This document provides an overview of Bennett Lawrence Management, LLC (BLM), a registered investment advisor focused on domestic growth stock investments. Some key details:
- BLM has $562 million in assets under management and employs a team of 6 investment professionals with extensive experience.
- BLM offers all cap, midcap, and small cap growth equity strategies. The small cap growth composite has outperformed the Russell 2000 Growth Index over the 1, 3, 5 year periods and since inception in 2004.
- BLM identifies major demand trends and invests in competitively advantaged companies benefiting from these trends in sectors like technology, healthcare, housing, and capital spending.
- Risk is managed through factor
This document provides an overview of Bennett Lawrence Management, LLC (BLM), an investment advisor focused on domestic growth stock investments. It discusses BLM's investment strategies, team, philosophy and process, current investment themes, portfolio characteristics, performance history and GIPS compliant composite information. Key details include BLM having $562 million in assets under management, an experienced investment team averaging 22 years of industry experience, a focus on identifying major demand trends to invest in competitively advantaged companies, and outperforming the Russell 3000 Growth Index over the past 1, 3, 5 and since inception periods ended March 31, 2013.
This document provides an overview of Bennett Lawrence Management, LLC (BLM), an investment advisory firm focused on domestic growth stock investments. Some key details:
- BLM has $562 million in assets under management and employs a team of 6 investment professionals with extensive experience.
- The firm offers traditional equity strategies including all cap, midcap, and small cap growth, as well as long/short strategies.
- BLM's investment philosophy is to identify major demand trends and competitively advantaged companies benefiting from those trends to achieve long-term capital appreciation.
- Recent investment themes highlighted by BLM include technology, energy/efficiency, healthcare, housing, and cyclical growth sectors benefiting from
The document outlines an investment fund's process to identify healthcare sectors for investment outside of drugs and vaccines. It describes:
1) Identifying 7 potential sectors and prioritizing them based on growth rate, diversification, and segment size. Clinical research organizations scored highest.
2) Developing a framework to screen companies based on performance, innovation, market potential, and management.
3) Recommending investment in clinical research organizations, healthcare IT, point-of-care diagnostics, and accountable care organizations. Three companies - Alpha, Beta, and Gamma - were identified as priorities based on growth rate, innovation, and financials.
Ey top-10-risks-in-telecommunications-2014CMR WORLD TECH
1. As telecommunications companies pursue new growth opportunities, they must adapt their business models and roles in evolving industry ecosystems. This involves positioning themselves differently in value chains such as cloud services, and sharing customer ownership with disruptive players like over-the-top providers.
2. Regulatory attitudes towards consolidation and cross-sector relationships are in flux as opportunities open up in areas like cloud and digital services. Operators must help shape new regulatory views to capitalize on these opportunities.
3. Maintaining consumer trust is challenging as data protection guidelines are revisited. Operators must address privacy and security imperatives to differentiate themselves and allay customer concerns about how their data is used.
Venture Capital Investments Q1 ’06 – MoneyTree Release mensa25
Venture capital investing was $5.6 billion in Q1 2006, a 12% increase from the same period in 2005. Biotechnology investing declined 24% from the previous quarter while media and entertainment investing increased 80%. Later stage company valuations reached a 4-year high of $92 million on average. The document provides details on investments by sector, stage of development, first-time investments, and company valuations. It also includes contacts for additional information.
A Hands-on Future of Endowments and FoundationsState Street
The endowment and foundation sector is increasingly investing in alternatives like infrastructure, private equity, and emerging markets to drive performance and diversification in a low interest rate environment. Many funds plan to increase their risk appetite and shift more assets into alternatives. However, most lack the operational infrastructure to effectively manage increasingly sophisticated portfolios. There is a need for improved manager selection, transparency into alternative investments, and governance structures to oversee complex strategies.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Beyond the secular forces that we describe in our Future of Insurance series1, more immediate and cyclical issues will be shaping the insurance executive agenda i n 2 016 .2 Commercial insurers (including reinsurers) face tough times ahead with underwriting margins that are being pressured by softening prices and a potentially volatile interest rate environment.
This document provides an overview of Bennett Lawrence Management, LLC (BLM), an investment advisor focused on domestic growth stock investments. It discusses BLM's investment strategies, team, philosophy and process, current investment themes, portfolio characteristics, performance history and GIPS compliant composite information. Key details include BLM having $562 million in assets under management, an experienced investment team averaging 22 years of industry experience, a focus on identifying major demand trends to invest in competitively advantaged companies, and outperforming the Russell 3000 Growth Index over the past 1, 3, 5 and since inception periods ended March 31, 2013.
This document provides an overview of Bennett Lawrence Management, LLC (BLM), an investment advisory firm focused on domestic growth stock investments. Some key details:
- BLM has $562 million in assets under management and employs a team of 6 investment professionals with extensive experience.
- The firm offers traditional equity strategies including all cap, midcap, and small cap growth, as well as long/short strategies.
- BLM's investment philosophy is to identify major demand trends and competitively advantaged companies benefiting from those trends to achieve long-term capital appreciation.
- Recent investment themes highlighted by BLM include technology, energy/efficiency, healthcare, housing, and cyclical growth sectors benefiting from
The document outlines an investment fund's process to identify healthcare sectors for investment outside of drugs and vaccines. It describes:
1) Identifying 7 potential sectors and prioritizing them based on growth rate, diversification, and segment size. Clinical research organizations scored highest.
2) Developing a framework to screen companies based on performance, innovation, market potential, and management.
3) Recommending investment in clinical research organizations, healthcare IT, point-of-care diagnostics, and accountable care organizations. Three companies - Alpha, Beta, and Gamma - were identified as priorities based on growth rate, innovation, and financials.
Ey top-10-risks-in-telecommunications-2014CMR WORLD TECH
1. As telecommunications companies pursue new growth opportunities, they must adapt their business models and roles in evolving industry ecosystems. This involves positioning themselves differently in value chains such as cloud services, and sharing customer ownership with disruptive players like over-the-top providers.
2. Regulatory attitudes towards consolidation and cross-sector relationships are in flux as opportunities open up in areas like cloud and digital services. Operators must help shape new regulatory views to capitalize on these opportunities.
3. Maintaining consumer trust is challenging as data protection guidelines are revisited. Operators must address privacy and security imperatives to differentiate themselves and allay customer concerns about how their data is used.
