Growth of $10,000 Investment
9-16-74 to 12-31-07 (33.25 years)

The graph above shows the annualized net of fees returns since inception (33.25 years) for the CM Value I Composite. The CM Value I Composite includes stocks, bonds and cash. Depending on the investment goals of each individual client and the price of securities when funds are added to or withdrawn from the account, the allocation mix of stocks, bonds and cash may vary from investor to investor. Other managed account options are available, based on Balanced and Fixed Income disciplines.

IMPORTANT PERFORMANCE DISCLOSURES
PLEASE READ

THE ROLLING YEAR RETURNS WERE PREPARED BY CENTURY MANAGEMENT AND PRESENTED TO AND VERIFIED BY ASHLAND PARTNERS & COMPANY LLP. ASHLAND PARTNERS & COMPANY LLP HAS VERIFIED THE COMPLIANCE OF CENTURY MANAGEMENT WITH THE REQUIREMENTS OF THE GLOBAL INVESTMENT PERFORMANCE STANDARDS (GIPS®) ON A FIRMWIDE BASIS FROM SEPTEMBER 16, 1974 THROUGH DECEMBER 31, 2007.

PAST PERFORMANCE OF MARKETS, COMPOSITES, OR ANY INDIVIDUAL SECURITIES MAY NOT BE INDICATIVE OF FUTURE RESULTS
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