Efgam new capital us growth fund citywire southwest retreat 2012
New CapitalUS Growth Fund FOR INSTITUTIONAL INVESTORS ONLY May 2012
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYEFG Asset Management An independently managed subsidiary of EFG International. EFG International AG is part of the EFG Bank European Financial Group and has a strong capital base, as illustrated by a Tier 1 Capital Ratio of 13%. As a global private bank headquartered in Zurich, EFG International AG has a comprehensive service offering in the areas of private banking and wealth management. EFG International AG and its subsidiaries currently operate in 50 locations in 30 countries, with over 2400 employees. EFG Internationals registered shares (EFGN) are listed on the SIX Swiss Exchange. EFG Asset Management (EFGAM) is an independently managed subsidiary of EFG International and a provider of investment products and services to institutional and individual investors worldwide.2
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYSpecialist Strategies for Thoughtful Investors EFGAM is an international advisor delivering leading investment solutions for clients worldwide. With $7 billion in assets under management, we have 94 professionals around the world. We offer a wide range of investment solutions reflecting the varied needs and preferences of our clients. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles. Our range of funds span a broad spectrum of investment options with over $1.2 billion in assets. Figures as at 31 December 20113
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYAbout New Capital Funds ► The New Capital family of funds offer a focused range of thematic strategies launched to meet the diverse needs of EFGAM’s private clients and institutional investors. ► We focus on delivering sound investment performance across all capabilities by developing funds that reflect our macro economic views and asset allocation requirements. We will continue to launch new products as markets evolve. ► New Capital UCITS Funds Our Ireland domiciled UCITS Fund range consists of six sub-funds offering investment in equities and bonds, covering global, regional, developed and emerging markets. Many of the funds are registered in several countries.4
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYNew Capital US Growth FundInvestment philosophy. ► The Fund seeks long term capital appreciation by actively investing in high conviction US equity holdings with approximately 70% weight in large cap and 30% in mid cap. ► The portfolio consists of companies with high quality growth brands, products, and management, high consumer acceptance, financial strength and consistency. ► A rigorous qualitative and quantitative research process is utilised to buy quality companies at good valuations relative to expected ROE and EPS growth rates, enhancing the opportunity for attractive gains while minimising the risk of downside price movements. ► The Fund is actively managed by Mazama Capital, a dedicated growth equity manager to institutional investors worldwide.5
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Capital ManagementMazama serves institutional investors only. Services offered Selection of clientsPerformance and Continuity Lead Portfolio Manager and CIO in place since firm Public pensions AT&T inception Mazama has an 18 year track record managing institutional growth equity portfolios, with an industry Utah Retirement System leading Up-Market Capture Ratio Corporate pensionsProcess John Deere Mazama’s Proprietary Price Performance Model is a Foundation & disciplined, dynamic and repeatable tool Endowment Our process focuses on high quality growth companies ConWay with superior financial models, providing a competitive advantage in both up and down markets EFG Asset Management Sub-advisory6 The Up Market capture ratio of all five Mazama strategies rank top quintile or better in their respective peer universe, since inception. Data provided by e-Vestment .
