Investment Strategies - Fixed Income
Separate Accounts
Fixed Income Representative Account
Monthly Performance Gross of Fees as of June 30, 2008 (%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1993 | 1.96 | 1.80 | 0.46 | 0.62 | -0.08 | 1.90 | 0.35 | 1.39 | 0.63 | 0.36 | -0.67 | 0.27 |
| 1994 | 1.49 | -1.94 | -1.89 | -0.83 | -0.02 | 0.05 | 1.58 | 0.14 | -1.05 | -0.01 | -0.26 | 0.40 |
| 1995 | 1.83 | 2.13 | 0.69 | 1.28 | 3.93 | 0.91 | -0.41 | 1.21 | 1.02 | 1.58 | 1.62 | 1.53 |
| 1996 | 0.56 | -2.18 | -0.60 | -0.86 | -0.23 | 1.28 | 0.19 | -0.18 | 1.79 | 2.31 | 1.75 | -1.18 |
| 1997 | 0.15 | 0.18 | -0.76 | 1.11 | 0.82 | 1.02 | 2.28 | -0.71 | 1.42 | 1.42 | 0.25 | 0.99 |
| 1998 | 0.57 | -0.30 | 0.36 | 0.43 | 1.13 | 0.95 | 0.24 | 2.59 | 3.11 | -0.47 | 0.13 | 0.32 |
| 1999 | 0.57 | -2.65 | 0.62 | 0.21 | -1.09 | -0.41 | -0.29 | -0.05 | 0.98 | 0.37 | -0.05 | -0.70 |
| 2000 | 0.15 | 1.41 | 1.77 | -0.28 | -0.02 | 1.77 | 1.04 | 1.58 | 0.42 | 0.83 | 1.80 | 2.10 |
| 2001 | 1.17 | 1.13 | 0.44 | -0.74 | 0.44 | 0.37 | 2.44 | 1.30 | 1.38 | 2.36 | -2.10 | -0.58 |
| 2002 | 0.66 | 1.15 | -2.20 | 2.34 | 1.08 | 1.42 | 1.94 | 2.11 | 2.64 | -0.74 | -0.52 | 2.60 |
| 2003 | -0.08 | 1.80 | -0.29 | 0.69 | 2.57 | -0.35 | -3.72 | 0.44 | 2.81 | -1.19 | 0.19 | 0.88 |
| 2004 | 0.78 | 1.05 | 0.92 | -2.76 | -0.28 | 0.40 | 0.93 | 1.94 | 0.28 | 0.71 | -0.95 | 0.97 |
| 2005 | 0.64 | -0.68 | -0.52 | 1.55 | 1.05 | 0.60 | -1.29 | 1.50 | -0.63 | -0.38 | 0.41 | 0.54 |
| 2006 | 0.11 | 0.05 | -0.25 | 0.07 | 0.09 | 0.31 | 1.30 | 1.42 | 0.89 | 0.69 | 1.10 | -0.56 |
| 2007 | 0.00 | 1.57 | 0.10 | 0.46 | -0.72 | -0.12 | 1.25 | 1.37 | 0.67 | 0.96 | 2.44 | 0.22 |
| 2008 | 2.23 | 0.99 | 0.10 | -0.87 | -0.63 | 0.10 |
Fixed Income Representative Account
Monthly Performance Net of Fees as of June 30, 2008 (%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1993 | 1.84 | 1.80 | 0.46 | 0.50 | -0.08 | 1.90 | 0.23 | 1.39 | 0.63 | 0.25 | -0.67 | 0.27 |
| 1994 | 1.38 | -1.94 | -1.89 | -0.94 | -0.02 | 0.03 | 1.46 | 0.14 | -1.05 | -0.12 | -0.26 | 0.40 |
| 1995 | 1.72 | 2.13 | 0.69 | 1.17 | 3.93 | 0.91 | -0.52 | 1.21 | 1.02 | 1.46 | 1.62 | 1.53 |
| 1996 | 0.45 | -2.18 | -0.60 | -0.95 | -0.23 | 1.28 | 0.09 | -0.18 | 1.79 | 2.20 | 1.75 | -1.18 |
| 1997 | 0.05 | 0.18 | -0.76 | 1.00 | 0.82 | 1.02 | 2.15 | -0.71 | 1.42 | 1.28 | 0.25 | 0.99 |
| 1998 | 0.52 | -0.30 | 0.36 | 0.33 | 1.13 | 0.95 | 0.14 | 2.59 | 3.11 | -0.56 | 0.13 | 0.32 |
| 1999 | 0.48 | -2.65 | 0.62 | 0.12 | -1.09 | -0.41 | -0.39 | -0.05 | 0.98 | 0.27 | -0.05 | -0.70 |
| 2000 | 0.05 | 1.41 | 1.77 | -0.38 | -0.02 | 1.77 | 0.94 | 1.58 | 0.42 | 0.72 | 1.80 | 2.10 |