Venture Capital Investments Q1 ’06 – MoneyTree Release mensa25
Venture capital investing was $5.6 billion in Q1 2006, a 12% increase from the same period in 2005. Biotechnology investing declined 24% from the previous quarter while media and entertainment investing increased 80%. Later stage company valuations reached a 4-year high of $92 million on average. The document provides details on investments by sector, stage of development, first-time investments, and company valuations. It also includes contacts for additional information.
A Hands-on Future of Endowments and FoundationsState Street
The endowment and foundation sector is increasingly investing in alternatives like infrastructure, private equity, and emerging markets to drive performance and diversification in a low interest rate environment. Many funds plan to increase their risk appetite and shift more assets into alternatives. However, most lack the operational infrastructure to effectively manage increasingly sophisticated portfolios. There is a need for improved manager selection, transparency into alternative investments, and governance structures to oversee complex strategies.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Beyond the secular forces that we describe in our Future of Insurance series1, more immediate and cyclical issues will be shaping the insurance executive agenda i n 2 016 .2 Commercial insurers (including reinsurers) face tough times ahead with underwriting margins that are being pressured by softening prices and a potentially volatile interest rate environment.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
New Horizons for Official Institutions: Research FindingsState Street
These findings are based on fieldwork conducted during January 2014 by FT Remark. In association with State Street, FT Remark surveyed 62 senior executives at official institutions – defined as central banks, sovereign wealth funds and public pension reserve funds – to explore the opportunities and challenges they face today and in the future.
The Next Alternative: Private Equity Asset Class SummaryState Street
State Street conducted a survey of 391 alternative asset managers, including 100 private equity managers. The survey found that private equity managers view investors' demands for greater transparency as the top driver of change in the industry. Managers are taking actions like improving alignment with transparency standards and enhancing investor services to address these transparency requirements. Looking ahead, private equity managers cite fundraising and generating performance as their top challenges over the next five years.
The Innovator’s Journey: Asset Owners Insights State Street
On behalf of State Street, Longitude conducted a global survey of senior executives at investment
organizations during October and November 2014. We asked them to self-assess their confidence and
progress across six data capabilities, including infrastructure, insight, adaptability, compliance, talent and
governance. The 400 respondents were drawn from 11 countries and included insurance companies,
private and public pension funds, fund-of-funds, foundations, central banks, endowments, sovereign
wealth funds and supranationals. One hundred asset owners participated in the survey.
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
How to Invest in AI - Top 10 Artificial Intelligence StocksNgoc Truong
Macrovue‘s Webinar: How To Investing in Artificial Intelligence - Top 10 AI Stock Picks
Macrovue, the world's first global thematic investment platform giving Australians the ability to invest in international thematic share portfolios.
In this presentation, you will explore:
• The impact AI will have on the global economy
• The companies at the forefront of AI technology
• Why now is a good time to invest in AI technology
• An overview of some of the AI stocks in the portfolio
• Our stock selection criteria and research methodology.
The Macrovue Investment team has researched and constructed a portfolio focused on the five main AI technology systems in practice now.
These 10 companies are the early AI adopters that combine a strong digital capability with proactive strategies that have higher profit margins and are likely to widen the performance gap with other firms in the future.
Future Challenges of Clinical Development; a View from the CRO - Hani ZakiTTC, llc
The document discusses current challenges and future trends in clinical development from the perspective of a CRO. It notes that the global CRO market is large but fragmented, and outlines pressures on the pharmaceutical industry like high R&D costs, patent expirations, and regulatory demands. The text also examines trends towards more global, efficient trials using new technologies and less traditional geographies to address these challenges. It argues that collaboration between industry, regulators and CROs will be key to transforming clinical research methods.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
The Innovator’s Journey: Insurance Sector InsightsState Street
On behalf of State Street, Longitude conducted a global survey of senior executives at investment
organizations during October and November 2014. We asked them to self-assess their confidence and
progress across six data capabilities, including infrastructure, insight, adaptability, compliance, talent and
governance. The 400 respondents were drawn from 11 countries and included insurance companies,
private and public pension funds, fund-of-funds, foundations, central banks, endowments, sovereign
wealth funds and supranationals. One-hundred insurance companies participated in the survey.
Quintiles analyst day presentation 2014Quintiles2014
The document discusses Quintiles' product development services and clinical trials business. It highlights Quintiles' continued revenue and earnings growth in this business area. The document also outlines Quintiles' understanding of market drivers in product development and its ability to offer solutions that meet evolving customer needs, from traditional clinical trial services to more integrated partnerships.
Benefits-of-Financial-Technology-for-Banks_RMA Jan 2017Max Zahner
This document summarizes how community banks can use technology to successfully compete in commercial and industrial lending. It discusses that C&I lending can provide higher returns than other types of lending but is difficult for banks to do well due to the complex underwriting and loan administration processes required. It then describes how adopting new technology can streamline these processes, reducing the time and costs to underwrite loans and conduct loan reviews. This allows community banks to profitably lend to smaller businesses and increase their return on equity through expanding their C&I lending business.
Regulatory scrutiny has significantly increased and has prompted banks to develop complex models at the lowest level of granularity to capture the impact of economic cycles. Segmentation is one of the first steps in establishing a quantitative basis for the enterprisewide scenario analysis of stress testing.
This webinar discusses accountable care and big data in meeting healthcare challenges. It features presentations from four panelists on their experiences with accountable care organizations and using data analytics. Katie White discusses findings from a study of pioneers and MSSP ACOs. Kim Kauffman outlines Summit Medical Group's strategies around disease registries and claims analytics. Jason Dinger explains MissionPoint's approach of using 3-5 years of claims data and risk stratification to guide care management and population health interventions. The webinar concludes with thanks to the panelists and information on receiving presentation materials.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
The document discusses the impacts of COVID-19 on the liquidity and cash management of advanced manufacturing and mobility companies. It notes that companies are searching for short-term solutions to issues securing liquidity to fund operations as the global economy falls due to actions taken in response to the pandemic. It provides an overview of various challenges companies may face, such as cash shortages, credit squeezes, supply chain disruptions, and reduced access to capital. The document also outlines some measures companies can take to enhance short-term liquidity.
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
One of the fastest growing concerns on insurers’ enterprise risk agenda is model risk
management. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to its currentproactive stage is an interesting story. But more interesting still is
what we believe could be its next stage – generating measurable business value.
2017 Top Issues - DOL Fiduciary Rule - January 2017PwC
The document discusses the impact of the Department of Labor's Fiduciary Rule on the insurance industry. The rule requires financial advisors to act as fiduciaries, putting clients' interests ahead of their own. This will significantly impact compensation structures and require changes to training, products offered, and data collection. Insurers will need to streamline compensation, rationalize products, enhance agent training on fiduciary responsibilities, and improve data and technology to demonstrate compliance. The rule is spurring widespread changes beyond just compliance, including potential consolidation in the insurance and distribution sectors.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
Using Steel In Solar Racking and MountingJMCSteelGroup
When it comes to solar installations, steel provides a number of advantages that you may not already know. Steel supplier Wheatland Tube and racking manufacturer Patriot Solar Group detail the latest in steel-working knowledge and how best to apply the metal in solar racking and mounting.
This portfolio document provides an overview of Jameson Marden's career and qualifications. It includes sections on his introduction, goals, resume, letter of recommendation, work samples from his college career including a business plan, essay, PowerPoint, and business simulation. The resume shows his education at Northwood University and Delta College, as well as his experience as co-owner of an online consignment store. The letter of recommendation praises his dedication, character, and work ethic. The work samples demonstrate his skills in various business areas.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
New Horizons for Official Institutions: Research FindingsState Street
These findings are based on fieldwork conducted during January 2014 by FT Remark. In association with State Street, FT Remark surveyed 62 senior executives at official institutions – defined as central banks, sovereign wealth funds and public pension reserve funds – to explore the opportunities and challenges they face today and in the future.
The Next Alternative: Private Equity Asset Class SummaryState Street
State Street conducted a survey of 391 alternative asset managers, including 100 private equity managers. The survey found that private equity managers view investors' demands for greater transparency as the top driver of change in the industry. Managers are taking actions like improving alignment with transparency standards and enhancing investor services to address these transparency requirements. Looking ahead, private equity managers cite fundraising and generating performance as their top challenges over the next five years.
The Innovator’s Journey: Asset Owners Insights State Street
On behalf of State Street, Longitude conducted a global survey of senior executives at investment
organizations during October and November 2014. We asked them to self-assess their confidence and
progress across six data capabilities, including infrastructure, insight, adaptability, compliance, talent and
governance. The 400 respondents were drawn from 11 countries and included insurance companies,
private and public pension funds, fund-of-funds, foundations, central banks, endowments, sovereign
wealth funds and supranationals. One hundred asset owners participated in the survey.
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
How to Invest in AI - Top 10 Artificial Intelligence StocksNgoc Truong
Macrovue‘s Webinar: How To Investing in Artificial Intelligence - Top 10 AI Stock Picks
Macrovue, the world's first global thematic investment platform giving Australians the ability to invest in international thematic share portfolios.
In this presentation, you will explore:
• The impact AI will have on the global economy
• The companies at the forefront of AI technology
• Why now is a good time to invest in AI technology
• An overview of some of the AI stocks in the portfolio
• Our stock selection criteria and research methodology.
The Macrovue Investment team has researched and constructed a portfolio focused on the five main AI technology systems in practice now.
These 10 companies are the early AI adopters that combine a strong digital capability with proactive strategies that have higher profit margins and are likely to widen the performance gap with other firms in the future.
Future Challenges of Clinical Development; a View from the CRO - Hani ZakiTTC, llc
The document discusses current challenges and future trends in clinical development from the perspective of a CRO. It notes that the global CRO market is large but fragmented, and outlines pressures on the pharmaceutical industry like high R&D costs, patent expirations, and regulatory demands. The text also examines trends towards more global, efficient trials using new technologies and less traditional geographies to address these challenges. It argues that collaboration between industry, regulators and CROs will be key to transforming clinical research methods.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
The Innovator’s Journey: Insurance Sector InsightsState Street
On behalf of State Street, Longitude conducted a global survey of senior executives at investment
organizations during October and November 2014. We asked them to self-assess their confidence and
progress across six data capabilities, including infrastructure, insight, adaptability, compliance, talent and
governance. The 400 respondents were drawn from 11 countries and included insurance companies,
private and public pension funds, fund-of-funds, foundations, central banks, endowments, sovereign
wealth funds and supranationals. One-hundred insurance companies participated in the survey.
Quintiles analyst day presentation 2014Quintiles2014
The document discusses Quintiles' product development services and clinical trials business. It highlights Quintiles' continued revenue and earnings growth in this business area. The document also outlines Quintiles' understanding of market drivers in product development and its ability to offer solutions that meet evolving customer needs, from traditional clinical trial services to more integrated partnerships.
Benefits-of-Financial-Technology-for-Banks_RMA Jan 2017Max Zahner
This document summarizes how community banks can use technology to successfully compete in commercial and industrial lending. It discusses that C&I lending can provide higher returns than other types of lending but is difficult for banks to do well due to the complex underwriting and loan administration processes required. It then describes how adopting new technology can streamline these processes, reducing the time and costs to underwrite loans and conduct loan reviews. This allows community banks to profitably lend to smaller businesses and increase their return on equity through expanding their C&I lending business.
Regulatory scrutiny has significantly increased and has prompted banks to develop complex models at the lowest level of granularity to capture the impact of economic cycles. Segmentation is one of the first steps in establishing a quantitative basis for the enterprisewide scenario analysis of stress testing.
This webinar discusses accountable care and big data in meeting healthcare challenges. It features presentations from four panelists on their experiences with accountable care organizations and using data analytics. Katie White discusses findings from a study of pioneers and MSSP ACOs. Kim Kauffman outlines Summit Medical Group's strategies around disease registries and claims analytics. Jason Dinger explains MissionPoint's approach of using 3-5 years of claims data and risk stratification to guide care management and population health interventions. The webinar concludes with thanks to the panelists and information on receiving presentation materials.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
The document discusses the impacts of COVID-19 on the liquidity and cash management of advanced manufacturing and mobility companies. It notes that companies are searching for short-term solutions to issues securing liquidity to fund operations as the global economy falls due to actions taken in response to the pandemic. It provides an overview of various challenges companies may face, such as cash shortages, credit squeezes, supply chain disruptions, and reduced access to capital. The document also outlines some measures companies can take to enhance short-term liquidity.
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
One of the fastest growing concerns on insurers’ enterprise risk agenda is model risk
management. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to its currentproactive stage is an interesting story. But more interesting still is
what we believe could be its next stage – generating measurable business value.
2017 Top Issues - DOL Fiduciary Rule - January 2017PwC
The document discusses the impact of the Department of Labor's Fiduciary Rule on the insurance industry. The rule requires financial advisors to act as fiduciaries, putting clients' interests ahead of their own. This will significantly impact compensation structures and require changes to training, products offered, and data collection. Insurers will need to streamline compensation, rationalize products, enhance agent training on fiduciary responsibilities, and improve data and technology to demonstrate compliance. The rule is spurring widespread changes beyond just compliance, including potential consolidation in the insurance and distribution sectors.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
Using Steel In Solar Racking and MountingJMCSteelGroup
When it comes to solar installations, steel provides a number of advantages that you may not already know. Steel supplier Wheatland Tube and racking manufacturer Patriot Solar Group detail the latest in steel-working knowledge and how best to apply the metal in solar racking and mounting.
This portfolio document provides an overview of Jameson Marden's career and qualifications. It includes sections on his introduction, goals, resume, letter of recommendation, work samples from his college career including a business plan, essay, PowerPoint, and business simulation. The resume shows his education at Northwood University and Delta College, as well as his experience as co-owner of an online consignment store. The letter of recommendation praises his dedication, character, and work ethic. The work samples demonstrate his skills in various business areas.
Use of Force Procedures for US Law Enforcement & Private Security- By, Richar...Richard Garrity
This document provides an overview of use of force protocols and guidelines for both lethal and non-lethal force. It discusses the importance of proper training and outlines consequences for excessive use of force, referencing high-profile cases like the Rodney King beating. The presentation aims to give law enforcement and security personnel guidance on appropriate use of tools like tasers, batons, and pepper spray. It emphasizes that force should be reasonable and proportional to the threat while minimizing liability.
Water scarcity involves issues like water stress, deficits, shortage and crisis. The document discusses the causes of water crisis as inadequate access, overdrafting of groundwater, and pollution. The effects are on agriculture, industry, and human lives. Agriculture is the largest user of freshwater. Less water means lower harvests and food shortages. Industries have limited water to meet requirements. For human lives, water crisis can lead to warfare and disease outbreaks from contaminated water. The document emphasizes the severity of the global water crisis.
The document describes the process of creating a magazine front cover and contents page based on existing magazine templates. It discusses how conventions from the template magazines were used and developed. For the front cover, the main image style and positioning of text were similar to the template, while the cover model's pose and positioning of cover lines challenged conventions. The contents page largely followed the template layout but used only two colors instead of various colors. Overall, the document shows how the created magazine pieces both emulate and tweak conventions from the templates.
This document discusses soil fertility management and was written by Saman Jamil, a student in BSES 2, Semester 3 with a roll number of 2502. The document likely focuses on techniques for maintaining soil nutrients and productivity.
How Codependency Affects Our Clients & Our ServiceLaura M. Kearney
An overview of the prevalence and challenges of codependency, how it affects our clients, and how codependency in counselors can negatively impact our quality of service.
All You Ever Wanted to Know About GFCIs & AFCIsJMCSteelGroup
Ground fault circuit interrupters (GFCIs) are designed to disconnect power to a branch circuit whenever the unit detects an imbalance of current between the energized conductor and the neutral conductor. Since the 1970s, GFCIs have saved thousands of lives and helped cut the number of home electrocutions in half. In recent years, the NEC has expanded the requirements for these devices to many other areas outside the home.
Introduced in the 1999 edition of the NEC, arc fault circuit interrupters (AFCIs) provide enhanced protection against fire hazards in the home known as arc faults. An arc fault is a dangerous electrical problem caused by damaged, overheated, or stressed electrical wiring or devices. Without AFCIs, arc faults can create dangerous fire situations within the hidden spaces of dwelling units.
In this webinar, Mike Holt explains the current NEC requirements for GFCIs and AFCIs. He also explains how they operate, what causes their premature failure, and when they won't provide the safety protection you might have thought they would.
Register here: http://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=602365&sessionid=1&key=B4ED1DD0EA2C2C4780E35A663E04453C&partnerref=web&sourcepage=register
Posttraumatic Growth: From Surviving to Thriving Laura M. Kearney
This document provides information on posttraumatic growth (PTG), which refers to positive psychological changes that can occur as a result of struggling with highly challenging life crises or traumatic events. PTG is different from post-traumatic stress disorder (PTSD) in that it involves experiencing personal benefits from adversity, rather than only negative effects. The document discusses common areas of growth with PTG, factors that contribute to it, strategies for developing resilience and PTG, testimonials and resources for learning more.
This document summarizes a study monitoring vegetation cover in Sargodha district, Pakistan using remote sensing. Remote sensing was used to obtain data from SPOT satellite images over three dates in April and May. Two methods were applied: 1) calculating the NDVI index to assess vegetation greenness and 2) supervised classification to identify vegetative and non-vegetative cover types. The results of both methods along with analysis of canal networks showed vegetation is in better condition near canals with available water compared to areas without canals or at their ends with less water. In conclusion, remote sensing techniques proved useful for monitoring vegetation cover and its relationship to water availability in the study area.
This document discusses exam stress and provides tips for managing it. It notes that exam stress stems from pressure, expectations, competitiveness, fear of rejection and comparison. Between 34-41% of students experience test anxiety. Symptoms of exam stress include feeling tired, sadness, panic attacks, sleep issues, stomach problems and illness. The document recommends organizing one's time, having a healthy diet, relaxation techniques, planning study schedules, double checking work, forgetting about the exam after finishing, positive self-talk, and rewarding oneself after an exam to help manage stress. While stress can negatively impact performance and health, it also motivates some students to work harder.
effects of air pollutants on agriculturesaman jamil
Major air pollutants like sulfur dioxide, ozone, and nitrogen dioxide can damage and reduce the growth of agricultural crops. Sulfur dioxide causes blotchy spots on leaves and can prematurely kill plants. Nitrogen dioxide damages leaves and seedlings. Ozone causes yellowing and early senescence of leaves. Fluoride pollution from industrial processes can cause fluorisis in animals that graze on affected plants. The effects of air pollution on agriculture and forestry are significant as they can reduce global food security and wood growth, harming economies. More monitoring and research is needed to fully understand these impacts.
The document discusses the definitions and issues surrounding use of force and excessive force by police officers. It defines use of force as actions by police that are equal to or greater than the level of resistance from a suspect. Excessive force is considered any force beyond what is necessary in a situation. The document examines factors that can influence excessive force such as police training, leadership, social environment, and individual officer attitudes. It also discusses ethical frameworks like utilitarianism and egoism for analyzing use of force policies and incidents.
This document discusses the importance of competitive intelligence (CI) for businesses. It provides an overview of CI processes and techniques including analyzing competitors, customers, technologies and the external environment. CI helps minimize threats and maximize opportunities. It is an important input for strategic decision making. The document emphasizes that CI requires collecting information from various sources, analyzing it to extract insights, and using those insights to make better strategic, operational and tactical decisions.
CI 2.0 - Competitive Innovation IntelligenceArik Johnson
Presentation to KMWorld 2006 Audience in San Jose California October 31 on How the Principles of Disruptive Innovation, Risk Management, Corporate Governance and Enterprise Collaboration are Driving the Incorporation of Blog, Wiki, Social Networking, Free-Tagging, Prediction Market and other Web 2.0 Features and Capabilities into Traditional Competitive Intelligence Software
The Competitive Intelligence Continuum - Taking Wisconsin to the WorldArik Johnson
The document discusses competitive intelligence and provides an overview of key concepts and processes. It defines competitive intelligence as a disciplined process of information collection and analysis to support better decision-making. It discusses trends like organizational acculturation and disruptive innovation. The document also outlines traditional competitive intelligence processes like identifying key intelligence topics, primary and secondary research, analysis techniques like SWOT and benchmarking, and how competitive intelligence supports strategic planning.
This document discusses environmental scanning and analyzing a company's external environment. It identifies key factors in the social, economic, political, and technological environment that companies should monitor. These include economic indicators, social trends, government regulations, and technological advances. The document also discusses tools for environmental scanning like PEST analysis and analyzing competitors, suppliers, markets and other forces in the external task environment. It emphasizes the importance of continuously scanning the external environment to identify opportunities and threats and ensuring the long term success of the company.
The study covers all of the aspects of Data Catalog Market and its impacts on the industry, which has shaped the market into its current position. Depending on the obtained data, the report provides future impactful points to the shareholder and the growing opportunities.
The document discusses various topics related to business strategy formulation including:
1. Different levels of strategy from corporate to operational.
2. Types of competitive advantage like cost leadership and differentiation.
3. Porter's five forces model for industry analysis.
4. SWOT analysis for understanding internal strengths and weaknesses and external opportunities and threats.
5. Strategic management process involving analysis, strategy development and implementation.
Crises, societal progress, governmental intervention, global economics, and technology are the driving forces behind dramatic change in business. How does your business strategy address these factors today, tomorrow, and down the road? During this webinar, our experts will help you assess your readiness to react to an ever-changing business environment, and arm you with the tools you need to plan for continued success.
Learning Objectives:
At the conclusion of this session, you will be able to:
■Identify how technology and other factors will affect your organization in the short and long term.
■Communicate how change will affect your strategy regarding products and services, markets, customers, and other variables.
■Determine what level of investment you’ll need to make, as well as the impact on your capital structure and what the return on investment will be.
■Understand the value of real-time information to gain competitive advantage
GreenSpring Portfolio Status Review 1 H2000Curtis Palmer
The document provides an overview and analysis of multiple portfolio companies from 2000. It discusses each company's strategy, competition, investment details, performance ratings, and recent developments. Overall the document analyzes the business strength, market opportunities, and growth potential of portfolio companies across different industries like data analytics, software, mobile applications, and logistics.
Intelligence 2.0 Keynote Presentation to the 1st China Competitive Intelligen...Arik Johnson
The document provides an overview of next generation priorities for competitive intelligence (CI) software. It discusses trends like increased organizational collaboration, corporate governance priorities around reliable earnings forecasts, and sustainable innovation. It outlines the traditional CI process and 12 key application areas. It also discusses tools for identifying strategic issues, key players, and early warnings through conducting interviews and developing integrated watch lists. The document emphasizes the importance of analysis in transforming data into useful intelligence to support better strategic, operational, and tactical decision-making.
CGI Group Inc. is a global IT consulting firm with 68,000 professionals in over 400 offices across 40 countries. The document is a pitch presentation for CGI Group prepared by analysts at Capital Markets Group. It provides an overview of CGI's business segments, management team, the IT consulting industry, and makes an investment thesis arguing that CGI is well-positioned to benefit from industry growth and further acquisitions. Key risks discussed include economic weakness in Europe and high client concentration.
The document discusses restoring public trust in corporate reporting. It proposes a three-tiered model for corporate transparency consisting of global accounting standards, industry standards, and company-specific information. Recent scandals have undermined trust in executives, boards, auditors, and analysts that produce corporate information. To rebuild trust, all participants must embrace transparency, accountability, and integrity. New technologies like XBRL can improve access and analysis of reported information across the three tiers. The future of corporate reporting relies on cooperation across industries to establish comprehensive transparency standards.
The document discusses competitive intelligence gathering and provides a framework for understanding it. It defines competitive intelligence as business information used to manage risks from internal and external forces. The framework includes situational, organizational, and information dimensions to guide intelligence needs, sources, use, and results. It outlines the intelligence process of defining needs, collecting data, analyzing, disseminating, and reviewing. Various tools and techniques are also described like competitor analysis, market intelligence, and environmental assessment to support decision making. Finally, it discusses risks, opportunities, and developing an action plan to implement competitive intelligence.
The document discusses competitive intelligence and provides guidance on developing an effective competitive intelligence program. It covers topics such as:
- The importance of minimizing threats from competitors and maximizing market opportunities.
- Following a disciplined process of information collection, analysis, and recommendations.
- Conducting benchmarking, SWOT analysis, and growth vector analysis to evaluate competitors.
- Developing key intelligence topics to guide strategic decision making.
- Implementing a competitive intelligence program can help improve planning, decision making, and strategy execution.
The document discusses using customer insight to drive performance for a large wireless communication company. It describes implementing a phased approach including developing tactical targeting tools, identifying growth opportunities, and establishing an infrastructure to capture value. Case studies demonstrate segmenting the customer base to understand needs, prioritize initiatives, and maximize revenue and retention through targeted campaigns.
The document provides an overview of investments in the 3rd quarter of 2001, including summaries of 14 portfolio companies. Key details included are company strategies, competition, investment information, ratings on management and market potential. The summary seeks near-term investment opportunities and needs introductions to customers for some portfolio companies.
