1. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager Performance
August 1994 - August 2011 (Single Computation)
1000
900
800
700
600
Buddha Yoga Strategy
S&P 500
500
400
300
200
100
600%
400% Cumulative Excess Return
vs. Market Benchmark
200%
0%
Jul 1994 Dec 1995 Dec 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Portfolio Performance vs. S&P 500
Annualized Cumulative
Annualized Cumulative Std Dev Info Significance Explained Tracking
Excess Excess
Return (%) Return (%) (%) Ratio Level (%) Variance (%) Error (%)
Return (%) Return (%)
Buddha Yoga Strategy 14.01 839.09 20.39 6.11 572.80 0.28 86.98 8.89 21.70
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
2. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Benchmark: Return
August 1994 - August 2011 (not annualized if less than 1 year)
20
15
10
Return
Buddha Yoga Strategy
S&P 500
5
0
-5
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years Since
Inception
Manager vs Benchmark: Return
August 1994 - August 2011 (not annualized if less than 1 year)
Since
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Inception
Buddha Yoga Strategy 1.80% 11.63% 12.48% 1.09% 3.25% 4.18% 8.69% 10.07% 14.01%
S&P 500 -1.77% 18.50% 11.50% 0.54% -2.52% 0.78% 2.70% 6.13% 7.90%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
3. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Calendar Year Return
As of August 2011
30%
20%
10%
0%
Buddha Yoga Strategy
-10% S&P 500
-20%
-30%
-40%
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002
Buddha Yoga Strategy 1.80% 11.05% 3.93% -13.96% 16.50% 14.10% 8.69% 13.79% 19.92% 9.10%
S&P 500 -1.77% 15.06% 26.46% -37.00% 5.49% 15.79% 4.91% 10.88% 28.68% -22.10%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
4. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager Style Asset Allocation Buddha Yoga Strategy
August 1994 - August 2011 (Single Computation) August 1994 - August 2011 (Single Computation)
Large
Citigroup 3-month T-bill 57.9%
Russell 1000 Value Russell 1000 Growth
1
Russell 1000 Value 42.1%
0 Buddha Yoga Strategy Russell 1000 Growth 0.0%
S&P 500
Buddha Yoga Strategy
Zephyr Large Core Universe (Monthly)
Russell Generic Corners
Russell 2000 Value 0.0%
-1
Russell 2000 Value Russell 2000 Growth
Russell 2000 Growth 0.0%
Small
Value -1 0 1 Growth 0% 20% 40% 60% 80% 100%
Manager Style Asset Allocation Buddha Yoga Strategy
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly) August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
Large 100%
Russell 1000 Value Russell 1000 Growth 80%
1
60%
Citigroup 3-month T-bill
0
Russell 1000 Value
Buddha Yoga Strategy
Russell 1000 Growth
Russell Generic Corners
Russell 2000 Value
40% Russell 2000 Growth
-1
Russell 2000 Value Russell 2000 Growth 20%
Small 0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Value -1 0 1 Growth
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
5. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Risk / Return
August 1994 - August 2011 (Single Computation)
16%
14%
12%
10%
Return
Buddha Yoga Strategy
8% Market Benchmark:
S&P 500
Zephyr Large Core Universe (Monthly)
6%
Cash Equivalent:
Citigroup 3-month T-bill
4%
2%
0%
0% 5% 10% 15% 20%
Standard Deviation
Beta Alpha R-Squared R-Squared Tracking Error
Return Std Dev Downside Risk Sharpe
vs. vs. Market vs. Market vs. Style vs. Market Observs.
