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Overview of the CM Portfolios

In this discussion, Arnold Van Den Berg and Jim Brilliant  give their thoughts about the CM portfolios and the economy. Please click here for the CM Value I valuation ratios that Arnold references at the beginning of the discussion.

Disclosures: Century Management reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that the portfolios or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable. Forward-looking statements and projections are not guaranteed.

Past performance is not indicative of future results. Investing involves risk including the potential loss of principal. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Information was obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness.

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 where 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 has been approximately 21%. The CM Value I Composite was created September 16, 1974.

Not every client's account will have these exact characteristics.  The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market predicaments at the time of investment.

Benchmarks are used for information purposes only, the composite portfolios are not managed to reflect the benchmark. S&P 500 ADJ Index is widely regarded as the best single gauge of the U.S. equities market as it includes a representative sample of 500 leading companies in leading industries of the U.S. economy.   The Dow Jones Industrial Average is a stock market index that shows how 30 large publicly owned companies based in the U.S. have traded during a standard trading session in the stock market. Russell 3000 Value ADJ Index measures the performance of the companies in the Russell 3000 Index that exhibit value characteristics. The volatility (standard deviation) of the composite may be greater than that of the benchmarks.  It is not possible to invest in the benchmarks.

Century Management is an independent registered investment adviser. Registration does not imply a certain level of skill or training. Century Management is also registered as a Portfolio Manager in the Province of Ontario. More information about the advisor, including its comprehensive wealth management services, can be obtained by visiting www.centman.com. A copy of CM’s disclosure statement (Form ADV Part 2) is available without charge upon request. Our Form ADV contains information regarding our Firm’s business practices, including our Firm’s investment management services and wealth plans, and the backgrounds of our key personnel. Please contact Century Management at 512-329-0050 if you would like to receive this information.