The document discusses three trends influencing competitive intelligence (CI) abilities: organizational acculturation where all employees contribute to intelligence efforts, corporate governance with board-level priority on reliable earnings forecasts, and disruptive innovation in predicting competitive battles. It also discusses CI processes like collecting information from primary and secondary sources, analyzing data versus just collecting facts, and using tools like SWOT analysis, growth vector analysis, and disruptive innovation theory. The document advocates for an equilibrium approach to CI that can be both decisive in making recommendations and incisive in interpreting emerging trends.
The study covers all of the aspects of GCC Enterprise Content Management Market and its impacts on the industry, which has shaped the market into its current position. Depending on the obtained data, the report provides future impactful points to the shareholder and the growing opportunities.
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The document discusses unlocking customer insights to drive business growth. It notes that only 28% of companies provide a good or excellent customer experience. It then provides examples of using customer data and analytics to increase revenue and profitability, expand product offerings, and enhance the customer experience. Specific use cases discussed include measuring risk-adjusted performance, aligning with customer life stages, implementing propensity modeling, and ensuring accurate corporate client profiles. The document concludes by discussing considerations for delivering effective, timely customer insights across the enterprise.
This document is a project report submitted by Rajat Jain for a post graduate diploma in management. The report focuses on conducting fundamental analysis of securities to suggest equity investments. It includes declarations, acknowledgements, an introduction on fundamental analysis and objectives. It discusses analyzing the economy, industry and companies. It also covers tools for fundamental analysis and profiles India Infoline, Tata Steel, Wipro and Sun Pharma to analyze their sectors, financials and make investment interpretations. The report aims to understand company performance, suggest investment opportunities and draw conclusions on the analysis.
The document analyzes the strategic management performance of the National Bank of Egypt (NBE). It notes that NBE achieved record performance in FY 2019/2020, with total deposits reaching EGP 1.6 trillion. NBE's deposits approached EGP 2 trillion by end-March 2021, highlighting customer confidence. The bank aims to be the leading entity in the Egyptian banking sector by maximizing financial intermediation efficiency while safeguarding deposits and maximizing shareholder returns. A SWOT analysis identifies NBE's strong brand and large network as strengths, and high non-performing loans as a weakness.
3. Bennett Lawrence Management, LLC (BLM) is a 100% employee owned registered
investment advisor, focused solely on domestic growth stock investments dedicated
to building clients’ wealth through fundamental research with superior client service.
Bennett Lawrence Management, LLC
$562 million1
– assets under management
Traditional Investment Strategies
All Cap Growth Equity
Midcap Growth Equity
Small Cap Growth Equity
1. Preliminary as of March 31, 2013 (in US$).
Firm Overview
Long / Short Strategies
Absolute Return
All Cap Growth Equity
(Domestic and Offshore)
Small Cap Growth Equity
4. The Bennett Lawrence Investment Team
Average Industry Experience
22 Years
Average Tenure at BLM
10 Years
Investment Professional Function Industry Experience Credentials
Van Schreiber
Chief Portfolio Manager
Managing Member
48 years
MBA, New York University
BS, Williams College
W. Alexander Ely
Portfolio Manager
Member
21 years BA, University of New Hampshire
Dina Pliotis
Consumer Analyst
Member
25 years
MBA, New York University
BS, Union College
Nathan A. Mahrer, CFA
Technology Analyst
Member
19 years
MBA, George Washington University
BS, Colorado School of Mines
Jason P. Gupta
Health Care Analyst
Member
10 years
MBA, The Wharton School
BA, University of Michigan
Amy Zhang
Industrial, Energy &
Basic Materials Analyst
11 years
MA, Dartmouth College
BA, Fudan University
6. Investment Philosophy
Earnings growth drives stock prices.
We believe that identifying major demand trends early
and investing in competitively advantaged companies
benefiting from these trends, will allow us to achieve our
objective of long-term capital appreciation.
7. Investment Process
General
Economic
Outlook
Identify
Dynamic
Themes
Invest in
Competitively
Advantaged
Companies
Manage Risk
Develop expectations
for economic growth,
inflation, interest rates
and overall U.S.
corporate profit growth
Establish minimum
earnings growth rate for
portfolios
Thematic investment
approach that is fully
adaptable
Identify at an early stage,
major demands trends
that are creating powerful
investment opportunities
First Mover Advantage
New Product Capability
Leading Industry Position
Strong Management Team
Healthy Financial Condition
Analyze stock, sector and
portfolio exposure
Comprehensive review of
benchmark and factor risk
8. Portfolio Management
Summary
Growth
Approximately 40 securities
Sector exposure limited to high growth segments of the market
Client-specific preferences reflected within portfolios
Sector diversification, strict selection and sell disciplines, robust factor
and comparative benchmark analysis
Individual positions are thoroughly analyzed by at least two investment
professionals before being added to the universe
Positions are generally trimmed if they appreciate to 6% of total portfolio
Decline of 15% from cost triggers a position review
Limited discovery potential
Competitors disappoint
Change in company fundamentals
Investment Style
Portfolio Structure
Risk Management
Company Selection
Sell Discipline
9. Risk Management
Factor Analysis Comparative Benchmark Analysis
Sophisticated software for factor analysis:
– Momentum
– Beta
– Volatility
– Growth
Momentum is generally our largest factor risk:
– Utilize Axioma risk model to:
• Optimize entry points
• Highlight extended positions
• Identify correlated risks
• Assist in navigating turns in the market
Portfolio characteristics versus benchmark:
– Valuation
– Beta
– Momentum
– Quality (ROE)
Benchmark performance attribution:
– Top/bottom performing benchmark holdings
(weighted & un-weighted)
– Top/bottom performing industry/sector groups
– Factor attribution related to benchmark performance
Portfolio weightings versus benchmark:
– Industry/sector comparison
– Top weightings per sector
10. Why Bennett Lawrence?
Firm:
– Established in 1995
– Senior management team, founders of BLM, in place over 15 years
– Central investment philosophy utilized for over 25 years (strategy employed since 1987)
Resources:
– Over 20 years’ average experience among team of 6 seasoned investment professionals
– Significant internal research capabilities:
• Uncover unique, high growth investment opportunities by conducting our own primary
research
• Field work, channel checks, surveys, industry conferences, one-on-one meetings, Wall
Street analysts and industry experts
– Robust risk management procedures
Incentives:
– Employee ownership allows for teamwork, accountability and succession
– Investment team is compensated to make sound investment decisions for clients
– Organization is focused solely on domestic growth stock investments
12. S&P 500 yield is greater than 10-year treasury yield
Allocations to equities are at historic lows
Massive amounts of liquidity
Interest rates are at ultra low levels
Decrease in Systematic Risk:
Unemployment stabilizing
Housing and autos are recovering
China growth rates improving
Europe stabilizing
Constructive Outlook for Equity Markets
13. Equipment
&
Machinery
Specialty Retail
Big Ticket Items
Software as a Service
Health Care Services
&
Providers
Biotechnology
Pharmaceuticals
Housing
Technology
Investment Trends & Themes
Linking Exciting Growth Opportunities
Capital Spending Health Care
Housing & Related
The above information is preliminary as of 3/31/13 and based on the Small Cap Growth Composite.
Big Ticket & Specialty Retail
14. Cyclical Growth: Move from Preservation to Appreciation
Massive amounts of Pent up Demand
Corporations and Governments have
improved balance sheets and are beginning
to reinvest capital:
- Pent up demand for replacement projects
- Increased infrastructure spending
- Rebounding industrial demand
Examples:
- Equipment and machinery
Individuals are purchasing things they want
vs. things they need
- Increased economic visibility and decreased
systematic risk
- Increase in consumer confidence and spending
- Shift in consumer buying behavior:
- 2008 to 2009: Staples
- 2010 to 2011: Retail
- 2012 to 2013: Big ticket items
Examples:
- New homes / home improvements
- Cars, Boats, Motorcycles
15. Secular Growth: Innovation Creating Opportunity
Software as a Service
- Shift from users seeking data from the internet to
companies using the internet to find data about its
users
- Cloud Computing: Increased need for storage,
security, processing and manipulation of data
- Companies seeking to monetize viewership
- Continued increase in wireless users
- Shift to smart devices (phones and tablets)
resulting in a need for stronger network capabilities
Biotechnology:
- Investment in late stage companies providing a
service or a drug meeting a previously unmet ne
- We seek companies with:
- Massive markets
- Proven data
- Premier product(s) already introduced in the
market
- Seeking to capitalize on peak revenues of premier
product(s) of such companies
- Decrease in systematic risk should compound
growth multiples
16. 17.5
8.2
7.3
14.8
17.8
16.4
7.2
6.2
13.2
14.5 14.8
9.0
7.0
15.1
19.0
0
2
4
6
8
10
12
14
16
18
20
YTD 1 year 3 year 5 year Since Inception*
Return (%)
BLMSmall Cap Grow th Composite (gross of fees) BLMSmall Cap Grow th Composite (net of fees) Russell 2000 Grow th Index
Historical Performance vs. Russell 2000 Growth Index
Small Cap Growth Composite1
1. Preliminary as of 3/31/13. Performance for periods greater than 1 year is annualized.
*Inception 4/1/04.
The information contained on this page is supplemental to the GIPS compliant composite
contained on the final pages of this presentation.
17. BLM Small Cap Growth Composite vs. Russell 2000 Growth Index
Sector weightings and top 10 holdings
Security Sector
% Net
Assets1
United Rentals, Inc. Industrials 4.83
Endologix, Inc. Health Care 4.60
Community Health Systems,
Inc.
Health Care 4.41
Manitowoc Company, Inc. Industrials 4.35
Dana Holding Corporation Consumer Discretionary 4.01
Cavium Inc. Information Technology 3.99
Aruba Networks, Inc. Information Technology 3.83
Splunk, Inc. Information Technology 3.68
Meritage Homes Corporation Consumer Discretionary 3.61
Brunswick Corporation Consumer Discretionary 3.55
Total 40.87
1. Preliminary as of 3/31/13.
Russell 2000 Growth Index sectors in which BLM had no weighting are not shown.
The information contained on this page is supplemental to the GIPS compliant composite
contained on the final pages of this presentation.
BLM Small Cap Growth Composite1
vs. Russell 2000 Growth Index
Energy
BLM Small Cap 2.7%
Russell 2000 5.7%
Consumer Staples
BLM Small Cap 0.8%
Russell 2000 4.6%
Financials
BLM Small Cap 3.3%
Russell 2000 7.9%
Healthcare
BLM Small Cap 20.7%
Russell 2000 20.5%
Industrials
BLM Small Cap 26.1%
Russell 2000 18.2%
Information
Technology
BLM Small Cap 21.7%
Russell 2000 21.4%
Consumer
Discretionary
BLM Small Cap 22.8%
Russell 2000 15.5%
Materials
BLM Small Cap 1.4%
Russell 2000 5.1%
Cash
BLM Small Cap 0.6%
18. BLM Small Cap
Growth Composite1
Russell 2000
Growth Index
P/E 2013 (ex-neg)2
28.1x 24.6x
2013/2012 EPS Growth Rate2
50.6% 24.4%
2013 PEG Ratio 0.56 1.01
Weighted Avg. Market Cap $2,415 MM $1.750 MM
Median Market Cap $2,337 MM $677 MM
1. Preliminary as of 3/31/13. Inception 4/1/04.
2. EPS Growth and P/E figures are weighted.
3. Annualized.
The information contained on this page is supplemental to the GIPS compliant composite
contained on the final pages of this presentation.
BLM Small Cap
Growth Composite
(3-Year)1
Russell 2000
Growth Index
Alpha 2.12 -
Beta 1.05 1.00
R-Squared 0.91 1.00
Sharpe Ratio3
0.70 0.65
Standard Deviation3
24.98 22.58
BLM Small Cap Growth Composite vs. Russell 2000 Growth Index
Portfolio Characteristics
19. BLM Small Cap Growth Composite
Peer Group Rankings
Source: PSN Enterprise
BENNETT LAWRENCE SMALL CAP GROWTH
QUARTILE RANKING BAR
PSN SMALL CAP GROWTH
PERIODS ENDING MARCH 31, 2013
-5
0
5
10
15
20
25
30
RATEOFRETURN
3/2012-3/2013 3/2010-3/2013 3/2008-3/2013 3/2004-3/2013
HIGH (0.05) 22.35 19.86 13.85 11.08
FIRST QUARTILE 16.26 17.64 11.30 9.09
MEDIAN 13.10 15.59 9.45 7.89
THIRD QUARTILE 9.94 13.46 7.40 6.85
LOW (0.95) 2.59 8.16 4.28 3.80
MEAN 12.94 15.39 9.23 7.79
VALID COUNT 168 163 151 121
Bennett Lawrence Small Cap Growth
Russell 2000 Growth
3/2012-3/2013 3/2010-3/2013 3/2008-3/2013 3/2004-3/2013
VALUE RANK VALUE RANK VALUE RANK VALUE RANK
18.96 10 17.50 26 8.23 67 7.27 65
14.52 39 14.75 60 9.04 52 7.00 71
21. Bennett Lawrence Small Cap Growth Composite
*Performance returns are preliminary as of March 31, 2013.
