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FCM
Stable Value Performance Results*
The FCM All Stable Value Composite
not only consistently ranked in the top quartile or above in
its peer group, but also exceeded the return of its benchmark,
the Merrill Lynch 1-3, and tracked with its durational comparable
tailored benchmark with even less standard deviation than cash
equivalents. * See FCM's Performance Disclosure Statement.
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* FCM Performance Disclosure Statement
FCM's separate account performance record commenced on 1/1/89 and is
represented by a composite of managed accounts valued in US dollars
and constructed to be in compliance with GIPS (formerly AIMR). The value
of the book value put implicit in a benefit responsive GIC and bond
wrap contract is imputed at all times to be equal to but the reverse
of the capital gain or loss on the underlying principal value of the
contract. The effect is that the sum of the principal gain or loss and
the imputed value of the put at all times equals zero, reflecting the
actual book value experience of the plan participant. Returns are net
of transaction costs such as bond wrap fees, any sub-advisors' fees,
and any custody fees incurred by FCM; and individual monthly portfolio
returns are normally calculated with all cash flows time weighted, using
GIPS approved methodology. And the composite is dollar weighted by the
assets of the portfolios included. GIPS calls for returns to be gross
of FCM's management fees, since FCM's fee varies depending upon the
size of the account. However, the SEC requires that newsletters (and
websites) illustrate performance net of management fees. FCM's current
fee schedule is 0.26% on the first $50 million, 0.14% on the next $50
million, 0.08% on the next $150 million and 0.04% on all assets in excess
of $250 million. Therefore, our average size account of $170 million
could expect to be charged a 0.15% annual management fee under FCM's
standard fee schedule and the charts on page 5 are net of this fee.
The bar chart above illustrates the percentile ranking of FCM's performance
relative to InvestWorks' stable value peer group universe of 30 managed
stable value portfolios. No investment is risk free and past results
may not be indicative of future results. FCM claims compliance with
the CFA Institute Asset Manager Code of Professional Conduct. This claim
has not been verified by the CFA institute.
Updated
11/28/11
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