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Investment Team Utilities Experience Name Areas of Coverage Location Materials Industry Mazama Portfolio Ron Sauer All Sectors 30 18 Portland Managers Consumer Discretionary Joel Rubenstein All Sectors 14 8 Portland Gretchen Novak Consumer Emphasis 17 12 New York Technology Consumer Staples Analysts Tim Butler Financial Services/Durables 17 9 Portland Mike Clulow Healthcare/Energy 16 9 New York Li Tang Technology Materials/Utilities 8 4 Portland es Healthcare ic e rv Trading lS Joe Jenkins Trading 14 5 Portland cia an Fin Energy Bryan Goss Equity Trader 16 9 Portland Durables Research Krystal Daibes Research Analyst 2 2 Portland Chelsea Wilson Research Associate 2 2 PortlandIndustry Expertise leads to a High Fundamental Hit Rate Calendar Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 % of Portfolio with Positive Earnings 71% 60% 63% 62% 69% 80% 78% 72% 73% 65% 75% 80% Surprise7 Note: Sectors shown are representative of the combined growth universe as viewed by Mazama, and using best estimate of allocations after annual rebalancing. Industrials includes Producer Durables; traditional energy; materials; utilities; transportation. 2010 Positive Earnings Surprise % is YTD through 31 March 2012. Positive earnings calculation provided by Russell Analytics.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLY Mazama’s Investment Process Growth Equity Universe Russell 3000 Growth Index Companies actively monitored in the Price Performance Model Portfolio Holdings Approximately 300 companies Mazama portfolios constructed by market cap Micro Cap SMID Cap Select Growth Growth Growth The US Growth 80 Names 80 Names 60 Names Fund selection process begins Weighted Small Cap Weighted Mid Cap Weighted Large Cap with Mazama’s average Market Growth average Market Growth average Market Growth Mid Cap and Cap = $540M Cap = $3.8b Cap = $79.4b 80 Names 80 Names 40 Names Large Cap Growth Funds universe Weighted Weighted Weighted average Market average Market average Market Cap = $1.7b Cap = $10.2b Cap = $102.8b8 Weighted average market cap of each Mazama portfolios as at 31 March 2012
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama’s Investment Process Continued… Identify high quality growth companies through industry diligence Fundamental Dedicated and passionate employees, which leads to low employee turnover Industry ‘Brandable’ products and services Products positioned to increase market share Research Expanding addressable market for products or services Able to grow in all economic environments Exposure to emerging markets Significant staff ownership Generate proprietary financial estimates for each portfolio holding Financial Financial trends can be excellent indicators of potential future performance Modeling & We utilise proprietary financial trend analysis to confirm that the industry data we are Trend Analysis gathering is accurate This analysis allows us to assess whether a company is positioned to outperform current expectations and improves our timing in buying and selling growth stocks PPM framework captures both qualitative and quantitative inputs Price Our proprietary framework allows us to identify quality, timely names that have strong Performance financial models and strong growth potential Model By quantifying our inputs and information, we can efficiently identify the best names in our universe and compare very dissimilar companies9 This framework allows us to screen the universe; pick the best stocks; and then build a portfolio to effectively outperform our benchmark
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama’s Investment Process Continued…Proprietary Price Performance Model Framework (PPM). The cornerstone of the Fund’s buy/sell discipline is the Price Performance Model, a proprietary stock picking and portfolio management tool developed by Mazama which has been used for over 20 years across multiple equity growth strategies. The sum of the components within this framework provides the overall Price Performance Model Grade. Provides a qualitative and quantitative framework to identify, evaluate, track and rank stocks with attractive ROE and high earnings growth. Quality Grade Other Investors’ Timeliness Grade Proprietary Best Valuation Grade Growth Model Grade Ten criteria we use to Fourteen criteria we use identify the industry’s view of Identifies when other to assess the product/service Identifies companies with current and foreseeable investors will begin to buy/sell ramp’s impact on current outstanding Return on quality of a company’s securities based upon and future financial Shareholders Equity people, products estimated EPS Growth statements and stock relative to the and services. relative to the movements. estimated P/E. estimated P/E.10
