Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: June 30, 2009

Transcription

1 Cumulative Performance Comparisons Period Ending: June 30, S & P CITI GROWTH INDEX Equity Style - Large Growth Last Quarter Two Quarters Three Quarters One Year Two Years Three Years Four Years Five Years Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

2 Consecutive Performance Comparisons Period Ending: June 30, S & P CITI GROWTH INDEX Equity Style - Large Growth June June June June 2006 June 2005 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

3 Consecutive Annual - Five Year Period Ending: June 30, S & P CITI GROWTH INDEX Equity Style - Large Growth December December December 2006 December 2005 December 2004 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

4 Equity Only Summary Statistics Period Ending: June 30, Portfolio S & P CITI GROWTH INDEX Total Number of Securities Total Market Value Average Market Capitalization (000's) Equity Segment Yield Equity Segment Price/Earnings Ratio Equity Segment Beta Price/Book Ratio 5 Year Earnings Growth ,334,245 84,016,371 80,050, % 17.0% Ten Largest Holdings Security Market Value Weight EXXON MOBIL CORP 11,912, JOHNSON + JOHNSON 4,538, PROCTER AND GAMBLE CO 4,080, INTERNATIONAL BUSINESS MACHS 4,061, APPLE INC COM NPV 3,033, BAXTER INTL INC 2,621, WAL MART STORES INC 2,431, MICROSOFT CORP 2,362, ABBOTT LABS 2,248, MCDONALDS CORP 2,224, Ten Best Performers Security Return Weight SLM CORP WYNN RESORTS LTD AMERICAN EXPRESS CO TITANIUM METALS CORP DISCOVER FINL SVCS RADIOSHACK CORP AFLAC INC COACH INC ALLEGHENY TECHNOLOGIES INC JUNIPER NETWORKS INC Ten Worst Performers Security Return Weight PULTE HOMES INC CEPHALON INC FAMILY DLR STORES INC BIOGEN IDEC INC SUNOCO INC BEST BUY CO INC COM STK USD MONSANTO CO NEW NORTHERN TRUST CORP APOLLO GROUP INC BLACK + DECKER CORPORATION Holding Based Beta - Beta is calculated based on Holdings. 4

5 Portfolio Characteristics - Equity Period Ending: June 30, INTECH S&P BARRA S & P CITI GROWTH INDEX Equity Funds - Equity Only 5th Percentile 25th Percentile 50th Percentile 75th Percentile 95th Percentile Price/Earnings Ratio Dividend Yield Capitalization 5 Year Earnings Beta Price/Book Ratio Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank S & P CITI GROWTH INDEX Holding Based Beta - Beta is calculated based on Holdings. 5

