Investment Strategies - Fixed Income
Separate Accounts
MONTAG & CALDWELL FIXED INCOME COMPOSITE MONTHLY PERFORMANCE GROSS OF FEES AS OF JUNE 30, 2010 (%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1994 | 0.06 | -0.33 | 0.50 | |||||||||
| 1995 | 1.87 | 2.14 | 0.74 | 1.33 | 4.09 | 0.78 | -0.32 | 1.12 | 1.06 | 1.63 | 1.58 | 1.43 |
| 1996 | 0.62 | -1.97 | -0.83 | -0.67 | -0.25 | 1.34 | 0.27 | -0.26 | 1.77 | 2.28 | 1.83 | -1.27 |
| 1997 | 0.05 | 0.15 | -1.00 | 1.39 | 0.85 | 1.14 | 2.84 | -1.18 | 1.66 | 1.61 | 0.39 | 1.12 |
| 1998 | 1.63 | -0.37 | 0.36 | 0.44 | 1.08 | 0.94 | 0.22 | 2.47 | 2.77 | -0.46 | 0.30 | 0.27 |
| 1999 | 0.58 | -2.32 | 0.59 | 0.26 | -1.03 | -0.44 | -0.17 | -0.04 | 1.03 | 0.40 | -0.06 | -0.67 |
| 2000 | 0.09 | 1.32 | 1.68 | -0.25 | 0.05 | 1.74 | 0.97 | 1.47 | 0.44 | 0.83 | 1.72 | 1.91 |
| 2001 | 1.20 | 1.14 | 0.54 | -0.80 | 0.53 | 0.38 | 2.25 | 1.20 | 1.53 | 2.36 | -1.99 | -0.58 |
| 2002 | 0.67 | 1.07 | -2.18 | 2.38 | 1.01 | 1.34 | 1.93 | 2.12 | 2.62 | -0.74 | -0.56 | 2.50 |
| 2003 | -0.07 | 1.80 | -0.35 | 0.69 | 2.56 | -0.39 | -3.62 | 0.45 | 2.83 | -1.29 | 0.16 | 0.86 |
| 2004 | 0.76 | 1.03 | 0.86 | -2.69 | -0.28 | 0.38 | 0.94 | 1.90 | 0.27 | 0.77 | -0.96 | 0.94 |
| 2005 | 0.55 | -0.58 | -0.32 | 1.21 | 0.86 | 0.50 | -0.74 | 1.15 | -0.76 | -0.47 | 0.38 | 0.67 |
| 2006 | 0.15 | 0.13 | -0.41 | 0.02 | 0.06 | 0.31 | * | * | * | * | * | * |
| 2007 | 0.04 | 1.37 | 0.15 | 0.47 | -0.58 | 0.16 | 1.07 | 1.24 | 0.65 | 0.70 | 2.06 | 0.29 |
| 2008 | 2.23 | 0.99 | 0.10 | -0.87 | -0.63 | 0.10 | 0.29 | 0.59 | -1.89 | -0.83 | 3.40 | 3.81 |
| 2009 | -0.39 | -0.53 | 1.28 | 0.17 | -0.03 | 0.45 | 1.34 | 0.66 | 0.71 | 0.31 | 1.33 | -1.51 |
| 2010 | 1.44 | 0.45 | -0.20 | 0.78 | 0.57 | 1.20 | ||||||
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | ||||||||||||
MONTAG & CALDWELL FIXED INCOME COMPOSITE MONTHLY PERFORMANCE NET OF FEES AS OF JUNE 30, 2010 (%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1994 | -0.01 | -0.33 | 0.50 | |||||||||
| 1995 | 1.79 | 2.14 | 0.74 | 1.25 | 4.09 | 0.78 | -0.40 | 1.12 | 1.06 | 1.55 | 1.58 | 1.43 |
| 1996 | 0.54 | -1.97 | -0.83 | -0.74 | -0.25 | 1.34 | 0.20 | -0.26 | 1.77 | 2.20 | 1.83 | -1.27 |
| 1997 | -0.02 | 0.15 | -1.00 | 1.30 | 0.85 | 1.14 | 2.74 | -1.18 | 1.66 | 1.53 | 0.39 | 1.12 |
| 1998 | 1.54 | -0.37 | 0.36 | 0.35 | 1.08 | 0.94 | 0.13 | 2.47 | 2.77 | -0.55 | 0.30 | 0.27 |
| 1999 | 0.50 | -2.32 | 0.59 | 0.18 | -1.03 | -0.44 | -0.26 | -0.04 | 1.03 | 0.31 | -0.06 | -0.67 |
| 2000 | 0.01 | 1.32 | 1.68 | -0.35 | 0.05 | 1.74 | 0.88 | 1.47 | 0.44 | 0.73 | 1.72 | 1.91 |
| 2001 | 1.10 | 1.14 | 0.54 | -0.90 | 0.53 | 0.38 | 2.15 | 1.20 | 1.53 | 2.26 | -1.99 | -0.58 |
| 2002 | 0.57 | 1.07 | -2.18 | 2.28 | 1.01 | 1.34 | 1.83 | 2.12 | 2.62 | -0.84 | -0.56 | 2.50 |
| 2003 | -0.17 | 1.80 | -0.35 | 0.63 | 2.56 | -0.39 | -3.72 | 0.45 | 2.83 | -1.39 | 0.16 | 0.86 |
| 2004 | 0.65 | 1.03 | 0.86 | -2.79 | -0.28 | 0.38 | 0.83 | 1.90 | 0.27 | 0.67 | -0.96 | 0.94 |
| 2005 | 0.53 | -0.61 | -0.35 | 1.18 | 0.83 | 0.47 | -0.77 | 1.12 | -0.79 | -0.49 | 0.35 | 0.64 |