(%) (%) (%) Ratio
Market (%) (%) (%) (%)
Buddha Yoga Strategy 14.01 20.39 15.39 0.3874 12.59 8.89 17.60 0.5249 21.7036 205
S&P 500 7.90 15.69 12.03 1.0000 0.00 100.00 99.50 0.2924 0.0000 205
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
6. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Upside / Downside
August 1994 - August 2011 (Single Computation)
200
150
Upside%
100
Buddha Yoga Strategy
S&P 500
50
0
0 50 100 150 200
Downside%
Average Return (%)
# of Months Month (%) 1-Year (%) Market Benchmark (%)
vs. Market
Up Down Up Down
Up Down Best Worst Best Worst R-Squared
Market Market Capture Capture
Buddha Yoga Strategy 122 83 2.25 -0.44 24.70 -35.42 73.05 -41.32 56.6 17.6 8.89
S&P 500 131 74 3.42 -4.00 9.78 -16.79 53.62 -43.32 100.0 100.0 100.00
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
7. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Multi-Statistic
August 1994 - August 2011
14
12
10
8
6 Buddha Yoga Strategy
S&P 500
4
2
0
Alpha Beta Excess Return Sharpe Information Ratio Pain
vs. vs. vs. Ratio vs. Ratio
Market Market Market Market
Multi-Statistic (Custom Table)
August 1994 - August 2011: Summary Statistics
Alpha Beta Excess Return Information Ratio
Sharpe Pain
vs. vs. vs. vs.
Ratio Ratio
Market Market Market Market
Buddha Yoga Strategy 12.59% 0.39 6.11% 0.52 0.28 1.19
S&P 500 0.00% 1.00 0.00% 0.29 0.00 0.35
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
8. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Benchmark: Multi-Statistic
August 1994 - August 2011 (not annualized if less than 1 year)
25%
Standard Deviation
20%
15%
Buddha Yoga Strategy
10% S&P 500
5%
0%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
16%
Downside Deviation (MAR = 0.00%)
14%
12%
10%
8% Buddha Yoga Strategy
6% S&P 500
4%
2%
0%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
1.4
1.2
1
Sharpe Ratio
0.8
0.6
Buddha Yoga Strategy
0.4 S&P 500
0.2
0
-0.2
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
9. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Histogram of Returns
August 1994 - August 2011
25
20
Percentage of Months (%)
15
Buddha Yoga Strategy
10 S&P 500
5
0
< -36 -36 to -34 -34 to -32 -32 to -30 -30 to -28 -28 to -26 -26 to -24 -24 to -22 -22 to -20 -20 to -18 -18 to -16 -16 to -14 -14 to -12 -12 to -10 -10 to -8 -8 to -6 -6 to -4 -4 to -2 -2 to 0 0 to 2 2 to 4 4 to 6 6 to 8 8 to 10 10 to 12 12 to 14 14 to 16 16 to 18 18 to 20 20 to 22 22 to 24 > 24
Returns Range (%)
Histogram of Returns (Custom Table)
August 1994 - August 2011: Summary Statistics
# of Average Downside # of Average Upside Sortino
Standard Omega
Skewness Kurtosis Down Down Deviation Up Up Deviation Ratio
Deviation (MAR = 0.00%)
Periods Return (MAR = 0.00%) Periods Return (MAR = 0.00%) (MAR = 0.00%)
Buddha Yoga Strategy -1.08 7.75 20.39% 83 -3.74% 13.49% 122 4.70% 15.85% 1.84 1.04
S&P 500 -0.71 0.98 15.69% 74 -4.00% 10.80% 131 3.42% 11.62% 1.51 0.73
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
10. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Excess Return vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
40%
30%
Excess Return vs. S&P 500
20%
10%
0%
Buddha Yoga Strategy
-10%
-20%
-30%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Std Dev of Excess Return vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
45%
Std Dev of Excess Return vs. S&P 500
40%
35%
30%
25%
20% Buddha Yoga Strategy
15%
10%
5%
0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
11. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Excess Return vs. Market Benchmark / Batting Average vs. Market Benchmark
August 1994 - August 2011 (Single Computation)
7%
6%
Excess Return vs. S&P 500
5%
4%
3% Buddha Yoga Strategy
2%
1%
0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Batting Average vs. S&P 500
Batting Average vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
100%
90%
Batting Average vs. S&P 500
80%
70%
60%
50%
Buddha Yoga Strategy
40%
30%
20%
10%
0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
12. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Drawdown
August 1994 - August 2011
0%
-10%
-20%
Buddha Yoga Strategy
-30% S&P 500
-40%
-50%
