The S&P 500 sank again at the beginning of the quarter and then staged a partial rally near the end of the period. Our balanced portfolios outperformed their benchmark indexes during quarter as well as over the past one, three, and five years. We are pleased that our three year performance has ranked us as one of the top ten balanced managers by PSN Data, one of the largest performance measurement consulting organizations.

** Lipper Analytical Services, Inc .is an independent mutual fund ranking service. The funds in their sample target a 60% stock / 40% bond asset mix, but invariably have different allocations. All figures are computed after fees and commissions have been deducted. Separate account performance may vary due to individual allocations dictated by client risk parameters.

Balanced Portfolios are composed of stocks, bonds and exchange traded funds. Our sample is selected from those portfolios which are targeted for a 60%-70% equity exposure and thus does not include all balanced portfolios. These accounts seek capital appreciation and income while offering protection from volatility in any one asset category. By altering portfolio composition at key valuation and sentiment junctures, we attempt to reduce risk and improve return. Because our sample has been less volatile than the mutual fund averages, future performance and volatility may differ significantly from this index.

Managing investments for Bay Area families and institutions
for over twenty years.