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYPortfolio ConstructionProprietary Price Performance Model Framework (PPM). ► Utilising the PPM, the portfolio construction process includes screening companies with market caps represented within the Russell 1000 Growth and Russell Midcap Growth indices for desirable financial characteristics. ► This analysis produces a workable list of stocks that undergo further fundamental analysis, of which around 60 will become portfolio holdings. Other Proprietary Price Performance Investors’ Quality Timeliness Growth Overall Model (PPM) scores: Grade + Grade + Model + Best Valuation = PPM Grade 2.50 = Outstanding Grade 1.75 = Above Average Grade Quality Timeliness + 1.25 = Average + + Express Scripts Grade 2.50 Grade + 2.50 + 4.02 + 1.79 = 10.81 Four category Mastercard 2.50 + 2.50 + 2.40 + 1.60 = 9.00 rankings combine to help determine each Starbucks 2.50 + 2.50 + 1.93 + 1.93 = 8.86 company’s weighting in the portfolio Apple 2.50 + 2.50 + 3.13 + 0.69 = 8.8211 Note: The stocks shown above were selected from the Price Performance Model on 31 March 2012, and represent the highest weighted holdings in their respective industries of the Select Growth Portfolio at that time. They are presented for illustration purposes only and may no longer be held in client accounts. This presentation should not be construed as a recommendation to buy.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYPortfolio Growth Outstrips the Universe 45% Earnings Growth by Quartile 42%► 62% of the Mazama portfolio Mazama is invested in top growing 40% Russell Benchmark companies – compared to 35% 45% of the universe. Only 38% of the Mazama portfolio 30% 29% is in the lower growing 26% 26% companies, compared to 55% 25% 22% of the universe. 20% 19% 20% 16% 15% 10% 5% 0% Growth > 17.0% Growth 13.2 - 17.1% Growth 10 - 13.2% Growth < 10% Mazama 62% vs. 45% for Russell Index Mazama 38% vs. 55% for Russell Index12 Note: Data provided by FactSet as of 31 March 2012. Data from Factset specific to the long term estimated EPS growth for the Mazama Select Portfolio vs. the Russell 1000 Growth Index.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYCapture RatioSince inception of all Mazama strategies. Capture Ratio – average of all portfolios back to 1993 The Up Market capture ratio of all Mazama 200% strategies rank top quintile or better in their respective peer universe, since inception. 180% 160% 175% In the last bull market for growth stocks, April 140% 1993 – February 2000, Mazama Small Cap 120% Growth returned 392% vs. 228% for the R2000G. 100% 109% Numbers include all Mazama portfolios, a 80% combined 46 years of quarterly data. 60% 40% Capture Ratio = 1.6 20% The “Up Capture” is the cumulative return of the composite during quarters in 0% which the benchmark was up, relative to the benchmarks cumulative performance Up Market Capture % Down Market Capture % during the same quarters. The “Down Capture” is the same calculation but accumulates the performance from quarters in which the benchmark was down. Average of all portfolios Average is time weighted. Performance is calculated net of fee. through 31 March 2012 Current performance may be preliminary, pending final reconciliation and verification. Past performance is not indicative of future results. Please see13 Mazama Capital Management’s full performance disclosure for additional information regarding the firm’s composites, performance history and calculations and fee schedules.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYAnnualised Three Year Performance –All Mazama Strategies 35.00% Mazama Benchmark 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Mazama Mazama Mazama Mazama Mid Mazama Mazama Micro Cap Small Cap SMID Cap Cap Growth Select Large Cap Growth Growth Growth Growth Growth Mazama Composites – 30.29% 29.39% 28.79% 30.57% NA 24.81% Gross of Fees Mazama Composites – 29.16% 28.70% 27.98% 29.84% NA 24.01% Net of Fees Respective index 28.18% 28.36% 29.86% 29.16% 25.28% 25.28% Alpha 2.11% 1.03% -1.07% 1.41% NA -0.47%14 Current performance may be preliminary, pending final reconciliation and verification. All periods longer than one year have been annualised. Past performance is not indicative of future results. Please see Mazama Capital Management’s full performance disclosure for additional information regarding the firm’s composites, performance history and calculations, and fee schedules. Figures as at 31 March 2012
