Disclosure
Small/Mid
Cap Quality Performance Description
Small/Mid Cap Quality Value Performance Description
First Pacific Advisors, Inc. (FPA) is defined as an SEC registered
independent investment advisor and is a wholly owned subsidiary
of Old Mutual (US) Holdings Inc. Performance numbers shown are
the value-weighted, time-weighted, total return composite results
of all fee-paying, fully discretionary Small/Mid Quality Value
equity portfolios managed by the Small/Mid Quality Value investment
staff from July 1, 1996 to present. The composite creation date
and the effective date of compliance with AIMR performance standards
is July 1, 1996. All accounts included in the composite are
within the same investment guidelines. Only full calendar months
are included in the calculation and there are no segments of
balanced portfolios. Performance includes reinvested dividends
and is reported gross of fees. The benchmark shown is the Russell
2500 Index, which charges no advisory fee. Performance
results earned on behalf of First Pacific Advisors, Inc.'s clients
are calculated gross of fees and will be reduced by FPA's advisory
fee. Generally, fees are charged based upon the size of the
portfolio as follows, and are also stated on Part II of FPA's
From ADV:
First
$20 million ---------1.00 basis points (1.00%)
Next $30 million -----------85 basis points (0.85%)
Next $50 million ---------- 75 basis points (0.75%)
Thereafter---------------------65 basis points (0.65%)
Composite
performance is measured on a monthly basis and geometrically
linked to obtain the quarterly and annual results. Trade date
valuations are used to calculate performance. Eligible new
portfolios are added to the composite after they have been
fully vested for three full calendar months. Terminated accounts
remain in the historical figures. A complete list and description
of FPA's other composites is available upon request.
The following
is presented for informational purposes:
| Year
Ended December 31 |
Gross
Rate of Return |
Net
Rate of Return |
Number
of Port-folios |
Non-Fee
Paying Portfolios (%) |
Composite
Assets at End of Year ($mm) |
Composite
Assets as % of Total Firm Assets |
Composite
Assets as % of Total Product Assets |
Dispersion
of Annual Returns (Standard Deviation) |
Benchmark
Return of
Russell
2500
Index |
|
2005
(Thru 3Q) |
9.61% |
8.91% |
9 |
0.0% |
$1,463.1 |
15% |
99% |
0.6% |
6.91% |
|
2004 |
18.94% |
17.89% |
8 |
0.0% |
$1,154.8 |
14% |
99% |
0.3% |
18.29% |
| 2003 |
44.84% |
43.45% |
9 |
0.0% |
$888.9 |
16% |
100% |
3.0% |
45.51% |
| 2002 |
-14.66% |
-15.24% |
7 |
0.0% |
$613.0 |
15% |
96% |
2.6% |
-17.80% |
| 2001 |
25.43% |
24.16% |
4 |
0.0% |
$659.6 |
19% |
98% |
0.9% |
1.22% |
| 2000 |
10.73% |
9.69% |
4 |
0.0% |
$565.1 |
21% |
100% |
0.3% |
4.26% |
| 1999 |
24.36 |
23.24% |
2 |
0.0% |
$487.5 |
16% |
100% |
0.8% |
24.15% |
| 1998 |
6.57% |
5.64% |
2 |
0.0% |
$467.5 |
13% |
100% |
0.2% |
0.38% |
| 1997 |
26.22% |
25.23% |
5 |
0.0% |
$611.1 |
14% |
100% |
0.4% |
24.36% |
| 1996 |
12.01% |
11.57% |
8 |
0.0% |
$630.7 |
17% |
100% |
0.9% |
7.96% |
First
Pacific Advisors, Inc. has prepared and presented this report
in compliance with Performance Presentation Standards of the
Association of Investment Management Research (AIMR-PPS).
AIMR has not been involved with the preparation or review
of this report. Past performance is not a guarantee of future
results.
Marketing
Disclosure:
(As required by
SEC Rules and Regulations)
GRA Partners LLC, located in Walpole, Massachusetts, serves
as an independent agent and marketing representative for First
Pacific Advisors, Inc. located in Los Angeles, California.
GRA Partners LLC is compensated for its services by First
Pacific Advisors in the form of an annual marketing retainer
fee. In addition, for the production and retention of new
business generated, GRA Partners LLC receives a percentage of First
Pacific Advisor's asset management fees. No additional amount is added to First Pacific Advisor's
investment advisory fee as a result of GRA Partners' role
in the solicitation of new business for them. Past performance
is not a guarantee of future results. A full list of holdings
is available upon request. A copy of First Pacific's Form
ADV is filed with the Securities & Exchange Commission
is available upon request.
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