Performance: US Large Cap Growth

Lcg chart

Annualized Trailing Periods ending October 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
1 Year 2.84 2.32 10.71 7.35
2 Years 18.01 17.43 19.84 15.20
3 Years 11.07 10.43 13.67 11.52
4 Years 11.35 10.71 12.53 9.91
5 Years 12.72 12.05 13.43 11.34
7 Years 15.38 14.67 15.38 14.03
10 Years 14.45 13.72 15.45 13.24
Since Inception** 9.69 8.89 7.78 7.38

Cumulative Since Inception Periods ending October 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
Cumulative Since Inception 374.34 319.47 253.05 231.63

Annual Periods

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
YTD 10/31/2018* 0.27 -0.25 6.62 3.01
2017 39.81 39.13 30.21 21.83
2016 -1.59 -2.20 7.07 11.96
2015 8.48 7.83 5.67 1.38
2014 11.27 10.54 13.05 13.69
2013 37.15 36.28 33.48 32.39
2012 19.93 19.16 15.26 16.00
2011 -0.19 -0.88 2.64 2.11
2010 24.08 23.27 16.71 15.06
2009 25.42 24.52 37.21 26.46
2008 -37.81 -38.33 -38.44 -37.00
2007 20.78 19.86 11.81 5.50
2006 11.41 10.49 9.09 15.81
2005 13.06 12.06 5.26 4.90
2004 11.04 10.03 6.30 10.88
2003 27.10 26.02 29.75 28.68
2002 -16.51 -17.30 -27.88 -22.10

Annualized Trailing Periods ending December 31, 2017

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
1 Year* 39.81 39.13 30.21 21.83
2 Years* 17.29 16.65 18.08 16.79
3 Years* 14.28 13.63 13.79 11.41
4 Years* 13.52 12.85 13.60 11.98
5 Years* 17.90 17.19 17.33 15.79
7 Years* 15.41 14.69 14.81 13.76
10 Years* 10.19 9.47 10.00 8.50
Since Inception** 10.20 9.39 7.77 7.58
  • * Preliminary
  • **Partial year: July 1, 2017 – December 31, 2017
  • ** Inception is January 1, 2002