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYGrowth Equity Forecast is Very PositiveMazama’s Internal Forecast. Russell 3000 Growth Index PE► Corporate profits are near all 50 Historical High = 52 time high levels 45 40 P /E – IBE S 1 Y ear E stim ate► P/E multiples for the growth P/E of the Russell 3000 Growth Universe 35 universe are at a 33% discount to their 20 year 30 20% Premium = 24 average 25 20► Financial condition of 15 LT companies in the growth 10 average = universe is extremely strong Historical Low = 11 20 5► Growth of the middle class 0 worldwide provides an historic 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 opportunity for growth Mazama portfolios have had 70 companies to market and sell companies acquired at an average their products overseas premium of approximately 50% since PE’s dipped below long term average levels in 200415 Represents a moderate projection by Mazama. P/E history is the monthly Russell 3000 Growth Index, provided by FactSet thru 31 March 2012. Acquisition premium a combination of day of purchase increase of 35%, plus increase over the 6 weeks preceding announcement. This supplemental information compliments Mazama Capital Management, Inc.’s full performance disclosure presentation
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYGrowth Stocks and Mazama Portfolios are timelyWhy growth is so timely Corporate profits are near all time high levels P/E multiples for the growth universe are at a 33% discount to their 20 year average Financial condition of companies in the growth universe are extremely strong Growth of the middle class worldwide provides an historic opportunity for growth companies to market and sell their products overseasWhy Mazama? The Up Market capture of 1.67 for Mazama portfolios provides outstanding return potential The CIO and investment team have over 136 years of industry experience, and over 60 years together managing institutional growth portfolios Our proprietary process leads us to companies with superior financial models Mazama is an independent, institutional growth equity boutique The Up Market capture ratio of all 5 Mazama strategies rank top quintile or better in their respective peer universe, since inception. Data provided16 by e-Vestment . P/E statistics provided by FactSet
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Mid Cap Growth – statistics as of 31 March 2012 Mazama Mid Cap Typical Mazama Mid Cap Growth Account Russell Midcap Growth Index Forward P/E Ratio* 15.7 17.2 Price/Book Ratio 3.37 3.92 Number of Stocks 80 463 EPS Growth (I/B/E/S projected long term) 15.80% 14.60% EPS Growth (Proprietary 1-3 year projection) 27.80% - Portfolio Turnover - in dollars 83% - Weighted Average Market Cap $10.17 billion $9.08 billion Reward Characteristics 1 Bottom-up, fundamental stock selection process Utilities 3 Russell 1000 Growth Fully invested at all times 11 Mazama Large Cap Growth Growth rates > 20% Consumer Staples 4 Focus on market caps represented by the 11 Energy Russell Midcap Growth Index (benchmark 11 oriented but not benchmark constrained) 6 Materials & Processing We overweight the top 30 stocks with over 50% 5 of the portfolio assets 5 Financial Services 11 Risk Constraints 10 Health Care Diversified portfolio of approximately 80 holdings 9 Positions are reduced as soon as prudent if they 13 Producer Durables exceed 4% of portfolio value 13 Focus on investing in only the highest quality 26 Technology 27 companies in our universe Proprietary Price Performance Model provides Consumer Discretionary 17 17 dynamic indication of timely buy and sell decisions 0 5 10 15 20 25 3017 *Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Large Cap Growth – statistics as of 31 March 2012 Mazama Large Cap Typical Mazama Large Cap Growth Account Russell 1000 Growth Index Forward P/E Ratio* 13 15.1 Price/Book Ratio 3.23 4.21 Number of Stocks 40 585 EPS Growth (I/B/E/S projected long term) 15.20% 13.50% EPS Growth (Proprietary 1-3 year projection) 20.90% - Portfolio Turnover - in dollars 94% - Weighted Average Market Cap $84.2 billion $97.5 billion Reward Characteristics 1 Bottom-up, fundamental stock selection process Utilities 3 Russell 1000 Growth Fully invested at all times 10 Mazama Large Cap Growth Consumer Staples Growth rates > 20% 8 Focus on market caps represented by the Russell Energy 10 10 1000 Growth Index 6 Materials & Processing 7 Risk Constraints 6 Diversified portfolio of approximately 40 holdings Financial Services 11 Positions are reduced as soon as prudent if they 10 Health Care exceed 5% of portfolio value 9 Focus on investing in only the highest quality Producer Durables 13 companies in our universe 11 Proprietary