|
Process
and Performance
Philosophy
We believe the best opportunity for investment success is
found by investing in high quality, well managed, small cap
companies and holding them for the long-term.
We buy
companies that :
-
Have the
ability to generate free cash flow
-
Produce
high returns on capital
-
Are selling
below intrinsic value based upon discounted cash flow
"Return on
Capital is the single best measure of a company's strength and
management execution"
Investment
Process Overview
Performance
History
|
Year |
VBA |
Russell
2000
Index |
|
2006 |
14.93% |
18.35% |
|
2005 |
4.82% |
4.55% |
|
2004 |
21.77% |
18.32% |
|
2003 |
26.10% |
47.25% |
|
2002 |
-6.71% |
-20.49% |
|
2001 |
23.74% |
2.49% |
|
2000
(beg 7/1) |
13.72% |
-5.88% |
|
Annualized
as of December 31, 2006
|
|
3
Years |
13.55% |
13.63% |
|
5
Years |
11.38% |
11.53% |
|
Inception |
14.63% |
8.04% |
|