From inception at January 01, 2002 through October 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
From Inception* 374.34 319.47 253.05 231.63
Annualized* 9.69 8.89 7.78 7.42
Year-to-date* 0.27 -0.25 6.62 3.01
DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
2018
October * -9.22 -9.34 -8.94 -6.84
September -0.24 -0.24 0.56 0.57
August 2.65 2.65 5.47 3.26
July 1.06 0.94 2.94 3.72
June -0.64 -0.64 0.96 0.62
May 4.63 4.63 4.38 2.41
April 0.43 0.30 0.35 0.38
March -2.75 -2.75 -2.74 -2.54
February -3.67 -3.67 -2.62 -3.69
January 9.11 8.97 7.08 5.73
2017
December 0.56 0.56 0.78 1.11
November 2.00 2.00 3.04 3.07
October 3.38 3.27 3.87 2.33
September -0.47 -0.47 1.30 2.06
August 2.64 2.64 1.83 0.31
July 5.24 5.11 2.66 2.06
June 1.86 1.86 -0.26 0.62
May 4.40 4.40 2.60 1.41
April 3.82 3.68 2.29 1.03
March 2.01 2.01 1.16 0.12
February 3.72 3.72 4.15 3.97
January 4.99 4.86 3.37 1.90
2016
December -1.02 -1.02 1.24 1.98
November 0.37 0.37 2.18 3.70
October -3.14 -3.28 -2.35 -1.82
September 1.91 1.91 0.37 0.02
August 0.18 0.18 -0.50 0.14
July 5.92 5.78 4.72 3.69
June -3.59 -3.66 -0.39 0.26
May 3.33 3.28 1.94 1.80
April -1.31 -1.37 -0.91 0.39
March 7.10 7.04 6.74 6.78
February -2.57 -2.61 -0.04 -0.13
January -7.83 -7.88 -5.58 -4.96
2015
December 0.15 0.10 -1.47 -1.58
November -0.83 -0.89 0.28 0.30
October 9.59 9.54 8.61 8.44
September -4.00 -4.06 -2.47 -2.47
August -7.39 -7.44 -6.07 -6.03
July 4.87 4.81 3.39 2.10
June -0.43 -0.48 -1.76 -1.94
May 2.93 2.88 1.41 1.29
April -0.41 -0.47 0.50 0.96
March 0.06 0.01 -1.14 -1.58
February 5.89 5.84 6.67 5.75
January -1.14 -1.20 -1.53 -3.00
2014
December -1.44 -1.49 -1.04 -0.25
November 4.23 4.18 3.17 2.69
October 4.55 4.50 2.64 2.44
September -1.72 -1.78 -1.45 -1.40
August 3.81 3.75 4.58 4.00
July -0.15 -0.21 -1.53 -1.38
June 1.13 1.08 1.95 2.07
May 3.60 3.54 3.12 2.35
April -2.25 -2.30 0.00 0.74
March -4.80 -4.86 -1.01 0.84
February 7.19 7.13 5.15 4.57
January -2.69 -2.75 -2.85 -3.46
2013
December 4.88 4.83 2.86 2.53
November 4.19 4.14 2.82 3.05
October 3.69 3.64 4.42 4.60
September 6.51 6.46 4.46 3.14
August -2.02 -2.07 -1.71 -2.90
July 5.18 5.13 5.30 5.09
June -1.84 -1.90 -1.88 -1.34
May 1.56 1.51 1.86 2.34
April 0.62 0.57 2.12 1.93
March 3.35 3.29 3.75 3.75
February 0.22 0.16 1.24 1.36
January 6.15 6.09 4.29 5.18
2012
December -1.08 -1.13 -0.03 0.91
November 3.29 3.24 1.67 0.58
October -2.67 -2.73 -2.92 -1.85
September 3.66 3.61 1.96 2.58
August 3.35 3.29 2.69 2.25
July 0.25 0.19 1.34 1.39
June 3.48 3.42 2.72 4.12
May -7.78 -7.83 -6.41 -6.01
April 0.19 0.14 -0.15 -0.62
March 4.32 4.27 3.29 3.29
February 6.40 6.34 4.78 4.32
January 5.81 5.75 5.97 4.48
2011
December 1.08 1.02 -0.32 1.02
November -1.68 -1.74 -0.01 -0.22
October 11.79 11.73 10.97 10.93
September -7.87 -7.93 -7.37 -7.03
August -5.78 -5.84 -5.28 -5.43
July -1.04 -1.09 -1.00 -2.03
June -1.86 -1.92 -1.43 -1.67
May -0.08 -0.14 -1.09 -1.13
April 3.04 2.98 3.35 2.96
March -0.53 -0.59 0.12 0.04
February 3.66 3.61 3.27 3.43
January 0.38 0.33 2.54 2.37
2010
December 4.95 4.89 5.51 6.68
November 0.42 0.37 1.16 0.01
October 5.01 4.95 4.78 3.80
