Sierra's performance continues to lead peers

Sierra has been managing private accounts for clients since 1987, and beginning in 1993-94, we developed 
several standardized approaches – such as our Balanced Program, which is suitable for retirees and other 
conservative investors. For complete quarterly and annual performance data on our Balanced Program as well as our Customized accounts (our larger clients) since 1994, see our Investment Programs or ask us to send you those details.

Our goals for the Balanced Program are (1) to limit downside risk to about 4% when the market environment turns negative; and (2) to exceed 10% annual return as a multi-year average. The risk-management goal becomes especially important when stocks encounter a Bear Market, as they did from early 2000 until October 2002 – a period during which the S&P 500 fell over 50% and the NASDAQ Composite fell 85%.

The following graph shows the performance of Sierra’s Balanced Program and our average Customized account against our Benchmark as well as the S&P 500 (all data on this page assume reinvestments of dividends 
and capital gains).

Our Benchmark is the average of the mutual funds in Morningstar’s “World Allocation” mutual fund category, representing mult-asset managers who like Sierra, can invest in stocks, bonds, commodities, etc., both in the U.S. and globally. The last two bars illustrate the benefit of Sierra’s value-added approach, including both global diversification and our proprietary risk-management disciplines.