DSM Capital: Large Cap

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Investment Process

Historical Performance

The Team

Client / Account Info


	Large Cap

Annual


Historical Performance of Large Capitalization Accounts
Annualized Trailing Periods Ending December 31, 2009
	DSM Pre‑Fee (%)	DSM Post‑Fee (%)	Russell 1000 Growth Total Return (%)	S&P 500 Total Return (%)
1 Year	25.4	24.5	37.2	26.4
2 Years	-11.7	-12.4	-8.1	-10.7
3 Years	-2.0	-2.8	-1.9	-5.6
4 Years	1.2	0.4	0.8	-0.7
5 Years	3.5	2.6	1.6	0.4
6 Years	4.7	3.8	2.4	2.1
7 Years	7.6	6.7	5.9	5.5
Since Inception	4.3	3.4	1.0	1.6
Annual Periods
	DSM Pre‑Fee (%)	DSM Post‑Fee (%)	Russell 1000 Growth Total Return (%)	S&P 500 Total Return (%)
YTD 06/30/2010*	-4.5	-4.9	-7.6	-6.7
2009	25.4	24.5	37.2	26.4
2008	-37.9	-38.4	-38.4	-37.0
2007	20.8	19.9	11.8	5.5
2006	11.4	10.5	9.1	15.8
2005	13.1	12.1	5.3	4.9
2004	11.0	10.0	6.3	10.9
2003	27.1	26.0	29.7	28.7
2002	-16.5	-17.3	-27.9	-22.1
* Preliminary
** Inception is January 2, 2002
See Important Disclosures on Last Page

Monthly


Monthly Historical Performance of Large Capitalization Accounts
From Inception at 1-Jan-02 through 30-Jun-10
		DSM Pre‑Fee (%)	DSM Post‑Fee (%)	Russell 1000 Growth Total Return (%)	S&P 500 Total Return (%)
	From Inception*	33.5	24.3	-0.3	5.9
	Annualized*	3.5	2.6	0.0	0.7
	Year-to-date*	-4.5	-4.9	-7.6	-6.7
2010	June*	-4.1	-4.2	-5.5	-5.2
	May	-8.3	-8.4	-7.6	-8.0
	April	1.9	1.8	1.1	1.6
	March	5.8	5.7	5.8	6.0
	February	2.8	2.7	3.4	3.1
	January	-2.0	-2.0	-4.4	-3.6
	Year 2009	25.4	24.5	37.2	26.4
2009	December	2.5	2.4	3.1	1.9
	November	6.0	6.0	6.1	6.0
	October	-3.7	-3.7	-1.4	-1.9
	September	3.6	3.6	4.3	3.7
	August	2.3	2.3	2.1	3.6
	July	6.3	6.2	7.1	7.6
	June	1.7	1.6	1.1	0.2
	May	2.4	2.3	5.0	5.6
	April	7.4	7.3	9.6	9.6
	March	5.3	5.2	8.9	8.8
	February	-6.5	-6.6	-7.5	-10.7
	January	-3.4	-3.4	-4.8	-8.4
	Year 2008	-37.9	-38.4	-38.4	-37.0
2008	December	1.7	1.6	1.8	1.1
	November	-10.9	-11.0	-8.0	-7.2
	October	-17.5	-17.6	-17.6	-16.8
	September	-12.0	-12.0	-11.6	-8.9
	August	0.0	0.0	1.1	1.5
	July	-1.2	-1.3	-1.9	-0.8
	June	-3.8	-3.9	-7.2	-8.4
	May	3.1	3.0	3.7	1.3
	April	6.7	6.7	5.3	4.9
	March	1.0	0.9	-0.6	-0.4
	February	-3.2	-3.3	-2.0	-3.3
	January	-7.6	-7.7	-7.8	-6.0
	Year 2007	20.8	19.9	11.8	5.5
2007	December	0.3	0.2	-0.4	-0.7
	November	-4.1	-4.2	-3.7	-4.2
	October	3.4	3.4	3.4	1.6
	September	7.8	7.7	4.2	3.7
	August	2.3	2.2	1.6	1.5
	July	0.5	0.4	-1.6	-3.1
	June	-0.8	-0.9	-1.5	-1.7
	May	3.8	3.7	3.6	3.5
	April	5.1	5.0	4.7	4.4
	March	0.8	0.7	0.5	1.1
	February	-1.5	-1.6	-1.9	-2.0
	January	2.2	2.1	2.6	1.5
	Year 2006	11.4	10.5	9.1	15.8
2006	December	-0.1	-0.1	0.3	1.4
	November	2.5	2.4	2.0	1.9
	October	4.3	4.2	3.5	3.3
	September	1.6	1.5	2.8	2.6
	August	0.0	0.0	3.1	2.4
	July	0.2	0.1	-1.9	0.6
	June	0.7	0.6	-0.4	0.1
	May	-4.5	-4.5	-3.4	-2.9
	April	-0.6	-0.6	-0.1	1.3
	March	1.3	1.2	1.5	1.3
	February	-1.1	-1.2	-0.2	0.3
	January	6.9	6.9	1.8	2.7
	Year 2005	13.1	12.1	5.3	4.9
2005	December	0.6	0.6	-0.3	0.0
	November	4.7	4.7	4.3	3.8
	October	-0.2	-0.2	-1.0	-1.7
	September	0.9	0.9	0.5	0.8
	August	-1.2	-1.2	-1.3	-0.9
	July	8.9	8.8	4.9	3.7
	June	-0.8	-0.8	-0.4	0.1
	May	5.4	5.4	4.8	3.2
	April	-1.8	-1.9	-1.9	-1.9
	March	-1.9	-1.9	-1.8	-1.8
	February	1.1	1.0	1.1	2.1
	January	-3.0	-3.1	-3.3	-2.4
	Year 2004	11.0	10.0	6.3	10.9
2004	December	2.1	2.0	3.9	3.4
	November	3.0	2.9	3.4	4.0
	October	3.5	3.4	1.6	1.5
	September	4.0	3.9	1.0	1.1
	August	0.0	-0.1	-0.5	-0.4
	July	-4.6	-4.7	-5.7	-3.3
	June	0.5	0.4	1.3	1.9
	May	1.1	1.0	1.9	1.4
	April	-1.9	-2.0	-1.2	-1.6
	March	0.6	0.6	-1.9	-1.5
	February	0.5	0.4	0.6	1.4
	January	2.1	2.0	2.0	1.8
	Year 2003	27.1	26.0	29.7	28.7
2003	December	3.0	2.9	3.5	5.2
	November	-0.1	-0.2	1.0	0.9
	October	4.6	4.5	5.6	5.7
	September	-1.9	-2.0	-1.1	-1.1
	August	3.0	2.9	2.5	1.9
	July	2.2	2.1	2.5	1.8
	June	2.4	2.3	1.4	1.3
	May	2.8	2.7	5.0	5.3
	April	4.5	4.4	7.4	8.2
	March	5.6	5.5	1.9	1.0
	February	-2.4	-2.4	-0.5	-1.5
	January	1.0	0.9	-2.4	-2.6
	Year 2002	-16.5	-17.3	-27.9	-22.1
2002	December	-0.3	-0.4	-6.9	-5.9
	November	-2.1	-2.1	5.4	5.9
	October	2.4	2.3	9.2	8.8
	September	-4.3	-4.4	-10.4	-10.9
	August	-0.5	-0.5	0.3	0.7
	July	-8.3	-8.4	-5.5	-7.8
	June	-6.2	-6.2	-9.3	-7.1
	May	-2.5	-2.6	-2.4	-0.7
	April	0.7	0.6	-8.2	-6.1
	March	4.7	4.6	3.5	3.8
	February	-2.0	-2.1	-4.1	-1.9
	January	1.2	1.1	-1.8	-1.5
* Preliminary
See Important Disclosures on Notes Page