September 11.65 11.60 10.65 8.92
August -3.09 -3.14 -4.67 -4.51
July 8.56 8.50 7.13 7.01
June -4.13 -4.19 -5.51 -5.23
May -8.35 -8.40 -7.63 -7.99
April 1.86 1.80 1.12 1.58
March 5.84 5.79 5.78 6.03
February 2.79 2.73 3.44 3.10
January -1.97 -2.03 -4.36 -3.60
2009
December 2.45 2.40 3.09 1.93
November 6.00 5.94 6.14 6.00
October -3.66 -3.72 -1.35 -1.86
September 3.64 3.58 4.25 3.73
August 2.32 2.26 2.07 3.61
July 6.30 6.23 7.10 7.56
June 1.67 1.61 1.12 0.20
May 2.39 2.32 4.96 5.59
April 7.45 7.38 9.60 9.57
March 5.29 5.23 8.92 8.76
February -6.55 -6.61 -7.52 -10.65
January -3.37 -3.43 -4.81 -8.43
2008
December 1.73 1.64 1.81 1.06
November -10.92 -10.99 -7.95 -7.18
October -17.53 -17.59 -17.60 -16.80
September -11.95 -12.02 -11.58 -8.91
August 0.05 -0.02 1.08 1.45
July -1.25 -1.31 -1.90 -0.84
June -3.80 -3.86 -7.20 -8.43
May 3.09 3.03 3.67 1.30
April 6.69 6.63 5.25 4.87
March 1.07 1.00 -0.61 -0.43
February -3.20 -3.27 -1.99 -3.25
January -7.60 -7.66 -7.80 -6.00
2007
December 0.30 0.24 -0.36 -0.69
November -4.11 -4.17 -3.68 -4.18
October 3.40 3.34 3.40 1.59
September 7.79 7.73 4.19 3.74
August 2.25 2.18 1.59 1.50
July 0.46 0.40 -1.55 -3.10
June -0.81 -0.87 -1.49 -1.66
May 3.80 3.74 3.60 3.49
April 5.06 4.99 4.71 4.43
March 0.78 0.71 0.54 1.12
February -1.52 -1.59 -1.88 -1.96
January 2.17 2.10 2.57 1.51
2006
December -0.05 0.11 0.34 1.40
November 2.50 2.43 1.99 1.90
October 4.28 4.21 3.51 3.26
September 1.60 1.53 2.75 2.58
August 0.04 -0.04 3.12 2.38
July 0.21 0.13 -1.90 0.62
June 0.67 0.60 -0.39 0.14
May -4.46 -4.53 -3.39 -2.88
April -0.57 -0.64 -0.14 1.34
March 1.28 1.22 1.48 1.25
February -1.13 -1.20 -0.16 0.27
January 6.92 6.85 1.76 2.65
2005
December 0.65 0.57 -0.31 0.03
November 4.73 4.66 4.31 3.80
October -0.16 -0.24 -0.97 -1.67
September 0.95 0.88 0.46 0.81
August -1.16 -1.23 -1.29 -0.91
July 8.92 8.85 4.89 3.70
June -0.75 -0.83 -0.37 0.14
May 5.46 5.38 4.84 3.18
April -1.80 -1.88 -1.90 -1.90
March -1.87 -1.94 -1.82 -1.77
February 1.07 1.00 1.06 2.10
January -3.03 -3.11 -3.33 -2.44
2004
December 2.06 1.99 3.92 3.41
November 2.97 2.89 3.44 4.05
October 3.48 3.41 1.56 1.53
September 4.01 3.93 0.95 1.08
August 0.00 -0.08 -0.49 0.40
July -4.58 -4.65 -5.65 -3.31
June 0.52 0.44 1.25 1.95
May 1.12 1.05 1.86 1.37
April -1.95 -2.03 -1.16 -1.57
March 0.64 0.56 -1.86 -1.51
February 0.47 0.39 0.64 1.39
January 2.09 2.01 2.04 1.84
2003
December 2.98 2.91 3.46 5.25
November -0.10 -0.17 1.04 0.88
October 4.61 4.53 5.62 5.66
September -1.92 -2.00 -1.07 -1.06
August 3.01 2.94 2.49 1.95
July 2.16 2.08 2.49 1.76
June 2.40 2.33 1.38 1.28
May 2.76 2.69 4.99 5.27
April 4.45 4.38 7.40 8.24
March 5.57 5.50 1.86 0.97
February -2.36 -2.43 -0.46 -1.50
January 1.00 0.93 -2.43 -2.62
2002
December -0.32 -0.40 -6.91 -5.87
November -2.06 -2.13 5.43 5.89
October 2.37 2.29 9.17 8.80
September -4.28 -4.36 -10.37 -10.87
August -0.46 -0.54 0.30 0.66
July -8.34 -8.42 -5.50 -7.80
June -6.15 -6.23 -9.25 -7.12
May -2.48 -2.55 -2.42 -0.74
April 0.66 0.57 -8.16 -6.06
March 4.71 4.63 3.46 3.76
February -2.04 -2.11 -4.15 -1.93
January 1.23 1.15 -1.77 -1.46
  • * Preliminary

