LARGECAP PASSIVE/ACTIVE INVESTMENT STRATEGY

  • Customized LargeCap Benchmark Domestic Stock Universe
    • AW 200 stock universe (the largest 200 U.S. common stocks)
  • Passive Weightings To 24 Industry Groups Within Benchmark Universe
  • Active Buy/Hold/Sell Discipline Based On MFRS Ranking Within Industry Groups
    • Selected by alpha
    • Equal weighted
  • Diversified Portfolio of Stocks With Above-Average Expected Returns And Reduced Risk
  • Blend Of Investment Styles – Value And Growth Characteristics
LargeCap Passive/Active
Gross Performance History
    For The Periods Ending 03/31/2012
      Annualized  
Investment Products/
Benchmarks		 Year
To Date		 Trailing
1 Year		 Trailing
3 Years		 Trailing
5 Years		 Trailing
7 Years		 Inception
To Date1
Alpha Windward Composite:
LargeCap Passive/Active - Equities		  
11.6%		  
6.7%		  
22.5%		  
2.8%		  
6.1%		  
6.4%
Primary Market Index:
Russell Top 200 Index2		  
12.9%		  
9.9%		  
22.1%		  
1.9%		  
4.4%		  
3.2%
Secondary Market Indices:
Russell Top 200 Growth Index2
Russell Top 200 Value Index2
S&P 500 Index3		  
14.8%
11.0%
12.7%		  
14.0%
5.9%
8.7%		  
24.0%
20.3%
23.3%		  
5.5%
-1.6%
2.0%		  
6.3%
2.5%
4.7%		  
3.2%
3.4%
4.0%
Notes (also see Performance Disclosure Notes):
1Period from 12/24/2001.
2Unmanaged indices adjusted for dividends. Source: Frank Russell Co.
3Unmanaged index adjusted for dividends. Source: Interactive Data Corp.
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