Performance: Global Growth & Income

Ggi chart

Annualized Trailing Periods ending May 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
1 Year 23.90 22.71 11.84
2 Years 20.76 19.53 14.65
3 Years 13.26 12.12 7.52
4 Years 13.19 12.07 6.91
5 Years 14.20 13.07 8.88
7 Years 13.27 12.15 7.80
Since Inception** 14.08 12.95 8.11

Cumulative Since Inception Periods ending May 31, 2018*

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
Cumulative Since Inception 162.67 144.31 77.10

Annual Periods

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
YTD 05/31/2018* 4.70 4.20 0.11
2017 37.76 36.43 23.97
2016 0.78 -0.25 7.86
2015 7.24 6.19 -2.36
2014 3.96 2.96 4.16
2013** 34.59 33.33 22.80
2012 19.08 17.90 16.13
2011 1.14 0.25 -8.78

Annualized Trailing Periods ending December 31, 2017

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
1 Year* 37.76 36.43 23.97
2 Years* 17.83 16.66 15.64
3 Years* 14.19 13.06 9.30
4 Years* 11.54 10.44 7.99
5 Years* 15.81 14.68 10.80
Since Inception** 14.22 13.11 8.60
  • * Preliminary
  • **Partial year: July 1, 2017 – December 31, 2017
  • ** Inception is February 1, 2011
  • * For the period August 15, 2016 to September 2, 2016, DSM accidently overstated on its webpage gross and net five-year annualized returns of the Global Growth & Income model portfolio investment strategy as well as its benchmark (MSCI ACWI) for the period ending July 31, 2016. Please contact Russell Katz at (561) 618-4000 for details.

From inception at February 01, 2011 through May 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
From Inception* 162.67 144.31 77.10
Annualized* 14.08 12.95 8.11
Year-to-date* 4.70 4.20 0.11
DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
2018
May * 2.89 2.89 0.12
April 0.82 0.57 0.95
March -2.79 -2.79 -2.14
February -3.94 -3.94 -4.20
January 8.08 7.83 5.64
2017
December 1.72 1.72 1.61
November 2.18 2.18 1.94
October 3.01 2.76 2.08
September 2.23 2.23 1.93
August 1.67 1.67 0.38
July 3.21 2.96 2.79
June 3.04 3.04 0.45
May 2.48 2.48 2.21
April 2.42 2.17 1.56
March 1.99 1.99 1.22
February 3.18 3.18 2.81
January 5.38 5.13 2.73
2016
December -0.08 -0.17 2.16
November 1.88 1.79 0.76
October -4.19 -4.27 -1.70
September 1.85 1.77 0.61
August 0.33 0.25 0.34
July 5.59 5.50 4.31
June -3.92 -4.00 -0.61
May 2.40 2.32 0.13
April -0.06 -0.15 1.48
March 7.48 7.39 7.41
February -1.87 -1.96 -0.69
January -7.65 -7.74 -6.03
2015
December 0.99 0.91 -1.80
November -0.33 -0.40 -0.83
October 9.26 9.18 7.85
September -3.68 -3.77 -3.62
August -8.25 -8.34 -6.86
July 3.26 3.18 0.87
June -0.40 -0.48 -2.35
May 0.96 0.87 -0.13
April 1.99 1.91 2.90
March -0.77 -0.85 -1.55
February 5.66 5.58 5.57
January -0.63 -0.71 -1.56
2014
December -2.43 -2.51 -1.93
November 3.75 3.67 1.67
October 4.31 4.23 0.70
September -3.23 -3.31 -3.24
August 2.92 2.84 2.21
July -0.77 -0.85 -1.21
June 0.93 0.85 1.88
May 3.20 3.12 2.13
April -1.19 -1.27 0.95
March -3.54 -3.62 0.44
February 5.66 5.57 4.83
January -5.03 -5.11 -4.00
2013
December 5.22 5.14 1.73
November 2.91 2.83 1.42
October 3.59 3.51 4.02
September 5.56 5.48 5.17
August -2.18 -2.26 -2.08
July 5.41 5.33 4.79
June -1.84 -1.92 -2.92
May 1.47 1.39 -0.27
April 0.62 0.54 2.86
March 4.40 4.32 1.83
February 0.26 0.17 -0.02
January 5.09 5.01 4.61
2012
December -0.04 -0.12 2.27
November 3.27 3.19 1.28
October -1.55 -1.63 -0.67
September 2.97 2.88 3.15
August 3.32 3.24 2.17
July 2.13 2.05 1.37
June 2.53 2.44 4.94
May -8.70 -8.79 -8.97
April 0.62 0.53 -1.14
March 2.95 2.87 0.66
February 6.24 6.15 5.03
January 4.68 4.60 5.81
2011
December 1.33 1.25 -0.20
November -2.18 -2.26 -2.99
October 10.57 10.49 10.71
September -8.89 -8.97 -9.44
August -6.56 -6.64 -7.30
July -0.23 -0.31 -1.63
June -1.05 -1.13 -1.58
May -0.50 -0.58 -2.15
April 5.91 5.83 4.09
March 0.58 0.50 -0.10
February 3.59 3.51 2.91
  • * Preliminary

