Performance

All-Cap Value Composite Performance (Net of Fees)

Annualized
Year to DateOne YearPast 3 YearsPast 5 YearsPast 10 YearsPast 15 Years
Return10.54%11.33%1.23%8.57%1.41%6.17%
S&P 500 Total Return*14.24%18.61%10.81%14.22%7.44%10.04%
Consumer Price Index**1.69%1.94%1.06%1.28%1.68%2.06%

Data as of 09/30/2017.

For a printer-friendly version of the Composite Performance, Top 20 Holdings, and other Composite data, view the Quarterly Fact Sheet.

For managed account clients, our fees are 1.00% on the first million, 0.50% on the remainder, annually.

* The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. One cannot invest directly in an index.

** Consumer Price Index (CPI) – As of August 2017 – U.S. CPI Urban Consumers NSA (Non-Seasonally Adjusted), Index. The Consumer Price Index tracks the prices paid by urban consumers for goods and services and is generally accepted as a measure of price inflation. Price inflation affects consumers’ purchasing power.

Consolidated performance with dividends and other earnings reinvested. Performance figures reflect the deduction of broker commission expenses and the deduction of investment advisory fees. Such fees are described in Part II of the adviser’s Form ADV. The advisory fees and any other expenses incurred in the management of the investment advisory account will reduce the client’s return. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the above accounts. A list of all security recommendations made within the past twelve months is available upon request.

 

Muhlenkamp & Company, Inc. All-Cap Value Composite Annual Disclosure Presentation

Year EndTotal Firm Assets (USD) (Millions)Composite Assets (USD) (Millions)Number of AccountsComposite Gross (Annual Performace)Composite Net (Annual Performace)S&P 500 Total Return IndexComposite (Three-Year Annualized Standard Deviation*)S&P 500 Total Return Index (Three-Year Annualized Standard Deviation*)Composite Dispersion **
20163393952(1.86)(2.68)11.969.7310.591.17
20154224867(4.66)(5.45)1.3810.4110.470.68
2014541516710.279.3713.699.558.972.06
2013585506035.5034.3932.3911.2911.943.13
2012491416611.2910.3416.0012.0215.091.14
20115554574(2.84)(3.67)2.1116.618.70.85
201072459822.962.1515.06--1.45
20098399010732.6831.7226.46--2.8
2008759112155(40.53)(40.94)(37.00)--1.97
20071886327289(7.61)(8.19)5.49--3.77
200633933713376.095.3415.79--3.7
2005347128728910.049.224.91--3.38
2004226119720624.5423.5610.88--3.33
2003135013216743.3642.1028.68--5.57
200274281139(19.80)(20.49)(22.06)--3.65

* Three-Year Annualized Standard Deviation is a measure of volatility, calculated by taking the standard deviation of 36 monthly returns, then multiplying the result by the square root of 12 to annualize it. Since standard deviation measures the dispersion of a set of numbers from its mean, higher results indicate more variation in monthly returns over the trailing three years.

** Composite Dispersion is a measure of the similarity of returns among accounts in the Composite. It is the standard deviation of the annual returns for all accounts which were in the Composite for the entire year.

*** American Depositary Receipts (ADRs) are shares that trade in U.S. markets, but represent shares of a foreign company. A bank (the depository) purchases a number of the foreign shares and holds them in a trust or similar account; in turn, the bank issues shares tradable in the U.S. that represent an interest in the foreign company. The ratio of ADRs to foreign shares is set by the bank. ADRs do not mitigate currency risk, but can reduce transaction costs and simplify trading compared to buying the local shares in the foreign markets.

The objective of this All-Cap Value Composite is to maximize total return, consistent with reasonable risk—using a strategy of investing in highly profitable companies, as measured by Return on Equity (ROE), that sell at value prices, as measured by Price-to-Earnings Ratios (P/E). The All-Cap Value Composite was created in December 2003 and includes fee-paying accounts over $100,000, full discretion, under management for at least one full quarter which are invested in the All-Cap Value strategy. The composite excludes the Muhlenkamp Fund and any wrap fee account.

Muhlenkamp & Company, Inc. (“Muhlenkamp”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Muhlenkamp has been independently verified for the periods December 31, 1993 through June 30, 2017 by Ashland Partners & Company LLP.

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 All-Cap Value Composite has been examined for the periods December 31, 1993 through June 30, 2017. The verification and performance examination reports are available upon request.

Muhlenkamp is an independent registered investment advisory firm registered with the Securities and Exchange Commission. The firm’s list of composite descriptions is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite may invest in American Depositary Receipts (ADRs).*** Accounts may be shown gross or net of withholding tax on foreign dividends based on the custodian. Past performance is not indicative of future results.

The U.S. dollar is the currency used to express performance. Returns are expressed as percentages and are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. The annual Composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the Composite the entire year.  Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

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Style

All-Cap Value

Min Initial Investment

$100,000

Fees

1% (1st million), 0.5% (remainder)

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Muhlenkamp & Company’s 40th Anniversary

2017 marks the 40th anniversary of the founding of Muhlenkamp and Company, Inc. We are pleased, proud, and grateful that...
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