| 2001 | 1.07 | 1.13 | 0.44 | -0.84 | 0.44 | 0.37 | 2.34 | 1.30 | 1.38 | 2.26 | -2.10 | -0.58 |
| 2002 | 0.55 | 1.15 | -2.20 | 2.24 | 1.08 | 1.42 | 1.85 | 2.11 | 2.64 | -0.84 | -0.52 | 2.60 |
| 2003 | -0.18 | 1.80 | -0.29 | 0.59 | 2.57 | -0.35 | -3.82 | 0.44 | 2.81 | -1.29 | 0.19 | 0.88 |
| 2004 | 0.67 | 1.05 | 0.92 | -2.88 | -0.28 | 0.40 | 0.80 | 1.94 | 0.28 | 0.59 | -0.95 | 0.97 |
| 2005 | 0.60 | -0.72 | -0.57 | 1.51 | 1.00 | 0.54 | -1.34 | 1.41 | -0.65 | -0.41 | 0.39 | 0.52 |
| 2006 | 0.09 | 0.03 | -0.27 | 0.05 | 0.07 | 0.28 | 1.27 | 1.38 | 0.86 | 0.66 | 1.06 | -0.59 |
| 2007 | -0.03 | 1.54 | 0.07 | 0.43 | -0.75 | -0.15 | 1.22 | 1.34 | 0.64 | 0.93 | 2.41 | 0.19 |
| 2008 | 2.20 | 0.97 | 0.08 | -0.89 | -0.66 | 0.07 |
Fixed Income Representative Account
Quarterly Performance Gross of Fees as of June 30, 2008 (%)
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
|---|---|---|---|---|
| 1993 | 4.27 | 2.45 | 2.39 | -0.04 |
| 1994 | -2.36 | -0.80 | 0.65 | 0.13 |
| 1995 | 4.72 | 6.22 | 1.82 | 4.80 |
| 1996 | -2.22 | 0.18 | 1.80 | 2.87 |
| 1997 | -0.43 | 2.98 | 3.00 | 2.68 |
| 1998 | 0.63 | 2.53 | 6.03 | -0.02 |
| 1999 | -1.49 | -1.29 | 0.64 | -0.38 |
| 2000 | 3.36 | 1.46 | 3.07 | 4.80 |
| 2001 | 2.76 | 0.07 | 5.20 | -0.37 |
| 2002 | -0.42 | 4.91 | 6.84 | 1.31 |
| 2003 | 1.42 | 2.92 | -0.58 | -0.13 |
| 2004 | 2.78 | -2.64 | 3.18 | 0.72 |
| 2005 | -0.56 | 3.23 | -0.44 | 0.57 |
| 2006 | -0.09 | 0.47 | 3.65 | 1.23 |
| 2007 | 1.67 | -0.38 | 3.33 | 3.65 |
| 2008 | 3.34 | -1.40 |
Fixed Income Representative Account
Quarterly Performance Net of Fees as of June 30, 2008 (%)
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
|---|---|---|---|---|
| 1993 | 4.15 | 2.33 | 2.26 | -0.15 |
| 1994 | -2.47 | -0.93 | 0.54 | 0.02 |
| 1995 | 4.60 | 6.10 | 1.71 | 4.68 |
| 1996 | -2.33 | 0.09 | 1.70 | 2.76 |
| 1997 | -0.53 | 2.87 | 2.86 | 2.54 |
| 1998 | 0.58 | 2.43 | 5.93 | -0.11 |
| 1999 | -1.58 | -1.38 | 0.54 | -0.48 |
| 2000 | 3.26 | 1.36 | 2.97 | 4.69 |
| 2001 | 2.66 | -0.04 | 5.10 | -0.47 |
| 2002 | -0.53 | 4.81 | 6.74 | 1.21 |
| 2003 | 1.32 | 2.81 | -0.68 | -0.23 |
| 2004 | 2.66 | -2.76 | 3.04 | 0.60 |
| 2005 | -0.69 | 3.08 | -0.60 | 0.50 |
| 2006 | -0.15 | 0.40 | 3.55 | 1.13 |
| 2007 | 1.58 | -0.48 | 3.23 | 3.56 |
| 2008 | 3.27 | -1.47 |
Annualized Gross of Fees as of June 30, 2008
| Fixed Income | LBGC Bond | Lehman Aggr | |
|---|---|---|---|
| 1 Year | 8.18% | 7.24% | 7.13 |
| % | % | % | |
| 3 Years | % | % | |
| % | % | % | |
| 5 Years | % | % | |
| % | % | % | |
| 10 Years | % | % | |
| % | % | % | |
| 15 Years | % | % | |
| % | % | % |
Annualized Net of Fees as of June 30, 2008
| Fixed Income | LBGC Bond | Lehman Aggr | |
|---|---|---|---|
