1. Portfolio Structure: A Multi-Year Snapshot
87 Cumulative Quarterly Returns
January 1,1997 – September 30, 2018
Total Return
LCES %
S&P %
Up Market Re-allocation:
Reduce Dominant Companies for New Industries
September 2016
Up Market Re-allocation:
Reduce New Industries
for Dominant Companies
December 2013
Up Market Re-allocation:
Reduce New Industries
for Dominant Companies
January 2011
Portfolio Structure:
August 2001
Up Market - 55%
Down Market - 45%
Down Market Re-allocation:
Sell LP/CF Energy
April 2007
Portfolio Structure:
October 2001
Up Market - 50%
Down Market - 50%
Portfolio Structure:
October March 2009
Up Market - 65%
Down Market - 35%
Portfolio Structure:
November 2000
Up Market - 60%
Down Market - 40%
Down Market Re-allocation:
Buy LP/CF Energy
April 2004
Up Market Re-allocation:
Sell New Industries
December 1999
Portfolio Structure:
Year-End 1996
Up Market - 65%
Down Market - 35%
Note: Performance is gross of fees. See performance notes included in this presentation.
Source: Stralem.