L&S Advisors Growth & Income Psn Report
Upcoming SlideShare
Loading in...5
×
 

L&S Advisors Growth & Income Psn Report

on

  • 310 views

L&S Advisors Growth & Income PSN Report

L&S Advisors Growth & Income PSN Report

Statistics

Views

Total Views
310
Views on SlideShare
307
Embed Views
3

Actions

Likes
0
Downloads
0
Comments
0

2 Embeds 3

http://www.linkedin.com 2
http://www.lmodules.com 1

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

L&S Advisors Growth & Income Psn Report L&S Advisors Growth & Income Psn Report Document Transcript

  • L&S ADVISORS, INC. GROWTH & INCOME Address: 12121 Wilshire Blvd., Suite 1100 1,600 Los Angeles, CA, 90025 1,500 Firm Type: Independent Reg. Inv. Advisor 1,400 GROWTH OF $1,000 Legal Structure: Corporation 1,300 Year Founded: 1979 1,200 Firm GIPS Compliant: No 1,100 Firm/Product Assets: $ 200.00 Million / $ 110.00 Million 1,000 Firm/Product Accounts: 80 / 75 900 Parent Company: -- 800 Investment Style: Market Oriented/Flexible 700 Market Capitalization: Large Capitalization (>7 $Billion) 600 Decision Making: Top-Down/Economic Analysis 9/2005 9/2006 9/2007 9/2008 9/2009 Portfolio Manager: Mr. Ralph Scott MANAGER BENCHMARK Manager Tenure: 6/1997 Mgr. Experience: 1972 20 EXCESS RATE OF RETURN Product Contact: Mr. Jordan Friedman Phone: 310-893-6060 Account Size Annual Fees 10 Performance Incentive Fee: No $1 Million -- Individual Min Annual Fee: -- $5 Million -- Individual Min Account Size: $2,000,000 $10 Million -- 0 Offered As Mutual Funds: No $25 Million -- Offered As Commingled Funds: No $50 Million -- Commingled Min Annual Fee: -- $100 Million -- -10 Commingled Min Account Size: -- $200 Million -- 12/2005 9/2006 3/2007 9/2007 3/2008 9/2008 3/2009 9/2009 3/2010 MRQ 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Incept 30 Manager -2.69 27.24 -21.24 21.81 14.43 -- -- -- -- -- -- 8.38 25 Bnchmrk -11.4 28.43 -37.60 5.77 15.46 6.27 11.40 29.89 -21.65 -12.45 -7.79 -1.39 4 20 Excess 8.76 -1.19 16.36 16.03 -1.03 -- -- -- -- -- -- 9.78 RATE OF RETURN 90 TBill 0.04 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 5.90 2.46 15 10 PERIOD ROR STDEV ALPHA BETA RSQR TRCKERR SHARPE INFORATIO 5 3 Yrs 1.85 16.03 6.03 0.45 0.39 17.62 0.04 0.65 0 4 Yrs 8.07 15.05 8.54 0.47 0.40 15.73 0.40 0.69 5 Yrs -- -- -- -- -- -- -- -- -5 6 Yrs -- -- -- -- -- -- -- -- -10 7 Yrs -- -- -- -- -- -- -- -- -15 8 Yrs -- -- -- -- -- -- -- -- 9 Yrs -- -- -- -- -- -- -- -- -20 LATEST QTR 1YR 3YRS 5YRS INCEPT 10 Yrs -- -- -- -- -- -- -- -- Inception 8.38 13.89 7.88 0.47 0.40 14.50 0.43 0.67 9 GICS Sector Breakdown: 6/2010 % Equity Characteristics: 3/2010 % 5 RATE OF RETURN Materials -- Beta(5 Year) -- 1 Energy -- Dividend Yield 4.60 3 Yrs -3 5 Yrs 10 Yrs Consumer Staples -- 5 Year EPS Growth -- Consumer Discretionary -- Price/Book -- -7 Industrials -- P/E (Proj next 12 mths) -- Utilities -- Return on Equity -- -11 3 Yrs Health Care -- Market Capitalization: -15 Information Technology -- Wght Avg ($MM) -- Telecommunications Services -- Median ($MM) -- 15 16 17 18 19 20 21 22 23 24 Financials -- Debt/Equity -- STANDARD DEVIATION Cash 90.00 Ann Fiscal YTD Turnover -- Other 10.00 SEC-30-Day Yield -- MANAGER BENCHMARK RATE OF RETURN GROWTH OF $1,000 Ten Largest Holdings: N/A % Firm Representative Client List PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM 1 -- Confidential 1 Yr 16.60 15.24 1.37 $1,166 $1,152 $14 2 -- -- 2 Yrs 1.21 -8.09 9.30 $1,024 $845 $180 3 -- -- 3 Yrs 1.85 -9.54 11.39 $1,057 $740 $316 4 -- -- 4 Yrs 8.07 -2.83 10.90 $1,364 $892 $473 5 -- -- 5 Yrs -- -0.56 -- -- $973 -- 6 -- -- 6 Yrs -- 0.81 -- -- $1,050 -- 7 -- -- 7 Yrs -- 3.29 -- -- $1,254 -- 8 -- -- 8 Yrs -- 2.99 -- -- $1,266 -- 9 -- -- 9 Yrs -- 0.43 -- -- $1,040 -- 10 -- -- 10 Yrs -- -1.22 -- -- $884 -- Inception 8.38 -1.39 9.78 $1,466 $936 $530 © 2010 Informa Investment Solutions, Inc., www.informais.com PERIODS ENDING: JUNE 30, 2010, SINCE INCEPTION: SEPTEMBER 30, 2005 BENCHMARK: RUS 1000, UNIVERSE: PSN LARGE CAP ALL PERFORMANCE USING PRE TAX GROSS OF FEES *SEE SECOND PAGE FOR DISCLAIMER
