2000 Year in Review January, 2001 SEI Investment Advisory Group.

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Presentation transcript:

2000 Year in Review January, 2001 SEI Investment Advisory Group

Segment to add value and provide direction for servicing clients SEI recognizes that it was a difficult year with negative absolute return performance One-year clients may be feeling pain, particularly with the late year downturn Two-year plus clients are still enjoying strong gains since inception despite recent decline The following are pull-out slides that you as an advisor can use to effectively communicate our message to clients Advisor Tool Kit

Investment Markets Were Chaotic S&P 500: UP 20% Nasdaq: UP 86% Growth Stocks: UP 34% Microsoft: UP 68% Qualcomm: UP 2619% Yahoo!: UP 265% Priceline: $7 Billion Mkt Cap S&P 500: DOWN 10% Nasdaq: DOWN 39% (worst ever decline) Growth Stocks: DOWN 22% Microsoft: DOWN 63% Qualcomm: DOWN 53% Yahoo!: DOWN 86% Priceline: $236 Million Mkt Cap US Bonds: DOWN 1% Value Stocks: UP 7% (in a roaring market) Philip Morris: DOWN 55% Fannie Mae: DOWN 14% Duke Energy: DOWN 19% Southwest Airlines: $8 Billion Mkt Cap US Bonds: UP 12% Value Stocks: UP 8% (in a down market) Philip Morris: UP 91% Fannie Mae: UP 40% Duke Energy: UP 70% Southwest Airlines: $16 Billion Mkt Cap

Institutional Growth & Income Portfolio (60/40) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000*Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only. Dollars (months)

Growth of $1,000,000 Since January 1999* Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Institutional Growth & Income Portfolio (60/40) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only. Dollars (months)

Active Tax-Managed 60 Portfolio For Use with Clients of One-Year or Less Reasons for Loss: Poor performance of Mellon within the fund hurt returns Positioning in high quality tech holdings suffered with the larger sector decline Positives for the Portfolio: Commitment to deep value beneficial during market downturn Allocation to municipal bonds bolstered returns Recent structural changes payed off No capital gains distributed in 2000 by the Tax-Managed Large Cap Fund Losses carried forward to support performance in coming year Growth of $1,000,000 Since January 2000* * The graph contained herein is hypothetical and is for illustrative purposes only. Dollars (months)

Investors are up nearly 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Deep value exposure that hurt 1999 returns bolstered portfolio in 2000 Focus on quality municipal bond holdings also offset declines. Effective implementation of tax- managed strategy: no capital gains distributed, losses carried forward to support future performance Benefiting from recent structural improvements: Equinox Growth of $1,000,000 Since January 1999* Active Tax-Managed 60 Portfolio For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only. Dollars (months)

Active Tax-Managed 80 Portfolio For Use with Clients of One-Year or Less Reasons for Loss: Poor performance of Mellon within the portfolio hurt returns Positioning in high quality tech holdings suffered with the larger sector decline Positives for the Portfolio: Commitment to deep value beneficial during market downturn Allocation to municipal bonds bolstered returns Recent structural changes paying off No capital gains distributed in 2000 Losses carried forward to support performance in coming year Reviewing Mellon to determine if change is necessary Growth of $1,000,000 Since January 2000 * The graph contained herein is hypothetical and is for illustrative purposes only.

Investors are up nearly 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Deep value exposure that hurt 1999 returns bolstered portfolio in 2000 Focus on quality municipal bond holdings also offset declines. Effective implementation of tax- managed strategy: no capital gains distributed, losses carried forward to support future performance Benefiting from recent structural improvements: Equinox Growth of $1,000,000 Since January 1999 Active Tax-Managed 80 Portfolio For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Active Tax-Managed 100 Portfolio For Use with Clients of One-Year or Less Reasons for Loss: Poor performance of Mellon within the portfolio hurt returns Positioning in high quality tech holdings suffered with the larger sector decline Positives for the Portfolio: Commitment to deep value beneficial during market downturn Recent structural changes paying off No capital gains distributed in 2000 Losses carried forward to support performance in coming year Reviewing Mellon to determine if change is necessary Growth of $1,000,000 Since January 2000 * The graph contained herein is hypothetical and is for illustrative purposes only.

