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Disclosure
A complete list and description of all the firm's composites and individual securities'
transactions and returns for the past twelve months are available upon request.
Past performance is not indicative of future results. Your account value will fluctuate
such that it may be worth more or less than its beginning value upon redemption. Actual
results may differ from composite results depending on the size of the account,
investment restrictions, when the account isd, and other factors. The performance
results presented include the reinvestment of dividends and other earnings.
The performance in this presentation are gross performance numbers and do not reflect
the deduction of investment advisory fees. BCM client performance returns will be reduced
by the advisory fees and any other expenses incurred in the management of the account.
For example, an account with a hypothetical compounded annual total return of 16.5%
would have increased by 360% over 10 years. Assuming an annual advisory fee of 1.00%,
this increase would be 322% over ten years. BCM’s investment advisory fees are described
in Part II of our Form ADV.
The performance numbers in this presentation were generated with an investment
philosophy and methodology similar to that described in this presentation. Future
investment, however, will be made under different economic conditions and in different
securities than were used by BCM during the time discussed herein. It should not be
assumed that future investors will experience returns, if any, comparable to those
discussed herein. The information given is historic and should not be taken as any
indication of future performance.
Standard & Poor’s 500® Index is an unmanaged index that includes the reinvestment of
dividends but does not include adjustments for brokerage, custodian, and investment
management fees. The S&P 500 is generally considered representative of the U.S. large
capitalization market. The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market-value weighted index. The
firm believes that this is an appropriate index of comparison for its equity performance
results.
The NASDAQ Composite® Index measures all NASDAQ domestic and non-U.S. based common
stocks listed on the NASDAQ Stock Market (over 5000 companies). The Index is market-value
weighted. This means that each company’s security affects the Index in proportion to its
market value. The market value is related to the total value of the Index. Because it is
so broad-based, the Composite is one of the most widely followed and quoted major market
indexes.
IBES is a statistical service that provides an average estimate of various analyst’s
projection of financial ratios. There can be no assurance that past performance can be
perfectly projected into the future. These are estimates only.
The S&P Barra Growth Index is a capitalization-weighted index. It is designed to
represent approximately 50% of the total capitalization of the S&P index. Inclusion
into the index is solely determined by the price-to-book ratios of the constituent
securities of the S&P 500.
The Russell 1000® Growth Index are those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth rates.
The Russell 1000® Value Index are those 1000 companies with lower price-to-book
ratios and lower forecasted growth rates.
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