CM Value 1 Composite
Average Cash and Equivalents
Quarter Ending
31-Mar
30-Jun
30-Sep
31-Dec
Average

1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007


11.00%
6.75%
3.46%
20.43%
6.42%
17.06%
19.32%
23.56%
24.87%
17.58%
25.71%
17.32%
39.74%
30.64%
15.15%
29.79%
29.89%
19.81%
21.00%
21.40%
11.78%
18.94%
19.77%
19.05%
15.28%
26.20%
28.89%
32.53%
22.52%
56.90%
52.88%
20.60%
5.81%

1.00%
0.00%
2.46%
6.68%
3.35%
17.79%
20.80%
31.89%
19.99%
17.05%
20.98%
24.41%
41.87%
28.49%
16.09%
24.80%
22.98%
22.13%
21.00%
13.49%
18.46%
19.04%
11.45%
22.47%
12.48%
17.14%
22.98%
43.39%
25.15%
59.99%
31.83%
15.51%
10.88%

9.82%
4.62%
6.85%
13.01%
2.72%
19.17%
22.24%
23.19%
19.73%
19.12%
20.93%
27.13%
31.08%
27.49%
24.98%
30.18%
19.80%
26.04%
20.00%
15.02%
17.32%
21.64%
14.07%
29.07%
10.47%
14.80%
32.06%
24.01%
37.84%
65.03%
33.02%
16.71%
8.45%
12.22%
16.85%
2.75%
14.41%
5.16%
8.07%
16.40%
21.30%
25.16%
16.35%
27.20%
12.10%
24.87%
30.52%
20.44%
22.35%
40.73%
18.50%
25.62%
21.38%
23.72%
17.13%
20.51%
16.32%
18.11%
12.17%
23.02%
30.66%
19.07%
43.55%
71.05%
27.51%
8.81%
7.21%
 12.22%
9.67%
3.53%
6.80%
11.32%
5.14%
17.61%
20.92%
25.95%
20.24%
20.24%
19.93%
23.43%
35.80%
26.77%
19.64%
31.38%
22.79%
23.40%
20.85%
18.41%
16.17%
20.03%
15.40%
22.18%
12.60%
20.29%
28.65%
29.75%
32.27%
63.24%
36.31%
15.41%
8.09%
Average
22.18%
20.24%
21.44%
21.24%
21.08%
 
33 Year Median = 20.24%
33 Year Average = 21.08%
Cash has been higher than 25% 9 out of 33 years or 27% of the time.
Our cash and cash equivalents include money market funds and short
term United States Treasury Bills with a maturity of one year or less.

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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.

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