SBI Pure Valuation | Profitability

Date Updated: 06/30/2010 Download Pure Portfolio Overview

Summary

Investment Objective

Long-term capital appreciation with little consideration for income generation. Intended for investors who can tolerate the short-term volatility of US equity markets in the pursuit of longer-term returns.

Investment Strategy

The manager pursues a Valuation-Profitbailty strategy. The Portfolio is invested in less than 10 US stocks and at times ADR’s, with a small amount invested in US money market funds for liquidity. Stocks are selected using the Investment Process described on the Pure Portfolios Overview Page.

Investment Risks

The SBI Strategy Pure Portfolios are highly concentrated, with 10 equally weighted stock positions. As a result, the portfolios are more volatile than is the broad equity market as a whole. The portfolio manager makes no attempt to control sector allocations nor pursue any other type of risk control. The returns are largely uncorrelated with the appropriate market indices and thus annual returns can differ significantly from broad equity market returns.

Performance

Hypothetical Growth of $10,000

SBI Pure Valuation | Profitability = $50,177 Index = $13,442

One, Three, Five and Ten Year Annualized Returns

SBI Pure Valuation | Profitability Index

Annual Returns
Portfolio Statistics
Year Portfolio Index*
2010 YTD 9.1% -2.0%
2009 33.2% 27.2%
2008 -38.7% -33.8%
2007 19.8% -1.5%
2006 32.0% 18.3%
2005 -0.1% 4.6%
2004 53.1% 18.3%
2003 59.5% 47.3%
2002 53.6% -20.5%
2001 1.5% 2.5%
2000** -6.4% -5.9%
Three Year Portfolio Index
Std Dev 34.9 26.3
Beta 1.1
R-Sqrd 0.7
Upside 1.0
Downside 0.9
Portfolio Returns
Period Portfolio Index
1 Yr 39.4% 21.5%
3 Yr Ann -7.2% -8.6%
5 Yr Ann 7.1% 0.4%
10 Yr Ann 17.5% 3.0%

NOTES: * The index for the SBI Pure Valuation | Profitability Portfolio is comprised of 100% Russell 2000 Index.2000 ** Return is Jul - Dec and is not annualized. | Based on pre-inception data prior to Jul 01, 2002. After that, actual performance is reported. Actual results include AthenaInvest's maximum management fee of 1.0%, all custodial costs and all fund fees, if applicable.View further disclosures by clicking on the link at the bottom of the page.

Holdings

Strategy Allocation


Sector Allocation


Expenses

Expense Overview

SBI Portfolios can be managed directly via Seperately Managed Accounts or indirectly through a sub-advisory agreement. The expense structures differ between these two methods and are outlined in the tables below.

For more information about the difference between management methods, please refer to the Investment Services Overview.

Separately Managed Account Program Fees

Account Value Monthly Annual
Based on individual account value.
First $250,000 0.17% 2.00%
Next $500,000 0.13% 1.50%
Next $250,000 0.08% 1.00%
Over $1,000,000 * *

* Note: All rate fee schedules for accounts with greater than $1 million are negotiable. In certain circumstances, fees may be reduced at AthenaInvest's discretion.

Sub-Advisor Program Fees

Program Value Monthly Annual
Based on total program value.
First $5,000,000 0.08% 1.00%
Next $10,000,000 0.06% 0.75%
Next $10,000,000 0.04% 0.50%
Over $25,000,000 0.02% 0.25%

Portfolio Facts

Investment Manager
C. Thomas Howard, PhD C. Thomas Howard, PhD
Portfolio Manager Since 2002
View Full Bio
Minimum Investment

$100,000

Portfolio Turnover

100% Annually

Trading Activity

Positions are continually monitored to ensure they meet SBI criteria. Most trading occurs at the beginning of the month, with asset class rebalancing occurring on a annual basis, if necessary.

View Important Portfolio Disclosures