6 Top Ten Holding Period Ending: June 30, As Of 9/30/07 As Of 12/31/07 As Of 3/31/08 As Of 6/30/08 EXXON MOBIL CORP. 9.7% EXXON MOBIL CORP. 9.1% EXXON MOBIL CORP 9.6% EXXON MOBIL CORP 9.7% PROCTER & GAMBLE CO 4.1% APPLE COMPUTER, INCORPORATED 4.2% APPLE INC COM NPV 4.4% APPLE INC COM NPV 3.7% APPLE COMPUTER, INCORPORATED 2.9% PROCTER & GAMBLE CO 3.0% PROCTER AND GAMBLE CO 3.6% PROCTER AND GAMBLE CO 3.5% ABBOTT LABS 2.9% MICROSOFT CORP. 2.7% MICROSOFT CORP 2.9% MICROSOFT CORP 2.7% STRYKER CORPORATION 2.9% INTERNATIONAL BUSINESS MACHINES 2.6% INTERNATIONAL BUSINESS MACHS 2.9% INTERNATIONAL BUSINESS MACHS 2.7% BAXTER INTERNATIONAL, INC. 2.8% ABBOTT LABS 2.6% AMAZON COM INC 2.8% COCA COLA CO 2.5% INTERNATIONAL BUSINESS MACHINES 2.7% AMAZON. COM CORPORATION 2.5% ABBOTT LABS 2.7% BAXTER INTL INC 2.4% MCDONALDS CORPORATION 2.3% NATIONAL OILWELL, INCORPORATED 2.5% COCA COLA CO 2.6% NATIONAL OILWELL VARCO INC 2.4% ZIMMER HOLDINGS, INC. 2.2% STRYKER CORPORATION 2.4% NATIONAL OILWELL VARCO INC 2.6% PEPSICO INC 2.3% AMAZON. COM CORPORATION 2.1% SCHLUMBERGER LTD 2.3% BAXTER INTL INC 2.5% ABBOTT LABS 2.3% Top Ten Total: 34.4% Top Ten Total: 34.0% Top Ten Total: 36.6% Top Ten Total: 34.2% As Of 9/30/08 As Of 12/31/08 As Of 3/31/09 As Of 6/30/09 EXXON MOBIL CORP EXXON MOBIL CORP 11.3% EXXON MOBIL CORP 10.5% EXXON MOBIL CORP 10.1% PROCTER AND GAMBLE CO 3.5% PROCTER AND GAMBLE CO 3.9% JOHNSON + JOHNSON 3.8% JOHNSON + JOHNSON 3.8% INTERNATIONAL BUSINESS MACHS 2.9% INTERNATIONAL BUSINESS MACHS 3.5% INTERNATIONAL BUSINESS MACHS 3.6% PROCTER AND GAMBLE CO 3.4% MICROSOFT CORP 2.9% JOHNSON + JOHNSON 2.8% PROCTER AND GAMBLE CO 3.6% INTERNATIONAL BUSINESS MACHS 3.4% APPLE INC COM NPV 2.9% APPLE INC COM NPV 2.8% APPLE INC COM NPV 2.7% APPLE INC COM NPV 2.6% COCA COLA CO 2.8% BAXTER INTL INC 2.7% WAL MART STORES INC 2.5% BAXTER INTL INC 2.2% BAXTER INTL INC 2.4% COCA COLA CO 2.3% BAXTER INTL INC 2.4% WAL MART STORES INC 2.1% PEPSICO INC 2.4% MICROSOFT CORP 2.2% MICROSOFT CORP 2.2% MICROSOFT CORP 2.0% ABBOTT LABS 2.3% ABBOTT LABS 2.1% ABBOTT LABS 2.1% ABBOTT LABS 1.9% JOHNSON + JOHNSON 1.9% PEPSICO INC 2.1% PEPSICO INC 2.0% MCDONALDS CORP 1.9% Top Ten Total: 33.9% Top Ten Total: 35.7% Top Ten Total: 35.5% Top Ten Total: 33.4% 6

7 Equity Only Summary Statistics Charts Period Ending: June 30, Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio 2.5 Dividend Yield Price/Book Ratio 35.0 Five Year Earnings Growth Return on Equity S & P CITI GROWTH INDEX 7

8 Equity Only Sector Analysis Quarterly Period Ending: June 30, 25.0% Consumer Discretionary - Weightings 15.0% Consumer Discretionary - Returns 5.0% 15.0% -5.0% - 5.0% -15.0% - Consumer Staples - Weightings Consumer Staples - Returns 15.0% 18.0% 16.0% 14.0% 12.0% 5.0% 8.0% 6.0% -5.0% 4.0% 2.0% % Energy - Weightings Energy - Returns % 15.0% 5.0% 15.0% -5.0% - 5.0% -15.0% % S & P CITI GROWTH INDEX 8

9 Equity Only Sector Analysis Quarterly Period Ending: June 30, 12.0% Financials - Weightings 4 Financials - Returns 3 8.0% 6.0% 4.0% % -3-4 Health Care - Weightings Health Care - Returns 25.0% 15.0% 5.0% 15.0% -5.0% - 5.0% -15.0% - Industrials - Weightings Industrials - Returns 14.0% 12.0% 15.0% 5.0% 8.0% 6.0% -5.0% 4.0% 2.0% % % S & P CITI GROWTH INDEX 9

10 Equity Only Sector Analysis Quarterly Period Ending: June 30, % 15.0% 5.0% Information Technology - Weightings 15.0% 5.0% -5.0% % % -3 Information Technology - Returns Materials - Weightings Materials - Returns 6.0% 3 5.0% 4.0% 3.0% - 2.0% - 1.0% -3-4 Miscellaneous - Weightings Miscellaneous - Returns S & P CITI GROWTH INDEX 10