  • L&S ADVISORS, INC. GROWTH & INCOME Equity Personnel Total Firm Personnel Total Lynch in 1997 but continued to manage discretionary client accounts Portfolio Managers 2 Portfolio Managers -- according to the same risk management philosophy. L&S Advisors Research Analysts 2 Research Analysts -- Traders 2 Traders -- was reestablished as an independent RIA in 2006 and continues to be Marketing 1 Marketing -- owned and operated by the two founding partners. Specialists Total Equity 5 Specialists Client Service -- Personnel Offered WRAP/TAMP Program: EQUITY INVESTMENT PHILOSOPHY - L&S Advisors, Inc. (L&S) seeks to capture asset appreciation when market conditions are favorable and, especially, strives to manage risk during difficult market periods. L&S believes all types of securities compete in the same investment marketplace. L&S portfolios lack any global, sector, or capitalization restrictions. L&S may invest in any market that they believe offers a high probability of return or, alternatively, that provides a high degree of safety in uncertain times. Dependent on the outlook for the U.S. and global economies, they make top-down allocations among stocks, bonds, cash, precious metals, and currency markets around the globe. After determining allocation, they seek attractive opportunities within each market. When economic conditions suggest it is appropriate to be invested, L&S will tactically diversify the holdings by taking concentrated positions within the asset classes they perceive to be driving the growth in the market. When economic conditions suggest it is not appropriate to be invested, they will significantly overweight cash to protect against downside risk. L&S Principles originally began managing Growth & Income portfolios in 1979. After being acquired by another firm in 1997 they returned to being an independent firm in 2005. INVESTMENT DECISION-MAKING PROCESS - L&S Advisors first concern when determining our tactical strategy is the macro global economic view. They analyze international influences, GDP economic indicators, and political factors. L&S tries to anticipate price movements of stock markets, interest rates, foreign exchanges, commodities, and business cycles. Then they analyze various industry sectors within an investment theme to determine their role in an industry’s value chain. L&S selects primarily industry leading companies that have frequently dominated their sector and are led by exceptional management teams. Finally, to complete our robust and thorough due diligence process, investment ideas are generated after combining Wall Street firms and independent research as well as media and news events. Technical analysis is employed only after a decision has been made to buy or sell a security. It is used to gauge current market sentiment and relative strength and assists us in identifying tactical market entry and exit points. L&S not only use their macro global economic view to select industries and companies to put into a client’s portfolio, but it also helps them to avoid those industries and issuers that they believe are likely to experience excess volatility or otherwise fail to deliver acceptable returns. ORGANIZATION AND OWNERSHIP - L&S Advisors was originally established as a Registered Investment Advisor in 1979 by Sy Lippman and Ralph Scott. The firm was acquired by Merrill * PSN is an investment manager database and is a division of Informa Investment Solutions, Inc. Reproduction of any information obtained from PSN in any form is prohibited except with the written permission of Informa Investment Solutions, Inc. Past performance does not guarantee future results. All rates of return are annualized. Performance figures shown are gross of fees and do not take into account advisory fees or transaction costs. These fees costs will reduce actual