EXPLANATION OF PERFORMANCE
The DGHM Small Cap Value
composite is an actively managed, diversified portfolio of the
equity securities of primarily U.S. based value companies at the
smallcap end of the market capitalization spectrum, currently
defined as companies between $160 million and $2.1 billion. The
Small Cap Value composite was created in July 1994. Dalton,
Greiner, Hartman, Maher & Co., LLC (“DGHM”) has prepared and
presented this report in compliance with the Global Investment
Performance Standards (GIPS®). Effective July 1, 1994, DGHM’s
returns are GIPS compliant. The currency used to express
performance is U.S. dollars and 100% of the assets in the
composite are fee-paying portfolios.
I.
GIPS COMPLIANCE REQUIREMENTS:
1. DGHM
is an autonomous investment advisory firm organized as a Limited
Liability Company (LLC). DGHM is 80% owned by Boston Private
Financial Holdings, Inc., a bank holding company focusing on
wealth management through private banking and investment
services, and 20% owned by the following DGHM professionals; Tim
Dalton, Ken Greiner, Bruce Geller, Jeffrey Baker, Peter Gulli,
Adriano Almeida, David Dusenbury, Joshua Waltuch, Barbara Kirby,
Thomas Gibson, Dolores Casaletto, Kate Schwartz, and Erika
Donalds. The Firm is registered with the Securities and
Exchange Commission, which oversees its investment management
activities.
2. Portfolio
valuations are based on market values.
3. Performance
is calculated using total return. Performance includes the
reinvestment of dividends and other earnings.
4. DGHM
uses accrual accounting.
5. Rates
of Return are time-weighted, with valuation on a daily basis
with geometric linking of period returns.
6. All
cash and cash equivalents, and fixed income securities, if any,
are included in the total return of the composite.
7. All
fee-paying, discretionary portfolios are includes in at least
one composite.
8. Performance
is actual performance and does not include simulated or model
portfolios. All actual, fee paying discretionary accounts are
included in at least one composite.
9. Individual
portfolios are valued on a daily basis. Composite returns are
calculated by asset weighting individual portfolio returns using
beginning-of-day values. The daily composite returns are then
geometrically linked.
10. DGHM
adds new fully discretionary portfolios to the composite at the
first full month under management.
11. DGHM
excludes terminated portfolios from the composite after the last
full month they were under management.
12. DGHM
does not restate the performance results of a composite
following any changes to the firm’s organization.
13. Performance
is not portable.
14. DGHM’s
gross and net performance is reported after the deduction of
brokerage and other transactions fees. Net performance is
reported after the deduction of the highest management fee
charged by DGHM for this product. Custodial fees are not
deducted. Management fees are more fully described in Part II
of Form ADV which is available upon request.
15. DGHM
presents performance from inception, which is in excess of the
required 10 years.
II.
MANDATORY DISCLOSURES:
1. A
complete list and description of the DGHM’s composites are
available upon request.
2. The
amount of assets in a composite (in $MM), the number of
portfolios, the percentage of the firm’s total assets the
composite represents and DGHM’s composite dispersion for the
respective periods, expressed in terms of standard deviation.
|
Period |
Gross Return |
Russell 2000 Value Index |
Net Return |
Assets Under Management ($mm) |
# of Portfolios |
% of Total Assets |
% of Non-Fee- Paying Portfolios |
Composite Dispersion |
|
1Q08 |
-5.6% |
-6.5% |
-5.8% |
$377 |
38 |
28% |
2% |
N/A |
|
2007 |
6.4% |
-9.8% |
5.4% |
$466 |
38 |
35% |
2% |
0.3% |
|
2006 |
11.4% |
23.5% |
10.4% |
$846 |
62 |
41% |
1% |
0.3% |
|
2005 |
6.4% |
4.7% |
5.4% |
$1,596 |
90 |
53% |
0% |
0.4% |
|
2004 |
21.4% |
22.2% |
20.2% |
$1,763 |
94 |
58% |
0% |
0.7% |
|
2003 |
37.4% |
46.0% |
36.1% |
$1,594 |
90 |
58% |
0% |
0.8% |
|
2002 |
-10.4% |
-11.4% |
-11.3% |
$1,138 |
87 |
58% |
0% |
0.4% |
|
2001 |
18.9% |
14.0% |
17.8% |
$1,057 |
75 |
57% |
0% |
0.7% |
|
2000 |
32.9% |
22.8% |
31.7% |
$444 |
34 |
40% |
1% |
0.5% |
|
1999 |
7.8% |
-1.5% |
6.7% |
$56 |
5 |
8% |
3% |
0.6% |
|
1998 |
-1.7% |
-6.4% |
-2.7% |
$46 |
4 |
5% |
4% |
N/A |
|
1997 |
41.3% |
31.8% |
40.0% |
$27 |
2 |
2% |
0% |
N/A |
|
1996 |
31.4% |
21.4% |
30.2% |
$21 |
2 |
1% |
0% |
N/A |
|
1995 |
14.5% |
25.7% |
13.4% |
$20 |
2 |
1% |
0% |
N/A |
|
1994 |
0.8% |
1.6% |
0.3% |
$25 |
2 |
1% |
0% |
N/A |
|