11 Equity Only Sector Analysis Quarterly Period Ending: June 30, 1.2% Telecommunications Services - Weightings 8 Telecommunications Services - Returns 1.0% 6 0.8% 4 0.6% 0.4% - 0.2% -4-6 Utilities - Weightings Utilities - Returns 6.0% 4 5.0% 4.0% 3.0% - 2.0% % -6-8 S & P CITI GROWTH INDEX 11

12 Performance Attribution Geometric Period Ending: June 30, Portfolio Market Value Return A B S & P CITI GROWTH INDEX Selection Market Value Return Stock Industry Total Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunications Services Utilities C D E F G Contribution Detractors Stock Consumer Staples Stock Consumer Discretionary Energy Financials Industry Materials Industry Information Technology Financials Consumer Staples 12

13 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Consumer Discretionary 3M CO AFFILIATED COMPUTER SVCS INC AMAZON COM INC APOLLO GROUP INC AUTOZONE INC BED BATH + BEYOND INC BEST BUY CO INC COM STK USD0.10 CENTEX CORP CINTAS CORP COACH INC COMCAST CORP NEW COSTCO WHSL CORP NEW D R HORTON INC DEVRY INC DEL DIRECTV GROUP INC DISNEY WALT CO DISNEY COM DUN + BRADSTREET CORP DEL NEW FAMILY DLR STORES INC GAP INC HARLEY DAVIDSON INC HOME DEPOT INC IMS HEALTH INC IRON MTN INC PA ITT CORP NEW KB HOME KOHLS CORP LOWES COS INC USD0.50 MARRIOTT INTL INC NEW MCGRAW HILL COS INC NIKE INC CL B NORDSTROM INC O REILLY AUTOMOTIVE INC POLO RALPH LAUREN CORP PULTE HOMES INC RADIOSHACK CORP ROCKWELL AUTOMATION INC SEARS HLDGS CORP SHERWIN WILLIAMS CO STAPLES INC TARGET CORP TJX COS INC NEW VIACOM INC NEW CL B Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 13

14 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, WAL MART STORES INC WYNN RESORTS LTD Consumer Staples AVON PRODS INC BLACK + DECKER CORPORATION BROWN FORMAN CORP CLASS B CAMPBELL SOUP CO COCA COLA CO COLGATE PALMOLIVE CO CONSTELLATION BRANDS INC CVS CAREMARK CORP DEAN FOODS CO NEW GENERAL MLS INC HEINZ H J CO HERSHEY CO / THE KELLOGG CO KIMBERLY CLARK CORP KROGER CO LAUDER ESTEE COS INC MCCORMICK + CO INC COM NON VTG MCDONALDS CORP OMNICOM GROUP PEPSI BOTTLING GROUP INC PEPSICO INC PROCTER AND GAMBLE CO STARBUCKS CORP SYSCO CORP WALGREEN CO YUM BRANDS INC DR PEPPER SNAPPLE GROUP INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 50, , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 14

15 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Energy ANADARKO PETE CORP APACHE CORP BAKER HUGHES INC BJ SVCS CO CABOT OIL + GAS CORP CAMERON INTL CORP CHESAPEAKE ENERGY CORP CHEVRON CORP CONOCOPHILLIPS DENBURY RES INC DEVON ENERGY CORPORATION NEW DIAMOND OFFSHORE DRILLING INC ENSCO INTL INC EOG RESOURCES INC EQT CORP EXXON MOBIL CORP FMC TECHNOLOGIES INC HALLIBURTON CO HESS CORP MARATHON OIL CORP MURPHY OIL CORP NABORS INDUSTRIES LTD SHS NATIONAL OILWELL VARCO INC NOBLE ENERGY INC OCCIDENTAL PETE CORP PIONEER NAT RES CO QUESTAR CORP RANGE RES CORP SCHLUMBERGER LTD SMITH INTL INC SOUTHWESTERN ENERGY CO SUNOCO INC XTO ENERGY INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 3, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 15

16 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Financials AFLAC INC AMERICAN EXPRESS CO AON CORP AUTOMATIC DATA PROCESSING INC CHUBB CORP CME GROUP INC EQUIFAX INC FEDERATED INVS INC PA CL B FIRST HORIZON NATL CORP FISERV INC FRANKLIN RES INC GOLDMAN SACHS GROUP INC HUDSON CITY BANCORP INC INTERCONTINENTALEXCHANGE INC LOEWS CORP MASTERCARD INC MBIA INC MOODYS CORP NASDAQ OMX GROUP INC COM ACCREDITED INVS NORTHERN TRUST CORP NYSE EURONEXT PAYCHEX INC PRICE T ROWE GROUP INC PROGRESSIVE CORP OHIO SCHWAB CHARLES CORP NEW COM STK SLM CORP STATE STREET CORPORATION TORCHMARK INC VENTAS INC WESTERN UN CO DISCOVER FINL SVCS Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 1, , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 16

