The risk/return advantage

(Quarterly Returns, April 1, 1989 Firm’s founding through December 31, 2011)

One measure of the efficacy of our conservative philosophy is the Sharpe Ratio measuring total return per unit of risk assumed. A strong ratio is attained through the blending of our two core programs, creating The Broad Market diversified bond allocation.

CAM Broad Market Strategy .81
The Broad Market Strategy Sharpe Ratio exceeds that of the CAM Investment Grade Strategy and the CAM High Yield Strategy, and both of those Strategies exceed those of this respective benchmarks.

CAM Investment Grade Strategy .78
Barclays US Corporate .71

CAM High Yield Strategy .53
Barclays High Yield Bond Index .43

Downside Preservation

October 1, 1993 - September 30, 1994 was the recent worst down market spanning four quarters for investment grade bonds. The Lipper A-rated Average Bond Fund was -5.19% and the average Lipper Government Bond Fund was -5.39%. For this same time period our Broad Market Strategy return would be -1.66%.

October 1, 1989 - September 30, 1990 was the recent worst down market spanning four quarters for high yield bonds. The Lipper High Yield Bond Fund average was -11.54%, the S&P 500 was -9.24%. For this same time period our Broad Market Strategy return would be +3.11%.

Average Rating Objective of Portfolio BBB

71% of Standard & Poor's rated industrial bonds are rated below BBB. As such the program could be described as a “higher quality” market index portfolio (Source: S&P 12/31/2006).

Low Turnover

Many professionals view a lower turnover as a trait of more conservatively managed portfolios. Our annual turnover is less thatn 30%.

Excellent Diversification

The smallest portfolio ($300,000 minimum) holding 53 issues. Each high-yield position represents only 1% of the value of the portfolio.