Price Performance Model provides 28 Technology 26 dynamic indication of timely buy and sell decisions 17 Consumer Discretionary 16 0 5 10 15 20 25 3018 * Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Select Growth – statistics as of 31 March 2012 Mazama Select Typical Mazama Select Growth Account Russell 1000 Growth Index Forward P/E Ratio* 13.7 15.1 Price/Book Ratio 3.05 4.21 Number of Stocks 60 585 EPS Growth (I/B /E/S pro jected lo ng term) 15.8% 13.5% EPS Growth (P ro prietary 1-3 year pro jectio n) 23.6% - Portfolio Turnover - in dollars 150% - Weighted Average Market Cap $79.4 billion $120.8 billion Reward Characteristics 1 Bottom-up, fundamental stock selection process Utilities 1 Russell 1000 Growth Fully invested at all times 10 Consumer Staples Mazama Select Growth Growth rates > 20% 6 Focus on market caps represented by the Russell Energy 10 1000 Growth Index 11 6 Materials & Processing 8 Risk Constraints 6 Diversified portfolio of approximately 60 holdings Financial Services 11 Positions are reduced as soon as prudent if they 10 Health Care exceed 5% of portfolio value 5 Focus on investing in only the highest quality Producer Durables 13 companies in our universe 8 Proprietary Price Performance Model provides 26 Technology 29 dynamic indication of timely buy and sell decisions 17 Consumer Discretionary 20 0 5 10 15 20 25 30 3519 * Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYPerformance of US Growth Fund New Capital Russell S&PPerformance US Growth 1000 500 Fund Index Index Returns may increase or decrease as a result of currency fluctuations. Performance is net of fees Date of inception 26 July 2010 Source: New Capital Fund Management, Bloomberg20 Past performance is not necessarily a guide to the future. Data as at end March 2012
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Portfolio Managers Ron A. Sauer | President, Chief Investment Officer, Senior Portfolio Manager Mr. Sauer is the founder of Mazama Capital Management and chairman of the board of directors. He oversees the investment process and is the lead portfolio manager on all Mazama strategies. Mr. Sauer has been active in growth investing since 1980. In his role as president and director of research for Black & Company, Mr. Sauer spent 14 years assisting growth managers with stock selection. Earlier in his career as an analyst at Willamette Management, Mr. Sauer developed a highly disciplined and successful investment process. He developed Mazamas proprietary Price Performance Model (PPM) in 1985, which is a critical component and the underlying discipline of Mazamas investment approach. Mr. Sauer earned a Bachelor of Science in Finance from the University of Oregon. Currently, Mr. Sauer is on the Deans Business Advisory Council for the Charles H. Lundquist College of Business at the University of Oregon. He is a founding member of the Securities Analysis Center at the University of Oregon and the namesake for center’s Managing Director position, known as the Ronald A. Sauer Distinguished Fellow of Finance. Joel Rubenstein | Senior Portfolio Manager Mr. Rubenstein is a part of the Portfolio Management team, working closely with the CIO in all facets of investment process. Prior being promoted to the role of Portfolio Manager in 2007, Joel was a senior research analyst at Mazama, specializing primarily within the technology sector and certain alternative energy companies across all strategies. He joined Mazama in 2003. Prior to joining Mazama, Mr. Rubenstein was a Senior Equity Research Associate in the technology group at Banc of America Securities. He also spent three years as a Senior Research Analyst at Analysis Group, a leading provider of economic and business strategy consulting services. Mr. Rubenstein earned a MBA in finance and a Bachelor of Arts degree in Economics from UCLA. Gretchen Novak, CFA | Portfolio Manager, Sector Portfolio Manager - Consumer Ms. Novak is responsible for researching consumer discretionary and consumer staple companies for all Mazama strategies and is a Portfolio Manager, supporting Ron Sauer in overseeing the investment process. Formerly an Equity Analyst with Cramer Rosenthal McGlynn, LLC, Ms. Novak was originally trained as a research analyst by Ron Sauer at Black & Company. Ms. Novak earned a Bachelor of Arts in Business Administration with a concentration in Finance from the University of Washington, graduating cum laude and elected to Phi Beta Kappa and Beta Gamma Sigma honor society. She received her Chartered Financial Analyst designation in 2001.21
