Investment Objective

To provide superior risk-adjusted returns and consistently outperform the Russell 3000 Value Index over a full market cycle (typically 3-5 years). We aim to accomplish this by creating portfolios of companies we expect to exceed “street” expectations and that trade at discounts to our in-house calculations of fair value.

Philosophy

  • Fundamental and research driven approach to identifying companies with growth rates well above the average for the value benchmark and price ratios (at purchase) that are noticeably lower than the benchmark’s average.
  • Identify companies that exhibit superior business models with good growth potential
  • Identify operating and competitive characteristics that provide downside protection
  • Favor companies that produce positive earnings surprises which result in multiple expansion
  • Attractive valuations in favor of stocks with PE multiples lower than the earnings growth rate

Portfolio Structure

  • Concentrated portfolio of typically 40 to 80 securities
  • Minimum market cap of $100 million; no maximum market cap
  • Broadly diversified by industry and sector
  • Turnover range typically 30-50%
  • Fully invested

Monthly Returns available upon request:

info@timllc.com

Returns greater than 12 months have been annualized. Current quarter returns subject to performance examination. Performance represents the dollar weighted results of all accounts with substantially similar investment objectives, policies, strategies and risks present for the entire quarter managed by Transamerica Investment Management, LLC. Non-performance material such as, but not limited to, portfolio level fundamentals are deemed supplemental and complements the performance disclosure below which is an integral part of this presentation. 

All Cap Value (Commission) Composite contains fully discretionary all cap value equity commission accounts. For comparison purposes, the composite is measured against the Russell 3000 Value Index. Prior to January 1, 2004, the composite was measured against a 50/50 blend of the Russell 1000 Value and Russell 2000 Value indices which was calculated on a monthly basis. This blend was used for general industry-wide comparative purposes only and may have reflected moderately higher or lower asset allocations than the composite, as composite allocations and the portfolio allocation ranges within the composite will vary over time. The benchmark was changed to more accurately reflect the strategy of the composite. This composite was previously known as Multicap Value (Commission) Composite. The minimum account size for this composite is $100 thousand.

Transamerica Investment Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Transamerica Investment Management, LLC is an SEC-registered investment adviser, which commenced operations as of January 1, 2000.  Transamerica Investment Management, LLC is controlled by Transamerica Investment Services, Inc., which became part of the AEGON Group of companies in July 1999.  The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of at least 25% of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the first full month after the cash flow. Prior to January 1, 2003, an external cash flow of at least 10% of the portfolio assets would trigger a removal. Additional information regarding the treatment of significant cash flows is available upon request. 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 was calculated using the highest management fee of 0.85% applied monthly. The annual composite dispersion measure presented is an asset-weighted standard deviation calculated for the 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 All Cap Value (Commission) Composite was created September 1, 2001. Performance presented prior to September 1, 2001 occurred while the Portfolio Manager was affiliated with a prior firm and the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell. Transamerica Investment Management, LLC's compliance with the GIPS standards has been verified for the period January 1, 2000, through December 31, 2007, by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the All Cap Value (Commission) Composite beginning September 1, 2001. A copy of the verification report is available upon request. The firm maintains a complete list and description of composites, which is available upon request.

 

The investment advisory fees for institutional accounts in the US All Cap Value Composite are:

$0-25 million 0.85%
$25-50 million 0.80%
$50-100 million 0.75%
Remaining assets 0.70%
*Fees may be negotiated, depending on various factors, which may include the services required by the client and the size of the account.
 
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