returns. The information provided is not intended to be a complete analysis of every material fact concerning separate account products. The performance figures have been reported solely for informational purposes and have been provided by the separate account managers. No representation is given with respect to their accuracy or completeness, nor that the figures are necessarily GIPS compliant, and they will be subject to change. This information should not be deemed an offer to sell or a solicitation of an offer to buy shares of any products that are described herein. Indexperformance returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly in an index. Because of the possibility of human or mechanical error by IIS sources or others, IISdoes not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARENO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IISbe liable for any indirect, special or consequential damages in connection with use of any subset of PSN data or derived data. © 2010 Informa Investment Solutions, Inc., www.informais.com
  • L&S ADVISORS GROWTH & INCOME PERFORMANCE VS BENCHMARK SEPTEMBER 30, 2005 TO MARCH 31, 2010 9/2005 - 3/2010 9/2005 - 3/2010 1600 More Return More Return 10 Less Risk More Risk 1500 1400 1300 RATE OF RETURN GROWTH OF $1,000 1200 1100 5 1000 900 800 Less Return Less Return Less Risk More Risk 700 Standard & Poor's 500 600 1 6 11 16 21 9/2005 6/2006 3/2007 12/2007 9/2008 6/2009 3/2010 STANDARD DEVIATION MANAGER BENCHMARK MANAGER BENCHMARK RATE OF RETURN GROWTH OF $1,000 MRQ 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Incept PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM MANAGER 5.30 27.24 -21.24 21.81 14.43 N/A N/A N/A N/A N/A N/A 9.53 1 Yr 33.90 49.77 -15.87 $1,339 $1,498 -$159 BENCHMARK 5.39 26.46 -37.00 5.49 15.79 4.91 10.88 28.68 -22.10 -11.89 -9.10 1.03 2 Yrs 6.21 -3.71 9.92 $1,128 $927 $201 EXCESS -0.09 0.77 15.76 16.31 -1.36 N/A N/A N/A N/A N/A N/A 8.50 3 Yrs 5.94 -4.17 10.10 $1,189 $880 $309 90 TBILL 0.03 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 5.90 2.59 4 Yrs 8.84 -0.39 9.23 $1,403 $984 $419 5 Yrs N/A 1.92 N/A N/A $1,100 N/A 6 Yrs N/A 2.70 N/A N/A $1,173 N/A 7 Yrs N/A 6.80 N/A N/A $1,585 N/A 8 Yrs N/A 2.23 N/A N/A $1,193 N/A 9 Yrs N/A 2.01 N/A N/A $1,196 N/A 10 Yrs N/A -0.65 N/A N/A $937 N/A Inception 9.53 1.03 8.50 $1,506 $1,047 $459 MANAGER: L&S Advisors Growth & Income BENCHMARK: Standard & Poor's 500 SINCE INCEPTION: 9/2005 Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
  • L&S ADVISORS GROWTH & INCOME TOTAL RISK REWARD SEPTEMBER 30, 2005 TO JUNE 30, 2010 More Return More Return Less Risk More Risk 7 RATE OF RETURN 2 Less Return Less Return Standard Risk Less Risk More & Poor's 500 14 15 16 17 18 19 STANDARD DEVIATION ROR Std Dev Pop Alpha Beta R-Squared L&S Advisors Growth & Income 8.38 13.89 7.99 0.46 0.38 Standard & Poor's 500 -1.57 18.46 0.00 1.00 1.00 Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
  • L&S ADVISORS GROWTH & INCOME MARKET CAPTURE SEPTEMBER 30, 2005 TO JUNE 30, 2010 Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs. 101 Standard & Poor's 500 UPSIDE CAPTURE RATIO 76 51 26 90 Day U.S. Treasury Bill Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs. 1 -6 19 44 69 94 119 DOWNSIDE CAPTURE RATIO Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared L&S Advisors Growth & Income 24.81 89.46 -10.73 34.37 0.38 Standard & Poor's 500 27.73 100.00 -31.22 100.00 1.00 Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