17 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Health Care ABBOTT LABS AETNA INC ALLERGAN INC AMGEN INC BARD C R INC BAXTER INTL INC BECTON DICKINSON + CO BIOGEN IDEC INC CELGENE CORP CEPHALON INC DAVITA INC DENTSPLY INTL INC NEW EXPRESS SCRIPTS INC GENZYME CORP COM GEN DIV GILEAD SCIENCES INC HOSPIRA INC HUMANA INC JOHNSON + JOHNSON KING PHARMACEUTICALS INC MEDCO HEALTH SOLUTIONS INC MEDTRONIC INC MYLAN INC QUEST DIAGNOSTICS INC ST JUDE MED INC STRYKER CORP THERMO FISHER SCIENTIFIC INC UNITEDHEALTH GROUP INC VARIAN MED SYS INC WATSON PHARMACEUTICALS INC WELLPOINT INC WYETH ZIMMER HOLDINGS INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 47, , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 17

18 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Industrials AMPHENOL CORP NEW BURLINGTON NORTHN SANTA FE C H ROBINSON WORLDWIDE INC CATERPILLAR INC CUMMINS INC DEERE + CO EXPEDITORS INTL WA INC FASTENAL CO FLIR SYS INC FLUOR CORP NEW GENERAL DYNAMICS CORP GRAINGER W W INC HARMAN INTL INDS INC NEW ILLINOIS TOOL WKS INC JACOBS ENGR GROUP INC L 3 COMMUNICATIONS HLDG CORP LOCKHEED MARTIN CORP NORFOLK SOUTHN CORP PACCAR INC PRECISION CASTPARTS CORP REPUBLIC SVCS INC ROBERT HALF INTL INC ROCKWELL COLLINS INC SOUTHWEST AIRLS CO STERICYCLE INC UNITED TECHNOLOGIES CORP Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 11, , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 18

19 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Information Technology ADOBE SYS INC ADVANCED MICRO DEVICES INC AGILENT TECHNOLOGIES INC AKAMAI TECHNOLOGIES INC ALTERA CORP AMERICAN TOWER CORP APPLE INC COM NPV APPLIED MATERIALS INC BMC SOFTWARE INC BROADCOM CORP CA INC CISCO SYS INC CITRIX SYS INC COGNIZANT TECHNOLOGY SOLUTIONS COMPUWARE CORP DELL INC EMC CORP GOOGLE INC HARRIS CORP DEL HEWLETT PACKARD CO INTEL CORP INTERNATIONAL BUSINESS MACHS INTUIT JUNIPER NETWORKS INC LEXMARK INTL INC LSI CORP MCAFEE INC MICROSOFT CORP NATIONAL SEMICONDUCTOR CORP NETAPP INC NOVELLUS SYS INC NVIDIA CORP ORACLE CORP PITNEY BOWES INC QLOGIC CORP QUALCOMM INC SANDISK CORP SYMANTEC CORP TELLABS INC XILINX INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 13, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 19

20 Portfolio Holdings And Characteristics - Equity Period Ending: June 30, Materials ALLEGHENY TECHNOLOGIES INC BALL CORP CF INDS HLDGS INC CONSOL ENERGY INC ECOLAB INC FREEPORT MCMORAN COPPER + GOLD COMMON INTRNTNL FLAVRS + FRAGRNCS INC MONSANTO CO NEW NEWMONT MNG CORP NUCOR CORP PACTIV CORP PEABODY ENERGY CORP PRAXAIR INC SIGMA ALDRICH TITANIUM METALS CORP Telecommunications Services LEUCADIA NATL CORP Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 3, , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 20

