  |
| |
1980 |
1981 |
1982 |
1983 |
1984 |
1985 |
1986 |
1987 |
1988 |
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
Client Annual Returns % |
22.3 |
3.4 |
19.1 |
22.3 |
9.4 |
25.3 |
4.5 |
1.9 |
20.1 |
20.9 |
-2.5 |
13.2 |
-0.1 |
21.8 |
4.4 |
Benchmark Annual Returns % |
30.1 |
-10.3 |
5.5 |
35.5 |
-2.4 |
25.1 |
9.0 |
5.9 |
11.1 |
21.4 |
-14.8 |
12.0 |
-1.4 |
32.6 |
-0.2 |
|
| |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008* |
2009** |
|
Client Annual Returns % |
16.4 |
25.8 |
29.1 |
7.6 |
4.8 |
19.9 |
7.5 |
-3.8 |
13.6 |
13.1 |
14.2 |
18.3 |
3.9 |
-22.8 |
24.1 |
|
Benchmark Annual Returns % |
14.5 |
22.3 |
16.2 |
8.4 |
23.6 |
3.8 |
-9.2 |
-12.6 |
17.5 |
10.3 |
14.9 |
15.9 |
3.3 |
-25.2 |
23.9 |
|
| |
2010** |
2011** |
|
|
|
|
|
|
|
|
|
|
|
|
|
Client Annual Returns % |
6.2 |
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Benchmark Annual Returns % |
12.2 |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Preliminary and unaudited 2008 composite returns
** Prelminary and unaudited 2009,2010 and 2011 sample client returns
Highlights
Over the past 31.25 years, clients have experienced negative returns in four calendar years. In comparison, the benchmark experienced 8 negative years.
A $10,000 investment in 1979 grew to $276,769 at March 31, 2011, delivering a compound annual return of 11.2% compared to 8.7% for the benchmark.
Client Portfolio Performance Disclosures
Doherty & Associates Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). |
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Definition of the Firm
Doherty & Associates Ltd. is an investment management firm established in 1979. Doherty & Associates manages a variety of equity, fixed income, income and balanced portfolios for primarily Canadian clients. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is available upon request. |
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List of Composites
A complete listing and description of all composites is available upon request. There is no minimum account size for inclusion in our composites. |
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Benchmark
Sources of exchange rates may be different between the composite and benchmark. A complete listing and description of all benchmarks is available upon request. |
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Fees
Performance returns are presented gross of management fees, custodial fees and withholding taxes but net of all trading expenses. Returns are presented gross of nonreclaimable withholding taxes. The standard management fee for accounts is 1.00% on the first $1MM of assets, 0.50% on the next $2MM of assets and 0.25% on the balance. Custody charges from our preferred custodian are 0.20% on the first $1MM, 0.115% on the next $9MM and 0.05% on the balance for non-registered accounts. Registered accounts are subject to a flat $250 fee. |
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Verification
For the periods from 1996 through 2007, Doherty & Associates Ltd. has been verified annually by J. Michael Lowry, CA, a licensed public accountant. A copy of the verification report is available upon request. For the periods 1979 through 1995, Doherty & Associates Ltd. was not in compliance with GIPS standards as not all client portfolios are included in the performance. 2008 returns are preliminary and are not GIPS compliant as the performance audit is complete but the verification report is not released at the current time. 2009 returns are preliminary sample client returns. |
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Currency
Valuations are computed and performance reported in Canadian dollars. |
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Past performance is not a guarantee of future results. |
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