15. Recent Buys Company Name Symbol Sector American Science ASEI Industrials Dolby DLB Information Tech. Quicksilver KGS Utilities AEROPOSTALE ARO Consumer Dis. Freeport McMoRan FCX Basic Materials JP Morgan Chase JPM Financial
17. Recent Sells Company Name Symbol Sector Cabot Corporation CBT Basic Materials Diamond Offshore Drilling DO Energy Toronto Dominion TD Financials Lockheed Martin LMT Industrials Fluor FLR Industrials
20. SIF Best Performers Includes only companies we have held the entire year… Company Name Symbol Sector Church & Dwight CHD Consumer Staples General Mills GIS Consumer Staples Watson Pharmaceuticals WPI Healthcare Colgate Palmolive CL Consumer Staples Chattem CHTT Healthcare
22. SIF Worst Performers Includes only companies we have held the entire year… Company Name Symbol Sector BHP Billiton BHP Basic Materials Adobe Systems Inc. ADBE Information Technology Murphy Oil MUR Energy Core Laboratories CLB Energy Noble Corporation NE Energy
24. Performance thru 2/28/2009 Cumulative Returns UAF Student Large Stocks Small Stocks Investment Fund S&P 500 Russell 2000 YTD Return ** -10.9% -18.2% -22.1% 1 Year -40.1% -43.3% -43.2% 2 Year -18.5% -26.1% -29.5% 3 Year -10.8% -15.1% -18.2% 4 Year -4.3% -9.8% -10.7% 5 Year -0.4% -6.6% -6.9% 10 Year 1.2% -3.4% 1.1% Since Inception (Apr 91) 7.2% 5.2% * * Russell 2000 index data is not available ** Year-to-date (YTD) returns are not annualized by convention
27. Risk Adjusted Performance The Capital Asset Pricing Model (CAPM) explains the relationship between risk and expected return in equilibrium. The rate of return on an actively managed portfolio in excess of what is explained by CAPM is commonly referred to alpha ( α ). Alpha is a measure of added-value and is commonly used to evaluate the performance of portfolio managers.