• Performance Summary
• Growth of $100,000
• Total Returns by Year
• 10-Year Rolling Returns
• Positive vs. Negative Years
• CM vs. R3000V in Down Quarters
• CM vs. S&P 500 in Down Quarters
• Performance by Year
• Performance by Quarter
• Performance by Month

Footnotes and Disclosures

For strategy reporting purposes, the Firm is defined as all accounts managed by Van Den Berg Management I, Inc., dba Century Management (“CM”), registered investment adviser. As of 3/31/2013 total Firm assets under management are approximately $1.9 billion. The CM Value I (All-Cap Value) strategy is a time-weighted, total-return composite of all all-cap value accounts managed using our standard investment process that pay their brokerage/custodians on a transaction fee basis versus a fixed percentage fee. The CM Value I composite primarily invests in stocks, bonds, and cash. The focus of this composite is to find undervalued securities that over time will produce above average returns with a lower degree of risk than that of the general market. 

Portfolios in this composite are not constrained by market capitalization (size). Therefore, a significant portion of portfolio assets may be invested in micro cap, small cap, medium cap, large cap, or mega cap companies with one market capitalization being more heavily weighted over the other at any given time. In addition, there are times when portfolios in this composite will be invested in bonds and cash. Historically, cash and cash equivalent positions have ranged from 2% to 60% of the composite for extended periods of time. However, the long-term average cash and cash equivalent position  has been approximately 21%.

The CM Value I composite was created September 16, 1974. Prior to 2004 the composite was named the CM Standard Value composite. Prior to 2010 the composite could have accounts with up to 30% fixed income mandates.

Gross performance figures do not reflect the deduction of investment advisory fees but do reflect the deduction of all transaction fees. Gross performance figures will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in our Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the inclusion and reinvestment of dividends and other earnings.

CM claims compliance with the Global Investment Performance Standards ("GIPS^®"), examined from the strategy's inception, September 16, 1974, through December 31, 2012. This performance was prepared by CM and presented to and examined by Ashland Partners & Company, LLP. Ashland Partners continues to verify the compliance of CM with the requirements of GIPS^® on a firm-wide basis each calendar quarter. This GIPS^® verification and performance examination is generally one to two quarters in arrears of the most recent performance information presented. Thus, while performance figures shown after the verification date are believed to be accurate, they are preliminary and have not yet been examined. To receive a complete list and description of the Firm’s strategies or a GIPS^® compliant presentation, please contact us at 1-800-664-4888, or write to us at 805 Las Cimas Parkway, Suite 430, Austin, Texas 78746.

Performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance of markets, strategies, composites, or any individual securities is no guarantee of future results. The performance of accounts in the composite may be materially different at any given time.  Differences that may affect investment performance include but are not limited to cash flows, inception dates, historical prices, asset size, market conditions, portfolio holdings, and fees. Positions within the composite may not be the same from one account to the next. Individual securities within the composite may be traded at different times as well as receive different execution prices. In addition, accounts within the composite may be pursuing similar investment strategies, but may have different investment restrictions.

Investment in the CM Value I composite  is subject to investment risks, including, without limitation, market risk, interest rate risk, management style risk, business risk, sector risk, small cap risk, and other risks related to equity securities.

Index Definitions: The indexes are unmanaged. The Russell 3000 Value Index, the Russell 3000 Index, and the S&P 500 Index, along with the strategy include dividends, which positively impact the performance results. Returns may be more volatile than respective benchmarks for each composite.  It is not possible to invest directly in these benchmarks.

The Russell 3000 Value Index is a market-capitalization weighted 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.

The Russell 3000 Index is a market capitalization weighted index that seeks to be a benchmark for the entire U.S. stock market. More specifically, this index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S.

The S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.  The S&P 500 is a market value weighted index - each stock's weight is proportionate to its market value.