For questions on performance, please contact us.
   
Specialty Equity
Minimum Account Size: $500,000
Client Contact:

William M. Carey
Thomas Podlesny


First Quarter 2008 Update

Characteristics

Cortland

S&P 500

Russell
2000

Avg. Mkt. Cap.

$9.9B

$49.6B

$1.0B

Price/Earnings

20.8X

19.5X

25.0X

Beta

0.65

1.00

1.12

Qtr. Stan. Dev.

6.8%

7.7%

10.3%

Cortland Associates: Capital Preservation & Capital Growth Historical Cumulative Performance
(view graph)

Long-Term Performance Results*
(view graph)

 
Investment Philosophy
 

Founded in 1989, Cortland Associates is a firm of professional investment counselors committed to managing the assets of a limited number of private individuals, charitable organizations and employee benefit plans. The firm’s philosophy of value-oriented, risk-adverse investing is based on maintaining a focused portfolio of companies that have been analyzed with thorough due diligence.

Cortland Associates’ goal is to provide not only superior investment results, but also dedicated, personalized investment counseling. Portfolio managers are available for individual private discussions as frequently as deemed appropriate by the client. By assigning both a primary and secondary portfolio manager to each client, Cortland Associates obtains thorough knowledge and appreciation of each client’s specific financial goals and risk tolerance.

Cortland Associates has developed specific analytical and management strengths. These include:

  • A disciplined investment process based on rigorous fundamental analysis and continuous review of companies represented in the portfolios;
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  • An investment philosophy which is both risk adverse and value-oriented;

  • An operating structure which strictly limits the number of clients accepted and the number of investments held in the portfolios;

  • An asset allocation process that utilizes the consulting services of its economic advisor, Dr. Murray Weidenbaum, President Reagan’s first Chairman of the Council of Economic Advisors;

  • A portfolio management team consisting solely of the firm’s principals;

  • An advisory board comprised of industry leaders in the fields of venture capital, leverage buyouts, investment management and merger & acquisitions;

  • A portfolio management team that personally invests in the same securities as those included in client portfolios.

*Disclosure Information
The equity composite (fully discretionary equity accounts without special requirements) consists of accounts that are managed with a view towards capital appreciation. Returns reflect the reinvestment of dividends and other earnings. Performance results reflect the deduction of advisory fees, brokerage or other commissions and other expenses charged to client accounts. First Quarter 2008 Performance results are preliminary results. The Russell 2000 Index is an unmanaged index that assumes reinvestment of all dividends and distributions and is generally considered representative of the U.S. equity market for small and mid-capitalization common stocks.