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1st Quarter 2010 Zephyr Performance Analysis

VIEWS: 120 PAGES: 12

									                                      Gross of Fees Performance Presentation
                                                                    Created by Zephyr Associates




        Past performance is no guarantee of future performance. Past volatility is not a reliable
               indicator of future volatility. All Index and Manager Data is before fees.




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                                      ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Manager Performance
 January 2004 - March 2010 (Single Computation)


     160


     150



     140



     130



     120
                                                                                                                                                     Rexford Capital: Rexford Capital Total Return
                                                                                                                                                     S&P 500


     110



     100



      90



      80


      70
      60%

      40%                                                                                                                                         Cumulative Excess Return
                                                                                                                                                  vs. Market Benchmark

      20%


       0%
       Q4 2003                Q4 2004               Q4 2005                  Q4 2006             Q4 2007          Q4 2008            Q1 2010



                                                               Portfolio Performance                                            vs. S&P 500



                                                                                                   Annualized   Cumulative
                                                     Annualized         Cumulative     Std Dev                               Info       Significance  Explained                    Tracking
                                                                                                    Excess       Excess
                                                     Return (%)         Return (%)       (%)                                 Ratio       Level (%)   Variance (%)                  Error (%)
                                                                                                   Return (%)   Return (%)




  Rexford Capital: Rexford Capital Total Return         7.79              59.80        13.98         4.92         40.48      1.18            98.78              94.57                 4.17




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                          ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Manager vs Benchmark: Return
 January 2004 - March 2010 (not annualized if less than 1 year)

            60




            50




            40




            30
   Return




                                                                                                                                         Rexford Capital: Rexford Capital Total Return
                                                                                                                                         S&P 500
            20




            10




             0




            -10
                     YTD              1 year           2 years          3 years   4 years    5 years     6 years        Since
                                                                                                                      Inception



 Manager vs Benchmark: Return
 January 2004 - March 2010 (not annualized if less than 1 year)

                                                                                                                                                                      Since
                                                         YTD             1 year    2 years     3 years      4 years       5 years              6 years
                                                                                                                                                                    Inception




  Rexford Capital: Rexford Capital Total Return         5.73%            51.45%     2.16%      4.33%        6.75%          6.80%                7.69%                7.79%




  S&P 500                                               5.39%            49.77%    -3.71%      -4.17%       -0.40%         1.92%                2.70%                2.87%




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                        ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Calendar Year Return
  As of March 2010

   40%




   30%




   20%




   10%




     0%
                                                                                                                       Rexford Capital: Rexford Capital Total Return
                                                                                                                       S&P 500




  -10%




  -20%




  -30%




  -40%
                    YTD                 2009                 2008         2007     2006     2005     2004




                                                           YTD           2009     2008      2007     2006                 2005                     2004




  Rexford Capital: Rexford Capital Total Return           5.73%         30.81%   -27.50%   14.24%   17.80%               4.53%                   13.28%




  S&P 500                                                 5.39%         26.46%   -37.00%   5.49%    15.79%               4.91%                   10.88%




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                                              ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Risk / Return
 January 2004 - March 2010 (Single Computation)

            12%




            10%




            8%
   Return




            6%
                                                                                                                                                             Rexford Capital: Rexford Capital Total Return
                                                                                                                                                             Market Benchmark:
                                                                                                                                                             S&P 500
                                                                                                                                                             Zephyr Large Core Universe (Monthly)
                                                                                                                                                             Cash Equivalent:
                                                                                                                                                             Citigroup 3-month T-bill

            4%




            2%




            0%
                  0%                         5%                                   10%                        15%                        20%


                                                                           Standard Deviation


                                                                                                     Beta       Alpha      R-Squared    R-Squared                      Tracking Error
                                                       Return           Std Dev     Downside Risk                                                        Sharpe
                                                                                                      vs.     vs. Market   vs. Market    vs. Style                       vs. Market        Observs.
                                                        (%)               (%)           (%)                                                               Ratio
                                                                                                    Market        (%)          (%)         (%)                               (%)




  Rexford Capital: Rexford Capital Total Return        7.79             13.98           10.32       0.8391         5.14     94.57        95.10           0.3783           4.1738              25




  S&P 500                                              2.87             16.20           12.20       1.0000         0.00     100.00       99.82           0.0227           0.0000              25




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                       ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.