21 Equity Activity Period Ending: June 30, Start from Mar 31, Additions Security Name Shares Market Value New 3M CO ,142 ABBOTT LABS 6, ,326 ADVANCED MICRO DEVICES INC 31, ,370 * AETNA INC 4, ,972 * AFFILIATED COMPUTER SVCS INC ,998 AKAMAI TECHNOLOGIES INC 5, ,218 * ALLEGHENY TECHNOLOGIES INC 2,500 84,480 * ALLERGAN INC 2, ,383 * ALTERA CORP 7, ,249 AMERICAN TOWER CORP 1,100 33,559 * ANADARKO PETE CORP 3, ,139 * APOLLO GROUP INC 2, ,881 APPLIED MATERIALS INC 2,600 28,531 * AUTOMATIC DATA PROCESSING INC 4, ,307 AUTOZONE INC 1, ,632 BALL CORP 4, ,365 BAXTER INTL INC 2, ,681 BED BATH + BEYOND INC 2,700 76,932 BEST BUY CO INC COM STK USD0.10 3, ,638 * BMC SOFTWARE INC 2,000 68,966 * BROADCOM CORP 6, ,290 C H ROBINSON WORLDWIDE INC ,544 CA INC 3,600 61,966 * CABOT OIL + GAS CORP 3, ,983 CAMERON INTL CORP 1,100 26,425 CELGENE CORP 5, ,191 CENTEX CORP 5,100 51,966 CEPHALON INC 2, ,519 CHEVRON CORP 5, ,549 CHUBB CORP 1,900 79,296 CINTAS CORP 5, ,753 CISCO SYS INC 2,800 51,608 Security Name Deletions Shares Market Value Eliminated 3M CO ,333 ABBOTT LABS 5, ,029 ADOBE SYS INC 4, ,111 AFLAC INC 1,000 34,150 AGILENT TECHNOLOGIES INC 1,400 27,178 ALTERA CORP 8, ,272 AMAZON COM INC 2, ,801 AMPHENOL CORP NEW 1,500 50,236 AON CORP ,774 APPLE INC COM NPV 5, ,440 AVON PRODS INC 7, ,405 BAKER HUGHES INC 1,600 61,694 BARD C R INC ,193 BECTON DICKINSON + CO 1,300 89,387 BED BATH + BEYOND INC 1,100 34,601 BIG LOTS INC 2,800 76,024 * BJ SVCS CO 1,800 28,969 BLACK + DECKER CORPORATION 1,700 54,933 BOSTON SCIENTIFIC CORP 2,100 18,473 * BROWN FORMAN CORP CLASS B 1,500 70,871 BURLINGTON NORTHN SANTA FE 4, ,139 C H ROBINSON WORLDWIDE INC 1,000 46,828 CAMERON INTL CORP ,566 CAMPBELL SOUP CO 7, ,354 CATERPILLAR INC ,329 CELGENE CORP 6, ,886 CF INDS HLDGS INC 1, ,043 CHESAPEAKE ENERGY CORP 8, ,283 COLGATE PALMOLIVE CO 4, ,242 COMPUWARE CORP 15, ,825 CONOCOPHILLIPS 6, ,512 CONSOL ENERGY INC 3, ,288 21

