![]() 2010 Smid Cap Conference June 9, 2010 Brian O. Casey President & Chief Executive Officer Susan M. Byrne Chairman & Chief Investment Officer Exhibit 99.1 |
![]() Forward – Looking Statements Statements in this presentation that are not purely historical facts, including statements about our expected future financial position, preliminary estimates, results of operations or cash flows, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “could,” “goal,” “target,” “designed,” “on track,” “comfortable with,” “optimistic” and other similar expressions, constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of some events could differ materially from those projected in or contemplated by the forward- looking statements due to a number of factors, including, without limitation, those set forth below: • our ability to identify and successfully market services that appeal to our customers; • the significant concentration of our revenues in four of our customers; • our relationships with investment consulting firms; • our relationships with current and potential customers; • our ability to retain qualified personnel; • our ability to successfully develop and market new asset classes; • our ability to maintain our fee structure in light of competitive fee pressures; • competition in the marketplace; • downturn in the financial markets; • the passage of legislation adversely affecting the financial services industries; • interest rates; • changes in our effective tax rate; • our ability to maintain an effective system of internal controls; and • the other risks detailed from time to time in our SEC reports. Additional factors that could cause our actual results to differ materially from our expectations are discussed under the section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2009, which together with our other filings can be viewed at www.sec.gov. You should not unduly rely on these forward-looking statements. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements. |
![]() Agenda I. Firm Overview II. Investment Process & Products III. Growth Opportunities IV. Financial Highlights V. Summary |
![]() Firm Overview |
![]() Westwood Overview • Asset management firm focused on Value & Income products • Serving institutional, private client and mutual fund investors since 1983 • Track record of providing strong long-term risk-adjusted returns • Client-centered culture; interests aligned with equity-based incentives • Publicly traded since 2002 (NYSE : WHG) Page 1 1 as of June 2, 2010 |
![]() Product Distribution • Separately managed portfolios • Sub-Advisory • Collective funds • Targeted consultant relationships • Plan sponsor direct marketing • Enhanced Balanced asset allocation model • Commingled funds • Separately managed portfolios • Client referrals • Third party referral sources • Local community involvement • Capped expense ratios • Institutional share class • Defined contribution plans • Other institutions • A share class • Mutual fund supermarkets • DC consultants • Private Wealth Advisors • Media Page 2 Distribution Channels Private Wealth Mutual Funds Institutional TM |
![]() Investment Process & Products |
![]() Overview of Investment Process Qualities that Westwood analysts look for in securities: • Strong free cash flow characteristics • Stable to improving return on equity • Improving balance sheet • Upside earnings surprise without corresponding change in consensus estimates • Idea generation • Proprietary fundamental research • Make buy & sell recommendations • Led by senior analysts • Weekly due diligence meetings to review analyst recommendations • Approved securities move to list of portfolio candidates • At least one member from each Research Group • Weekly meetings to review portfolio and new names • Makes buy and sell decisions and manages portfolio risk Page 3 Research Analysts 4 Research Groups Portfolio Teams |
![]() Investment Performance vs. Benchmark Performance through 3/31/10 1-Year Trailing 3-Year Trailing 5-Year Trailing Since Inception LargeCap Value (Inception: 1/1/87) 42.2% -3.0% 4.7% 11.9% Russell 1000 Value 53.6% -7.3% 1.1% 9.9% SMidCap Value (Institutional Inception: 1/1/02)* 57.3% 3.2% 11.1% 14.6% Russell 2500 Value 67.2% -5.1% 3.1% 7.5% SmallCap Value (Inception: 1/1/04) 51.3% -3.9% 5.5% 8.3% Russell 2000 Value 65.1% -5.7% 2.8% 4.9% AllCap Value (Inception: 7/1/02) 44.3% -3.7% 4.6% 7.4% Russell 3000 Value 54.5% -7.2% 1.2% 4.7% Income Opportunity (Inception: 1/1/03) 24.2% 2.2% 6.1% 9.5% 25% S&P 500 / 25% NAREIT / 25% 10-Year Treasury / 25% T-Bills 32.3% -0.3% 4.4% 6.5% Balanced (Inception: 1/1/87) 27.1% 0.9% 5.3% 10.5% 60% S&P 500 / 40% Barclays Capital Government/Credit 31.6% 0.2% 3.5% 8.9% Core Fixed Income (Inception: 1/1/85) 6.4% 7.0% 5.9% 8.3% Barclays Capital Government/Credit 7.5% 5.8% 5.2% 8.0% Our investment teams have delivered excess returns across Value & Income products Page 4 *Closed to new investors. Performance provided reflects the institutional track record which started January 1, 2002. In 2001, Westwood transitioned a midcap core equity strategy to the institutional SMidCap strategy. The midcap core portfolio was exclusively offered to private clients of Westwood's Trust Company. This change occurred as a result of the increased demand we observed by institutional investors. January 1, 2002 reflects the inception of the institutional SMidCap Equity strategy. The true inception date of the composite is 7/1/97. This strategy has consistently adhered to Westwood's investment process and philosophy. disclosures or visit http://westwoodgroup.com/disclaimers.pdf. The disclosures provided are considered an integral part of this presentation. Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. Past performance is not a guarantee of future returns. Returns are preliminary and are subject to change. Performance provided is gross of management fees. Please see appendix for full performance |
![]() • Lower quality, higher beta and smaller capitalization stocks led the charge in 2009 while high-quality LargeCap companies lagged significantly • Companies with the best businesses, High FCF yield and ROE were among the worst performers for the year • It’s nearly a reverse situation than the one that prevailed in 2008 Source: Bank of America Merrill Lynch US Quantitative Strategy, S&P Universe based on the S&P500 Performance Ranked by Quality Indices Performance Ranked by Characteristics Source: Bank of America Merrill Lynch US Quantitative Strategy, S&P ML US Universe based on 1600 stocks High-quality stocks Low-quality stocks Low-Quality Stocks Drove The 2009 Market Rally Page 5 0 20 40 60 80 100 120 140 A A+ A- B+ or Better B+ B B or Worse Not Ranked B- C&D 0 20 40 60 80 100 120 140 Dividend Yield Upward EPS Est. Revision Return on Capital ROE (1-Yr Average) Low PE to Growth Trailing Earnings Yield Low Price/Cash Flow Low Price Small Size BETA Past performance is neither a guarantee nor a reliable indicator of future performance. |
![]() -80% -40% 0% 40% 80% 120% 160% 200% 240% Source: Bank of America Merrill Lynch US Quantitative Strategy, October 22, 2009; Performance is annualised for first 3 data sets High Beta Performance relative to the S&P500 Top 50 stocks measured on FCF yield/ Beta/ ROE relative the average market • 2009’s Beta rally was outsized • A Value rally, as measured by High Free Cash Flow yield, has followed every Beta rally since 1986 Source: Bank of America Merrill Lynch US Quantitative Strategy, February 16, 2010 FCF Yield Beta ROE Past performance is neither a guarantee nor a reliable indicator of future performance. After Beta Rallies, Quality & Value Typically Outperform Page 6 22% 29% 59% 149% 0% 20% 40% 60% 80% 100% 120% 140% 160% 1/91 - 2/92 1/97 - 3/00 1/03 - 2/04 2/09 - 9/09 |
![]() 2003 Calendar Year Performance Westwood LargeCap lagged in the last low quality rally as well... Page 7 The disclosures provided are considered an integral part of this presentation. Past performance is not a guarantee of future returns. Performance provided is gross of management fees. Please see appendix for full performance disclosures. |
![]() LargeCap Value Portfolio Statistics Five Years ended December 31, 2007 But, in the five year period starting in 2003, Westwood outperformed substantially as the recovery matured and risk appetites fell. Page 8 Past performance is not a guarantee of future returns. Performance provided is gross of management fees. Please see appendix for full performance disclosures. The disclosures provided are considered an integral part of this presentation. |
![]() Growth Opportunities |
![]() Growth Opportunities • Significant capacity remains in seasoned products • Subadvisory mandates o Access to broad distribution infrastructure & global market access o Support partner distribution network vs. building proprietary distribution network • WHG Funds o Three-year track record achieved in all five funds o Organic growth has been strong o Asset acquisition opportunities • Westwood Trust o Product development and asset gathering platform o Leverage referral sources o Expand private wealth platform in new markets • Collective Funds o Increasingly popular choice for large defined contribution plan sponsors o Select audience, high minimums • Sovereign Wealth Funds o Significant global opportunity; proactive targeted focus Page 9 |
![]() Corporate Development Opportunities We will seek to augment organic growth by pursuing strategic opportunities • Mutual fund asset acquisition opportunities o Philadelphia Fund acquisition added $52 million in assets to WHG LargeCap Value fund in Q4 2009 o Incrementally profitable – minimal ongoing costs o Benefits fund shareholders via expense ratio reduction opportunities • Private wealth o Expand private wealth platform in new markets o Acquire relationship managers and asset gatherers • Acquire additional products and research capabilities Page 10 |