From inception ending October 31, 2018

DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
From Inception* 374.34 319.47 253.05 231.63
Annualized* 9.69 8.89 7.78 7.42
Year-to-date* 0.27 -0.25 6.62 3.01
DSM Pre-Fee (%) DSM Post-Fee (%) Russell 1000 Growth
Total Return (%)
S&P 500 Total Return
(%)
2018
Current QTD * -9.22 -9.34 -8.94 -6.84
Third 3.49 3.37 9.17 7.71
Second 4.40 4.27 5.76 3.43
First 2.22 2.09 1.42 -0.76
2017
Fourth 6.04 5.92 7.86 6.64
Third 7.51 7.37 5.90 4.48
Second 10.41 10.26 4.67 3.09
First 11.08 10.94 8.91 6.07
2016
Fourth -3.77 -3.90 1.01 3.82
Third 8.14 7.99 4.58 3.85
Second -1.69 -1.73 0.61 2.46
First -3.82 -3.97 0.74 1.35
2015
Fourth 8.84 8.69 7.32 7.04
Third -6.77 -6.92 -5.29 -6.44
Second 2.07 1.92 0.12 0.28
First 4.75 4.59 3.84 0.95
2014
Fourth 7.40 7.24 4.78 4.93
Third 1.87 1.70 1.49 1.13
Second 2.41 2.25 5.13 5.23
First -0.70 -0.87 1.12 1.81
2013
Fourth 13.31 13.13 10.44 10.51
Third 9.76 9.59 8.11 5.25
Second 0.31 0.14 2.06 2.91
First 9.94 9.76 9.54 10.61
2012
Fourth -0.55 -0.71 -1.32 -0.38
Third 7.40 7.22 6.11 6.35
Second -4.39 -4.54 -4.02 -2.75
First 17.45 17.26 14.69 12.59
2011
Fourth 11.10 10.91 10.61 11.81
Third -14.10 -14.25 -13.14 -13.87
Second 1.04 0.86 0.76 0.10
First 3.50 3.34 6.03 5.92
2010
Fourth 10.67 10.49 11.83 10.75
Third 17.46 17.28 13.00 11.30
Second -10.50 -10.66 -11.75 -11.43
First 6.65 6.47 4.65 5.38
2009
Fourth 4.62 4.45 7.94 6.04
Third 12.73 12.52 13.97 15.61
Second 11.86 11.64 16.32 15.93
First -4.92 -5.10 -4.12 -11.01
2008
Fourth -25.26 -25.44 -22.79 -21.96
Third -13.00 -13.19 -12.33 -8.37
Second 5.81 5.62 1.25 -2.72
First -9.60 -9.79 -10.18 -9.45
2007
Fourth -0.55 -0.73 -0.77 -3.33
Third 10.72 10.52 4.21 2.03
Second 8.17 7.97 6.86 6.28
First 1.40 1.19 1.19 0.64
2006
Fourth 6.83 6.62 5.93 6.70
Third 1.85 1.62 3.94 5.67
Second -4.37 -4.57 -3.90 -1.44
First 7.06 6.86 3.10 4.21
2005
Fourth 5.24 5.00 2.98 2.10
Third 8.68 8.46 4.01 3.59
Second 2.79 2.54 2.47 1.36
First -3.83 -4.04 -4.09 -2.15
2004
Fourth 8.75 8.52 9.17 9.23
Third -0.75 -0.98 -5.22 -1.87
Second -0.34 -0.57 1.94 1.72
First 3.23 2.98 0.78 1.69
2003
Fourth 7.62 7.39 10.41 12.18
Third 3.21 2.98 3.91 2.65
Second 9.91 9.69 14.31 15.39
First 4.11 3.89 -1.07 -3.15
2002
Fourth -0.06 -0.29 7.15 8.44
Third -12.67 -12.89 -15.05 -17.28
Second -7.87 -8.10 -18.67 -13.40
First 3.84 3.60 -2.59 0.27
2000
Current QTD 4.99 4.86 3.37
  • * Preliminary