Jul 1994 Dec 1995 Dec 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Max Max Max Max Gain
Max Pain Pain Omega High Water To High
Drawdown Drawdown Drawdown Drawdown to Loss
Drawdown Index Ratio (MAR = 0.00%) Mark Date Water Mark
Begin Date End Date Length Recovery Date Ratio
Buddha Yoga Strategy -48.03% Jan 2000 Mar 2000 3 Jan 2004 8.97% 1.19 1.84 1.25 May 2011 3.91%
S&P 500 -50.95% Nov 2007 Feb 2009 16 N/A 13.20% 0.35 1.51 0.85 Oct 2007 16.70%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
13. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Return
August 1994 - August 2011 (not annualized if less than 1 year)
25
20
15
10 Buddha Yoga Strategy
Return
S&P 500
5th to 25th Percentile
5 25th Percentile to Median
Median to 75th Percentile
75th to 95th Percentile
0
-5
-10
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Manager vs Zephyr Large Core Universe (Monthly): Return
August 1994 - August 2011 (not annualized if less than 1 year)
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
386 mng 382 mng 371 mng 363 mng 355 mng 334 mng 233 mng 125 mng
Median -1.78% 18.49% 11.40% 0.76% -1.83% 1.30% 3.78% 6.85%
Buddha Yoga Strategy 1.80% 11.63% 12.48% 1.09% 3.25% 4.18% 8.69% 10.07%
S&P 500 -1.77% 18.50% 11.50% 0.54% -2.52% 0.78% 2.70% 6.13%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
14. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Return Rank
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
0%
25%
Return Rank
Buddha Yoga Strategy
S&P 500
Median
5th to 25th Percentile
25th Percentile to Median
Median to 75th Percentile
75th to 95th Percentile
75%
100%
Jul 1997 Dec 1999 Dec 2004 Dec 2009 Aug 2011
Manager vs Zephyr Large Core Universe (Monthly): Return Rank
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
Sep 1998 Nov 1999 Jan 2001 Mar 2002 May 2003 Jul 2004 Oct 2005 Dec 2006 Feb 2008 Apr 2009 Jun 2010 Aug 2011
130 mng 155 mng 190 mng 211 mng 247 mng 275 mng 312 mng 346 mng 363 mng 379 mng 390 mng 363 mng
Buddha Yoga Strategy 3.63% 10.98% 100.00% 59.87% 0.36% 0.00% 82.91% 39.66% 5.31% 2.38% 0.55% 39.44%
S&P 500 38.88% 34.99% 69.41% 87.47% 88.21% 83.63% 72.72% 75.48% 75.79% 71.82% 69.71% 61.69%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
15. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Multi-Statistic
August 1994 - August 2011 (not annualized if less than 1 year)
10%
8%
6%
4% Buddha Yoga Strategy
S&P 500
Alpha
2%
0% 5th to 25th Percentile
25th Percentile to Median
-2%
Median to 75th Percentile
-4% 75th to 95th Percentile
-6%
-8%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
2
1.5
Information Ratio
1
Buddha Yoga Strategy
0.5
S&P 500
0
-0.5
5th to 25th Percentile
25th Percentile to Median
-1 Median to 75th Percentile
-1.5 75th to 95th Percentile
-2
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
2
1.5
Sharpe Ratio
Buddha Yoga Strategy
1 S&P 500
0.5 5th to 25th Percentile
25th Percentile to Median
0 Median to 75th Percentile
75th to 95th Percentile
-0.5
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
16. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Omega
August 1994 - August 2011
2
1.8
1.6
1.4
Omega
1.2
Buddha Yoga Strategy
S&P 500
1
0.8
0.6
0.4
0% 5% 10% 15% 20% 25%
Annual MAR
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
17. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Annualized Excess Return / Standard Deviation of Excess Return (vs. S&P 500)
August 1994 - August 2011 (Single Computation)
7%
6%
5%
Excess Return
4%
3% Buddha Yoga Strategy
2%
1%
0%
0% 5% 10% 15% 20%
Standard Deviation of Excess Return
Annualized Excess Return / Standard Deviation of Excess Return (vs. S&P 500)
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
40%
30%
20%
Excess Return
10%
0% Buddha Yoga Strategy
-10%
-20%
-30%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Standard Deviation of Excess Return
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
18. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Correlation Matrix: Returns vs. S&P 500
August 1994 - August 2011
(1) (2)
1) Buddha Yoga Strategy 1.00
2) S&P 500 0.30 1.00
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr