Cambiar Comments on 2006 Performance.Cambiar Opportunity Fund Outperforms the S&P 500 for Eighth Consecutive Year DENVER -- Cambiar Investors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced today that its large cap equity portfolio, Cambiar Opportunity Fund (CAMOX), has once again outperformed the S&P 500 in 2006. The fund has outperformed the index each year since its inception in June of 1998, or for 8 u years. The Cambiar Opportunity Fund has outpaced the index by 8.5% on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis through December 31, 2006. This is now the longest such streak among diversified large cap mutual funds according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. data compiled by Lipper. Performance of CAMOX and S&P 500 Index as of December 31, 2006
< < 1 year <
5 year
Since inception (6/30/98)
CAMOX < < 16.64% <
10.22%
12.81%
S&P 500 < < 15.80% <
6.19%
4.29%
"We are very proud of our track record in the Opportunity Fund. For over 34 years we have employed a single investment philosophy focused on a commitment to finding superior risk/return opportunities for our clients," said Mr. Brian Barish Brian Barish is an American financial and investment manager. He is currently president of the Denver based investment firm Cambiar Investors, LLC.[1][2] , President and Director of Research for Cambiar, and lead manager on the Opportunity Fund since its inception. "This has enabled us to deliver consistent performance in a variety of market environments." Cambiar employs a relative value investment philosophy. This research-focused approach attempts to identify undervalued companies undervalued company A firm whose assets and potential earning power are not adequately reflected in its stock price. Although such firms are more likely to be subject to takeover attempts than others, determining whether a particular firm is actually whose valuations have compressed relative to historical norms or comparable peers. Often, such valuation compression is a consequence of undue pessimism pessimism, philosophical opinion or doctrine that evil predominates over good; the opposite of optimism. Systematic forms of pessimism may be found in philosophy and religion. , insufficient optimism, or other transitory TRANSITORY. That which lasts but a short time, as transitory facts that which may be laid in different places, as a transitory action. issues that create a "perception gap" in the broader market. When correctly identified, these often provide compelling entry points for investors with a patient, longer-term investment approach. The resulting portfolio consists of a fairly eclectic e·clec·tic adj. 1. Selecting or employing individual elements from a variety of sources, systems, or styles: an eclectic taste in music; an eclectic approach to managing the economy. 2. mix of 35-45 holdings that Cambiar's research team deems the best investment opportunities. While some holdings embody classic value characteristics, other holdings may not, but they have unique business characteristics that Cambiar believes are not adequately appreciated or recognized by the broader market. "One of our key strengths as an active money manager is our research capability," added Mr. Barish. "Because our definition of value is more flexible than most, we are able to find compelling value opportunities utilizing a broader opportunity set." Also performing well in 2006 were Cambiar's two other mutual funds, the Cambiar Conquistador conquistador (kŏnkwĭs`tədôr, Span. kōng-kē'stäthôr`), military leader in the Spanish conquest of the New World in the 16th cent. Fund (CAMSX), a small cap portfolio, and the International Equity Fund (CAMIX). Performance of CAMSX vs. the Russell 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. as of December 31, 2006
< < 1 year <
5 year
Since inception (8/31/04)
CAMSX < < 21.15% <
n/a
24.08%
Russell 2000 < < 18.37% <
11.39%
18.23%
Performance of CAMIX vs. the MSCI EAFE The MSCI EAFE (NYSE: EFA) is a stock market index of foreign stocks, from the perspective of a North American investor. The index is market capitalization weighted (meaning that the weight of securities is determined based on their respective market capitalizations. as of December 31, 2006
< < 1 year <
5 year
Since inception (8/31/97)
CAMIX < < 29.04% <
13.37%
13.04%
MSCI EAFE < < 26.34% <
14.98%
7.76%
About Cambiar Investors, LLC Cambiar Investors, LLC is an independently owned, Denver-based investment management firm managing assets for institutional and individual investors for over 34 years. With over $8.5 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , Cambiar applies a disciplined relative-value philosophy to investing in today's uncertain markets. Cambiar's primary goal is to protect investors' capital while capitalizing on emergent emergent /emer·gent/ (e-mer´jent) 1. coming out from a cavity or other part. 2. pertaining to an emergency. emergent 1. coming out from a cavity or other part. 2. coming on suddenly. investment opportunities. This disciplined investment approach has enabled Cambiar to consistently deliver competitive long term performance. The Cambiar Opportunity Fund, the Cambiar International Equity Fund and the Cambiar Conquistador Fund seek to provide total return and capital preservation. For more information on the funds, please consult with a financial advisor, visit www.cambiar.com or call 1-866-777-8227. Note to editors - We are required to include the following information with our news release: The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month, please call 1-866-777-8227. Annual performance for CAMOX and the S&P 500 Index is as follows:
Year > > CAMOX > > S&P >
Year
CAMOX
S&P
2006 > > 16.64% > > 15.80% >
2002
-16.22%
-22.10%
2005 > > 7.01% > > 4.91% >
2001
2.77%
-11.89%
2004 > > 15.05% > > 10.88% >
2000
8.62%
-9.10%
2003 > > 35.23% > > 28.69% >
1999
38.64%
21.04%
> > > > >
1998(a)
10.69%
9.24%
(a) Inception Date: 6/30/1998 Mutual fund investing involves risk including loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation Fluctuation A price or interest rate change. in currency values, from differences in generally accepted accounting principals or from economic or political instability in other nations. There is no assurance that a fund will meet its stated objectives. To determine if a Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by calling 1-866-777-8227. Read it carefully before investing. Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. The fund is ranked (based on total return) as of the most recent month end as calculated by Lipper Analytical Services. Each fund is ranked within a universe of funds similar in investment objective. Standard & Poor's 500[R] Index - the S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted Index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. to its market value. The "500" is one of the most widely used benchmarks for Large Cap U.S. equity performance. Russell 2000 Index is an unmanaged index comprised of 2,000 stocks of U.S. companies with small market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . The MSCI EAFE Index is an unmanaged index compiled by Morgan Stanley Capital International Morgan Stanley Capital International (MSCI) This firm publishes a number of well known benchmarks, such as the MSCI World Index. . Index returns to not reflect any management fees, transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). or expenses. Individuals cannot invest directly in an index. The Cambiar Funds are distributed by SEI Investments Distribution Co. SEI Investments Distribution Co. is not affiliated with Cambiar Investors, Inc. or any other affiliate. |
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