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Sector Specialists Timothy P. Butler | Sector Portfolio Manager – Financial Services Mr. Butler specialises in the research and analysis of financial services and financial technology growth companies for all Mazama strategies. Mr. Butler worked most recently at Pacific Crest Securities, where he was Senior Research Analyst specialising in financial technology stocks. Previously he worked at Stifel, Nicolaus & Co., also as a Research Analyst focused on specialty finance companies. Prior to entering the securities industry, Mr. Butler was employed by a publicly- traded specialty finance company where he handled investor relations, financial analysis and strategic planning. Mr. Butler earned a MBA at the University of Texas, graduating cum laude, and earned a Bachelor of Arts in Business Administration from Wichita State University, where he graduated summa cum laude and was elected to the Beta Gamma Sigma honor society. Michael D. Clulow, CFA | Sector Portfolio Manager – Healthcare Mr. Clulow specialises in the analysis of healthcare stocks, namely emerging and established pharmaceutical and diagnostic technology companies, for all Mazama strategies. He has been an investment analyst since 1995, most recently as a Senior Analyst covering Healthcare IT and Pharmaceutical Outsourcing stocks at UBS Warburg in New York, NY. Previously he worked as a healthcare analyst at CIBC World Markets. Mr. Clulow earned a MBA with honors in Finance and Economics at New York University’s Leonard N. Stern School of Business and earned a Bachelor of Science in Finance from Miami University. He received his Chartered Financial Analyst designation in 2002. Li Tang, CFA | Senior Portfolio Manager – Technology Mr. Tang specialises in the research and analysis of growth companies within the technology, energy and basic industry sectors for all Mazama strategies, with an emphasis on U.S. companies with significant growth opportunities overseas. Prior to joining Mazama, Mr. Tang was a senior equity research analyst at Pacific Crest Securities, concentrating on Chinese telecommunications and semiconductor industries. Previously, he spent two years as a strategic financial analyst with Intel Corporation. Mr. Tang earned an MBA in Finance from UCLA, a Masters of Electrical Engineering from the New Jersey Institute of Technology and a Bachelor of Science in Electrical Engineering and Computer Science from Beijing Institute of Technology. He received a Chartered Financial Analyst designation in 2006.22
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLY Mazama Large Cap Growth Composite Annual performance results Composite assets Large Cap Grow th Composite Russell 1000 Grow th Index Total Firm Assets 3-year 3-year Year End (US $ Millions) (US $ Number of Performance Performance annualised annualised Dispersion Performance Millions) accounts (Gross) (Net) standard standard deviation* deviation* 2011 $408 $5 2 -1.07% -1.79% NA 21.92% 2.64% 17.76% 2010 $1,042 $7 2 10.33% 9.75% NA NA 16.71% NA 2009 $1,025 $46 3 56.12% 55.39% NA NA 37.12% NA 2008 $1,750 $0.5 1 1.58% 1.58% NA NA 1.81% NA Mazama Select Growth Composite Annual performance results Composite assets Large Cap Grow th Composite Russell 1000 Grow th Index Total Firm Assets 3-year 3-year Year End (US $ Millions) (US $ Number of Performance Performance annualised annualised Dispersion Performance Millions) accounts (Gross) (Net) standard standard deviation* deviation* 2011 $408 $12 5 -5.47% -6.06% 0.01% NA 2.64% NA 2010 $1,042 $57 6 Mazama Mid Cap Growth Composite Annual performance results Composite assets Large Cap Grow th Composite Russell 1000 Grow th Index Total Firm Assets 3-year 3-year Year End (US $ Millions) (US $ Number of Performance Performance annualised annualised Dispersion Performance Millions) accounts (Gross) (Net) standard standard deviation* deviation* 2011 $408 $48 1 -9.51% -10.08% Na 27.39% -1.65% 20.82% 2010 $1,042 $266 3 18.34% 17.59% NA 33.11% 26.38% 26.37% 2009 $1,025 $292 6 60.77% 59.78% 0.10% 30.72% 46.29% 24.01% 2008 $1,750 $259.0 7 -50.08% -50.51% 0.01% 24.68% -44.32% 20.38% 2007 $6,847 $606 9 8.29% 7.70% 0.05% 15.85% 11.43% 10.51% 2006 $7,300 $412 6 20.95% 20.31% NA 17.12% 10.66% 11.18% 2005 $6,770 $81 2 22.68% 21.76% NA NA 12.10% NA 2004 $5,640 $67 2 12.98% 21.53% NA NA 15.48% NA
