Investment Strategies - Balanced
Separate Accounts
Equity
Valuation Characteristics as of June 30, 2008
| Montag & Caldwell | Russell 1000 Growth | S&P 500 Index | |
|---|---|---|---|
| Dividend Yield | 1.12% | 1.25% | 2.26% |
| P/E (Trailing) | 23.38 | 19.86 | 17.30 |
| P/E (Forward) | 17.96 | 16.47 | 13.93 |
| Price to Book | 5.65 | 5.38 | 3.80 |
| Price to Cash | 9.09 | 16.15 | 11.88 |
| Price to Sales | 3.91 | 3.40 | 2.41 |
Growth Characteristics as of June 30, 2008
| Montag & Caldwell | Russell 1000 Growth | S&P 500 | |
|---|---|---|---|
| 5 Year Historical EPS Growth Rate | 34.84% | 31.11% | 21.98% |
| 5 Year Estimated EPS Growth Rate | 18.15% | 16.98% | 12.95% |
| Current ROE | 22.20% | 29.30% | 22.61% |
| 5 Year Average ROE | 24.38% | 24.38% | 20.97% |
Size as of June 30, 2008
| Montag & Caldwell | Russell 1000 Growth | S&P 500 | |
|---|---|---|---|
| Median Market Cap | $48,845 | $5,338 | $10,801 |
| Weighted Average Market Cap | $75,186 | $65,140 | $88,910 |
5 Year MPT Statistics (relative to the Russell 1000 Growth) as of June 30, 2008
| Montag & Caldwell | Russell 1000 Growth | |
|---|---|---|
| Sharpe Ratio | 0.60 | 0.42 |
| Alpha | 2.17 | 0.00 |
| Beta | 0.80 | 1.00 |
| R-Squared | 0.75 | 1.00 |
| Tracking Error | 4.86 | 0.00 |
| Information Ratio | 0.27 | 0.00 |
| Standard Deviation | 9.26 | 9.87 |
5 Year MPT Statistics (relative to the S&P 500) as of June 30, 2008
| Montag & Caldwell | S&P 500 | |
|---|---|---|
| Sharpe Ratio | 0.60 | 0.00 |
| Alpha | 2.45 | 0.00 |
| Beta | 0.71 | 1.00 |
| R-Squared | 0.56 | 1.00 |
| Tracking Error | 6.68 | 0.00 |
| Information Ratio | 0.16 | 0.00 |
| Standard Deviation | 9.26 | 10.00 |
Top Ten Holdings as of June 30, 2008
| Company | % Owned | |
|---|---|---|
| 1 | Schlumberger | 5.1% |
| 2 | Halliburton Co | 4.9% |
| 3 | Google Inc. C1 A | 4.3% |
| 4 | Qualcomm Inc | 4.2% |
| 5 | Coca-Cola Co | 4.2% |
| 6 | Apple Inc | 4.1% |
| 7 | CVS Caremark Corp | 4.1% |
| 8 | Procter & Gamble Co | 4.0% |
| 9 | Wal-Mart Stores Inc | 3.8% |
| 10 | Abbott Laboratories | 3.8% |
Disclosure
Source: Vestek, National Consulting Firm, Advent/AXYS
Data as of June 30, 2008
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. Stock references might include non-public information.
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.
Fixed Income
Portfolio Characteristics as of June 30, 2008
| M&C Fixed Income | LB Govt/Credit | LB Aggregate | |
|---|---|---|---|
| Average YTM | 4.56% | 4.54% | 5.03% |
| Average Coupon | 5.14% | 5.36% | 5.42% |
| Average Maturity | 5.85 Yrs | 8.05 Yrs | 6.87 Yrs |
| Average Quality | AAA | AA1 | AAA |
| Current Yield | 5.10% | 5.13% | 5.32% |
| Effective Duration | 4.30 Yrs | 5.32 Yrs | 4.77 Yrs |
Distribution by Maturity as of June 30, 2008
| M&C Fixed Income | LB Govt/Credit | LB Aggregate | |
|---|---|---|---|
| 0-1 | 7.65% | 0.00% | 0.00% |
| 1-3 | 20.34% | 28.60% | 18.40% |
| 3-5 | 14.68% | 21.70% | 27.90% |
| 5-7 | 35.87% | 10.60% | 24.70% |
| 7-10 | 16.74% | 18.70% | 17.70% |
| 10-15 | 0.00% | 5.10% | 2.90% |
| 15-20 | 0.00% | 4.00% | 2.20% |
| 20-25 | 0.00% | 4.60% | 2.60% |
| 25+ | 4.72% | 6.70% | 3.60% |
Top Ten Holdings as of June 30, 2008
| Company | % Owned | |
|---|---|---|
| 1 | FNMA 933735 5.000% | 4.9% |
| 2 | FHLMC Gold G03035 5.500% | 4.7% |
| 3 | FHLMC Gold G03811 5.500% | 4.7% |
| 4 | U S Treasury Note 4.500% | 4.5% |
| 5 | U S Treasury 4.500% | 4.5% |
| 6 | Freddie Mac 6.625% | 4.2% |
| 7 | U S Treasury Note 4.250% | 4.0% |
| 8 | Citigroup Inc 5.125% | 3.9% |
| 9 | Freddie Mac 5.125% | 3.8% |
| 10 | Fannie Mae 6.000% | 3.8% |
Disclosure
Source: BondEdge, Advent/AXYS
Data as of June 30, 2008
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 Lehman Brothers Government/Credit Bond Index and the Lehman Brothers 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. Stock references might include non-public information.
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.
