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Performance Summary as of December 31,
2007
The McElvaine Investment Trust
Series B
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Pre-fee Return (1)(2) -
Series B Units
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Net Return (1)(3) -
Series B Units
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2007 |
1.0% |
0.6% |
9.8% |
9% |
2006 |
15.1% |
11.9% |
17.3% |
11% |
2005 |
22.9% |
17.2% |
24.1% |
13% |
2004 |
11.3% |
8.6% |
14.5% |
23% |
2003 |
36.5% |
28.2% |
26.7% |
14% |
2002 |
5.4% |
5.0% |
-12.4% |
5% |
2001 |
37.2% |
28.0% |
-12.6% |
2% |
2000 |
24.6% |
19.2% |
7.4% |
9% |
1999 |
38.8% |
29.5% |
31.6% |
26% |
1998 |
21.3% |
16.6% |
-1.6% |
27% |
1997 |
16.8% |
12.8% |
15.0% |
59% |
11 Year Compound |
20.4% |
15.8% |
9.6% |
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$100 invested Jan97 is now |
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$501 |
$274 |
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Notes:
(1) The “Pre-fee Return” and “Net Return” information includes distributions reinvested in additional units.
(2) “Pre-fee Return” is our estimate of the increase in the asset value of the Trust during the period after the deduction of all expenses, other than the management fee and performance incentive fee, and applicable GST. The Pre-fee Return gives you the best indication of how the Trust’s investments have performed. However, the “Net Return” is a better indicator of the returns actually earned by investors.
(3) “Net Return” is our estimate of the increase in the net asset value of the Series B units during the period, which is based upon the fees in effect prior to January 1, 2008. No Series A units or Series F units were issued during the periods shown. The Net Return for each series of units will differ since the fee and expense structure for each series units differs.
(4) As the Trust invests primarily in Canadian securities, we have compared its performance to that of the S&P/TSX Composite Total Return Index (formerly the TSX 300 Total Return Index). This index tracks changes in the share price of 300 of the largest companies (by market capitalization) listed on the Toronto Stock Exchange (and includes the return from reinvested dividends). These companies represent a broad range of industries. The Trust may often invest in small-cap and mid-cap companies that are not included in the S&P/TSX Composite Total Return Index, and therefore, other indices may also be appropriate comparisons for the Trust.
(5) “Average Cash Balance” is our estimate of the average of the month-end cash and short-term bond balances held by the Trust. We have included this to allow you to assess how the Trust was invested in order to generate the returns shown. For example, the 1997 Pre-fee Return of 16.8% was earned while the portfolio was on average only 41% invested.
(6) This Performance Table excludes the three months from 27Sep96 to 31Dec96 (startup period). During this period, the Trust returned 3.1%
(7) It is important that you understand that performance is yesterday’s news and you should be careful about using it as a guide to tomorrow. The figures above are unaudited and in many circumstances, simply our estimates.
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