Sierra's
BALANCED Program
PERFORMANCE
GRAPH
|
SIERRA'S BALANCED PROGRAM, NET OF FEES |
BENCHMARK* |
90-DAY T-BILLS** |
|
| 1995 | +15.2% | +13.9% | +5.8% |
| 1996 | +14.7% | +10.5% | +5.3% |
| 1997 | +9.4% | +6.2% | +5.3% |
| 1998 | +8.0% | +8.2% | +5.0% |
| 1999 | +9.6% | +17.9% | +4.9% |
| 2000 | +11.3% | -2.2% | +6.3% |
| 2001 | -2.4% | -6.4% | +3.7% |
| 2002 | +4.0% | -5.8% | +1.7% |
| 2003 | +27.8% | +24.4% | +1.0% |
| 2004 | +9.6% | +13.6% | +1.4% |
| 2005 | +4.2% | +7.0% | +3.3% |
| 2006 | +7.3% | +16.0% | +5.1% |
| 2007 | +0.5% | +11.3% | +4.8% |
| 2008 (Q1-Q3) | -6.0% | -17.4% | +1.4% |
|
AVERAGE ANNUAL
COMPOUNDED |
+7.9% | +6.5% | +4.0% |
| * | Our benchmark each
quarter is the average of funds then existing in the Morningstar Asset
Allocation Category: World Allocation |
| ** | Short-term Certificate of Deposits and money market funds provided comparable returns |
Cautions
and Limitations
While
Sierra believes that our investment strategy in general – and our Defensive
Timing discipline in particular – can reduce the impact of sustained market
declines and provide other benefits over periods of 18 months or more, there
will be intervals when any given timing system will under-perform a buy-and-hold
strategy. Past performance of a particular fund or timing system, such as those
used by Sierra, is no guarantee of future performance, particularly over periods
shorter than 18 months.
On
occasion, Sierra "upgrades" mutual funds used in client accounts, such
as when a fund changes managers or its performance otherwise begins to lag the
peer group.
Other
information: Performance
for the "benchmark" column comes from Morningstar.
Performance for the Program column) comes from actual managed accounts at Sierra
-- either by selecting an account which we believe to reflect typical results (a
"marker account") for that period, or by averaging all actual accounts
in the Program.
All performance results are presented on a Total Return basis, that is, assuming the reinvestment of fund dividends and other distributions. Results in your account, of course, will be impacted if you add or withdraw significant amounts during a given period.