![]() Significant Product Capacity Remains Page 11 Seasoned Products (>3 year track record & >$100 Million in assets) Assets Under Management As of 3/31/10 Estimated Maximum Capacity AUM Asset Growth Potential Product Inception LargeCap Value $5.5 billion $25 billion $19.5 billion 1987 SMidCap Value $2.8 billion $3 billion $200 million 1997 SmallCap Value $260 million $1.5 billion $1.2 billion 2004 AllCap Value $170 million $10 billion $9.8 billion 2002 Income Opportunity $310 million $2 billion $1.7 billion 2003 MLP $190 million $1.5 billion $1.3 billion 2003 Total Seasoned $9.2 billion $43 billion $34 billion Unseasoned (R&D) Products (<3 year track record & <$100 Million in assets) MidCap Value $22 million $15 billion $15 billion 2007 LargeCap Enhanced 130/30 $10 million $10 billion $10 billion 2007 Global Strategic Diversification $16 million $2 billion $2 billion 2010 Total Unseasoned $48 million $27 billion $27 billion Total Seasoned & Unseasoned $9.3 billion $70 billion $61 billion Legacy Products Balanced / Fixed Income / REIT $528 million N/A N/A 1987 / 1985 / 1995 Note: Table reflects Westwood Management AUM as of 3/31/10 (including Westwood Trust commingled funds); excludes approximately $800 million in Westwood Trust separately managed accounts, agency assets and subadvised commingled funds |
![]() Seasoned Products & Capacity Available Estimated Capacity – as of March 31, 2010 ($ millions) Page 12 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% LargeCap Value SMidCap Value SmallCap Value AllCap Value Income Opportunity MLP 22% 94% 17% 2% 15% 12% $25,000 $3,000 $1,500 $10,000 $2,000 $1,500 Current AUM Remaining Capacity |
![]() Subadvisory Page 13 Subadvisory opportunities – attractive means for enhanced distribution of scalable products • Access to established distribution channels • Generally lower average fee, but high profitability due to low incremental costs • Current Westwood Subadvisory mandates • UBS Pace • Wilmington Trust Co. • Principal Financial • State Farm • Goodman Institutional Investors • RBC Asset Management • Phoenix Insurance Company • Pictet Funds • Delaware Investments – Optimum Funds • Timothy Plan • Callan Diversified Alpha • GAMCO Westwood Funds • Westwood Trust |
![]() Growth in Subadvisory Assets Page 14 Note: does not include Westwood Trust or GAMCO Westwood Funds assets We have added 8 relationships and $895 million in Subadvisory assets since Q1 2008 |
![]() Pictet & Cie • One of Europe’s oldest (founded in 1805) and largest ($383 B AUM) private banks • Selected Westwood to manage their first U.S. Value fund • 10-city European Marketing Tour with Pictet in Spring 2010 Cities Visited: Lugano, Milan, Paris, Zurich, Geneva, Lisbon, Madrid, Luxembourg, Frankfurt, London • Unique opportunity to introduce Westwood to significant new markets • Near-term asset expectations are modest – current AUM of $167 million • Longer-term opportunity is substantial Page 15 |
![]() WHG Funds Page 16 WHG SMidCap (WHGMX) WHG Income Opportunity (WHGIX) WHG LargeCap Value (WHGLX) WHG Balanced (WHGBX) WHG SmallCap Value (WHGSX) WHG Funds • Five funds advised by Westwood Management • Strong asset growth – assets have grown to over $667 million from initial two fund launch in December 2005 • Targeted primarily to institutional and defined contribution markets Morningstar Ratings Source: Morningstar as of June 2, 2010 Growth in WHG Funds Assets $667 -4.9% |
![]() Source: JPMorgan U.S. Asset Managers – North America Equity Research dated April 14, 2010; Strategic Insight. WHG Funds AUM as of 4/30/10 WHG Funds – Morningstar Ratings Proportion of Assets Rated Four or Five Star (Asset Weighted) Page 17 |
![]() Westwood Trust • Consistent asset growth – 13% compound annual growth rate of assets over the last five years • Enhanced Balanced – Asset allocation model 9 asset classes managed by Westwood Management 4 asset classes managed by subadvisors – Consultative approach – Low cost, efficient solution – Asset gathering platform – Private Client – “Best Ideas” • Subadvisors: Page 18 International Growth High Yield International Value Domestic Growth TM |
![]() Collective Funds • Designed to accommodate large defined contribution plan sponsors • Westwood launched a SMidCap collective fund in Q3 2008 for a Fortune 100 client • Westwood has registered a LargeCap collective fund • Barriers to entry higher due to cost and administrative complexity • Less crowded market compared to mutual funds • Cost and administrative complexity of changing managers or funds may result in longer duration client relationships Page 19 |