Investors are up nearly 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Deep value exposure that hurt 1999 returns bolstered portfolio in 2000 Effective implementation of tax- managed strategy: no capital gains distributed, losses carried forward to support future performance Benefiting from recent structural improvements: Equinox Growth of $1,000,000 Since January 1999 Active Tax-Managed 100 Portfolio For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Institutional Moderate Growth & Income (40/60) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Equity downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Majority allocation to high quality fixed income holdings also benefited returns significantly Institutional Moderate Growth & Income (40/60) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Institutional Growth & Income Portfolio (60/40) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Institutional Growth & Income Portfolio (60/40) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Institutional Capital Growth Portfolio (80/20) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Institutional Capital Growth Portfolio (80/20) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Institutional Equity Portfolio (100) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Institutional Equity Portfolio (100) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Global Moderate Growth & Income (40/60) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reason for Recent Decline: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up nearly 10% in the last two years despite difficult 2000 Equity downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Majority allocation to high quality fixed income holdings also benefited returns significantly Global Moderate Growth & Income (40/60) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Global Growth & Income Portfolio (60/40) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Global Growth & Income Portfolio (60/40) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Global Capital Growth Portfolio (80/20) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Global Capital Growth Portfolio (80/20) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Global Equity Portfolio (100) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Indiscriminant sell-off of non-US equities also limited gains Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Global Equity Portfolio (100) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Domestic Moderate Growth & Income (40/60) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Recent Decline: Late year decline of strong technology names hurt returns Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Equity downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Majority allocation to high quality fixed income holdings also benefited returns significantly Domestic Moderate Growth & Income (40/60) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Domestic Growth & Income Portfolio (60/40) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reason for Recent Decline: Late year decline of strong technology names hurt returns Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Domestic Growth & Income Portfolio (60/40) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Domestic Capital Growth Portfolio (80/20) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Allocation to fixed income enhanced performance Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Allocation to high quality fixed income holdings also benefited Domestic Capital Growth Portfolio (80/20) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Domestic Equity Portfolio (100) For Use with Clients of One-Year or Less Growth of $1,000,000 Since January 2000Reasons for Loss: Late year decline of strong technology names hurt returns Positives for the Portfolio: Diversification tempered declines Resisted “performance chasing” when growth stocks were peaking Maintaining exposure to value stocks beneficial when tech bubble burst Structural changes to Funds proving beneficial * The graph contained herein is hypothetical and is for illustrative purposes only.

Growth of $1,000,000 Since January 1999 Investors are still up over 10% in the last two years despite difficult 2000 Downturn part of a normal cycle Diversification tempered the impact of recent market correction Maintained many of the technology gains in 1999 through rebalancing into value and fixed income Resistance to chasing tech gains protected portfolio from larger drop Value exposure that limited returns in 1999 bolstered portfolio in 2000 Domestic Equity Portfolio (100) For Use with Clients of Two-Years or More * The graph contained herein is hypothetical and is for illustrative purposes only.

Mutual Fund performance information assumes reinvestment of all dividends and capital gains. Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the portfolio. Information on allocations among funds, reallocations and portfolio changes is available upon request. Mutual Fund shares are not insured by the FDIC or any other agency, are not guaranteed by any financial institution, and involve investment risks, including possible loss of principal. The SEI Funds are distributed by SEI Investments Distribution company.This information must be accompanied by the most recent version of SEI’s Quarterly Investment Review. This Quarterly Investment Review must be preceded or accompanied by a current prospectus for each fund. Investors should read the prospectus carefully before investing.

Great time to invest for the long-term Revisit Investment Policy Statements Goals Risk tolerance Time horizon Unpredictable events always occur Recent market turmoil is part of a larger cycle Variability of returns are normal Don’t “performance chase” Stay the course Maintain diversification Portfolio is positioned to meet your investment objectives Strategy for the Future