Top Down Equity


Trevor Stewart Burton & Jacobsen Inc. (TSBJ) is an independent investment management firm. TSBJ claims compliance with the Global Investment Performance Standards (GIPS™) and has prepared this report in compliance with the GIPS standards. TSBJ has not been independently verified. The current composites were created in 1991 and effective 1/1/82 all data are in compliance with GIPS™ standards. All composites are of our fee paying, discretionary tax-exempt accounts, valued in U.S. Dollars; From 1994 to 2009 only accounts above $1 million were included; 1/1/10 through now the account minimum is $750,000. GIPS™ requires the data below and these explanations to be included with any presentation.

Tax-exempt Equity composite

  2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Market Value $MM 8.5 10.1 15.1 63.3 65.7 82.1 107.6 111.3 94.1 130.0
# of Accounts 4 4 5 9 7 9 9 13 15 16
% of Firm's Assets 4% 5% 6% 17% 17% 17% 19% 20% 14% 17%
Total Firm Assets $MM 194.6 201.2 264.9 379.8 375.8 477.0 579.4 565.7 656.4 780.6
Carve-outs-% of Composite - - - - - - - 27.1 36.0 38.3
Standard Deviation 1.35 1.19 3.52 3.49 3.54 1.31 6.07 4.53 2.14 2.55
Weighted Fee 0.78 0.58 0.58 0.58 0.52 0.53 0.52 0.55 0.60 0.55
Annual Return 9.90 -6.86 4.12 29.98 14.22 -11.70 19.51 20.92 -27.05 12.55
S&P 500 11.98 1.40 13.69 32.4 16 2.12 15.05 26.44 -37.00 5.49

The three-year annualized ex-post standard deviation of the composite and benchmark as of the year end is as follows:

  3 Yr Standard Deviation (%)
  12/31/13 12/31/12 12/31/11
TSBJ Equity Composite 21.14 23.39 24.93
S&P 500 14.51 17.03 20.37

Since the beginning of 1982 our equity performance data include total returns of accounts limited to those assets but also include the equity sector plus cash of balanced accounts, which once were the dominant form of accounts under our management. The cash in balanced accounts is allocated to each asset class, based upon the ratio of the asset classes at the beginning of the period. The return on cash is assumed to be the 91-day Treasury bill rate. Beginning 1/1/10, carve-outs are excluded from the composite but have not been removed from returns prior to this date. A list of all current composites is available upon request. Information regarding policies and reporting returns is available upon request.

Early data, from 1975 through 1981, are based upon total returns in only retirement trust accounts and data do not include cash for some portion of the period. Generally, the effect of excluding cash is to raise the performance in up markets and to lower it down markets. Because cash is excluded, data from this period precludes the full period data from being in compliance and should be considered supplemental information.

Performance has been calculated after commissions and investment management fees, but was not reduced by other expenses (e.g. custody fees) a client may incur; returns are computed using a time-weighted rate of return. Prior to 1/1/90, net of fees was calculated using the highest fees; starting 1/1/90 actual fees have been used. Past performance is no guarantee of future results.