  • L&S ADVISORS GROWTH & INCOME QUARTILE RANKING BAR PERIODS ENDING JUNE 30, 2010 80 70 60 50 RATE OF RETURN 40 30 20 10 0 -10 -20 -30 12/2009-6/2010 3/2009-3/2010 3/2008-3/2010 3/2007-3/2010 3/2006-3/2010 9/2005-3/2010 9/2005-6/2010 HIGH (0.05) -1.65 63.40 3.76 2.76 4.66 5.89 3.48 FIRST QUARTILE -5.19 52.00 -0.72 -0.67 1.89 3.36 1.08 MEDIAN -6.27 47.88 -2.63 -2.60 0.53 2.06 -0.36 THIRD QUARTILE -7.69 43.38 -4.06 -4.28 -0.48 1.03 -1.39 LOW (0.95) -10.19 33.22 -7.86 -7.71 -3.12 -1.07 -4.46 MEAN -6.34 47.81 -2.39 -2.48 0.68 2.18 -0.22 VALID COUNT 169 1182 1166 1134 1082 1054 155 12/2009-6/2010 3/2009-3/2010 3/2008-3/2010 3/2007-3/2010 3/2006-3/2010 9/2005-3/2010 9/2005-6/2010 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK L&S Advisors Growth & Income 2.47 1 33.90 99 6.21 1 5.94 1 8.84 1 9.53 1 8.38 1 Standard & Poor's 500 -6.65 55 49.77 39 -3.71 70 -4.17 73 -0.39 73 1.03 75 -1.57 80 Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
  • L&S ADVISORS, INC. 12121 Wilshire Blvd., Suite 1100 TEL: 310-893-6060 Los Angeles, CA, 90025 FAX: 310-893-6070 CONTACT: Mr. Jordan Friedman TOTAL ASSETS: $200.00 MILLION ORGANIZATION AND OWNERSHIP - L&S Responsibility: Equity Portfolio Manager Advisors was originally established as a Registered Professional Accreditation: Investment Advisor in 1979 by Sy Lippman and Ralph Education Undergraduate: American University, B.A. Scott. The firm was acquired by Merrill Lynch in 1997 Advanced Degree: American University Law School, but continued to manage discretionary client accounts J.D. according to the same risk management philosophy. Year Entered Industry: 1972 L&S Advisors was reestablished as an independent Phone: RIA in 2006 and continues to be owned and operated email: by the two founding partners. Previous Position: - Company: PRODUCT OFFERINGS AND SERVICES - Growth Title: & Income Portfolio Offering Within this portfolio, we believe all types of securities compete in the investment marketplace and that our analysis will lead us to those Mr. Ralph Scott that are most attractive under prevailing and anticipated Current Position: Senior Managing Director, 1979 - conditions. A key component of our strategy is tactical PRESENT diversification defined as making swift concentrated Current Firm: purchases when we see an opportunity present itself. Responsibility: Chief Investment officer This strategy allows us the flexibility within portfolio Professional Accreditation: construction to consider all sectors globally and Education Undergraduate: University of Vermont, B.A. emphasize investments in healthy industries with Advanced Degree: The George Washington University specific stocks and avoid those where we see trouble on Law School, J.D. the horizon. Our investment strategies lack any global, Year Entered Industry: 1972 sector, or capitalization restrictions, and, as a result, we Phone: believe we can excel in a variety of market conditions. email: We not only use our macro global economic view to Previous Position: - select industries and companies to put into a client’s Company: portfolio, but it also helps us to avoid those industries Title: and issuers that are we believe likely to experience excess volatility or otherwise fail to deliver acceptable returns. When the macro global economic conditions MARKETING CONTACT: suggest it is not appropriate to be invested, we significantly overweight cash in order to minimize MR. JORDAN FRIEDMAN downside risk. MANAGING DIRECTOR L&S ADVISORS, INC. BUSINESS OBJECTIVES AND STRATEGY - The 12121 WILSHIRE BLVD., SUITE 1100 offices of L&S Advisors are technologically savvy. LOS ANGELES, CA 90025 We have the current capabilities of managing up to $1 PHONE:310-893-6060 Billion. Our target account size begins at $2 million. FAX:310-893-6070 Every account is separately managed even though the strategies remain consistent. We have the capabilities of holding positions below the line if need be and for INVESTMENT APPROACHES - Growth & Income, qualified clients can run option strategies around Income, Growth, Master Limited Partnership certain positions. LAST MODIFIED ON: 7/7/2010 SENIOR INVESTMENT PROFESSIONALS: Mr. Sy Lippman Current Position: Senior Managing Director, 1979 - PRESENT Current Firm: © 2010 Informa Investment Solutions, Inc., www.informais.com Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn’t hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies