Cornerstone Investment Partners has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Cornerstone Investment Partners is an independent, privately held investment advisory firm structured as a limited liability company that is wholly owned by professionals actively involved in managing the business. The firm maintains a complete list and description of composites, which is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.
N.A.- Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross returns were reduced by transaction costs. Net of fee performance was calculated using actual management fees. Beginning October 1, 2008, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 30% of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite within 90 days after the cash flow, or longer if securities are involved. Additional information regarding the treatment of significant cash flows is available upon request. The Concentrated Equity Composite was created on April 1, 2010. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Cornerstone Investment Partners’ compliance with the GIPS standards has been verified for the period October 1, 2001 through March 31, 2010. In addition, a performance examination was conducted on the Concentrated Equity Composite beginning October 1, 2001. As of January 1, 2007, the composite was split into a tax sensitive composite and a non-tax sensitive composite to better reflect our performance for each account type. A copy of the verification report is available upon request. Performance is presented net of foreign withholding taxes. Additional information regarding the policies for calculating and reporting returns is available upon request.
The general fee schedule for equity accounts is as follows: 0.75% on the first $10,000,000; 0.55% on the next $10,000,000 and 0.35% on the balance. Actual investment advisory fees incurred by clients may vary.
