Overview of Van Hulzen Asset Management

1. Who We Are Our Philosophy
 Van Hulzen Asset Management is a SEC‐registered  We believe equity markets are likely to be volatile and
investment advisor based in northern California sideways moving for years to come
 We have approximately $300 million of assets under  In this environment, we believe investors should focus on
management . We manage custom separate accounts as income‐oriented strategies that provide enhanced yield and
well as three commingled funds…the Iron Horse Funds downside protection
 We also provide portfolio advisory services to clients with  Our process is designed to capitalize on the changing
approximately $6 billion in assets worldwide economic climate, with a keen focus on risk management
Our Macro View: The World Has Changed
The bull market of the 1980s‐1990s was the
Th b ll k f h 1980 1990 h We believe the next 10+ years will be volatile
W b li h 10 ill b l il
greatest in history and sideways‐moving
Tax rates and interest rates decreased throughout Tax rates and interest rates will likely increase from
the period, credit was easy, and baby boomers were here, credit is tightening, and baby boomers are
at peak productivity and consumption. retiring (consuming less & saving more).
g p f
Growth‐oriented strategies out‐performed. y p p
Investment yield & capital preservation are key! y
Our Investment Process
Our unique process places equal emphasis on fundamental analysis (what to buy), technical analytics (when to
buy/sell), and risk management (what if…). We seek to out‐perform our benchmarks with significantly lower portfolio
volatility.
Fundamentals Technicals Risk Management
What to buy When to buy/sell What if…
950 Iron Point Rd. Ste. 290 | Folsom, CA 95630 | Tel 925.386.0644 | www.vanhulzen161.com

2. Core Equity Strategies
Our Core Equity strategies are our flagship products. We invest in high quality, dividend paying companies and use covered call
options to lower portfolio volatility and reduce our dependence on bull markets to achieve positive returns. Our portfolio
includes large cap companies with strong ROIs, regular dividends, below‐average leverage, attractive valuations, and a consistent
track record of creating value for shareholders. We target superior risk‐adjusted returns versus the S&P 500 index.
Track record: Growth Cuml Annual
 8 years Return Return
 All strategies have
created alpha, having Growth* +69.0% +6.7%
out‐performed the S&P
at 30‐50% less risk Balanced +43.9% +4.6%
Conservative +21.6% +2.4%
S&P 500 +10.9% +1.3%
S&P 500
Note: The Growth composite best
represents the style of our new
fund, Iron Horse Core Equity Fund
Data through 1/31/10
POTENTIAL IMPACT OF RE‐ALLOCATING A $1 MILLION PORTFOLIO:
ILLUSTRATIVE Stock Market Performance Upside/ % Market
Up 20% Flat Down 20% Downside Risk
Growth (80 100% stocks)
Growth (80‐100% stocks)
Traditional approach 20.0% 0.0% ‐20.0% 1.0 100%
Van Hulzen approach 23.0% 8.0% ‐12.0% 1.9 60%
Difference 3.0% 8.0% 8.0%
Annual savings on $1m of assets 30,000 80,000 80,000
Balanced (50% stocks)
Traditional approach 12.0% 2.0% ‐8.0% 1.5 50%
Van Hulzen approach 14.5% 6.0% ‐5.0% 2.9 35%
Difference 2.5% 4.0% 3.0%
Annual savings on $1m of assets 25,000 40,000 30,000
Conservative (20‐30% stocks)
Traditional approach
Traditional approach 8.0%
8 0% 2.3%
2 3% ‐3.5%
‐3 5% 2.3
23 25%
Van Hulzen approach 10.3% 5.0% ‐1.5% 6.8 20%
Difference 2.3% 2.8% 2.0%
Annual savings on $1m of assets 22,500 27,500 20,000
Note: this analysis is illustrative and represents our current investment targets
950 Iron Point Rd. Ste. 290 | Folsom, CA 95630 | Tel 925.386.0644 | www.vanhulzen161.com