All Cap Value Performance
MPMG claims compliance with the Global Investment Performance Standards (GIPS).
Growth of $100 (Net of Fees)*
15- Year Annualized Returns (Net of Fees)*
|All Cap Value Composite Performance Results – 1995 Through 2021||S&P 500 – 1995 Through 2021|
|Year||Total Firm Assets $M||Total Composite Assets $M*||% of Firm Assets||# of Composite Accts.*||% of Wrap Assets||Dispersion||Annualized 3-Year Standard Deviation||Net Returns All Cap. Value Composite||S&P 500 Returns||Annualized 3-Year Standard Deviation|
*The ACV Composite portfolio does not include accounts on a model portfolio platform (to which many accounts moved in 2012) or accounts traded for tax loss harvesting, among other restrictions. This, in part, explains the decline in the number of accounts and total composite assets.
Firm: Minneapolis Portfolio Management Group, LLC (“MPMG”) is an independent investment adviser registered with the United States Securities and Exchange Commission that invests in both domestic and international small-, mid-, and large-cap equity securities. Policies for valuing investments, calculating performance, and preparing reports are available upon request.
The All Cap Value Composite (“ACV Composite”) was created and incepted on January 1, 1995. Data from January of 1995 through March of 2000 on the chart on the previous page represents the performance of accounts managed by Phillip Grodnick while associated with Salomon Smith Barney, Inc. Data from April of 2000 through March of 2004 on the same chart represents accounts managed by Phillip and Harrison Grodnick while associated with Wachovia Securities, LLC. While Harrison Grodnick was also a portfolio manager at Wachovia Securities, LLC, Phillip Grodnick was primarily responsible the management of all accounts, including final decision-making authority over investments. Rob Britton joined MPMG as a portfolio manager in 2011. Phillip Grodnick continues to be primarily responsible for management of all accounts at MPMG. These results reflect the performance of all accounts under management for at least one calendar quarter that MPMG has managed on a discretionary basis, using the same strategy.
Calculation Methodology: Returns for periods longer than one year are annualized. Results are size and time-weighted and net of expenses, excluding the effect of all income taxes, and unless otherwise noted, reflect reinvestment of interest, income, and/or realized capital gains. All realized and unrealized capital gains, losses, dividends and interest from investments and cash balances are included. The composite is asset-weighted, using end of quarter market value. Dispersion is presented as the standard deviation of the individual component portfolio returns around the aggregate composite return on an asset weighted basis. The results are expressed in U.S. Dollars. Because MPMG’s accounts are individually managed and clients may impose restrictions on management, account performance may vary.
Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Monthly composite and benchmark returns were not required for periods prior to 2011.
Verification: MPMG claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. MPMG has been independently verified for the periods January 1, 1995 through December 31, 2021. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The ACV Composite has had a performance examination for the periods January 1, 1995 through December 31, 2021. The verification and performance examination reports are available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Benchmark: A benchmark of 100% of the S&P 500 Index has been calculated. The S&P 500 Index contains 500 U.S. industrial, transportation, utility and financial companies. It is capitalization-weighted calculated on a total return basis with dividends reinvested. The NYSE Composite Index (Symbol: NYA) is a measure of the changes in aggregate market value of approximately 2,000 NYSE-listed U.S. and non-U.S. stocks, adjusted to eliminate the effects of capitalization changes, new listings and delistings. It is weighted using free-float market capitalization, and calculated on both price and total return basis. The Russell 3000 Value Index is a market-capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000 Index, which measures how U.S. stocks in the equity value segment perform. Included in the Russell 3000 Value Index are stocks from the Russell 3000 Index with lower price-to-book ratios and lower expected growth rates.
Selection Criteria: The ACV Composite includes all discretionary accounts with no client-imposed restrictions that are managed in accordance with the ACV Composite strategy. Performance data for all accounts has been calculated from each account’s first full quarter of management through the date of this report or the last full quarter of management prior to cessation of the account.
Composites: Additional information regarding MPMG’s policies for calculating performance results, including a complete list and description of all MPMG composites and performance results, is available upon request.
Fees: The performance results are shown net of actual fees from 3Q 2004 – present, a 2% model fee for 2Q 2000-3Q 2004, and a 2.2% model fee for 1995-1Q 2000. Model fees represent the highest fee charged to any account managed by MPMG while associated with Salomon Smith Barney and, subsequently, Wachovia Securities, LLC. Investment advisory fees may vary significantly from client to client. MPMG’s investment advisory fees begin at 2%, and may decline based on factors such as (but not limited to) the amount of assets under management, the nature of the assets, the type of analysis required to manage the account, the level of service required by the client and the overall relationship of the client with MPMG. The fees charged for wrap programs typically include investment management fees, transaction costs and, in some cases, custody fees.
Holdings: The securities listed were the top ten holdings as of 3/31/2022 in accounts managed by MPMG. The current list of top ten holdings may differ from those listed above and are subject to change.
Since no one investment program is suitable for all types of investors, this information is provided for informational purposes only. Past performance is not a guarantee of future results. You should review your investment objectives, risk tolerance and liquidity needs before selecting a suitable investment program.