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Appendix B: ANNUAL RETURN OF 14 SAMPLE ASSET CLASSES  --  Source: Morningstar January 2006 © 2006 Malcolm Williams
Fund Name Annual  Return  1995 Annual  Return  1996 Annual  Return  1997 Annual  Return  1998 Annual  Return  1999 Annual  Return  2000 Annual  Return  2001 Annual  Return  2002 Annual  Return  2003 Annual  Return  2004 Annual  Return 2005 Ten Year Cum% Return
Cat: Specialty-Real Estate 14.40 34.29 22.28 -15.80 -2.81 26.91 9.98 4.53 36.96 32.16 11.59
Idx: Standard & Poor's 500 37.53 22.95 33.35 28.58 21.04 -9.10 -11.88 -22.09 28.67 10.87 4.91
Cat: Small Value 23.83 22.74 29.69 -6.33 6.98 18.26 15.47 -10.20 43.18 20.84 6.13
Cat: Large Value 32.44 19.95 27.41 11.30 5.78 9.89 -3.22 -18.26 28.69 13.17 5.88
Cat: Mid-Cap Value 28.22 19.72 26.08 2.57 10.28 19.71 5.71 -13.25 36.38 18.52 8.41
Cat: Small Growth 34.24 19.57 19.36 5.75 59.12 -4.03 -8.69 -27.88 45.39 12.08 5.74
Cat: Foreign Small/Mid Growth 5.37 19.56 11.27 20.34 89.18 -13.76 -23.95 -14.64 52.44 25.05 24.79
Cat: Large Growth 32.36 19.36 26.17 32.37 38.07 -12.73 -20.97 -27.00 28.99 7.90 6.46
Cat: Mid-Cap Growth 34.44 17.79 19.78 18.41 61.75 -2.36 -18.17 -26.54 36.29 13.41 9.70
Cat: Foreign Small/Mid Value 8.32 16.68 -6.40 4.85 36.09 -9.98 -12.03 -4.86 52.85 23.44 17.99
Cat: Foreign Large Value 12.23 15.22 8.94 10.51 25.96 -2.41 -14.00 -11.60 39.34 21.95 13.21
Cat: Diversified Emerging Mkts -0.78 14.68 -0.70 -26.13 69.97 -29.59 -3.10 -5.72 55.35 23.77 31.64
Cat: Foreign Large Growth 9.67 13.65 6.93 14.27 56.53 -20.42 -23.68 -18.74 35.05 16.06 15.27
Cat: Japan Stock -3.06 -12.48 -14.77 4.96 106.31 -33.61 -30.73 -13.17 38.14 14.23 32.59
Average Return of 14 19.23 17.41 14.96 7.55 41.73 -4.52 -9.95 -14.96 39.84 18.10 13.88
S&P500 Cumulative Return 1.00 1.23 1.64 2.11 2.55 2.32 2.04 1.59 2.05 2.27 2.38 138
Cumulative Return of Average of 14 1.00 1.17 1.35 1.45 2.06 1.96 1.77 1.50 2.10 2.48 2.83 183
Out Performance Ranking
Fund Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Cat: Specialty-Real Estate 8 1 6 13 14 1 2 1 8 1 7
Idx: Standard & Poor's 500 1 2 1 2 10 8 7 11 14 13 14
Cat: Small Value 7 3 2 12 12 3 1 4 5 6 11
Cat: Large Value 4 4 3 6 13 4 5 9 13 11 12
Cat: Mid-Cap Value 6 5 5 11 11 2 3 7 9 7 9
Cat: Small Growth 3 6 8 8 5 7 6 14 4 12 13
Cat: Foreign Small/Mid Growth 12 7 9 3 2 11 13 8 3 2 3
Cat: Large Growth 5 8 4 1 7 10 11 13 12 14 10
Cat: Mid-Cap Growth 2 9 7 4 4 5 10 12 10 10 8
Cat: Foreign Small/Mid Value 11 10 13 10 8 9 8 2 2 4 4
Cat: Foreign Large Value 9 11 10 7 9 6 9 5 6 5 6
Cat: Diversified Emerging Mkts 13 12 12 14 3 13 4 3 1 3 2
Cat: Foreign Large Growth 10 13 11 5 6 12 12 10 11 8 5
Cat: Japan Stock 14 14 14 9 1 14 14 6 7 9 1
Average Returns and Cumulative Returns
Averageof Current Investment in Top 4 24.98 29.16 24.93 81.80 18.69 7.02 -4.06 51.51 26.11 26.75
Cumulative Return of Top 4 Average 1.00 1.25 1.61 2.02 3.67 4.35 4.66 4.47 6.77 8.54 10.82 982
Investing in Top 4 One Year Late 20.07 28.18 16.48 52.51 -19.83 6.99 -6.16 47.09 21.09 21.50
Cumulative Return of Delayed Top 4  1.00 1.20 1.54 1.79 2.73 2.19 2.34 2.20 3.24 3.92 4.76 376
Investing in Ranks 2,3,4,5 One Year Late: Avg. 19.17 29.13 9.98 57.13 -19.83 -0.05 -8.18 47.68 20.35 21.91
Cum Ret from Ranks 2,3,4,5 One Year Late 1.00 1.19 1.54 1.69 2.66 2.13 2.13 1.96 2.89 3.48 4.24 324
Avg. Current Return from Bottom 4 7.77 -3.74 -11.42 5.06 -24.35 -24.83 -25.88 30.35 11.01 5.67
Cumulative Return from Bottom 4 1.00 1.08 1.04 0.92 0.97 0.73 0.55 0.41 0.53 0.59 0.62 -38
Investing in Bottom 4, One year Late 9.61 0.10 -0.51 21.11 18.69 -20.37 -18.39 34.84 12.00 5.75
Cum. Return from Bottom 4, 1-yr Late 1.00 1.10 1.10 1.09 1.32 1.57 1.25 1.02 1.37 1.54 1.63 63