22 Equity Activity Period Ending: June 30, CITRIX SYS INC 2,900 80,636 * CME GROUP INC ,170 COACH INC 1,900 39,493 * COGNIZANT TECHNOLOGY SOLUTIONS 5, ,852 CONSOL ENERGY INC 2,400 65,727 CONSTELLATION BRANDS INC 5,100 58,567 D R HORTON INC 17, ,090 DAVITA INC 1,300 58,168 DEAN FOODS CO NEW 3,800 71,543 DEERE + CO 3, ,389 * DELL INC 2,000 19,566 DENBURY RES INC 24, ,659 * DEVRY INC DEL ,907 * DIRECTV GROUP INC 6, ,499 DISCOVER FINL SVCS 3,600 31,527 ECOLAB INC ,081 * EMC CORP 12, ,207 EOG RESOURCES INC ,876 EQT CORP 1,900 70,314 * EQUIFAX INC 2,500 66,336 * EXPEDITORS INTL WA INC 2,400 80,297 * EXXON MOBIL CORP 8, ,544 FAMILY DLR STORES INC 2,300 73,473 FASTENAL CO 1,700 57,133 FEDERATED INVS INC PA CL B 2,800 67,698 * FIRST HORIZON NATL CORP 6,700 89,988 FISERV INC ,807 * FMC TECHNOLOGIES INC 4, ,897 * FRANKLIN RES INC 2, ,590 FREEPORT MCMORAN COPPER + GOLD COMMON 4, ,009 * GAP INC 10, ,434 * GOLDMAN SACHS GROUP INC 1, ,735 GOOGLE INC ,729 HARMAN INTL INDS INC NEW 1,400 25,207 * HARRIS CORP DEL ,276 * CONSTELLATION BRANDS INC 7,400 92,728 COSTCO WHSL CORP NEW 2, ,174 CUMMINS INC 5, ,195 CVS CAREMARK CORP 2,300 73,207 DAVITA INC 1,100 53,155 DELL INC 9, ,266 DENTSPLY INTL INC NEW ,958 DEVON ENERGY CORPORATION NEW 2, ,862 DIAMOND OFFSHORE DRILLING INC ,340 DISCOVER FINL SVCS 4,700 43,259 DISNEY WALT CO DISNEY COM 2,900 73,492 DUN + BRADSTREET CORP DEL NEW ,555 ENSCO INTL INC 5, ,894 EOG RESOURCES INC 1,000 71,432 EXPRESS SCRIPTS INC 2, ,415 FASTENAL CO 1,100 41,201 FIRST HORIZON NATL CORP 1 8 FLIR SYS INC 5, ,422 GENERAL DYNAMICS CORP 1,300 73,131 GENERAL MLS INC 1, ,013 GENZYME CORP COM GEN DIV ,389 GILEAD SCIENCES INC 3, ,024 GRAINGER W W INC 100 8,255 HALLIBURTON CO 10, ,031 HARLEY DAVIDSON INC 2,900 51,181 HARRIS STRATEX NETWORKS COM CL A 199 1,301 * HEINZ H J CO 3, ,092 HESS CORP 3, ,723 HORMEL FOODS CORP 1,000 33,437 * HOSPIRA INC 1,500 48,853 HUDSON CITY BANCORP INC 19, ,251 HUMANA INC ,612 INTUITIVE SURGICAL INC ,288 * JOHNSON + JOHNSON 4, ,609 KELLOGG CO 3, ,780 22

23 Equity Activity Period Ending: June 30, HARRIS STRATEX NETWORKS COM CL A 199 1,192 * HESS CORP ,819 HOME DEPOT INC 9, ,632 HUMANA INC 7, ,913 IMS HEALTH INC 2,400 29,578 INTEL CORP 5,400 83,514 INTERCONTINENTALEXCHANGE INC ,828 * INTRNTNL FLAVRS + FRAGRNCS INC ,878 * INTUIT 7, ,144 IRON MTN INC PA 2,200 62,071 JACOBS ENGR GROUP INC 5, ,708 JOHNSON + JOHNSON 9, ,298 JUNIPER NETWORKS INC 3,000 63,820 KB HOME 6, ,705 KIMBERLY CLARK CORP 1,600 77,025 KOHLS CORP 4, ,714 KROGER CO 3,400 69,127 L 3 COMMUNICATIONS HLDG CORP ,562 * LEXMARK INTL INC 2,500 43,169 LOEWS CORP 1,300 35,880 LOWES COS INC USD0.50 4,100 78,922 MARATHON OIL CORP 4, ,324 MARRIOTT INTL INC NEW 2,800 63,478 * MASTERCARD INC ,067 MBIA INC 27, ,106 * MCAFEE INC 4, ,783 MCGRAW HILL COS INC ,617 MEDCO HEALTH SOLUTIONS INC ,146 MOODYS CORP 2,400 69,327 MURPHY OIL CORP ,199 MYLAN INC 9, ,024 * NASDAQ OMX GROUP INC COM ACCREDITED INVS 4,200 83,380 NETAPP INC 1,600 28,485 NEWMONT MNG CORP 4, ,549 * NOBLE ENERGY INC 3, ,307 * KIMBERLY CLARK CORP 1,200 61,408 KROGER CO 5, ,426 LAUDER ESTEE COS INC 6, ,016 LEUCADIA NATL CORP 8, ,123 LOCKHEED MARTIN CORP 6, ,648 MASTERCARD INC ,516 MCCORMICK + CO INC COM NON VTG 5, ,699 MEDTRONIC INC 7, ,442 MICROSOFT CORP 24, ,191 MONSANTO CO NEW ,631 NABORS INDUSTRIES LTD SHS 15, ,015 NATIONAL OILWELL VARCO INC 3, ,109 NATIONAL SEMICONDUCTOR CORP 9, ,617 NIKE INC CL B 3, ,124 NOBLE CORPORATION BAAR COMMON STOCK 3,400 87,737 * OWENS ILL INC 1,100 18,320 * PEABODY ENERGY CORP 3, ,756 PIONEER NAT RES CO 11, ,702 POLO RALPH LAUREN CORP ,299 PRICE T ROWE GROUP INC 4, ,608 QLOGIC CORP 10, ,870 QUALCOMM INC 6, ,991 RADIOSHACK CORP 8, ,299 ROHM + HAAS CO 6, ,099 * SALESFORCE COM INC ,052 * SANDISK CORP 5,900 82,851 SCHLUMBERGER LTD 10, ,106 SCHWAB CHARLES CORP NEW COM STK 2,500 43,659 SEARS HLDGS CORP ,570 SIGMA ALDRICH 2, ,512 SLM CORP 29, ,700 SMITH INTL INC 7, ,365 SOUTHWEST AIRLS CO 46, ,870 SOUTHWESTERN ENERGY CO 9, ,001 ST JUDE MED INC 1,200 44,550 23

