AIMR has not been involved with the preparation or review of this report. Founded in February 1982, CCM, formerly a subsidiary of DLB, was merged into the Firm after the close of business on December 31, 1996. Composite results for the period 1991 through 1992 consist of the fully-discretionary portfolios that were under management as of December 31, 1992. Value is added primarily through the stock selection process. No minimum or maximum sector exposures are predetermined.
Portfolios are broadly diversified, both by industry sectors and individual companies.
Performance is compared against the Russell 2000 Value and Russell 2000 Indices. All capital inflows and outflows are recorded the day they occur. Composite results are calculated using an asset-weighted return method. Monthly composite returns are calculated by weighting each portfolio's return by its beginning market value as a percentage of the total composite beginning market value. Quarterly and annual returns are calculated by linking the returns through compounded multiplication.