Investment Objective
Our goal in the TIM Concentrated All Cap Growth portfolios is to provide superior risk-adjusted returns and long-term capital appreciation and to outperform relative benchmarks such as the Russell 3000 Growth Index over a full market cycle (typically 3-5 years).
Philosophy
- Fundamental and research driven approach to investing in a focused portfolio of unique business franchises where management strategies for growth and improving business fundamentals will increase intrinsic business value.
- Team oriented investment decision-making process encompassing in-house research
- Identify catalysts for secular and fundamental change
- Companies that exhibit: sustainable business models, superior managements and substantial increases in discretionary free cash flow
- Attractive valuations based on discounted cash flow analysis
Portfolio Structure
- Concentrated portfolios of generally 25 to 35 securities
- Minimum market cap of $100 million (at time of purchase); no maximum market cap
- Broadly diversified by industry and sector
- Turnover range typically 20-40%
- Generally fully invested
Monthly Returns available upon request:
info@timllc.com
Annualized
and calendar year performance returns represent, and are supplemental
information to, the Concentrated All Cap Growth Composite presentation and
disclosures of Transamerica Investment Management, LLC as provided within the
performance window shown, which are integral part of this presentation. Returns
under one year are not annualized. Concentrated All Cap Growth Composite
contains fully discretionary all cap growth equity accounts and for comparison
purposes is measured against the Russell 3000 Growth Index; the Russell 2500
Growth Index was the primary index prior to January 1, 2006 and is provided as
supplemental information only. Gross of fee returns include transactions costs
and accrued income and dividends but do not reflect the deduction of investment
advisory fees. Net of fee performance is calculated using the monthly fraction
of the highest annual management fee of 0.85%. Past performance is no guarantee
of future results.
Material such
as, but not limited to, portfolio level fundamentals (characteristics) are
deemed supplemental information and complements the performance disclosures
which are an integral part of this presentation. Portfolio characteristics
above reflect a representative account as of June 30, 2010, and are subject to
change without notice. Individual account holdings may vary based on
restrictions, substitutions, cash flows and other factors. Source for
characteristics: Thomson Portfolio Analytics. Risk statistics are calculated
using gross-of-fee returns versus the benchmarks shown-see Concentrated All Cap
Composite presentation and disclosures for additional information on benchmarks;
risk statistics calculated using net-of-fee returns may vary. Source for risk
statistics: eVestment Analytics.
CONCENTRATED ALL CAP GROWTH
COMPOSITE PRESENTATION
|
Period |
Total Firm
Assets
(Millions) |
Composite Assets |
Periodic Performance Results |
|
USD
(Millions) |
Number of Accounts |
Composite
Gross |
Composite
Net |
Russell 3000®
Growth |
Russell 2500™ Growth |
Composite Dispersion |
|
2010 Q2 |
13,390 |
337 |
≤5 |
-13.11% |
-13.31% |
-11.55% |
-9.77% |
|
|
2010 Q1 |
16,768 |
401 |
≤5 |
6.32% |
6.09% |
4.87% |
8.81% |
|
|
2009 |
16,404 |
393 |
≤5 |
45.23% |
44.04% |
37.01% |
41.66% |
N/A |
|
2008 |
14,464 |
115 |
≤5 |
-40.69% |
-41.22% |
-38.44% |
-41.50% |
N/A |
|
2007 |
23,804 |
227 |
≤5 |
23.34% |
22.31% |
11.40% |
9.69% |
N/A |
|
2006 |
23,380 |
214 |
≤5 |
7.34% |
6.44% |
9.46% |
12.26% |
N/A |
|
2005 |
19,668 |
247 |
≤5 |
20.43% |
19.43% |
5.17% |
8.17% |
N/A |
|
2004 |
22,043 |
227 |
≤5 |
16.19% |
15.22% |
6.92% |
14.59% |
N/A |
|
2003 |
14,657 |
206 |
≤5 |
41.03% |
39.87% |
30.95% |
46.31% |
N/A |
|
2002 |
11,633 |
141 |
≤5 |
-26.86% |
-27.50% |
-28.05% |
-29.08% |
N/A |
|
2001 |
11,778 |
185 |
≤5 |
-23.61% |
-24.27% |
-19.62% |
-10.83% |
N/A |
|
2000 |
9,413 |
245 |
≤5 |
-17.62% |
-18.34% |
-22.43% |
-16.10% |
N/A |
|
1999 |
10,935 |
274 |
≤5 |
55.59% |
54.31% |
33.82% |
55.50% |
N/A |
|
1998 |
42,234 |
181 |
≤5 |
85.64% |
84.14% |
35.04% |
3.09% |
N/A |
|
1997 Q4 |
37,743 |
13 |
≤5 |
-4.19% |
-4.39% |
0.49% |
-8.01% |
|
|
1997 Q3 |
|
11 |
≤5 |
27.68% |
27.43% |
8.43% |
16.64% |
|
N/A – Information is not
statistically meaningful due to an insufficient number of portfolios in the
composite for the entire year.
