Investment Strategies - Balanced
Separate Accounts
Equity
VALUATION CHARACTERISTICS AS OF DECEMBER 31, 2011
| Montag & Caldwell | Russell 1000 Growth | S&P 500 | |
|---|---|---|---|
| Dividend Yield | 1.71% | 1.56% | 2.09% |
| P/E (Trailing) | 17.07 | 15.73 | 14.18 |
| P/E (Forward) | 13.60 | 13.21 | 12.04 |
| Price to Book | 3.45 | 2.68 | 1.74 |
| Price to Cash | 13.14 | 8.54 | 6.89 |
| Price to Sales | 1.17 | 0.90 | 0.92 |
GROWTH CHARACTERISTICS AS OF DECEMBER 31, 2011(%)
| Montag & Caldwell | Russell 1000 Growth | S&P 500 | |
|---|---|---|---|
| 5 Year Historical EPS Growth Rate | 10.33 | 13.51 | 6.89 |
| 5 Year Estimated EPS Growth Rate | 12.64 | 13.34 | 10.93 |
| Current ROE | 25.73 | 27.41 | 21.25 |
| 5 Year Average ROE | 12.47 | 30.37 | 26.16 |
SIZE AS OF DECEMBER 31, 2011
| Montag & Caldwell | Russell 1000 Growth | S&P 500 | |
|---|---|---|---|
| Median Market Cap | $52,796 | $5,545 | $10,925 |
| Weighted Average Market Cap | $94,285 | $96,415 | $96,359 |
5 YEAR MPT STATISTICS (RELATIVE TO THE RUSSELL 1000 GROWTH) AS OF DECEMBER 31, 2011
| Montag & Caldwell | Russell 1000 Growth | |
|---|---|---|
| Sharpe Ratio | 0.15 | 0.0 |
| Alpha | 1.83 | 0.00 |
| Beta | 0.88 | 1.00 |
| R-Squared | 0.96 | 1.0 |
| Tracking Error | 4.72 | 0.00 |
| Information Ratio | 0.39 | 0.00 |
| Standard Deviation | 19.19 | 21.3 |
5 YEAR MPT STATISTICS (RELATIVE TO THE S&P 500) AS OF DECEMBER 31, 2011
| Montag & Caldwell | S&P 500 | |
|---|---|---|
| Sharpe Ratio | 0.15 | -0.1 |
| Alpha | 4.34 | 0.00 |
| Beta | 0.86 | 1.00 |
| R-Squared | 0.91 | 1.00 |
| Tracking Error | 6.69 | 0.00 |
| Information Ratio | 0.70 | 0.00 |
| Standard Deviation | 19.19 | 21.1 |
TOP TEN HOLDINGS AS OF DECEMBER 31, 2011
| Company | % Owned | |
|---|---|---|
| 1 | Coca-Cola Co | 4.6% |
| 2 | Google Inc CI A | 4.6% |
| 3 | Abbott Laboratories | 4.6% |
| 4 | Procter & Gamble Co. | 4.4% |
| 5 | Kraft Foods Inc - A | 4.3% |
| 6 | McDonald's Corp | 4.1% |
| 7 | Qualcomm Inc | 4.0% |
| 8 | Apple Inc | 4.0% |
| 9 | Allergan Inc | 4.0% |
| 10 | Stryker Corp | 3.8% |
Disclosure
Source: Vestek, National Consulting Firm, Advent/AX
The characteristics shown above were derived from a representative account ("Montag & Caldwell"). The Representative Equity Account is an actual, separately managed portfolio representative of Montag & Caldwell’s large cap growth strategy.
The Russell 1000 Growth Index is an unmanaged index commonly used as a benchmark to measure growth manager performance and characteristics.
The S&P 500 Index is an unmanaged index commonly used as a benchmark to measure U.S. stock market performance and characteristics.
MPT = Modern Portfolio Theory and represents portfolio return based statistical measures.
The investment services and products described on this site are for U.S. and Canadian persons only. This site is not to be construed as an offer or solicitation of any investment services or products to investors residing outside the United States or Canada.
This site is controlled and monitored from the United States of America and no representation is made that materials are appropriate or available for use in other locations.
Disclosure for Top Ten Holdings
References to specific securities are not intended as recommendations of said securities and carry no implications about past or future performance.
Fixed Income
PORTFOLIO CHARACTERISTICS AS OF DECEMBER 31, 2011
| M&C Fixed Income | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| Average YTM | 1.6 | 2.0 | 2.2 |
| Average Coupon | 4.0 | 3.3 | 4.0 |
| Average Maturity | 5.29 Yrs | 8.30 Yrs | 6.94 Yrs |
| Average Quality | Aa2 | Aa2 | Aa1 |
| Current Yield | 3.67 | 3.31 | 3.67 |
| Effective Duration | 4.15 | 6.01 | 4.84 |
DISTRIBUTION BY MATURITY AS OF DECEMBER 31, 2011(%)
| M&C Fixed Income | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| 0-1 | 3.38 | 0.00 | 0.00 |
| 1-2 | 8.36 | 16.50 | 11.40 |
| 2-3 | 21.14 | 14.20 | 13.10 |
| 3-4 | 18.61 | 9.60 | 14.40 |
| 4-5 | 20.48 | 11.40 | 23.30 |
| 5-7 | 6.83 | 13.50 | 14.40 |
| 7-10 | 11.64 | 15.30 | 10.30 |
| 10-15 | 0.00 | 2.20 | 1.40 |
| 15-20 | 0.00 | 3.00 | 2.00 |
| 20-25 | 2.97 | 2.80 | 1.90 |
| 25+ | 3.58 | 11.50 | 7.70 |
TOP TEN HOLDINGS AS OF DECEMBER 31, 2011
| Company | % Owned | |
|---|---|---|
| 1 | U.S. Treasury Note 2.625% Due 04-30-16 | 4.5% |
| 2 | U.S. Treasury Note 3.125% Due 05-15-19 | 4.3% |
| 3 | U.S. Treasury Note 4.000% Due 02-15-14 | 4.2% |
| 4 | U.S. Treasury Note 4.000% Due 02-15-15 | 4.1% |
| 5 | General Electric Capital Corp. 4.375% Due 09-16-20 | 3.8% |
| 6 | Wal-Mart Stores Inc. 3.200% Due -5-5-14 | 3.8% |
| 7 | US Bancorp 4.200% Due 05-15-14 | 3.6% |
| 8 | Merk & Co. Inc. 4.750% Due 03-01-15 | 3.6% |
| 9 | Google Inc. 3.625% Due 05-19-21 | 3.5% |
| 10 | The Coca-Cola Company 5.350% Due 11-15-17 | 3.5% |
Disclosure
Source: BondEdge, Advent/AXYS
The characteristics shown above were derived from a representative account ("M&C Fixed Income"). The Representative Fixed Income Account is an actual, separately managed portfolio representative of Montag & Caldwell’s fixed income strategy.
The Barclays Capital Government/Credit Bond Index and the Barclays Capital Aggregate Bond Index are unmanaged indices that are commonly used as benchmarks to measure fixed income performance and characteristics.
The investment services and products described on this site are for U.S. and Canadian persons only. This site is not to be construed as an offer or solicitation of any investment services or products to investors residing outside the United States or Canada.
This site is controlled and monitored from the United States of America and no representation is made that materials are appropriate or available for use in other locations.
Disclosure for Top Ten Holdings
References to specific securities are not intended as recommendations of said securities and carry no implications about past or future performance.