| 2006 | 0.12 | 0.10 | -0.43 | 0.00 | 0.03 | 0.28 | * | * | * | * | * | * |
| 2007 | 0.01 | 1.35 | 0.13 | 0.45 | -0.60 | 0.13 | 1.05 | 1.22 | 0.63 | 0.68 | 2.04 | 0.27 |
| 2008 | 2.20 | 0.97 | 0.08 | -0.89 | -0.66 | 0.07 | 0.27 | 0.57 | -1.91 | -0.86 | 3.37 | 3.79 |
| 2009 | -0.42 | -0.55 | 1.25 | 0.14 | -0.06 | 0.43 | 1.32 | 0.64 | 0.69 | 0.29 | 1.31 | -1.53 |
| 2010 | 1.42 | 0.43 | -0.22 | 0.75 | 0.54 | 1.18 | ||||||
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | ||||||||||||
MONTAG & CALDWELL FIXED INCOME COMPOSITE QUARTERLY PERFORMANCE GROSS OF FEES AS OF JUNE 30, 2010 (%)
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
|---|---|---|---|---|
| 1993 | 4.76 | 2.58 | 2.96 | -0.17 |
| 1994 | -2.61 | -0.92 | 0.68 | 0.23 |
| 1995 | 4.81 | 6.30 | 1.86 | 4.71 |
| 1996 | -2.19 | 0.41 | 1.78 | 2.83 |
| 1997 | -0.80 | 3.42 | 3.31 | 3.16 |
| 1998 | 1.61 | 2.47 | 5.53 | 0.10 |
| 1999 | -1.17 | -1.20 | 0.81 | -0.34 |
| 2000 | 3.12 | 1.54 | 2.91 | 4.52 |
| 2001 | 2.90 | 0.11 | 5.05 | -0.26 |
| 2002 | -0.46 | 4.80 | 6.81 | 1.18 |
| 2003 | 1.38 | 2.87 | -0.45 | -0.29 |
| 2004 | 2.67 | -2.60 | 3.13 | 0.74 |
| 2005 | -0.35 | 2.59 | -0.37 | 0.57 |
| 2006 | -0.14 | 0.39 | * | * |
| 2007 | 1.57 | 0.04 | 2.99 | 3.08 |
| 2008 | 3.34 | -1.40 | -1.02 | 6.45 |
| 2009 | 0.34 | 0.59 | 2.74 | 0.12 |
| 2010 | 1.70 | 2.57 | ||
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | ||||
MONTAG & CALDWELL FIXED INCOME COMPOSITE QUARTERLY PERFORMANCE NET OF FEES AS OF JUNE 30, 2010 (%)
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
|---|---|---|---|---|
| 1993 | 4.68 | 2.51 | 2.89 | -0.26 |
| 1994 | -2.69 | -1.00 | 0.59 | 0.16 |
| 1995 | 4.73 | 6.22 | 1.78 | 4.63 |
| 1996 | -2.26 | 0.34 | 1.70 | 2.76 |
| 1997 | -0.87 | 3.32 | 3.22 | 3.07 |
| 1998 | 1.52 | 2.39 | 5.44 | 0.01 |
| 1999 | -1.26 | -1.29 | 0.72 | -0.42 |
| 2000 | 3.04 | 1.44 | 2.81 | 4.42 |
| 2001 | 2.81 | 0.01 | 4.95 | -0.36 |
| 2002 | -0.56 | 4.70 | 6.71 | 1.07 |
| 2003 | 1.28 | 2.80 | -0.55 | -0.39 |
| 2004 | 2.57 | -2.70 | 3.03 | 0.64 |
| 2005 | -0.43 | 2.50 | -0.44 | 0.50 |
| 2006 | -0.21 | 0.31 | * | * |
| 2007 | 1.49 | -0.02 | 2.93 | 3.01 |
| 2008 | 3.27 | -1.47 | -1.09 | 6.37 |
| 2009 | 0.27 | 0.52 | 2.67 | 0.05 |
| 2010 | 1.63 | 2.49 | ||
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | ||||
ANNUALIZED GROSS OF FEES AS OF JUNE 30, 2010 (%)
| M&C Fixed Income Composite | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| 1 Year | 7.29 | 9.65 | 9.50 |
| 3 Years | 7.26 | 7.36 | 7.54 |
| Footnote: M&C's Fixed Income Composite, defined as all fee-paying, fully discretionary, tax-exempt, institutional fixed income accounts greater than $1 million, did not generate returns during the 3Q06 and 4Q06 periods as there were no portfolios under management that met the afore-mentioned criteria for inclusion. The CFA Institute's GIPS guidance does not allow linking across gaps in a composite's performance history, thus longer term annualized results cannot be generated at this time. | |||
ANNUALIZED NET OF FEES AS OF JUNE 30, 2010 (%)
