We publish our clients’ average portfolio performance compared with the appropriate benchmark return for your information.  Please note that past performance is no guarantee of future results.  The investment return and the value of an investment in a Pine Cone Capital advisory account will fluctuate over time and in the future may be worth more or less than the original investment.
 

Year	Gross of Fees Return Avg %	Net of Fees Return Avg %	Bench-mark Return %	Number of Portfolios	Internal Dispersion %	Total Composite Assets $MM	Total Firm Assets $MM
2004	13.4%	12.5%	7.4%	4	3.3%	$0.6	$3.8
2005	10.0%	9.1%	2.9%	13	3.6%	$2.2	$7.2
2006	8.4%	7.5%	10.5%	21	3.6%	$4.4	$9.3
2007	8.7%	7.8%	4.9%	26	4.3%	$5.8	$11.4

 

Year	Gross of Fees Return Avg %	Net of Fees Return Avg %	Bench-mark Return %	Number of Portfolios	Internal Dispersion %	Total Composite Assets $MM	Total Firm Assets $MM
2005	5.1%	4.2%	2.8%	4	1.5%	$0.8	$7.2
2006	6.4%	5.5%	7.8%	5	2.5%	$1.1	$9.3
2007	8.5%	7.6%	6.1%	7	2.6%	$1.1	$11.4

 
All discretionary client portfolios with a minimum of $50,000 in assets under Pine Cone Capital advisement for a minimum of 6 months are included in one of the composite portfolios shown above.  All returns are total portfolio returns reported on a pre-tax basis.  Moderately aggressive to aggressive composite portfolios have a target allocation of more than 50% equities; the benchmark return for this composite is the change in the index price for a 65-35 portfolio of the S&P 500 - Lehman US Aggregate Bond Index as reported in the Wall Street Journal.  Conservative to moderate composite portfolios have a target allocation equal to or less than 50% equities; the benchmark return for this composite is the change in index price for a 35-65 portfolio of the S&P 500 - Lehman US Aggregate Bond Index as reported in the Wall Street Journal.  An account is deemed discretionary if PCC has discretion to invest over 85% of client assets according to our recommendations.  Returns are calculated on a time weighted basis to accommodate portfolio cash inflows and outflows timed to the nearest month end statement.
 
We have attempted to follow the Global Investment Performance Standards (GIPS®) in calculating and reporting these performance results, but the results have not been audited for compliance with GIPS nor have they been certified by any third party agency.  As such, Pine Cone Capital does not claim to be in compliance with GIPS.  GIPS is an internationally recognized and broadly accepted standard for ensuring fair representation and ethical and adequate disclosure for calculating and presenting investment performance used throughout the world.