|
Performance Results as of June 30, 2010
(Results
for periods greater than 12 months have been annualized) |
|
|
YTD |
1 YEAR |
3 YEAR |
5 YEAR |
10 YEAR |
INCEPTION |
|
Composite Gross |
-7.63% |
13.61% |
-3.29% |
4.92% |
-1.01% |
9.82% |
|
Composite Net |
-8.02% |
12.66% |
-4.12% |
4.03% |
-1.85% |
8.90% |
|
Russell 3000® Growth |
-7.25% |
13.95% |
-6.97% |
0.44% |
-4.89% |
1.67% |
|
Russell 2500™ Growth |
-1.82% |
21.44% |
-7.10% |
1.81% |
-1.06% |
3.97% |
|
Historical Blended Benchmark |
-7.25% |
13.95% |
-6.97% |
0.81% |
-1.54% |
3.57% |
Concentrated All Cap Growth Composite
contains fully discretionary all-cap-growth equity accounts and for
comparison purposes is measured against the Russell 3000® Growth
Index. The Russell 2500™ Growth Index was
the primary index prior to January 1, 2006, and is currently presented as
supplemental information only. The benchmark change was made because the
Russell 3000® Growth Index more accurately reflects the composite
strategy. The composite’s benchmark history is reflected in the Historical
Blended Benchmark. This composite was previously
known as
Concentrated Multicap Growth, Multicap Growth, and Aggressive Growth
Composite.
Beginning January 1, 2002, the minimum account size for this composite is
$10 million. Prior to January 1, 2002, no minimum account size was required.
Transamerica Investment Management,
LLC (TIM) is an SEC-registered investment adviser that commenced operations
on January 1, 2000. TIM is controlled by Transamerica Investment Services,
LLC (formerly Transamerica Investment Services, Inc.), which became part of
the AEGON Group of companies on July 21, 1999.
Transamerica
Investment Management, LLC has prepared and presented this report in
compliance with the Global Investment Performance Standards (GIPS®).
TIM’s compliance with GIPS has been verified for the period January 1, 2000,
through
June 30, 2008,
by Ashland Partners & Company LLP. In addition, performance examinations on
the Concentrated All Cap Growth Composite were conducted by Ashland Partners
& Company LLP for the period since January 1, 2000. A copy of the
verification report is available upon request.
The
Concentrated All Cap
Growth Composite was created
on July 1, 2001, and has an inception date of July 1, 1997. Performance
presented prior to January 1, 2000, was generated under Transamerica
Investment Services, Inc.
Results 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 are presented gross and net of
management fees and include the reinvestment of all income. Net-of-fee
performance is calculated using the monthly fraction of the highest annual
management fee of 0.85%. The annual composite dispersion measure presented
is an asset-weighted standard deviation calculation based on accounts in the
composite the entire year. Additional information regarding policies for
calculating and reporting returns is available upon request. Past
performance is not indicative of future results and individual account
performance may vary. The firm maintains a complete list and description of
composites, which is available upon request.
The investment management fee schedule for the Concentrated All Cap Growth
Composite is listed below; actual investment advisory fees incurred by
clients may vary.
First $25 million
0.85%
Next $25
million 0.80%
Next $50
million 0.75%
Remaining
assets 0.70%