HomeMy WebLinkAbout2003 04 29 Hand Out from Blake Martin
Period Ending ~ STI Classic Small Cap Growth Stock Fund
March 31, 2003
Value Blend Growth
Large
Medium
Small
Investment Category
Small Growth
Securitv %Equity
Priority Healthcare 1.4%
STERIS Corp. 1.4%
Pharm. Prod. Dev. 1.3%
Taro Pharmaceutical 1.3%
Western Digital 1.3%
Characteristic
Dividend Yield (Current)
EPS Growth (5 yr est.)
Market Capitalization ($bil)
Price-to-Book
P/E (12 months trailing)
Return on Equity
Ticker: SSCTX The fund seeks long-term
Expense Ratio: 1.20% capital appreciation by
investing in the stocks of
NAV: $12.65 companies with market
Assets (mil): $474.2 capitalization between $50
million and $2 billion at the
time of purchase.
Securitv %Equity
Covance Inc. 1.2%
Dot Hills Systems 1.2%
Integra Lifescience 1.2%
Merit Medical Sys 1.2%
Cott Corp 1.1
Fund
0.3%
20.4%
0.7
1.9x
17.2x
12.4%
Small
Cap 600
1.0%
15.5%
0.8
1.6x
14.8x
12.4%
Consumer Discretionary
Consumer Staples
Energy
Fnancials
Healthcare
Industrials
Inf orngtbn Technology
fvgterials
Telecom Services
0.2
UtilRies 0.3 %
Cash: 0.6%
U.S. Stocks: 99.4%
ns%
19.3
3.9
3.9°~0
11.1
s.1~°
s.o%
14.5
18.7
12.2%
17.1
20.2
21.s~
14.6°0
z.1
4.7
1.5%
^ Fund
a.3 % ^ S&P Small Cap 600 Index
- -. - - -
Annualized
Three Year- One Three Five Seven Inception
Months to-Date Year Years Years Years 10/01/1998
Fund -6.4% -6.4% -28.5% -11.7% WA N/A 8.0%
`=~k' ~ snla~i C~~ 600 IIICIP_k J.i3°. -J.O`". ~.. .~°;: i) a`'_ - ~~`=
Lipper Small Cap Growth Classification -4.0% -4.0% -30.8% -22.1% -5.0% 1.1%
City of Winter Springs General Employee's Pension Plan TRUSCO CAPITAL MANAGEMENT
~ Y
Period Ending
March 31, 2003 STI Classic Smal I Cap Growth took Fun - continued
War concerns, economic malaise,
and corresponding corporate profit
worries kept the market at bay during
the first quarter. The Small Cap
Growth Fund posted a return of
-6.4% versus -5.8% and -4.5% for
the S&P 600 and Russell 2000
indices, respectively. Performance
against the peer group was no better
as the Lipper Small Cap Growth
average returned -4.0%. In what
turned out to be one of the more
difficult quarters in the Fund's history,
weak stock selection in the
Consumer Discretionary, Financials,
and Industrials sectors more than
offset good performance from the
Technology and Energy sectors. In
addition, poor performance among
some of the Fund's larger holdings,
including the largest holding at the
beginning of the year, dampened the
results.
1998
First Quarter
Second Quarter
Third Quarter
Fourth Quarter 46.3%
Fund 0.0%
~?.I' ~maB Cap 600 Index ' 3~'<
Lipper Small Cap Growlh Classification 5.4%
1999 2000 2001 2002 2003
-11.4% 16.4% -10.6% 1.1% -6.4%
20.8% -0.1% 16.0% -10.2%
-5.2% 0.3% -22.8% -19.9%
18.8% -4.1 % 23.9% 6.2%
20.6% 11.8% -0.8% -22.7% -6.4%
~~ -7a°.
63.4% -6.2% -11.3% -29.7% -4.0%
Fund Manager:
Mark Garfinkel, CFA
~ ~~~ ~ ~ i~
$30, 000
$25, 000
$20, o00
$i s,ooo
$ i o,ooo
$5,000
• - - - -
3Year
Sharpe Std.
Alpha Beta R-Squared Ratio Deviation
Fund -0.6 1.2 91.0 -0.6 25.0
SR~P Small Cap 60C Index ;1 C' '•00.0 -0.3 2Q~
~ ~~r
City of Winter Springs General Employee's Pension Plan TRUSCO CAPITAL MANAGEMENT
$0
occ-ss oct-ss oct-oo oct-oi oct-oz
Fund S&P Small Cap 600 Intlex
Period Ending ~ STI Classic Small Cap Value Fund
March 31, 2003
Value Blend Growth
Large
Medium
Small
Investment Cateaorv
Small Value
Securitv %Equity
Autodesk Inc. 4.8%
Harris Corp. 3.7%
Church & Dwight 3.0%
Pittston Co. 2.5%
Alpharma Inc. 2.3%
e • • • - h
Characteristic
Dividend Yield (Current)
EPS Growth (5 yr est.)
Market Capitalization ($bil)
Price-to-Book
P/E (12 months trailing)
Return on Equity
~ - • •
Ticker: SCETX
Expense Ratio: 1.25%
NAV: $11.96
Assets (mil): $438.5
Securitv %Equity
Harman Intl Inds 2.3%
CP Ships Ltd. 2.2%
Embraer Empress 2.1
Fairmont Hotels 2.0%
Lubrizol Corp. 1.9%
Russell
Fund 2000 Value
2.3% 2.2°%
12.4% 13.0%
1.2 0.6
1.4x 1.2x
13.6x 11.9x
11.5% 4.8%
The fund seeks long-term
capital growth and income by
investing in the stocks of
companies with a market
capitalization between $50
million and $2 billion.
Consumer Discretionary
Consumer Staples
Ener9Y
Financials
Healthcare
Industrials
Information Technobgy
Materials
~ o.o %
Telecom Services .
1.2%
Utilities IIIIIIIIII_
Cash: 0.5%
U.S. Stocks: 84.9%
Non-U.S. Stocks 14.6%
30.3
^ Fund
^ Russell 2000 Value Index
Annualized
Three Year- One Three Five Seven Inception
Months to-Date Year Years Years Years 8/31/1994
Fund -6.4% -6.4% -16.2% 11.1 % 0.2% 8.9% 11.8%
ussell 2U00 Value Index -5. 1°u , ~ 2:5 .,s == :`~, „ u=„ ~ - y_~i~',
Lipper Small Cap Value Index -5.8% -5.8% -22.5% 3.2% -0.1% 6.9% 8.2%
~ 1ss%
13.6 %
City of Winter Springs General Employee's Pension Plan TRUSCO CAPITAL MANAGEMENT
t
Period Ending
March 31, 2003 STI Classic Small Cap Value Fund -continued
The STI Classic Small Cap
Value fund returned -6.4% for
the quarter. This compares to a
-5.1 % return for the Russell 2000
Value Index. The Fund
benefited from stock selection
this quarter, particularly in
Information Technology, Health
Care, and Materials. Being
overweighted in Industrials,
Materials, and Consumer
Staples hurt performance in the
quarter, however we find
valuations attractive and believe
that these industries will be the
first to benefit from the
conclusion of the war and
economic recovery. We
continue to monitor the economy
for signs of a turn around and
position the Fund accordingly.
We remain optimistic given an
18-24 month time horizon and
optimistic about the outlook for
equity prices in general and the
Fund's holdings in particular.
Fund Manager:
Brett Barner CFA
1996 1997 1998 1999 2000 2001 2002 2003
First Quarter 8.3% 4.8% 9.7% -13.3% -4.1% 5.5% 9.7% -6.4%
Second Quarter 6.2% 15.0% -8.9% 19.8% 5.9% 8.9% -1.8% N/A
Third Quarter 4.0% 12.5% -22.0% -8.1% 6.7% -8.1% -12.6% N/A
Fourth Quarter 12.2% -2.1% 11.0% 1.9% 9.0% 14.9% 4.3% N/A
Fund 34.2% 32.6% -13.5% -2.7% 18.0% 21.2% -1.7% -6.4%
Lipper Small Cap Value Index 20.2% 28.8% -6.7% 1.9% 16.1% 17.2% -11.2% -5.8%
$40.000
$35.000 ~
$30.000 -
$25.000
$20.0°0
$, 6.0~
$,0.00 .
$5.x00
Sep-94 Sep-95 Sep-96 Sep-97 Sep-9H Sep-99 Sep-00 Sep-01 Sep-02
Fund Russell 2000 Value
• - -
3 Year
Alpha Beta R-Squared Sharpe Std. Deviation
Fund 6.27 0.74 93.84 0.26 16.66
Russell 2000 Vafue index 0.OC~ 1.00 100.00 0.07 21.62
City of Winter Springs General Employee's Pension Plan TRUSCO CAPITAL MANAGEMENT