From inception ending May 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
From Inception* 162.67 144.31 77.10
Annualized* 14.08 12.95 8.11
Year-to-date* 4.70 4.20 0.11
DSM Pre-Fee (%) DSM Post-Fee (%) MSCI ACWI
Net Return (%)
2018
Current QTD * 3.73 3.48 1.08
First 0.93 0.69 -0.96
2017
Fourth 7.07 6.81 5.73
Third 7.27 7.02 5.18
Second 8.15 7.89 4.27
First 10.90 10.64 6.91
2016
Fourth -2.47 -2.73 1.19
Third 7.90 7.64 5.30
Second -1.67 -1.92 0.99
First -2.60 -2.87 0.24
2015
Fourth 9.98 9.73 5.03
Third -8.75 -8.98 -9.45
Second 2.55 2.30 0.35
First 4.19 3.94 2.31
2014
Fourth 5.59 5.34 0.41
Third -1.17 -1.41 -2.30
Second 2.92 2.68 5.04
First -3.21 -3.45 1.08
2013
Fourth 12.17 11.91 7.31
Third 8.85 8.59 7.90
Second 0.22 -0.02 -0.42
First 10.00 9.73 6.50
2012
Fourth 1.63 1.39 2.88
Third 8.65 8.39 6.84
Second -5.81 -6.07 -5.56
First 14.49 14.22 11.88
2011
Fourth 9.60 9.34 7.18
Third -15.06 -15.28 -17.42
Second 4.27 4.03 0.25
First 4.19 4.03 2.81
  • * Preliminary

Growth and Income Equity

DSM CAPITAL PARTNERS LLC

NOTES TO HISTORICAL PERFORMANCE OF GLOBAL GROWTH AND INCOME
1. Past performance is no guarantee of future results and individual accounts and results will vary. Materially different market or economic conditions could result in markedly different performance, including the possibility of loss. The content presented is for informational purposes only. It is not intended to reflect a current or past recommendation, investment, legal, tax or accounting advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. Except as otherwise specified, any companies, sectors, securities and/or markets discussed are solely for illustrative purposes regarding economic trends and conditions or investment process and may or may not be held by DSM Capital Partners LLC (“DSM”) or other investment vehicles or accounts managed by DSM. Investing entails risks, including possible loss of principal. There are also special risk considerations associated with international and global investing (especially emerging markets), small and mid-capitalization companies, or other growth and/or concentrated investment strategies.
 
2. DSM, located in Palm Beach Gardens, Florida, is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, managing separate accounts, pooled investment vehicles and wrap accounts for both institutional and high net worth investors.
 
3.  DSM primarily manages equities in a model portfolio method and therefore presents a single composite return for managed accounts of each strategy offered. In general, the Global Growth and Income strategy will invest in equity securities of large capitalization companies. Equity securities, as determined by DSM in its discretion include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. The Global Growth and Income strategy has no limit on the proportion of assets it can invest in equity securities of domestic versus foreign companies. A large capitalization company for this portfolio is one that has a market capitalization of U.S. $10 billion or more at the time of purchase. The Global Growth and Income strategy may also invest up to 20% of its net assets in equity securities of companies that have a market capitalization below U.S. $10 billion at the time of purchase. The Global Growth and Income strategy generally will contain 25 to 35 equity securities.
 