Details


Detailed Historical Performance of Large Capitalization Accounts
From Inception at 1-Jan-02 through 30-Jun-10
		DSM Pre‑Fee (%)	DSM Post‑Fee (%)	Russell 1000 Growth Total Return (%)	S&P 500 Total Return (%)	No. of Accts	Weighted Dispersion (%)	Sample Assets Period End ($mil)	% of Firm Assets (%)	Total Firm Assets ($mil)
	From inception*	33.5	24.3	-0.3	5.9
	Annualized*	3.5	2.6	0.0	0.7
	Year 2010-to-date*	-4.5	-4.9	-7.6	-6.7		0.05
2010	June*	4.1	-4.2	-5.5	-5.2	155	0.07	1728.2	82	2119.1
	May	-8.3	-8.4	-7.6	-8.0	164	0.04	1840.1	82	2249.1
	April	1.9	1.8	1.1	1.6	161	0.04	1976.4	81	2426.7
	March	5.8	5.8	5.8	6.0	155	0.05	1922.5	80	2403.8
	February	2.8	2.7	3.4	3.1	158	0.04	1887.7	83	2274.9
	January	-2.0	-2.0	-4.4	-3.6	151	0.06	1706.5	77	2214.1
	Year 2009	25.4	24.5	37.2	26.4		0.36
2009	December	2.5	2.4	3.1	1.9	150	0.08	1604.6	71	2255.8
	November	6.0	6.0	6.1	6.0	134	0.09	1548.3	71	2184.1
	October	-3.7	-3.7	-1.4	-1.9	146	0.08	1490.4	72.2	2063.3
	September	3.6	3.6	4.3	3.7	144	0.03	1299.2	63.9	2038.0
	August	2.3	2.3	2.1	3.6	139	0.05	1167.0	69.8	1688.5
	July	6.3	6.2	7.1	7.6	132	0.07	1063.8	67.5	1576.0
	June	1.7	1.6	1.1	0.2	128	0.06	1025.0	70.2	1460.2
	May	2.4	2.3	5.0	5.6	126	0.05	974.8	70.2	1389.1
	April	7.5	7.4	9.6	9.6	113	0.06	868.8	65.6	1325.3
	March	5.3	5.2	8.9	8.8	109	0.09	773.8	67.5	1160.9
	February	-6.5	-6.6	-7.5	-10.7	114	0.10	712.8	65.5	1085.4
	January	-3.4	-3.4	-4.8	-8.4	113	0.14	753.3	65.4	1139.8
	Year 2008	-37.9	-38.4	-38.4	-37.0		0.23
2008	December	1.7	1.6	1.8	1.1	112	0.09	690.6	58.6	1177.5
	November	-10.9	-11.0	-8.0	-7.2	124	0.10	673.3	63.1	1067.6
	October	-17.5	-17.6	-17.6	-16.8	144	0.34	809.9	67.4	1201.7
	September	-12.0	-12.0	-11.6	-8.9	157	0.14	992.4	67.9	1461.4
	August	0.0	0.0	1.1	1.5	161	0.04	1121.5	68.9	1627.3
	July	-1.2	-1.3	-1.9	-0.8	157	0.05	1104.4	69.1	1597.6
	June	-3.8	-3.9	-7.2	-8.4	152	0.08	817.9	56.5	1447.2
	May	3.1	3.0	3.7	1.3	139	0.07	833.5	57.6	1448.1
	April	6.7	6.6	5.3	4.9	126	0.16	781.5	61.9	1261.8
	March	1.0	0.9	-0.6	-0.4	118	0.13	654.8	59.5	1100.8
	February	-3.2	-3.3	-2.0	-3.3	121	0.14	644.2	64.2	1004.2
	January	-7.6	-7.7	-7.8	-6.0	119	0.20	636.5	62.6	1017.2
	Year 2007	20.8	19.8	11.8	5.5		0.47
2007	December	0.3	0.2	-0.4	-0.7	120	0.16	676.8	63	1068.4
	November	-4.1	-4.1	-3.7	-4.2	114	0.24	629.3	65	996.5
	October	3.4	3.4	3.4	1.6	107	0.19	675.0	65	1045.1
	September	7.8	7.7	4.2	3.7	96	0.04	615.1	68	936.1
	August	2.3	2.2	1.6	1.5	97	0.04	515.5	65	789.9
	July	0.5	0.4	-1.6	-3.1	97	0.04	529.2	70	760.5
	June	-0.8	-0.9	-1.5	-1.7	89	0.04	459.5	61	750.1
	May	3.8	3.7	3.6	3.5	83	0.03	447.5	62	725.4
	April	5.1	5.0	4.7	4.4	78	0.11	424.6	71	600.0
	March	0.8	0.7	0.5	1.1	78	0.03	410.6	71	576.1
	February	-1.5	-1.6	-1.9	-2.0	78	0.01	411.2	74	555.4
	January	2.2	2.1	2.6	1.5	68	0.05	384.8	68	565.5
	Year 2006	11.4	10.5	9.1	15.8		0.07
2006	December	-0.1	-0.1	0.3	1.4	71	0.04	382.2	70	545.0
	November	2.5	2.4	2.0	1.9	72	0.04	377.0	70	536.8
	October	4.3	4.2	3.5	3.3	70	0.02	352.1	68	516.8
