Mr. Fitzpatrick: We are an asset management firm from Boise, Idaho. We invest in fixed income assets for institutional clients. In addition, we manage equity portfolios for high net worth individuals and corporations. With regard to our fixed income management, we have been able to achieve excess returns with relatively low risk by investing in generic mortgage-backed securities as well as government agencies and Treasuries. Presently we have approximately $840 million under management firm-wide. Regarding our equity strategies, approximately 65% of our investments are in exchange-traded funds, with the remaining 35% invested in individual equities. In essence, it's a global strategy with assets allocated to various sectors around the globe. During the last five years our performance has exceeded the S&P 500 Index by approximately 250 basis points annualized. In addition, we are up about 8.5% year to date.
TWST: The last 12 months has been a tumultuous time for money management. How
has your firm been impacted by the events of the last year and how have you been
dealing with those events in your strategies?
Mr. Barney: For the 12 months ending May, we're up a little over 9%. In short
duration for the 12 months ending May, we're up a little over 6%.
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