Vertex Managed Value Portfolio
Investment Objective
The principle objective is to provide growth of capital while minimizing volatility through investment in a combination of equities and income securities, while maintaining an opportunistic outlook for unique investment situations. Using a common sense businesslike approach, our core belief is that return is generated through company earnings, not stock trading; thus turnover is limited.
Investment Strategy
Emphasis is placed on equities trading at values of under two-thirds of the general market, that also have annuity stream revenues with lower debt and higher dividends. This results in a portfolio concentrated on fewer sectors of the overall economy such as food, drugs, utilities and financial services. Income is achieved through many avenues: investments in conventional government and corporate bonds, as well as preferred, convertible and broken convertible securities. In addition, the Fund will take advantage of opportunities in higher-yielding equities, securities lending and covered-call writing.
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Historical Returns
Monthly Performance (net of fees)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 2.44% | - | - | - | - | - | - | - | - | - | - | - | 2.44% |
| 2011 | 2.74% | -1.74% | 3.09% | -1.20% | -2.63% | -3.44% | -5.70% | -5.28% | -2.29% | 3.88% | 2.13% | 1.24% | -9.36% |
| 2010 | 0.06% | 4.03% | 1.98% | 2.80% | -4.18% | -5.46% | 1.54% | -0.23% | 4.29% | 2.01% | -0.33% | 3.88% | 10.30% |
| 2009 | -6.93% | -8.82% | 3.60% | 3.58% | -2.64% | 4.50% | 6.14% | 8.78% | 2.00% | -1.36% | 3.62% | 1.80% | 13.54% |
| 2008 | -0.60% | -3.03% | 3.15% | -0.45% | -0.62% | -5.08% | 5.52% | 1.91% | 0.34% | -2.87% | -1.81% | 6.01% | 1.84% |
| 2007 | 1.14% | -0.67% | -0.12% | 1.49% | -1.32% | -2.25% | -8.90% | -1.81% | -0.13% | -2.98% | 3.15% | -2.36% | -14.24% |
| 2006 | 1.71% | -0.60% | 1.84% | -1.19% | -3.75% | 0.11% | 3.24% | 2.82% | 3.47% | 3.76% | 2.29% | 3.25% | 18.00% |
| 2005 | 1.10% | 1.83% | -1.85% | -2.82% | 4.61% | 1.30% | 3.03% | -1.37% | 0.13% | -3.81% | 3.77% | -0.47% | 5.19% |
| 2004 | 5.16% | 2.02% | -1.04% | -0.43% | -1.21% | 1.50% | -1.12% | -1.72% | 0.01% | 1.98% | 2.01% | 3.70% | 11.15% |
| 2003 | -2.82% | -1.90% | -2.59% | 6.43% | 6.73% | 3.33% | 2.75% | 2.49% | -1.37% | 1.86% | 1.13% | 3.31% | 20.49% |
| 2002 | 1.21% | 2.42% | 1.20% | 2.27% | 0.89% | -3.34% | -4.33% | 0.97% | -4.35% | 0.21% | 8.16% | -1.78% | 2.91% |
| 2001 | -3.65% | -0.29% | -2.48% | -1.08% | 3.70% | -2.73% | 1.01% | 0.74% | -6.76% | 7.29% | 2.25% | 1.54% | -1.21% |
| 2000 | -3.57% | 7.49% | 5.50% | -0.77% | 2.63% | 2.16% | 1.05% | 3.86% | 0.01% | 0.91% | -0.72% | 5.49% | 26.22% |
| 1999 | 2.80% | -4.23% | 1.26% | 3.26% | -0.20% | 1.35% | -1.00% | 0.02% | 0.39% | -0.36% | 4.50% | 6.46% | 14.73% |
| 1998 | -2.21% | 1.64% | 2.79% | -0.90% | -11.70% | 4.51% | 1.43% | 4.42% | 2.87% | 1.80%* |
Returns are based on Class A shares. Inception April 3, 1998.
* Value does not capture a full 1-year return due to the inception date.
Statistics
| VMVP Relative to S&P TSX | VMVP Relative to BFI | |
|---|---|---|
| Alpha | 0.40% | 0.27% |
| Annualized Alpha | 4.95% | 3.24% |
| Beta | 0.35 | 0.61 |
| Correlation | 0.51 | 0.54 |
| R-squared | 0.26 | 0.28 |
| Fund | S&P/TSX | BFI | |
|---|---|---|---|
| Compound ROR | 6.94% | 5.91% | 6.49% |
| Standard Deviation | 11.65% | 16.72% | 10.15% |
| Cumulative Return | 153.00% | 121.30% | 138.64% |
| Sharpe Ratio | 0.46 | 0.31 | 0.48 |
| Largest Monthly Gain | 8.78% | 12.05% | 7.20% |
| Largest Monthly Loss | -11.70% | -20.11% | -12.51% |
| % Positive Months | 59.04% | 60.71% | 65.06% |
Statistics based on Class A Shares.
Inception Date Class A: April 3, 1998
Inception Date Class B: October 31, 2003
Inception Date Class F: March 31, 2003
Balanced Fund Index: 60% TSX Composite Total Return Index, 40% DEX Universe Bond Index