	September	1.6	1.5	2.8	2.6	58	0.02	318.0	70	455.7
	August	0.0	0.0	3.1	2.4	56	0.08	304.6	71	430.3
	July	0.2	0.1	-1.9	0.6	51	0.04	269.9	63	427.5
	June	0.7	0.6	-0.4	0.1	46	0.03	237.7	57	419.8
	May	-4.5	-4.5	-3.4	-2.9	45	0.23	225.1	57	398.3
	April	-0.6	-0.6	-0.1	1.3	38	0.18	164.8	40	408.0
	March	1.3	1.2	1.5	1.3	39	0.04	186.8	58	322.3
	February	-1.1	-1.2	-0.2	0.3	38	0.05	180.0	61	293.5
	January	6.9	6.9	1.8	2.7	36	0.09	166.0	58	286.6
	Year 2005	13.1	12.1	5.3	4.9		0.12
2005	December	0.6	0.6	-0.3	0.0	39	0.02	164.9	61	272.4
	November	4.7	4.7	4.3	3.8	36	0.03	158.8	57	278.3
	October	-0.2	-0.2	-1.0	-1.7	34	0.03	147.5	56	261.7
	September	0.9	0.9	0.5	0.8	35	0.04	149.6	57	263.9
	August	-1.2	-1.2	-1.3	-0.9	38	0.02	154.1	58	264.8
	July	8.9	8.8	4.9	3.7	36	0.02	154.0	58	267.3
	June	-0.8	-0.8	-0.4	0.1	37	0.03	142.9	58	245.4
	May	5.4	5.4	4.8	3.2	31	0.06	108.3	44	247.7
	April	-1.8	-1.9	-1.9	-1.9	35	0.07	146.8	59	248.2
	March	-1.9	-1.9	-1.8	-1.8	35	0.03	149.8	59	254.6
	February	1.1	1.0	1.1	2.1	34	0.03	150.5	58	260.2
	January	-3.0	-3.1	-3.3	-2.4	39	0.02	156.1	59	264.8
	Year 2004	11.0	10.0	6.3	10.9		0.24
2004	December	2.1	2.0	3.9	3.4	37	0.03	161.6	59	272.6
	November	3.0	2.9	3.4	4.0	37	0.05	158.7	59	266.9
	October	3.5	3.4	1.6	1.5	35	0.07	147.5	57	259.0
	September	4.0	3.9	1.0	1.1	34	0.05	149.0	58	257.7
	August	0.0	-0.1	-0.5	0.4	34	0.04	143.5	58	247.7
	July	-4.6	-4.7	-5.7	-3.3	35	0.05	139.8	55	254.3
	June	0.5	0.4	1.3	1.9	36	0.08	152.6	57	268.9
	May	1.1	1.0	1.9	1.4	35	0.05	150.8	57	266.4
	April	-1.9	-2.0	-1.2	-1.6	35	0.05	145.7	54	272.2
	March	0.6	0.6	-1.9	-1.5	37	0.05	155.6	58	269.6
	February	0.5	0.4	0.6	1.4	35	0.04	141.6	54	264.0
	January	2.1	2.0	2.0	1.8	33	0.08	138.8	53	261.3
	Year 2003	27.1	26.0	29.7	28.7		0.14
2003	December	3.0	2.9	3.5	5.2	31	0.03	139.3	56	248.3
	November	-0.1	-0.2	1.0	0.9	29	0.05	131.8	56	236.2
	October	4.6	4.5	5.6	5.7	25	0.10	124.3	53	234.0
	September	-1.9	-2.0	-1.1	-1.1	26	0.03	113.6	53	213.1
	August	3.0	2.9	2.5	1.9	25	0.07	119.1	56	213.5
	July	2.2	2.1	2.5	1.8	25	0.05	110.6	54	204.7
	June	2.4	2.3	1.4	1.3	25	0.08	107.0	55	195.8
	May	2.8	2.7	5.0	5.3	25	0.05	104.5	56	187.7
	April	4.5	4.4	7.4	8.2	20	0.05	80.1	46	175.9
	March	5.6	5.5	1.9	1.0	21	0.05	83.0	53	155.3
	February	-2.4	-2.4	-0.5	-1.5	22	0.06	77.4	53	147.4
	January	1.0	0.9	-2.4	-2.6	22	0.01	84.3	55	152.9
	Year 2002	-16.5	-17.3	-27.9	-22.1		0.00
2002	December	-0.3	-0.4	-6.9	-5.9	21	0.03	82.5	56	147.8
	November	-2.1	-2.1	5.4	5.9	20	0.08	81.6	54	149.9
	October	2.4	2.3	9.2	8.8	17	0.05	72.2	50	144.5
	September	-4.3	-4.4	-10.4	-10.9	18	0.02	64.1	47	137.8
	August	-0.5	-0.5	0.3	0.7	17	0.03	68.8	52	132.5
	July	-8.3	-8.4	-5.5	-7.8	15	0.05	63.0	47	132.8
	June	-6.2	-6.2	-9.3	-7.1	14	0.09	66.3	47	140.3
	May	-2.5	-2.6	-2.4	-0.7	14	0.08	64.4	47	137.3
	April	0.7	0.6	-8.2	-6.1	10	0.29	55.9	43	130.6
	March	4.7	4.6	3.5	3.8	4	0.02	17.3	15	115.7
	February	-2.0	-2.1	-4.1	-1.9	4	0.08	15.6	22	72.3
	January	1.2	1.1	-1.8	-1.5	1	n/a	2.4	4	65.0
* Preliminary
See Important Disclosures on Notes Page