 Excess Return vs. Market Benchmark / Time
 January 2004 - March 2010 (20-Quarter Moving Windows, Computed Quarterly)
                                          6%




                                          5%
   Excess Return vs. S&P 500




                                          4%




                                          3%

                                                                                                                      Rexford Capital: Rexford Capital Total Return




                                          2%




                                          1%




                                          0%
                                           Q4 2008   Q1 2009      Q2 2009          Q3 2009   Q4 2009   Q1 2010

                                                                            Time

 Std Dev of Excess Return vs. Market Benchmark / Time
 January 2004 - March 2010 (20-Quarter Moving Windows, Computed Quarterly)
                                          5%




                                          4%
   Std Dev of Excess Return vs. S&P 500




                                          3%




                                                                                                                      Rexford Capital: Rexford Capital Total Return
                                          2%




                                          1%




                                          0%
                                           Q4 2008   Q1 2009      Q2 2009          Q3 2009   Q4 2009   Q1 2010

                                                                            Time
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                                            ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Drawdown
 January 2004 - March 2010

     0%




  -10%




  -20%




                                                                                                                                                           Rexford Capital: Rexford Capital Total Return
                                                                                                                                                           S&P 500


  -30%




  -40%




  -50%
       Q4 2003                Q4 2004                Q4 2005                Q4 2006               Q4 2007             Q4 2008               Q1 2010




                                                                 Max           Max        Max          Max                                                  Gain
                                                     Max                                                             Pain       Pain       Omega                        High Water       To High
                                                               Drawdown     Drawdown   Drawdown      Drawdown                                             to Loss
                                                  Drawdown                                                          Index       Ratio   (MAR = 0.00%)                   Mark Date       Water Mark
                                                               Begin Date   End Date    Length     Recovery Date                                           Ratio




  Rexford Capital: Rexford Capital Total Return   -33.79%     Jan 2008      Mar 2009      5         Mar 2010       4.82%        1.10        2.38           0.59         Jan 2010          0.00%




  S&P 500                                         -45.80%     Oct 2007      Mar 2009      6            N/A         10.01%       0.04        1.42           0.80         Jul 2007         23.20%




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                 ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Manager vs Zephyr Large Core Universe (Monthly): Return
 January 2004 - March 2010 (not annualized if less than 1 year)

            70




            60




            50




            40
   Return




                                                                                                                                Rexford Capital: Rexford Capital Total Return
            30                                                                                                                  S&P 500

                                                                                                                                5th to 25th Percentile
                                                                                                                                25th Percentile to Median
                                                                                                                                Median to 75th Percentile
                                                                                                                                75th to 95th Percentile

            20




            10




             0




            -10
                        YTD                1 year             2 years      3 years     4 years    5 years    6 years




 Manager vs Zephyr Large Core Universe (Monthly): Return
 January 2004 - March 2010 (not annualized if less than 1 year)

                                                           YTD          1 year       2 years     3 years    4 years              5 years                    6 years

                                                        326 mng         324 mng      320 mng     310 mng    296 mng              284 mng                    264 mng




  Median                                                  5.40%         49.24%       -2.85%      -3.62%     0.12%                 2.71%                     3.78%




  Rexford Capital: Rexford Capital Total Return           5.73%         51.45%       2.16%       4.33%      6.75%                 6.80%                     7.69%




  S&P 500                                                 5.39%         49.77%       -3.71%      -4.17%     -0.40%                1.92%                     2.70%



Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                                                       ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.



 Manager vs Zephyr Large Core Universe (Monthly): Return Rank
 January 2004 - March 2010 (20-Quarter Moving Windows, Computed Quarterly)

                    0%




                   25%
   Return Rank




                                                                                                                                                      Rexford Capital: Rexford Capital Total Return
                 Median
                                                                                                                                                      S&P 500

                                                                                                                                                      5th to 25th Percentile
                                                                                                                                                      25th Percentile to Median
                                                                                                                                                      Median to 75th Percentile
                                                                                                                                                      75th to 95th Percentile




                   75%




                  100%
                          Q4 2008          Q1 2009                      Q2 2009              Q3 2009              Q4 2009                Q1 2010




 Manager vs Zephyr Large Core Universe (Monthly): Return Rank
 January 2004 - March 2010 (20-Quarter Moving Windows, Computed Quarterly)

                                                         Dec 2008                 Mar 2009             Jun 2009             Sep 2009            Dec 2009                     Mar 2010

                                                          379 mng                 375 mng              379 mng              370 mng             366 mng                      284 mng




  Rexford Capital: Rexford Capital Total Return            7.01%                   6.63%                4.46%                4.46%                 3.00%                       2.82%




  S&P 500                                                  85.10%                 86.75%               85.01%               81.67%               81.59%                       78.05%




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                                       ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.