![]() Sovereign Wealth Funds 23 25 88 80 137 210 240 300 326 390 15 18 32 108 125 200 250 330 371 350 470-740 500-875 Abu Dhabi Investment Authority Saudi Arabian Monetary Authority Norway Pension Fund-Global Government of Singapore Investment Corporation Kuwait Investment Authority China Investment Corporation Russian Reserve Fund Singapore Temasek Holdings Russian Wealth Fund Korea Investment Corporation Khazanah National (Malaysia) 2008 2007 Estimated assets of major sovereign wealth funds, 2007 and 2008 ($ Billion) SOURCE: Press releases; interviews; McKinsey Global Institute analysis Page 20 • One of the largest sources of global assets over the next five years • Westwood is taking a proactive, targeted approach with this opportunity |
![]() Financial Highlights |
![]() Growth in Assets Under Management Page 21 Quarterly AUM Growth • From Q1 2005 – Q1 2010, Westwood’s AUM has increased by 160%, or a compound annual growth rate of 21% • Over this same period, the level of the S&P 500 index has declined by 1% • From Q1 2005 – Q1 2010, net inflows of $5.0 billion AUM Growth in a Challenging Environment |
![]() Revenue Growth Page 22 Q1 2010 revenue was Westwood’s highest quarterly revenue excluding quarters with a performance fee Note: Excludes performance fees of $3.0 million, $80,000 and $8.6 million in Q4 2007, Q2 2008 and Q4 2008, respectively |
![]() Cash Earnings & Growing Cash Balances Liquid Cash & Investments as of March 31, 2010 are 105% higher than at year-end 2005 Note: 2007 and 2008 cash earnings include impact of performance fees of $3.0 million and $8.7 million, respectively; cash & investments excludes shares of Teton Advisors, Inc. Page 23 |
![]() WHG Quarterly Dividend History Page 24 • We seek to share excess cash with stockholders • High GAAP payout ratio due to significant free cash flow generation • 3.7% yield as of June 2, 2010 close at $1.32 annualized dividend rate |
![]() WHG Stock Performance vs. NYSE Listed Companies as of 3/31/10 1-Year Percentile 3-Year Percentile 5-Year Percentile WHG (2.76)% 96 78.00% 4 145.56% 6 Russell 2000 62.76% 56 (11.50)% 49 17.95% 50 Top Performer 338.0% Bottom Performer -24.3% Top Performer 63.2% Bottom Performer -77.4% Top Performer 157.0% Bottom Performer -74.6% Page 25 Data excludes 5% tails - Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. |
![]() DeMarche 100 Best Companies in the United States DeMarche Associates Names Westwood Holdings Group, Inc. Among “100 Best” Companies August 26, 2009 Westwood Holdings Group, Inc. has been named one of the “100 Best Companies in the United States” by DeMarche Associates, Inc., a leading U.S. investment research firm. The award is based on DeMarche’s proprietary research and fundamental analysis of more than 3,000 U.S. corporations in terms of managing growth and risk factors while maintaining shareholder value. Page 26 |
![]() Summary |
![]() Summary of Strategic Priorities Ongoing Priorities • Serve clients attentively • Generate competitive investment performance • Service consultant relationships • Leverage referral sources at Westwood Trust • Increase visibility of WHG stock Near Term Priorities • Match manufacturing capability with distribution partners through Sub-Advisory opportunities • Expand awareness of WHG Funds with Private Wealth Advisory firms and Defined Contribution Consultants • Cultivate new “R&D” products • Develop collective fund offerings across multiple products to serve the large defined contribution plan market • Pursue opportunities with sovereign wealth funds • Corporate development opportunities Page 27 |
![]() www.westwoodgroup.com 200 Crescent Court Suite 1200 Dallas, Texas 75201 T. 214.756.6900 |
![]() Disclosures |
![]() Cash Earnings Reconciliation Cash Earnings Reconciliation ($ thousands) 2005 2006 2007 2008 2009 Q1 2010 GAAP net income 3,636 $ 4,508 $ 7,944 $ 10,543 $ 7,895 $ 2,933 $ Add: Restricted stock expense 2,114 4,500 5,316 6,735 7,666 1,891 Add: Stock option expense 250 126 - - - - Add: Intangible amortization - - - - 13 26 Add: Deferred taxes on goodwill - - - - 5 9 Less: Cumulative effect of change in accounting principle - �� (39) - - - - Non-GAAP cash earnings 6,000 $ 9,095 $ 13,260 $ 17,278 $ 15,579 $ 4,859 $ |
