Century Management, Founded in 1974
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805 Las Cimas Pkwy, Suite 430, Austin, TX 78746
Investment Counselors
© 2011
Century
Managemen
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Century Management claims compliance with the Global Investment Performance Standards (GIPS®).  Century Management believes that compliance with GIPS® represents the industry’s highest performance presentation standards.  The GIPS® standards are created and administered by the CFA Institute. These standards are voluntary and are based on the fundamental principles of full disclosure and fair representation of investment performance results. Global standardization of investment performance reporting gives investors around the world the additional transparency they need to compare and evaluate investment managers.  For a complete description of the GIPS® standards, please click here. A hard-copy of the verification report is available upon request.  Please see our Ashland Partners & Company LLP (“Ashland Partners”) verification report.  Performance reports for all composites and a copy of our ADV Form are available upon request by calling our corporate office toll-free at (800) 664-4888.

Century Management has hired the independent accounting firm of Ashland Partners to continue ongoing verification on a quarterly basis.  You may view the year-by-year performance from January 31, 2002, through December 31, 2010, or click on our most recent GIPS® verification by Ashland Partners.  Their verification report generally follows one to two quarters in arrears.  Century Management also prepares a rolling return referred to as a “Market Update” in an effort to provide our most recent performance figures.  The Market Update is prepared and presented prior to Ashland Partners separate verification.  This will show Century Management's returns from our inception through the most recent quarter end.

Characteristics of the CM Fixed Income Composite
As of September 30, 2011
 
Cash
11.36%
U.S. Treasury Bills
52.10%
U.S. Treasury Notes
0%
U.S. Treasury Bonds
0%
U.S. Corporate Bonds
35.93%
Municipal Bonds
0%
Mutual Fund Bonds 0.62%
 
Average Yield to Maturity
4.3%
Average Duration
2.9 Years
Average Credit Quality by Moody’s
Baa1
Average Credit Quality by Standards and Poor’s
BBB+

CM Fixed Income Composite over Various Time Periods
7 Years


Market Updates
Most Recent Performance Verification
CM Advisers Fixed Income Fund

IMPORTANT PERFORMANCE DISCLOSURES
PLEASE READ

CENTURY MANAGEMENT CLAIMS COMPLIANCE WITH GLOBAL INVESTMENT PERFORMANCE STANDARDS (GIPS®). USD IS THE CURRENCY USED TO EXPRESS RETURNS. THE YEAR-BY-YEAR PERFORMANCE RETURNS FROM SEPTEMBER 16, 1974, THROUGH DECEMBER 31, 2010, WERE PREPARED BY CENTURY MANAGEMENT AND PRESENTED TO AND EXAMINED BY ASHLAND PARTNERS. ASHLAND PARTNERS CONTINUES TO VERIFY THE COMPLIANCE OF CENTURY MANAGEMENT WITH THE REQUIREMENTS OF GIPS® ON A FIRM-WIDE BASIS ON A QUARTERLY BASIS.  THIS QUARTERLY VERIFICATION IS GENERALLY ONE TO TWO QUARTERS IN ARREARS OF THE MOST RECENT PERFORMANCE INFORMATION PRESENTED.   TO SEE THE LATEST VERIFICATION PLEASE CLICK ON OUR MOST RECENT VERIFICATION.

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

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