Performance
MSAM Growth Composite
Historical Performance
|
Net Return %
after fees |
Composite |
S&P 500 |
S&P 1500 |
S&P 400 |
|
Current Year period to
date (ending 12/31/11) |
-22.94% |
-0.09% |
-0.26% |
--3.10% |
|
1 Year (ending 12/31/11) |
-22.94% |
-0.09% |
-0.26% |
-3.10% |
|
3 years annualized
(ending
12/31/11) |
27.71% |
11.66% |
12.29% |
17.77% |
|
5 years or since Inception
annualized
(5/02/02-12/31/11) |
4.63% |
-2.38% |
-1.93% |
1.79% |
Product Description
The Moloney Securities Growth Composite, managed by Ron Medley, is available to individual and institutional investors and can be customized to meet the needs of each client's investment policy.
Investment Process
The investment research process is focused on finding companies that create return on invested capital above their cost of capital which can further translate into an increased share price for stockholders. This is achieved through both bottom up fundamental analysis and top down macro theme development. Key in the process is finding companies that are making strategic decisions and have catalysts driving their performance which have yet to hit the company’s financials. Thus, equity investments are sought in companies that display fundamental growth characteristics and trade at a price discount to their modeled intrinsic value. Upon completion of due diligence, companies are compared and selected for investment when they are:
-
Trading at a discount to their modeled intrinsic fair value
-
In an environment where that value can be realized by the market in the next 1-3 years
Generally, investments are sold when one of the following conditions is met:
-
The company has reached its modeled fair value and therefore has no further investment upside
-
Company specific and/or industry, macroeconomic factors no longer support the intrinsic value framework
-
Another investment opportunity offering more value is identified
Client Customization
The investment process can be further customized to meet the needs of each individual client's investment policy. This is accomplished by narrowing the investment style to meet each client's investment preferences, such as: limiting investment to specific asset classes, company size or bond rating (example: 100% equity, mid-cap only), accommodating social investing concerns, & using tax efficient strategies.
Portfolio Composition
Disclosures:
1. Moloney Securities Asset Management (MSAM) is a separate division & dba of Moloney Securities Co., Inc., a majority employee owned, dually registered, broker/dealer and registered investment advisor.
2. The MSAM Growth Composite contains discretionary, fee paying, accounts, managed by Ron Medley, that follow a growth investment strategy. Investments can include both equity & income producing securities. Equity investments can be held across the spectrum of company size but are normally concentrated in mid cap domestic companies. The investment research process is focused on finding growth at a reasonable price in companies that can create return on invested capital for shareholders. Thus, equity investments are sought in companies that display fundamental growth characteristics and trade at a price discount to their modeled intrinsic value. Income producing securities can be used from time to time and are generally considered to lessen the volatility of an all stock portfolio. Account asset allocations are adjusted individually in accordance with each client's risk tolerance & investment preferences.
3. Returns are presented net of management fees and include the reinvestment of all income. The S&P 500, the S&P 1500, and the S&P 400 are provided for comparison to the Growth Composite. The S&P 500 for its characteristic of representing the broad market; and the S&P 1500 for its ability to represent a comparison to companies from large to small: the S&P 1500 is made up of the S&P 500 (large companies), the S&P 400 (mid size companies) and the S&P 600 (small companies); and the S&P 400 for its characteristic of representing the target investment in the composite. None of the S&P indices reflect the deduction of a management fee if an investor invested in them. Nor do any of the S&P indices reflect the reinvestment of all income.
4. MSAM claims compliance with the Global Investment Performance Standards (GIPS®).
5. To receive a complete list, description and presentation of all MSAM composites and/or a presentation that adheres to GIPS standards, contact Ron Medley at 1-800-628-6002, x3003 or write Attn: Ron Medley, MSAM, 13537 Barrett Pkwy. Dr., Ste. 330, Manchester, MO, 63021.