![]() LargeCap Value Disclosure Information Year Gross- of-Fees Return Net-of- Fees Return Russell 1000 Value S&P 500 Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Percentage of Non-Fee Paying Portfolios Total Firm Assets 1Q10 6.5% 6.4% 6.8% 5.4% 44 0.2 $4,742.0 48.3% 0.0% $9,813.9 2009 14.5% 14.2% 19.7% 26.5% 46 0.5 $4,375.5 46.9% 0.0% $9,322.6 2008 -32.4% -32.7% -36.9% -37.0% 36 0.3 $3,142.0 48.1% 0.0% $6,538.0 2007 13.3% 12.9% -0.2% 5.5% 34 0.3 $2,921.7 41.1% 0.0% $7,113.2 2006 19.9% 19.5% 22.3% 15.8% 32 0.1 $2,368.8 43.4% 0.0% $5,455.9 2005 15.8% 15.3% 7.1% 4.9% 32 0.3 $2,656.2 57.7% 0.0% $4,606.5 2004 14.2% 13.7% 16.5% 10.9% 39 0.3 $2,572.6 67.7% 0.0% $3,797.6 2003 24.8% 24.3% 30.0% 28.7% 42 0.5 $2,341.3 61.4% 0.0% $3,815.3 2002 -15.7% -16.1% -15.5% -22.1% 38 0.5 $1,822.5 45.4% 0.0% $4,014.6 2001 -8.2% -8.6% -5.6% -11.9% 35 0.4 $1,880.7 46.8% 0.0% $4,022.9 2000 13.5% 13.0% 7.0% -9.2% 33 0.6 $1,637.3 46.1% 0.0% $3,551.7 The standard fee schedule for LargeCap Equity is 0.75% on the first $25 million, negotiable thereafter. Westwood Management Corp. claims compliance with the Global InvestmentPerformance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The LargeCap Value Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. The LargeCap composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts invested primarily in equity securities with market capitalizations above $7.5 billion and having comparable objectives. The minimum portfolio size for inclusion in the LargeCap Composite is $5 million beginning 1/1/06. PERFORMANCE RESULTS: LARGECAP EQUITY COMPOSITE January 1, 1999 through March 31, 2010 Reporting Currency: USD Creation Date: January 1994 LARGECAP EQUITY LARGECAP EQUITY COMPOSITE RETURNS COMPOSITE RETURNS Gross of Fees Net of Fees S&P 500 Gross of Fees Net of Fees S&P 500 ANNUALIZED RETURNS CALENDAR YEAR RETURNS 1 Year 42.2% 41.8% 53.6% 49.8% 2009 14.5% 14.2% 19.7% 26.5% 2 Years -5.7% -6.1 % -6.0 % -3.7 % 2008 -32.4% -32.7 % -36.9 % -37.0 % 3 Years -3.0% -3.3 % -7.3 % -4.2 % 2007 13.3% 12.9 % -0.2 % 5.5 % 4 Years 1.2% 0.9% -1.8% -0.4% 2006 19.9% 19.5% 22.3% 15.8% 5 Years 4.7% 4.3 % 1.1 % 1.9 % 2005 15.8% 15.3 % 7.1 % 4.9 % 6 Years 6.5% 6.1 % 3.0 % 2.7 % 2004 14.2% 13.7 % 16.5 % 10.9 % 7 Years 9.9% 9.5 % 7.7 % 6.8 % 2003 24.8% 24.3 % 30.0 % 28.7 % 8 Years 5.3% 4.9% 3.3% 2.2% 2002 -15.7% -16.1% -15.5% -22.1% 9 Years 4.5% 4.1 % 3.4 % 2.0 % 2001 -8.2% -8.7 % -5.6 % -11.9 % 10 Years 4.5% 4.1 % 3.1 % -0.7 % 2000 13.5% 13.1 % 7.0 % -9.1 % 11 Years 5.6% 5.2 % 3.4 % 0.9 % 1999 13.8% 13.3 % 7.4 % 21.0 % 12 Years 6.0% 5.5% 3.5% 2.3% 1998 21.5% 20.6% 15.6% 28.6% 13 Years 8.6% 8.1 % 6.4 % 5.2 % 1997 33.6% 32.7 % 35.2 % 33.4 % 14 Years 9.4% 8.9 % 7.2 % 6.2 % 1996 27.8% 26.9 % 21.6 % 23.0 % 15 Years 11.4% 10.8% 8.7% 7.8% 1995 40.5% 39.3% 38.4% 37.6% 16 Years 11.4% 10.8% 8.9% 8.2% 1994 4.2% 3.5 % -2.0% 1.3 % 17 Years 11.6% 10.9 % 8.6 % 7.8 % 1993 19.2% 18.5 % 18.1 % 10.1 % 18 Years 11.6% 11.0 % 9.4 % 8.2 % 1992 9.0% 8.3 % 13.8 % 7.6 % 19 Years 11.6% 10.9% 9.5% 8.4% 1991 24.7% 23.9% 24.6% 30.5% 20 Years 11.3% 10.6% 9.4% 8.7% 1990 -9.2% -10.0% -8.1% -3.1% 21 Years 11.6% 11.0 % 9.5 % 9.1 % 1989 32.5% 31.7 % 25.2 % 31.7 % 22 Years 11.8% 11.2 % 10.0 % 9.5 % 1988 16.6% 15.7 % 23.2 % 16.6 % 23 Years 11.1% 10.4% 9.3% 8.7% 1987 7.8% 6.9 % 0.5% 5.3 % Since Inception (1/1/87) 11.9% 11.2 % 9.9 % 9.5 % 1986 21.5% 20.5 % 20.7 % 22.7 % Russell 1000 Value Russell 1000 Value Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. |
![]() SMidCap Value Disclosure Information* SMIDCAP EQUITY COMPOSITE RETURNS Gross of Fees Net of Fees Russell 2500 Russell 2500 Value ANNUALIZED RETURNS 1 Year 57.3 % 56.5 % 65.7 % 67.2 % 2 Years 6.0 % 5.4 % 1.2 % 1.3 % 3 Years 3.2 % 2.6 % -3.2 % -5.1 % 4 Years 7.6 % 7.0 % -0.4 % -1.0 % 5 Years 11.1 % 10.6 % 4.1 % 3.1 % 6 Years 13.9 % 13.3 % 4.7 % 4.6 % 7 Years 17.7 % 17.1 % 11.3 % 11.3 % 8 Years 13.7 % 13.2 % 6.1 % 6.6 % 9 Years 13.4 % 12.9 % 7.1 % 8.2 % 10 Years 11.1 % 10.6 % 4.8 % 8.7 % 11 Years 13.6 % 13.2 % 7.9 % 9.3 % 12 Years 11.9 % 11.5 % 5.9 % 6.7 % Since Inception (7/1/97) 13.8 % 13.3 % 7.3 % 8.3 % CALENDAR YEARS 2009 35.0 % 34.3 % 34.4 % 27.7 % 2008 -26.4 % -26.7 % -36.8 % -32.0 % 2007 12.3 % 11.7 % 1.4 % -7.3 % 2006 22.2 % 21.6 % 16.2 % 20.2 % 2005 20.8 % 20.5 % 8.1 % 7.7 % 2004 28.1 % 27.6 % 18.3 % 21.6 % 2003 34.1 % 33.6 % 45.5 % 44.9 % 2002 1.2 % 0.7 % -17.8 % -9.9 % 2001 -10.8 % -11.1 % 1.2 % 9.7 % 2000 7.4 % 7.0 % 4.3 % 20.8 % 1999 30.1 % 29.7 % 24.2 % 1.5 % 1998 13.7 % 13.0 % 0.4 % -1.9 % Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. Year Gross of Fees Return Net of Fees Return Russell 2500 Russell 2500 Value Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Percentage of Non-Fee Paying Portfolios Total Firm Assets 1Q10 7.4% 7.3% 9.2% 9.6% 20 0.1 $1,628.3 16.6% 0.0% $9,813.9 2009 35.0% 34.3% 34.4% 27.7% 21 0.5 $1,559.7 16.7% 0.0% $9,322.6 2008 -26.4% -26.7% -36.8% -32.0% 16 0.2 $917.4 14.0% 0.0% $6,538.0 2007 12.3% 11.7% 1.4% -7.3% 14 0.3 $1,091.2 15.3% 0.0% $7,113.2 2006 22.2% 21.6% 16.2% 20.2% 9 0.2 $784.5 14.4% 0.0% $5,455.9 2005 20.8% 20.5% 8.1% 7.7% 4 0.1 $554.9 12.0% 0.0% $4,606.5 2004 28.1% 27.6% 18.3% 21.6% 2 0.1 $77.9 2.1% 0.0% $3,797.6 2003 34.1% 33.6% 45.5% 44.9% 2 0.3 $50.5 1.3% 0.0% $3,815.3 2002 1.2% 0.7% -17.8% -9.9% 2 0.1 $32.7 0.8% 0.0% $4,014.6 2001 -10.8% -11.1% 1.2% 9.7% 2 1.4 $31.8 0.8% 0.0% $4,022.9 2000 7.4% 7.0% 4.3% 20.8% 2 0.2 $35.9 1.0% 0.0% $3,551.7 