%; 2002—1.7%; 2003—2.0%; 2004—1.3%; 2005—1.3%.
Annual Returns for each calendar year since January 1, 1995 against the MSCI World Index ("MSCI") for: 1995 (Gross) 39.3%, (Net) 38.3%, (MSCI) 20.7%; 1996 (Gross) 21.6%, (Net) 20.2%, (MSCI) 13.5%; 1997 (Gross) 24.2%, (Net) 22.8%, (MSCI) 15.8%; 1998 (Gross) 29.1%, (Net) 27.7%, (MSCI) 24.3%; 1999 (Gross) 26.0%, (Net) 24.7%, (MSCI) 24.9%; 2000 (Gross) −7.4%, (Net) −8.5%, (MSCI) −13.2%; 2001 (Gross) 4.4%, (Net) 3.2%, (MSCI) −16.8%; 2002 (Gross) −23.1%, (Net) −24.1%, (MSCI) −19.9%; 2003 (Gross) 35.3%, (Net) 33.8%, (MSCI) 33.1%; 2004 (Gross) 9.7%, (Net) 8.3%, (MSCI) 14.7%; 2005 (Gross) 8.8%, (Net) 7.5%, (MSCI) 9.5%.
Annualized Returns from January 1, 1995 through June 30, 2006 against the MSCI World Index ("MSCI") for: 1 Year (Gross) 19.1%, (Net) 17.7%, (MSCI) 16.9%; 3 Year (Gross) 15.7%, (Net) 14.3%, (MSCI) 16.9%; 5 Year (Gross) 6.7%, (Net) 5.5%, (MSCI) 5.7%; 7 Year (Gross) 5.7%, (Net) 4.4%, (MSCI) 2.4%; 10 Year (Gross) 11.2%, (Net) 9.9%, (MSCI) 6.9%; Since 1/1/1995 (Gross) 13.8%, (Net) 12.5%, (MSCI) 8.4%.
Past performance is no guarantee of future returns; investments in securities involve risk of loss. Other methods may produce different results, and the results for individual portfolios and for different periods may vary depending on market conditions and the composition of the portfolio.
A complete list and description of FI composites, performance results and policies regarding calculating and reporting returns are available upon request.