 Manager vs Zephyr Large Core Universe (Monthly): Multi-Statistic
 January 2004 - March 2010 (not annualized if less than 1 year)



                       15%




                       10%




                        5%
   Alpha




                                                                                                                             Rexford Capital: Rexford Capital Total Return
                                                                                                                             S&P 500

                                                                                                                             5th to 25th Percentile
                                                                                                                             25th Percentile to Median
                        0%                                                                                                   Median to 75th Percentile
                                                                                                                             75th to 95th Percentile




                       -5%




                       -10%
                              1 year           2 years                  3 years   4 years   5 years   6 years


                         5

                         4

                         3
   Information Ratio




                         2

                                                                                                                             Rexford Capital: Rexford Capital Total Return
                         1                                                                                                   S&P 500

                                                                                                                             5th to 25th Percentile
                                                                                                                             25th Percentile to Median
                         0                                                                                                   Median to 75th Percentile
                                                                                                                             75th to 95th Percentile

                        -1

                        -2

                        -3

                              1 year          2 years                   3 years   4 years   5 years   6 years

                         6


                         5


                         4
   Sharpe Ratio




                         3                                                                                                   Rexford Capital: Rexford Capital Total Return
                                                                                                                             S&P 500

                                                                                                                             5th to 25th Percentile
                                                                                                                             25th Percentile to Median
                         2                                                                                                   Median to 75th Percentile
                                                                                                                             75th to 95th Percentile




                         1


                         0


                              1 year          2 years                   3 years   4 years   5 years   6 years
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
 Zephyr StyleADVISOR
                                                                                         ZephyrStyleADVISOR: Rexford Capital Wealth Management, Inc.




 Periodic Returns
 January 2006 - March 2010


                                                          Q1             Q2      Q3      Q4                                 Year



                                                  2010   5.73             -       -        -                                5.73




                                                  2009   -8.68          16.28   15.67   6.50                               30.81



  Rexford Capital: Rexford Capital Total Return
                                                  2008   -3.92          -0.54   -7.69   -17.81                            -27.50




                                                  2007   0.89           5.92    5.19    1.63                               14.24




                                                  2006   3.92           0.94    5.09    6.86                               17.80




                                                  2010   5.39             -       -        -                                5.39




                                                  2009   -11.01         15.93   15.61   6.04                               26.46



  S&P 500
                                                  2008   -9.44          -2.73   -8.37   -21.94                            -37.00




                                                  2007   0.64           6.28    2.03    -3.33                               5.49




                                                  2006   4.21           -1.44   5.67    6.70                               15.79


Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
The REXFORD CAPITAL Total Return Composite has an investment objective of seeking a return similar to the long-term
historical stock market return with less volatility, in an opportunistic manner, using a full range of investment strategies to invest in
stocks, bonds and options. Primary investment targets are dominant companies in attractive industries in a global context positioned to
appreciate from their leadership position. Opportunities for improving income and risk adjusted returns are sought through careful
security selection with a focus on this dominant market position, strong relative earnings strength and high profit margins. These
portfolios have comparatively high dividend yields and low price earnings multiples. When market conditions warrant, volatility is
reduced by selling calls and puts to increase cash flow. This strategy is for investors with a greater than 10-year time horizon plus the
ability to tolerate moderate risk and volatility.

Definition of Firm

REXFORD CAPITAL, Inc. (The Firm) is an independent fee-only investment advisor, registered with the SEC, actively managing
individual investment portfolios containing domestic equity, international equity, and fixed income securities for high net worth
individuals, retirement plans and trusts. We typically purchase high quality, dominant companies that are well positioned for long-
term, after-tax growth of capital and income. We believe that we can add value by acting as a fiduciary and avoiding the conflict of
interests associated with brokers, banks and insurance companies, promoting our independence and putting the interests of the client
before our own. Our only revenue is the advisory fees our clients pay us.

Performance Notes

Investments in securities that trade on national securities exchanges are valued at the last price reported by National Financial Services
in U.S. dollars. Investment transactions are recorded on a trade date basis. Monthly composite returns, which include returns on cash
and short-term investments, were computed as the sum of each family’s monthly return weighted by their respective beginning market
values. Returns are geometrically linked monthly composite returns. Dividends, interest, and capital gains are reinvested, unless
client makes withdrawal. Zephyr analysis is gross of advisory fees. Our returns are after trading costs but before our 1.7% advisory
fee. Past Performance is no guarantee of future performance.

The Composite includes all taxable and nontaxable accounts for the family’s assets we manage. We aggregate individual accounts
and report the performance of the family. Valuations are calculated in millions of U. S. dollars.

Benchmarks

Past volatility of our portfolio or any of the index may not be the indicative of future volatility.

The Standard & Poor’s 500 (S&P 500) is a market cap weighted index of the prices of 500 large cap common stocks actively traded in
the United States. The stocks included in the S&P 500 are those of large publicly held companies priced in U.S. Dollars. Standard and
Poor’s is a division of McGraw-Hill Companies. The index we are using includes the dividends.

REXFORD CAPITAL does not normally use leverage as part of its investment management practice, but occasionally margin is used
at client request. Options, primarily covered calls and occasional put sales (cash secured), are used as a risk reduction measure and to
increase client portfolio income.

To receive a complete description of the Rexford Capital Total Return composite and a presentation that adheres to the GIPS
standards, please contact Marla Williams 713-838-8383 or mwilliams@rexfordcapital.com.




Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr

								
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