PERFORMANCE RESULTS: SMIDCAP COMPOSITE January 1, 1998 through March 31, 2010 Reporting Currency: USD Creation Date: July 1997 The SMidCap Composite consists of tax-exempt and taxable, fee-paying fully discretionary accounts invested primarily in equity securities with market capitalizations between $500 million and $8.0 billion and having comparable objectives. The minimum portfolio size for inclusion in the SMidCap Composite is $5 million beginning 1/1/06. The standard fee schedule for the SMidCap product is 0.85% on the first $25 million, negotiable thereafter. Westwood Management Corp. claims compliance with the Global InvestmentPerformance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The SmidCap Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. |
![]() SmallCap Value Disclosure Information Year Gross of Fees Return Net of Fees Return Russell 2000 Value Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Percentage of Non-Fee Paying Portfolios Total Firm Assets 1Q10 7.9% 7.7% 10.0% 10 0.2 $242.8 2.5% 0.0% $9,813.9 2009 21.4% 20.6% 20.6% 11 0.3 $242.2 2.6% 0.0% $9,322.6 2008 -31.0% -31.4% -28.9% 9 0.4 $177.2 2.7% 0.0% $6,538.0 2007 3.6% 3.2% -9.8% 5 0.9 $134.5 1.9% 0.0% $7,113.2 2006 24.1% 23.7% 23.5% 4 0.2 $125.7 2.3% 0.0% $5,455.9 2005 10.5% 10.1% 4.7% 3 0.5 $38.0 0.8% 0.0% $4,606.5 2004 28.4% 28.1% 22.3% 3 0.3 $37.7 1.0% 0.0% $3,797.6 The standard fee schedule for the SmallCap Value product is 1.00% on the first $10 million, negotiable thereafter. Westwood Management Corp. claims compliance with the Global InvestmentPerformance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The SmallCap Value Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. The minimum portfolio size for inclusion in the SmallCap Value Composite is $5 million beginning 1/1/06. The SmallCap Value composite consists of taxable and tax-exempt, fee-paying fully discretionary accounts whose main objective is to invest primarily in equity securities with market capitalizations between $100 million and $2.5 billion and having comparable objectives. PERFORMANCE RESULTS: SMALLCAP VALUE COMPOSITE January 1, 2004 through March 31, 2010 Reporting Currency: USD Creation Date: January 2004 SMALLCAP VALUE COMPOSITE RETURNS Gross of Fees Net of Fees Russell 2000 Value ANNUALIZED RETURNS 1 Year 51.3 % 50.3 % 65.1 % 2 Years -1.7 % -2.3 % 0.4 % 3 Years -3.9 % -4.4 % -5.7 % 4 Years 0.4 % -0.1 % -1.9 % 5 Years 5.5 % 5.0 % 2.8 % 6 Years 7.9 % 7.4 % 3.9 % Since Inception (1/1/04) 8.3 % 7.9 % 4.9 % CALENDAR YEARS 2009 21.4 % 20.6 % 20.6 % 2008 -31.0 % -31.4 % -28.9 % 2007 3.6 % 3.2 % -9.8 % 2006 24.1 % 23.7 % 23.5 % 2005 10.5 % 10.1 % 4.7 % 2004 28.4 % 28.1 % 22.3 % Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. |
![]() AllCap Value Disclosure Information ALLCAP VALUE COMPOSITE RETURNS Gross of Fees Net of Fees Russell 3000 Value ANNUALIZED RETURNS 1 Year 44.3 % 43.6 % 54.5 % 2 Years -4.2 % -4.8 % -5.5 % 3 Years -3.7 % -4.3 % -7.2 % 4 Years 1.0 % 0.5 % -1.8 % 5 Years 4.6 % 4.1 % 1.2 % 6 Years 7.2 % 6.8 % 3.0 % 7 Years 10.9 % 10.5 % 7.9 % Since Inception (7/1/02) 7.4 % 7.0 % 4.7 % CALENDAR YEARS 2009 20.8 % 20.2 % 19.8 % 2008 -34.4 % -34.9 % -36.3 % 2007 11.5 % 11.0 % -1.0 % 2006 20.0 % 19.5 % 22.3 % 2005 16.0 % 15.7 % 6.9 % 2004 19.5 % 19.3 % 16.9 % 2003 28.6 % 28.4 % 31.1 % 2002¹ -12.9 % -13.0 % -11.7 % 1. Inception Date: 7/1/02 Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. Year Gross of Fees Return Net of Fees Return Russell 3000 Value Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Total Firm Assets 1Q10 5.7% 5.5% 7.1% 4 0.15 $93.7 1.0% $9,813.9 2009 20.8% 20.2% 19.8% 4 0.00 $90.1 1.0% $9,322.6 2008 -34.4% -34.9% -36.3% 1 0.00 $16.8 0.3% $6,538.0 2007 11.5% 11.0% -1.0% 3 0.00 $39.0 0.5% $7,113.2 2006 20.0% 19.5% 22.3% 1 0.00 $18.5 0.3% $5,455.9 2005 16.0% 15.7% 6.9% 1 0.00 $12.5 0.3% $4,606.5 2004 19.5% 19.3% 16.9% 1 0.00 $2.5 0.1% $3,797.6 2003 28.6% 28.4% 31.1% 1 0.00 $96.8 2.5% $3,815.3 2002 1 -12.9% -13.0% -11.7% 1 0.00 $63.3 1.6% $4,014.6 1. Inception Date 7/1/02 The standard AllCap Value fee schedule is 0.80% on the first $10 million, negotiable thereafter. Westwood Management Corp. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The AllCap Value Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. The AllCap Value Composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts generally invested in equity securities with market capitalizations greater than $100 million at time of purchase and having comparable objectives. The minimum portfolio size for inclusion in the AllCap Value Composite is $5 million beginning 1/1/06. PERFORMANCE RESULTS: ALLCAP VALUE COMPOSITE July 1, 2002 through March 31, 2010 Reporting Currency: USD Creation Date: July 2002 |
