"All intelligent investing is value invesitng - to acquire more than you are paying for."
- Charlie Munger
TM
Intrinsic Value Strategy - Investment Return Comparison - 12/31/00 to 12/31/11*
DISCLAIMER: This web-site is for informational purposes only and does not constitute a complete description of our investment services or performance. This web-site is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered, notice filed or where an exemption or exclusion from such registration exists. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this web-site should be interpreted to state or imply that past results are an indication of future performance. Neither we or our information providers shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY "LINKED" WEB-SITE.
Granite Value Capital, LLC
Phone: (603) 643-0770
Phone: (603) 643-077035 South Main Street, 2nd FloorFax: (888) 845-2481
Fax: (888) 845-2481Hanover, NH 03755
(Investment Return Comparison from 12/31/00 to 6/30/09 relates to accounts managed by Anthony J. Abbate and not Granite Value Capital, LLC.)
Ann'l CumulativeReturn Return 20012002200320042005200620072008 2009Abbate Personal/GVC Accounts 8.80% 152.95% 17.97% -3.77% 29.65% 21.64% 5.03% 21.14% -0.06% -31.64% 37.66%
8.80% 152.95% 17.97% -3.77% 29.65% 21.64% 5.03% 21.14% -0.06% -31.64% 37.66%S&P 500 Index 1.48% 17.50% -11.86% -22.10% 28.66% 10.86% 4.91% 15.81% 5.49% -37.00% 26.46%
1.48% 17.50% -11.86% -22.10% 28.66% 10.86% 4.91% 15.81% 5.49% -37.00% 26.46%Russell 3000 Index 2.06% 25.08% -11.46% -21.55% 31.04% 11.95% 6.14% 15.74% 5.13% -37.31% 28.34%
2.06% 25.08% -11.46% -21.55% 31.04% 11.95% 6.14% 15.74% 5.13% -37.31% 28.34% Annualized Returns 2010 2011 1 Year3 Year5 Year7 Year10 YearAbbate Personal/GVC Accounts16.66% 1.21% 1.21% 3.16% 5.86% 7.96% 7.93%
16.66% 1.21% 1.21% 3.16% 5.86% 7.96% 7.93%S&P 500 Index 15.06% 2.11% 2.11% -2.85% 2.29% 3.85% 2.92%
15.06% 2.11% 2.11% -2.85% 2.29% 3.85% 2.92%Russell 3000 Index 16.93% 2.06% 1.03% -2.01% 2.74% 4.49% 3.52%
16.93% 2.06% 1.03% -2.01% 2.74% 4.49% 3.52%*Abbate Personal Accounts performance represents the actual results of all the brokerage accounts of Anthony J. and Barbara Abbate from 12/31/00 to 6/30/09 less a hypothetical 1.0% investment management fee. (1.0% is the maximum fee charged by Granite Value Capital, LLC.) The Abbate Personal Accounts were personally managed by Anthony J. Abbate who is now Managing Director and Portfolio Manager of Granite Value Capital, LLC. Granite Value Capital, LLC is an investment advisory firm which began operating in April 2009. The performance results listed above do not represent the historical performance of Granite Value Capital, LLC. The Intrinsic Value investment philosophy implemented in the Abbate Personal Accounts is the same investment philosophy implemented in client accounts at Granite Value Capital, LLC. This philosophy involves owning 35 to 40 stocks and may be more volatile than the Russell 3000 Index. (The Russell 3000 Index is an index of the 3,000 largest publicly traded companies in the United States.) This philosophy is being implemented in client accounts of Granite Value Capital, LLC from 6/30/09 going forward. Past Performance of the Abbate Personal Accounts is no guarantee of future results for the client accounts of Granite Value Capital, LLC and it is possible to lose money. Returns are calculated on a settlement basis and are adjusted for cash flows into and out of the accounts. Returns include the reinvestment of dividends and other earnings. The accounts have been fully invested in stocks and managed on a total return basis. From 6/30/09 GVC accounts managed in accordance with the Intrinsic Value investment philosophy are managed at the relationship level. Minimum inclusion to be included in the composite is $100,000 in equity holdings. Performance is presented net of fees. Only full discretionary accounts are included in the composite. As of 3/31/11 the Intrinsic Value Equity Composite included 22 relationships and $17.4 millioninvested in equities. Each client’s asset allocation should be customized to their own risk tolerance and investment objective. Documentation of investment returns is available upon request.