| 1 Year | 7.89% | 7.24% | 7.13 |
| % | % | % | |
| 3 Years | % | % | |
| % | % | % | |
| 5 Years | % | % | |
| % | % | % | |
| 10 Years | % | % | |
| % | % | % | |
| 15 Years | % | % | |
| % | % | % |
Annual Gross of Fees as of June 30, 2008
| Fixed Income | LBGC Bond | Lehman Aggr | |
|---|---|---|---|
| 1993 | 9.33% | 11.06% | 9.75% |
| 1994 | -2.38% | -3.51% | -2.92% |
| 1995 | 18.70% | 19.23% | 18.48% |
| 1996 | 2.58% | 2.91% | 3.62% |
| 1997 | 8.44% | 9.75% | 9.68% |
| 1998 | 9.38% | 9.47% | 8.67% |
| 1999 | -2.51% | -2.15% | -0.83% |
| 2000 | 13.28% | 11.84% | 11.63% |
| 2001 | 7.78% | 8.51% | 8.42% |
| 2002 | 13.08% | 11.02% | 10.27% |
| 2003 | 3.64% | 4.68% | 4.11% |
| 2004 | 3.98% | 4.21% | 4.34% |
| 2005 | 2.78% | 2.34% | 2.43% |
| 2006 | 5.32% | 3.77% | 4.33% |
| 2007 | 8.48% | 7.25% | 6.96% |
| Quarter | -1.40% | -1.52% | -1.02 |
| % | % | % |
Annual Net of Fees as of June 30, 2008
| Fixed Income | LBGC Bond | Lehman Aggr | |
|---|---|---|---|
| 1993 | 8.82% | 11.06% | 9.75% |
| 1994 | -2.84% | -3.51% | -2.92% |
| 1995 | 18.17% | 19.23% | 18.48% |
| 1996 | 2.16% | 2.91% | 3.62% |
| 1997 | 7.92% | 9.75% | 9.68% |
| 1998 | 9.01% | 9.47% | 8.67% |
| 1999 | -2.88% | -2.15% | -0.83% |
| 2000 | 12.82% | 11.84% | 11.63% |
| 2001 | 7.36% | 8.51% | 8.42% |
| 2002 | 12.63% | 11.02% | 10.27% |
| 2003 | 3.22% | 4.68% | 4.11% |
| 2004 | 3.48% | 4.21% | 4.34% |
| 2005 | 2.26% | 2.34% | 2.43% |
| 2006 | 4.98% | 3.77% | 4.33% |
| 2007 | 8.07% | 7.25% | 6.96% |
| Quarter | -1.47% | -1.52% | -1.02 |
| % | % | % |
Disclosure
M&C’s single representative fixed income performance series ("Fixed Income") represents performance achieved by a live account and not a model. In the event the live account designated as our rep account closes or ceases being representative, a new live account will be selected as a replacement. Attempts are made to designate live accounts that we anticipate a long-term relationship with and that have a high degree of correlation not only with our model portfolio but also with the previously designated rep accounts. In this report, results prior to September 2005 represent one client appointed as our single representative equity portfolio, results from September 2005 through May 2006 represent a successor account, and results from June 2006 forward represent the current successor account. M&C subscribes to software provided by an independent consulting firm that allows us link the various monthly valuations of the accounts together to provide longer term performance, as needed.
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.
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