DSM Large Cap Growth

DSM CAPITAL PARTNERS LLC

NOTES TO HISTORICAL PERFORMANCE OF LARGE CAP GROWTH
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 US Large Cap Growth strategy will invest in domestic equity securities of large capitalization companies. Domestic 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. In addition, shares of foreign domiciled companies that primarily trade on a U.S. exchange are considered by DSM to be domestic equity securities. As determined by DSM, companies that issue domestic equity securities may be domiciled and/or headquartered anywhere in the world. The US Large Cap Growth strategy may invest up to 20% of its assets in equity securities of foreign issuers. Up until March 31, 2017, the US Large Cap Growth strategy had historically invested approximately 15% of its assets in foreign equity securities. A large capitalization company is one that has a market capitalization of U.S. $10 billion or more at the time of purchase. The US Large Cap Growth strategy may invest in equity securities of companies that have a market capitalization below U.S. $10 billion at the time of purchase. The US Large Cap Growth composite has historically held certain mid-cap stocks. DSM’s classification of market cap ranges may differ materially from other large cap growth managers. The US Large Cap Growth strategy generally will contain 25-35 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 2017. 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 US Large Cap Growth composite has been examined for the periods January 2002 to December 2017. The verification and performance examination reports are available upon request. Benchmark returns are not covered by the report of independent verifiers.

5. DSM’s performance composite includes all fee paying US Large Cap Growth managed equity accounts, that allow DSM to buy and sell securities with discretion, with the exception of accounts that have individual security positions with absolute variances of 100 bps or more from target (including cash) that, taken together, equal or exceed 12% of the equity value of the account at the beginning of a given calendar month. The composite was created on January 1, 2002. Beginning July 1, 2016, except as noted above, certain other accounts (i.e. accounts below the composite minimums and accounts with significant cash flows) are no longer removed from the composite. Prior to July 1, 2016, DSM removed these types of accounts from the composite. This change caused a significant increase in the number of accounts to be included in the composite. A complete list and description of composite is available upon request to Russell Katz, DSM Capital Partners, 7111 Fairway Drive, Suite 350, Palm Beach Gardens, FL 33418. Phone: 561-618-4000; email: rkatz@dsmcapital.com.

6. DSM first offered the US Large Cap Growth strategy to clients during December 2001. Only one client account was fully invested by January 1, 2002. That account comprised the performance composite for January 2002.

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 for US Large Cap Growth is generally 1.0% per annum on the first $5 million of assets, 0.75% on the next $15 million, 0.625% on the next $80 million, and 0.50% on amounts thereafter, or a “flat” fee of 0.45% for amounts in excess of $200 million. DSM’s management fees are fully detailed in Part 2A of its Form ADV. The management fee is generally charged quarterly in arrears, but also may be charged in advance. Certain accounts in the composite may have different fee structures (including performance fees) and certain accounts may involve non-fee expenses not included above. From inception through June 30, 2016 DSM calculated monthly post-fee performance by applying one-third of the quarterly management fee to each month of a quarter. Because fee billings are generally calculated based on beginning-of-quarter market values, monthly post-fee returns based on beginning-of-month market values may compound to more or less than quarterly post-fee returns. As of July 1, 2016, DSM calculates post-fee returns by deducting the entire quarterly management fee in the first month of the quarter, with no fee deduction in the second and third month of the quarter. As of January 1, 2017, for accounts with performance fees, the variable fee calculated at the end of a given year, to be paid by a client early in the next year, is applied to mid-December of the prior year.

9. The Russell 1000 Growth Total Return Index includes dividends reinvested in the Russell 1000 Growth Index as reported by the Russell Company. The Russell 1000 Growth Index is a capitalization weighted index containing over 600 widely held securities with growth characteristics. DSM uses the Russell 1000 Growth Index as a benchmark because its average market capitalization is similar to that of the Large-Cap Growth composite, and it is an industry standard. S&P 500 Total Return includes dividends reinvested in the S&P 500 index, as reported by Standard & Poor’s. 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.

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 Large Cap Growth strategy since its inception.

Revised: 06/22/2018