This strategy cannot effectively be deployed in very small companies. Note that we have delivered results that are not only strong on an absolute basis, but excellent on a relative basis as well. The foregoing represents PAI's opinion on the matters discussed rather than statements of fact. Performance represents the dollar-weighted composite of all managed assets in all time periods after the deduction of brokerage commissions. Performance data includes the reinvestment of realized gains, interest, dividends and other earnings.
Net returns reflect the deduction of all account expenses, advisory fees and incentive fees as paid.
Performance data above is historic and should not be taken as an indication of future performance returns. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities discussed in this report. Future investments will be made under different economic conditions, in different securities, and may involve use of different investment strategies. The Russell 2000 is a widely recognized small-cap index.