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYMazama Large Cap Growth Composite strategy is a concentrated portfolio focusing on companies with marketcapitalisations represented in the Russell 1000 Growth Index. The composite contains fully discretionary selectgrowth accounts and for comparison purposes is measured against the Russell 1000 Growth Index. The objective ofthis strategy is to outperform the Russell 1000 Growth over the long-term. The minimum account size for thiscomposite is $250,000. The Mazama Large Cap Growth Composite was created December 1, 2008. The basic feeschedule uses the following annual rates: 0.70% on the first $20,000,000, 0.55% on assets over $20,000,000.Mazama Select Growth Composite strategy focuses on a selection of large and midcap growth companies withmarket capitalisations represented by the Russell 1000 Growth Index. The composite contains fully discretionarylarge cap growth and mid cap growth accounts and for comparison purposes is measured against the Russell 1000Growth Index. The objective of this strategy is to outperform Russell 1000 Growth Index over the long-term. Theminimum account size for this composite is $250,000. The Mazama Select Composite was created July 1, 2010. Thebasic fee schedule uses the following annual rates: 0.70% on the first $20,000,000, 0.60% on assets over$20,000,000.Mazama Mid Cap Growth Composite strategy is oriented towards market capitalisations represented in the RussellMidcap Growth Index, but may invest opportunistically in small and large cap growth names. The composite containsfully discretionary mid cap growth accounts and for comparison purposes is measured against the Russell MidcapGrowth Index. The objective of this strategy is to outperform the Russell Midcap Growth Index over the long-term.The minimum account size for this composite is $3 million. The Mazama Mid Cap Growth Composite was createdJanuary 1, 2004 and has undergone a performance examination each quarter thereafter. Prior to June 30, 2011 theMazama Mid Cap Growth Composite was known as the Mazama Growth Composite. The basic fee schedule usesthe following annual rates: 0.70% on the first $20,000,000, 0.60% on assets over $20,000,000.
New Capital US Growth FundFOR INSTITUTIONAL INVESTORS ONLYImportant DisclaimersThe following information is very important, and you should read it carefully and let us not be suitable for all recipients and you should seek professional advice if you are in doubt.know if there is anything that is unclear to you. Clients should obtain legal/taxation advice suitable to their particular circumstances.This document has been prepared, approved and issued by EFG Asset Management Although information in this document has been obtained from sources believed to be(UK) Limited. reliable, EFGAM does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute ourThis document has been approved solely for distribution in the United Kingdom, and its judgment as of the date of the document and may be subject to change without notice.publication or availability in any other jurisdiction or country may be contrary to local law EFGAM will not be responsible for the consequences of reliance upon any opinion oror regulation, and persons who come into possession of this document should inform statement contained herein, and expressly disclaims any liability, including incidental orthemselves of and observe any restrictions. This document may not be reproduced or consequential damages, arising from any errors or omissions.disclosed (in whole or in part) to any other person without our prior written permission. The value of investments and the income derived from them can fall as well as rise, and pastThis document has approved solely for distribution to Institutional Investors, which are performance is no indicator of future performance. Investment products may be subject todefined as those falling within the UK Financial Services Authority’s categories of investment risks, involving but not limited to, currency exchange and market risks, fluctuationsProfessional Clients or Eligible Counterparties. Prospective investors should satisfy in value, liquidity risk and, where applicable, possible loss of principal invested.themselves they fall into one of these categories, and you should advise us if you are inany way unsure, as this may have a material bearing on our ability to deal with you, as Issued by EFG Asset Management (UK) Limited (“EFGAM”) which is authorised andwell as the level of regulatory protection available to you. regulated by the Financial Services Authority and is a member of the London Stock Exchange. Registered number: 7389736. Registered address: EFG Asset Management (UK)This document does not constitute an offer to sell, solicit or offer to buy any investment Limited, Leconfield House, Curzon Street, London W1J 5JB, United Kingdom, telephone +44product or service, and is not intended to be a final representation of the terms and (0)20 7491 9111.conditions of any product or service. The investments mentioned in this document may25