Investment Performance

Investment performance for 2019 was slightly better than the S&P 500 index, but with significantly less volatility of returns and a lower
"Beta", a relative measure of portfolio volatility.  Outperforming the market index with a lower Beta requires a high "Alpha", a measure of superior stock picking.  Our composite has had an average annualized Alpha in excess of 4.0 where 1.0 means equaling the overall stock market.  This combination of higher returns with lower volatility has resulted in client returns outpacingthe market by more than 50% over the past twenty years..

The accompanying report has been prepared by Cairn Investment Performance Consultants LLC, an independent firm doing investment performance measurement and covers total portfolio (stocks, bonds and cash) performance. You are invited to review the information listed below.

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