4. DSM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. DSM has been independently verified for the periods January 2002 to December 2016. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Global Growth and Income composite has been examined for the periods February 2011 to December 2016. Benchmark returns are not covered by the report of independent verifiers.
 
5. DSM’s performance composite includes all discretionary Global Growth and Income managed accounts. The composite was created February 1, 2011. A complete list and description of composites, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations, may be requested from Russell Katz, DSM Capital Partners LLC, 7111 Fairway Drive, Suite 350, Palm Beach Gardens, Florida 33418. Phone: 561-618-4000; email: rkatz@dsmcapital.com.
 
6.  DSM first offered the Global Growth and Income strategy to clients during February of 2011. There was only one client account in the composite for the partial year of 2011.
 
7.  Performance is presented in US Dollars. Results are time-weighted and asset-weighted based on beginning-of-period asset values. Valuation is on a trade-date basis. Results include the reinvestment of dividends and other earnings. Dividends are realized on an accrual basis; cash equivalent dividends are realized on a cash basis. Composite returns are net of withholding taxes on foreign dividends. As of March 2017, reclaimed withholding taxes are recognized as income when received. Pre-fee results include the effect of commissions; post-fee results include the effect of commissions and management fees. Custody charges, where applicable, are not deducted from gross and net-of-fee performance. The 36-month annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The 36-month standard deviation is not shown for periods comprising fewer than 36 monthly returns. Dispersion between accounts is the asset-weighted standard deviation of gross returns for active accounts with DSM for the entirety of a given year. Dispersion is only reported for years having five or more such accounts. Additional information regarding policies for calculating and reporting returns is available upon request.

 
8 DSM’s management fee is generally 1.0% per annum on the assets. DSM’s advisory fees are fully detailed in Part 2A of its Form ADV. This fee is charged quarterly in arrears. Certain accounts in the composite may have different fee structures and certain accounts may involve non-fee expenses not included above. The performance figures presented do not reflect the deduction of investment advisory fees actually charged to the account in the composite. Rather, the performance results presented reflect the deduction of a model advisory fee. From inception of the composite on February 1, 2011, a model advisory fee of 1.0% per annum for Global Growth & Income has been used. From inception through December 31, 2016 DSM calculated monthly post-fee performance by applying one-third of the quarterly model fee to each month of a quarter. As of January 1, 2017, DSM calculates post-fee returns by deducting the entire quarterly model fee in the first month of the quarter, with no fee deduction in the second and third month of the quarter. Quarterly post-fee returns based on beginning-of-quarter market values may compound to more or less than monthly post-fee returns based on beginning-of-month market values.
 
9.  The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. This index includes dividends reinvested net of withholding taxes. MSCI uses the withholding tax rate applicable to non-resident institutional investors that do not benefit from double taxation treaties. DSM uses the MSCI ACWI Index as a benchmark because it is a global industry standard. Characteristics of any benchmark may differ materially from accounts managed by DSM. The volatility of a benchmark may be materially different from the individual performance attained by a specific client investing within this strategy, and the holdings of the accounts contained within the composite may differ significantly from the securities that comprise the benchmark. Indices are not assessed a management fee and investors cannot directly invest in an index. In September of 2013, DSM retroactively changed the benchmark for the composite from the MSCI ACWI IMI Index to the MSCI ACWI Index. The MSCI ACWI Index is more representative of the strategy’s market capitalization range.
 
10.  Leveraged accounts, if any, in the composite involve non-discretionary leverage only. In such cases, per GIPS recommendations, the effect of leverage is removed by treating borrowing as a cash flow and adding back margin interest. 
 
11. There have been no material changes in the persons responsible for the investment management of the Global Growth and Income strategy since its inception.
 
Revised: 01/19/18