24 Equity Activity Period Ending: June 30, NORDSTROM INC 3,900 81,975 * NORFOLK SOUTHN CORP 4, ,444 NORTHERN TRUST CORP 2, ,278 NOVELLUS SYS INC 3,000 52,425 * NUCOR CORP 4, ,169 * NVIDIA CORP 19, ,178 NYSE EURONEXT 2,900 61,421 * O REILLY AUTOMOTIVE INC 7, ,876 * OCCIDENTAL PETE CORP 3, ,092 OMNICOM GROUP 1,100 34,839 * ORACLE CORP 5,100 94,276 PACCAR INC 3, ,603 * PACTIV CORP 2,800 52,191 PAYCHEX INC 3,500 93,939 PEABODY ENERGY CORP 2,400 63,255 PEPSI BOTTLING GROUP INC 1,100 36,814 * PITNEY BOWES INC 2,400 58,222 * PRAXAIR INC ,030 PRECISION CASTPARTS CORP ,226 * PROGRESSIVE CORP OHIO 2,300 33,953 PULTE HOMES INC 13, ,628 QUEST DIAGNOSTICS INC 1,600 77,538 QUESTAR CORP 4, ,317 * RANGE RES CORP 1,500 65,017 * ROBERT HALF INTL INC 5, ,648 * ROCKWELL AUTOMATION INC ,844 * ROCKWELL COLLINS INC ,831 * SANDISK CORP 2,000 29,132 SCHWAB CHARLES CORP NEW COM STK 7, ,537 SHERWIN WILLIAMS CO 2, ,201 SLM CORP 10,600 50,173 SMITH INTL INC 1,500 40,109 STAPLES INC 1,700 33,663 STARBUCKS CORP 5,000 58,356 STATE STREET CORPORATION 2,500 95,184 STRYKER CORP 5, ,135 SYMANTEC CORP 14, ,202 THERMO FISHER SCIENTIFIC INC 3, ,958 TJX COS INC NEW 4, ,937 VARIAN MED SYS INC 7, ,835 VENTAS INC 2,200 60,534 WELLPOINT INC ,241 WESTERN UN CO 20, ,779 WYNN RESORTS LTD ,515 XILINX INC 2,500 51,163 ZIMMER HOLDINGS INC 1,200 54,971 24

25 Equity Activity Period Ending: June 30, SUNOCO INC 4, ,507 * SYMANTEC CORP 8, ,271 SYSCO CORP 1,900 45,234 TARGET CORP 3, ,004 * TELLABS INC 20, ,640 * TORCHMARK INC 2,900 92,456 * UNITED TECHNOLOGIES CORP ,256 * UNITEDHEALTH GROUP INC 11, ,533 VIACOM INC NEW CL B 3,400 78,468 * WALGREEN CO 2,300 72,555 * WATSON PHARMACEUTICALS INC ,617 * WELLPOINT INC 4, ,726 WYETH 1,800 80,114 WYNN RESORTS LTD ,388 XILINX INC 3,200 64,331 XTO ENERGY INC 2, ,803 YUM BRANDS INC 1,600 54,719 25