| M&C Fixed Income Composite | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| 1 Year | 6.99 | 9.65 | 9.50 |
| 3 Years | 6.97 | 7.36 | 7.54 |
| Footnote: M&C's Fixed Income Composite, defined as all fee-paying, fully discretionary, tax-exempt, institutional fixed income accounts greater than $1 million, did not generate returns during the 3Q06 and 4Q06 periods as there were no portfolios under management that met the afore-mentioned criteria for inclusion. The CFA Institute's GIPS guidance does not allow linking across gaps in a composite's performance history, thus longer term annualized results cannot be generated at this time. | |||
FIXED INCOME COMPOSITE ANNUAL/YTD GROSS OF FEES AS OF JUNE 30, 2010 (%)
| M&C Fixed Income Composite | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| 1993 | 10.46 | 11.06 | 9.75 |
| 1994 | -2.63 | -3.51 | -2.92 |
| 1995 | 18.84 | 19.23 | 18.48 |
| 1996 | 2.80 | 2.91 | 3.62 |
| 1997 | 9.34 | 9.75 | 9.68 |
| 1998 | 9.99 | 9.47 | 8.67 |
| 1999 | -1.90 | -2.15 | -0.83 |
| 2000 | 12.62 | 11.84 | 11.63 |
| 2001 | 7.93 | 8.51 | 8.42 |
| 2002 | 12.74 | 11.02 | 10.27 |
| 2003 | 3.52 | 4.68 | 4.11 |
| 2004 | 3.90 | 4.21 | 4.34 |
| 2005 | 2.44 | 2.34 | 2.43 |
| 2006 | No Results* | 3.77 | 4.33 |
| 2007 | 7.87 | 7.25 | 6.96 |
| 2008 | 7.37 | 5.71 | 5.24 |
| 2009 | 3.82 | 4.53 | 5.93 |
| YTD | 4.31 | 5.49 | 5.33 |
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | |||
FIXED INCOME COMPOSITE ANNUAL/YTD NET OF FEES AS OF JUNE 30, 2010 (%)
| M&C Fixed Income Composite | Barclays Capital Gov't/Credit | Barclays Capital Aggr | |
|---|---|---|---|
| 1993 | 10.12 | 11.06 | 9.75 |
| 1994 | -2.93 | -3.51 | -2.92 |
| 1995 | 18.47 | 19.23 | 18.48 |
| 1996 | 2.49 | 2.91 | 3.62 |
| 1997 | 8.96 | 9.75 | 9.68 |
| 1998 | 9.62 | 9.47 | 8.67 |
| 1999 | -2.23 | -2.15 | -0.83 |
| 2000 | 12.22 | 11.84 | 11.63 |
| 2001 | 7.52 | 8.51 | 8.42 |
| 2002 | 12.29 | 11.02 | 10.27 |
| 2003 | 3.14 | 4.68 | 4.11 |
| 2004 | 3.48 | 4.21 | 4.34 |
| 2005 | 2.11 | 2.34 | 2.43 |
| 2006 | No Results* | 3.77 | 4.33 |
| 2007 | 7.59 | 7.25 | 6.96 |
| 2008 | 7.06 | 5.71 | 5.24 |
| 2009 | 3.53 | 4.53 | 5.93 |
| YTD | 4.16 | 5.49 | 5.33 |
| *In 2006, No Results due to No constituents in composite for month-ends 7/31/06 to 12/31/06. | |||
Disclosure
The Institutional Fixed Income Composite represents the performance of all fee-paying, discretionary, institutional client, tax-exempt, fixed income portfolios with values of $1 million or greater. As of June 30, 2010 this composite includes 1 institutional client portfolio valued at $34 million or less than 1% of the firm’s total client assets under management. Fixed income results were obtained using income producing fixed-income assets. Total return figures include reinvestment of all interest and other earnings. Market values of fixed income securities include accrued income. Past performance does not guarantee future results.
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.
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