![]() Income Opportunity Disclosure Information INCOME OPPORTUNITY COMPOSITE RETURNS Gross of Fees Net of Fees ANNUALIZED RETURNS 1 Year 24.2% 23.5% 49.8% 106.7% 0.1% -6.3% 32.3 % 2 Years 4.4% 3.9% -3.7% -7.0% 0.6 % 1.8 % 0.1 % 3 Years 2.2% 1.7% -4.2% -10.6% 1.8 % 5.8 % -0.3 % 4 Years 4.9% 4.3% -0.4% -3.4% 2.6 % 5.8 % 2.4 % 5 Years 6.1% 5.6% 1.9 % 3.8 % 2.8 % 4.7 % 4.4 % 6 Years 7.0% 6.5% 2.7 % 4.7 % 2.6 % 3.7 % 4.5 % 7 Years 10.0% 9.5% 6.8 % 10.5% 2.3 % 3.9 % 6.8 % Since Inception (1/1/03) 9.5% 9.0% 6.1 % 10.2% 2.3 % 3.9 % 6.5 % 2009 13.9% 13.3% 26.5% 28.0% 0.2% -9.9% 12.0 % 2008 -6.7% -7.1% -37.0% -37.7% 1.8% 20.3% -14.6 % 2007 0.8% -0.8% 5.5 % -15.7% 4.7% 9.8% 0.0 % 2006 14.1% 13.5% 15.8% 35.1% 4.8% 1.4% 13.7 % 2005 5.7% 5.4% 4.9 % 12.2% 3.0% 2.0% 5.7 % 2004 16.8% 16.3% 10.9% 31.6% 1.2% 4.9% 12.0 % 2003 23.5% 23.2% 28.7% 37.1% 1.1% 1.3% 16.3 % 1 . 25%S&P500/25%Nareit Equity/25%Treasury Bill/25%10-Yr. Treasury Note Benchmark¹ S&P 500 Nareit 3 Mo T-Bill 10 Yr Treas Note Year Gross of Fees Return Net of Fees Return S&P 500 Nareit 3 Mo T-Bill 10 Yr Treas Note Benchmark 1 Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Total Firm Assets 1Q10 3.6% 3.5% 5.4% 10.0% 0.0% 1.1% 4.2% 3 0.3 $216.6 2.2% $9,813.9 2009 13.9% 13.3% 26.5% 28.0% 0.2% -9.9% 12.0% 3 1.3 $203.5 2.2% $9,322.6 2008 -6.7% -7.1% -37.0% -37.7% 1.8% 20.3% -14.6% 3 4.3 $144.1 2.2% $6,538.0 2007 0.8% 0.2% 5.5% -15.7% 4.7% 9.8% 1.0% 3 1.1 $190.6 2.7% $7,113.2 2006 14.1% 13.5% 15.8% 35.1% 4.8% 1.4% 13.7% 5 0.2 $235.0 4.3% $5,455.9 2005 5.7% 5.4% 4.9% 12.2% 3.0% 2.0% 5.7% 20 0.3 $119.6 2.6% $4,606.5 2004 16.8% 16.3% 10.9% 31.6% 1.2% 4.9% 12.0% 2 0.3 $32.7 0.9% $3,797.6 2003 23.5% 23.2% 28.7% 37.1% 1.1% 1.3% 16.3% 2 0.2 $18.9 0.5% $3,815.3 1. 25%S&P500/25%Nareit Equity/25%Treasury Bill/25%10-Yr. Treasury Note The benchmark: 25% S&P 500/ 25% Nareit/ 25% 3 month T-Bill/ 25% 10 Yr T-Note Index rebalanced monthly. In January 2005, the name of this composite was changed from theDynamic Income Composite to the Income Opportunity Composite. The standard fee schedule for the Income Opportunity product is 0.80% on the first $10 million, negotiable thereafter. Westwood discontinued the use of the 45% S&P 500 and 55% LBG/C Intermediate benchmark on 1/1/05. The benchmark was no longer representative of the characteristics of the Composite. The minimum portfolio size for inclusion in the Income Opportunity Composite is $5 million beginning 1/1/06. The Income Opportunity composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts whose main objective is to invest in securities with the intent of producing income for the portfolio. PERFORMANCE RESULTS: INCOME OPPORTUNITY January 1, 2003 through March 31, 2010 Reporting Currency: USD Creation Date: January 2003 Verificationassesses whether (1) the firm hascomplied withall thecompositeconstruction requirements of the GIPSstandards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Income Opportunity Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. Westwood Management Corp. claims compliance with the Global InvestmentPerformanceStandards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. |
![]() Fixed Income Disclosure Information FIXED INCOME FIXED INCOME COMPOSITE RETURNS COMPOSITE RETURNS Gross of Fees Net of Fees Gross of Fees Net of Fees ANNUALIZED RETURNS CALENDAR YEARS 1 Year 6.5 % 6.2 % 7.5 % 2009 5.3 % 5.0 % 4.5 % 2 Years 6.1 % 5.9 % 4.6 % 2008 8.3 % 8.0 % 5.7 % 3 Years 7.0 % 6.7 % 5.8 % 2007 7.3 % 7.1 % 7.2 % 4 Years 6.7 % 6.5 % 6.0 % 2006 4.1 % 3.8 % 3.8 % 5 Years 5.9 % 5.6 % 5.2 % 2005 2.9 % 2.6 % 2.4 % 6 Years 5.0 % 4.8 % 4.4 % 2004 3.8 % 3.5 % 4.2 % 7 Years 4.9 % 4.7 % 4.6 % 2003 2.8 % 2.5 % 4.7 % 8 Years 5.9 % 5.6 % 5.7 % 2002 10.9 % 10.6 % 11.0 % 9 Years 5.8 % 5.5 % 5.6 % 2001 8.3 % 7.8 % 8.5 % 10 Years 6.4 % 6.1 % 6.2 % 2000 12.6 % 12.1 % 11.9 % 11 Years 6.0 % 5.7 % 5.8 % 1999 -1.0 % -1.5 % -2.2 % 12 Years 6.1 % 5.8 % 5.9 % 1998 8.9 % 8.3 % 9.5 % 13 Years 6.6 % 6.2 % 6.4 % 1997 9.8 % 9.4 % 9.8 % 14 Years 6.4 % 6.0 % 6.2 % 1996 2.8 % 2.3 % 2.9 % 15 Years 6.7 % 6.3 % 6.5 % 1995 17.6 % 17.3 % 19.2 % 16 Years 6.5 % 6.1 % 6.4 % 1994 -3.5 % -3.9 % -3.5 % 17 Years 6.3 % 6.0 % 6.2 % 1993 12.7 % 12.2 % 11.0 % 18 Years 6.8 % 6.5 % 6.6 % 1992 8.4 % 8.0 % 7.6 % 19 Years 7.2 % 6.8 % 6.9 % 1991 18.1 % 17.6 % 16.1 % 20 Years 7.4 % 7.0 % 7.1 % 1990 9.2 % 8.7 % 8.3 % 21 Years 7.5 % 7.1 % 7.4 % 1989 12.1 % 11.5 % 14.2 % 22 Years 7.5 % 7.1 % 7.3 % 1988 9.3 % 8.8 % 7.6 % 23 Years 7.5 % 7.1 % 7.1 % 1987 6.4 % 5.9 % 2.3 % 24 Years 7.7 % 7.3 % 7.2 % 1986 12.9 % 12.3 % 15.6 % 25 Years 8.3 % 7.9 % 8.0 % 1985 22.8 % 22.3 % 21.3 % Since Inception (1/1/85) 8.3 % 7.9 % 8.0 % BCGC BCGC Year Gross of Fees Return Net of Fees Return BCGC Number of Portfolios Dispersion Percentage of Carve- Outs Total Assets at End of Period Percentage of Firm Assets Total Firm Assets 1Q10 1.4% 1.4% 1.6% 3 0.0 0.0% $99.2 1.0% $9,813.9 2009 5.3% 5.0% 4.5% 6 0.4 17.5% $117.2 1.3% $9,322.6 2008 