• Returns are time weighted. The Small Cap Growth Composite includes all fully discretionary accounts under management. Figures are not audited and are subject
to change. Individual investor results will vary.
• Performance results are net of commissions paid on securities transactions and margin interest paid, and include dividends and interest earned.
• Net returns reflect the deduction from the gross returns of an annual 1% management fee charged on a quarterly basis, which represents the highest advisory fee.
Bennett Lawrence Management, LLC
• The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any of the
investments identified herein will remain in portfolios managed by Bennett Lawrence Management, LLC (BLM) or that information provided herein will remain the
same at the time you receive this report. The investments identified do not represent all of the investments purchased, sold or held by portfolios managed by BLM.
It should not be assumed that investments were or will be profitable.
• Portfolio characteristics are calculated by Bennett Lawrence Management, LLC, FactSet and PSN-Effron Enterprises, Inc.
Russell 2000 Growth Index & S&P 500 Index
• The figures for the Russell Index and S&P 500 Index include dividends received and their reinvestment. The index returns do not, however, reflect any brokerage
commissions or management fees that might be incurred in actually investing in the securities representing these indexes. The Russell Investment Group is the
source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. Index
returns are calculated by the Frank Russell Company and Standard and Poor’s.
• An investor cannot directly invest in an index.
PSN Universe
• The PSN universe is comprised of a group of composites/products with a similar investment objective. Performance is calculated by PSN. Performance is gross of
fees. Gross returns do not reflect the deduction of investment advisory fees. The deduction of such fees or other expenses will reduce a client’s return.
Disclosures
Past performance is not a guarantee of future results.
22. Small Cap Composite GIPS Compliant Presentation
Annual Disclosure
Composite Assets Annual Performance Returns
Year
End
Total Firm
Assets
(millions)
USD
(millions)
Number
of
Accounts
Composite
Gross
Composite
Net
Russell
2000
Growth
Composite
Dispersion
2011 503 16 3 0.26% -0.75% -2.91% 0.00%
2010 558 37 3 24.57% 23.39% 29.09% 0.00%
2009 782 51 5 34.98% 33.72% 34.47% 0.33%
2008 832 43 5 -54.68% -55.23% -38.54% 0.07%
2007 1,802 232 6 25.95% 24.76% 7.05% 0.29%
2006 1,753 180 5 4.75% 3.72% 13.35% N.A.
2005 2,007 33 1 12.45% 11.35% 4.15% N.A.
YTD 2004* 1,423 33 1 14.84% 14.02% 8.26% N.A.
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
* YTD 2004 performance is from April 1, 2004 through December 31, 2004.
Small Cap Composite contains fully discretionary small cap accounts and for comparison purposes is measured against the Russell 2000 Growth Index.
Bennett Lawrence Management, LLC (BLM) claims compliance with the Global Investment Performance Standards (GIPS®
) and has prepared and presented this report in compliance with
the GIPS standards. BLM has been independently verified for the periods October 1, 1997 through December 31, 2007 by Ashland Partners & Company LLP.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures
are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The Small Cap
Composite has been examined for the periods April 1, 2004 through December 31, 2007. The verification and performance examination reports are available upon request.
BLM is an independent investment adviser registered under the Investment Advisers Act of 1940. The Small Cap Composite was created April 2004. A list of composite descriptions is
available upon request.
Returns are based on fully discretionary accounts under management, including those accounts no longer with the firm. The U.S. Dollar is the currency used to express performance returns.
Returns are net of commissions on securities transactions and margin interest paid, and includes dividends and interest earned. Gross returns are gross of management fees paid. Net returns
reflect the deduction from the gross returns of an annual 1% management fee schedule charged on a quarterly basis, which represents the highest advisory fee. Actual management fees
incurred by clients may vary. Past performance is not indicative of future results.
23. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies
for calculating and reporting returns is available upon request.
The composite policy prior to January 1, 2011 required the temporary removal of any portfolio incurring a client initiated significant cash flow where there is a 50% or greater inflow or a
10% or greater outflow of the portfolio assets. The significant cash inflow or outflow generated multiple transactions that would not fully represent the strategy. The temporary removal of
such an account to a non-discretionary composite occurred at the beginning of the calendar quarter in which the significant cash flow occurs and the account re-entered the composite at the
beginning of the calendar quarter following a full calendar quarter after the cash flow. The composite policy now requires the temporary removal of any portfolio incurring a client initiated
significant cash flow where there is a 25% or greater inflow or outflow of the portfolio assets. The significant cash inflow or outflow would generate multiple transactions that would not
fully represent the strategy. The temporary removal of such an account to a non-discretionary composite occurs at the beginning of the calendar quarter in which the significant cash flow
occurs and the account re-enters the composite at the beginning of the calendar quarter following, at minimum, 30 calendar days after the cash flow. Additional information regarding the
treatment of significant cash flows is available upon request.
The figures for the Russell 2000 Growth Index include dividends received and their timely reinvestment. The Index returns do not however, reflect any brokerage commissions or
management fees that might be incurred in actually investing in the securities representing this index. The Index returns are calculated by the Frank Russell Company.
At December 31, 2011, the three-year annualized ex-post standard deviation of the Small Cap Composite’s gross returns and the Russell 2000 Growth Index are 1.86% and 1.91%,
respectively.
Small Cap Composite GIPS Compliant Presentation
Annual Disclosure
Editor's Notes
Outperformed the benchmark average for the Quarter, 3 year, 5 year and since inception time periods.
Outperformed the benchmark average for the Quarter, 3 year, 5 year and since inception time periods.
Outperformed the benchmark average for the Quarter, 3 year, 5 year and since inception time periods.