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WERTHEIM SCHRODER'S HIGH YIELD PORTFOLIO NO. 1 IN U.S. IN 1992; RETURNS 43 PERCENT FOR YEAR; FIRM OUT-PERFORMS MARKET IN EVERY ASSET CLASS

 NEW YORK, March 1 /PRNewswire/ -- Wertheim Schroder Investment Services' High Yield Portfolio returned 43 percent for 1992, setting a record for the year for high yield bond funds, announced Tony Coelho, president and CEO of Wertheim Schroder Investment Services, Inc.(A). The firm's Small Cap Portfolio ranks in the top 10 percent(B), earning 24 percent for 1992, and the firm out-performed market indices in every one of its asset classes.
 Said Mr. Coelho, "We have clearly come of age. Kenneth Funsten has done a spectacular job in managing our High Yield Fund. Nancy Tooke has, similarly, consistently achieved outstanding performance for our Small Cap Equity Portfolio, and we have substantially out-performed market indices in every one of our asset classes: large cap equities, balanced, fixed income, blended fixed income, and cash equivalent portfolios." Richard Walton, Wertheim Schroder Investment Services' chief investment officer, continued: "These portfolios are open to our individual and institutional clients. The firm's assets under management grew by $726 million in 1992,, raising out total to almost $3 billion."
 Kenneth Funsten, portfolio manager of Wertheim Schroder Investment Services' High Yield Portfolio, credits his success to intensive research and well-disciplined strategy. "We like to think of ourselves as a money market fund that just happens to invest in high yield bonds," said Mr. Funsten. "The use of stable, high-coupon bonds has lowered the overall volatility of our portfolios ad enabled us to position the rest of the portfolio in other situations where we find value. Our research process is the backbone of our value-oriented investment philosophy, providing excellent returns while keeping us out of most black holes.' Research and strategy are why we have been able to consistently achieve returns higher than other managers."
 Since the inception of Wertheim's Small Cap Fund in 1990, it has consistently out-performed the market. Nancy Tooke, portfolio manager, stated: "We have a focused, disciplined approach to investing in small cap equities. We build our portfolio stock by stock, using a relative valuation approach to identify high-quality companies selling at the low end of their historic multiple range and then do intensive research on them. We monitor those companies we purchase closely and sell positions when our system reflects more risk than potential reward."
 Said Walton, "Ken and Nancy's strategies are consistent with the firm's overall philosophy. A relative valuation approach is the discipline that is applied across each asset category at Wertheim Schroder. As a value buyer we eliminate the greater proportion of the downside risk of each individual security. This is one of the primary reasons that we have been able to achieve superior long-term performance across the broad spectrum of investment products for individual and institutional investors."
 Wertheim Schroder's Large Cap Equity Portfolio returned 11.7 percent as compared to the S&P 500's 7.62 percent. The Balanced Fund Portfolio returned 9.79 percent vs. the S&P 500 - LBG/C Blend's return of 7.60 percent. Wertheim Schroder's Fixed Income Fund returned 9.32 as compared with Lehman Brothers Gov't/Corp's 7.58 percent. The Blended fixed Income Portfolio returned 15.60 percent as compared to the LBG/C - MLHYMI Blend's return of 10.45 percent, and the Cash Equivalent Fund returned 5.69 vs. Treasury Bill's return of 3.39 percent.
 Wertheim Schroder, a leading asset management, investment banking and securities firm, has provided high-quality investment management services for over 65 years. The firm's successful record is based on consistent investment disciplines, strong fundamental research and commitment to client service. Wertheim Schroder Investment Services, Inc., the investment management subsidiary of Wertheim Schroder & Co. Incorporated, emphasizes the long-term enhancement of real capital, which it defines as growth of principal above the rate of inflation. Clients include a wide variety of jointly administered and corporate pension funds, endowments, foundations and individuals, as well as being the sole advisor to the $11 billion Texas Permanent School Fund. Founded in 1927 to manage the assets of the original partners and a select clientele of high net worth individuals, the firm today combines the focus of a number of experienced portfolio management professionals with the worldwide resources of a great investment banking organization.
 (A) -- The Wertheim Schroder Investment Services' High Yield Portfolio out-performed all open-ended bond funds in 1992 to the best of the company's knowledge, compared to the Lipper universe and other indices, and out-performed all private bond funds, as measured by Norman Zadeh, Money Manager Verified Ratings, and a number of other third party consultants.
 (B) -- Compared to the SEI small cap manager universe.
 -0- 3/1/93
 /NOTE TO EDITORS: For further information, or to speak with Coelho, Walton, Funsten or Tooke, call the contact below./
 /CONTACT: Davia B. Temin, VP-marketing of Wertheim Schroder & Co., 212-492-6532, or fax, 212-492-6036, or evenings, 212-369-2880/


CO: Wertheim Schroder & Co. ST: New York IN: FIN SU:

CK-AH -- NY046 -- 1385 03/01/93 11:46 EST
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Date:Mar 1, 1993
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