8.3% 8.0% 5.7% 6 0.4 16.6% $110.9 1.7% $6,538.0 2007 7.3% 7.1% 7.2% 7 0.2 23.9% $151.8 2.1% $7,113.2 2006 4.1% 3.8% 3.8% 7 0.1 26.7% $128.5 2.4% $5,455.9 2005 2.9% 2.6% 2.4% 7 0.2 26.4% $86.8 1.9% $4,606.5 2004 3.8% 3.5% 4.2% 7 0.2 33.1% $74.0 1.9% $3,797.6 2003 2.8% 2.5% 4.7% 10 0.2 31.6% $78.3 2.1% $3,815.3 2002 10.9% 10.6% 11.0% 13 0.2 30.6% $105.7 2.6% $4,014.6 2001 8.3% 7.8% 8.5% 12 0.1 34.1% $97.4 2.4% $4,022.9 2000 12.6% 12.1% 11.9% 12 0.2 37.1% $93.2 2.6% $3,551.7 PERFORMANCE RESULTS: FIXED INCOME COMPOSITE January 1, 1999 through March 31, 2010 Reporting Currency: USD Creation Date: January 1994 Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. A composite of taxable and tax-exempt, fee-paying fully discretionary accounts that typically invests in investment grade fixed income securities with duration of 4.5 to 6.5 years and having comparable objectives. The minimum portfolio size for inclusion in the Fixed Composite is $5 million beginning 1/1/06. Westwood ulitizes the beginning of period cash allocation method for all carve-out returns. Carve-Out returns were no longer utilized beginning January 1, 2010. The standard fee schedule for the Fixed Income product is 0.40% on the first $10 million, negotiable thereafter. Westwood Management Corp. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Fixed Income Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. |
![]() Balanced Disclosure Information Year Gross of Fees Return Net of Fees Return 60% S&P 500/40% BCG/C Number of Portfolios Dispersion Total Assets at End of Period Percentage of Firm Assets Total Firm Assets 1Q10 4.3% 4.1% 3.9% 2 0.0 $32.5 0.3% $9,813.9 2009 11.2% 10.7% 17.7% 2 0.1 $31.2 0.3% $9,322.6 2008 -18.5% -19.0% -21.9% 2 0.1 $28.9 0.4% $6,538.0 2007 10.8% 10.1% 6.3% 3 0.2 $65.0 0.9% $7,113.2 2006 13.4% 12.7% 10.9% 3 0.2 $57.6 1.1% $5,455.9 2005 10.9% 10.2% 4.0% 3 0.2 $49.5 1.1% $4,606.5 2004 9.4% 8.8% 8.2% 4 0.1 $73.5 1.9% $3,797.6 2003 16.1% 15.3% 18.8% 3 0.2 $48.5 1.3% $3,815.3 2002 -4.8% -5.4% -9.5% 5 0.5 $87.0 2.2% $4,014.6 2001 -1.1% -1.7% -3.7% 6 0.3 $164.1 4.1% $4,022.9 2000 13.3% 12.4% -1.0% 5 0.2 $100.8 2.8% $3,551.7 The benchmark: 60% S&P 500/ 40% BCGC Index rebalanced monthly. The standard fee schedule for the Balanced product is 0.625% on the first $25 million, negotiable thereafter. PERFORMANCE RESULTS: BALANCED COMPOSITE January 1, 1999 through March 31, 2010 Westwood Management Corp. claims compliance with the Global InvestmentPerformance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Westwood Management has been independently verified for the periods January 1, 1995 through December 31, 2008. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Balanced Composite has been examined for the periods January 1, 1995 through December 31, 2008. The verification and performance examination reports are available upon request. A composite of taxable and tax-exempt, fee-paying fully discretionary accounts invested in LargeCap Equity and investment grade fixed income securities and having comparable objectives The typical allocation for the composite is 60% equity and 40% fixed income. The minimum portfolio size for inclusion in the Balanced Composite is $5 million beginning 1/1/06. Creation Date: January 1994 Reporting Currency: USD BALANCED BALANCED COMPOSITE RETURNS COMPOSITE RETURNS Gross of Fees Net of Fees 60% S&P500 / 40% BCG/C Gross of Fees Net of Fees 60% S&P500 / 40% BCG/C ANNUALIZED RETURNS CALENDAR YEARS 1 Year 27.1 % 26.5 % 31.6 % 2009 11.2 % 10.7 % 17.7 % 2 Years -1.3 % -1.8 % 0.2 % 2008 -18.5 % -19.0 % -21.9 % 3 Years 0.9 % 0.4 % 0.2 % 2007 10.8 % 10.1 % 6.3 % 4 Years 3.4 % 2.8 % 2.5 % 2006 13.4 % 12.7 % 10.9 % 5 Years 5.3 % 4.7 % 3.5 % 2005 10.9 % 10.2 % 4.0 % 6 Years 5.9 % 5.3 % 3.7 % 2004 9.4 % 8.8 % 8.3 % 7 Years 8.0 % 7.4 % 6.2 % 2003 16.1 % 15.3 % 18.8 % 8 Years 5.7 % 5.1 % 3.9 % 2002 -4.8 % -5.4 % -9.5 % 9 Years 5.3 % 4.7 % 3.8 % 2001 -1.1 % -1.7 % -3.7 % 10 Years 5.6 % 5.0 % 2.4 % 2000 13.3 % 12.4 % -0.9 % 11 Years 6.1 % 5.4 % 3.2 % 1999 7.6 % 7.0 % 11.4 % 12 Years 6.1 % 5.5 % 4.1 % 1998 14.0 % 13.2 % 21.4 % 13 Years 7.8 % 7.2 % 6.1 % 1997 23.6 % 22.8 % 23.7 % 14 Years 8.3 % 7.6 % 6.6 % 1996 17.5 % 16.8 % 14.7 % 15 Years 9.5 % 8.9 % 7.6 % 1995 30.5 % 29.4 % 30.0 % 16 Years 9.4 % 8.8 % 7.8 % 1994 0.3 % -0.2 % -0.6 % 17 Years 9.4 % 8.7 % 7.5 % 1993 15.7 % 14.8 % 10.5 % 18 Years 9.6 % 8.9 % 7.9 % 1992 8.0 % 7.5 % 7.7 % 19 Years 9.8 % 9.1 % 8.1 % 1991 23.2 % 22.6 % 24.8 % 20 Years 9.9 % 9.2 % 8.4 % 1990 1.1 % 0.5 % 1.6 % 21 Years 10.1 % 9.4 % 8.7 % 1989 24.7 % 24.1 % 24.6 % 22 Years 10.3 % 9.6 % 8.9 % 1988 15.9 % 15.2 % 13.0 % 23 Years 9.9 % 9.2 % 8.4 % 1987 8.0 % 7.5 % 5.5 % Since Inception 10.5 % 9.8 % 8.9 % Benchmark Data Source: © 2010 Mellon Analytical Solutions, LLC. All Rights Reserved. |
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