Mr. Katz: Matrix is a large cap, opportunistic value investment advisor. I co-founded the firm in 1986 and have served as the firm's Chief Investment Officer since our inception. We currently manage about 1.15 billion dollars. Since our inception we have had 100% continuity of investment discipline, philosophy and management. The firm has achieved a superior investment record over the short and long term vs. our benchmarks and we have achieved those superior returns while incurring less than market risk. If you are interested, I would like to give you more detail on our performance as we continue our discussion.
We are a go anywhere, opportunistic value manager who is trying to buy superior businesses in good industries at attractive valuations.
TWST: What about your recent performance? Would you give us an idea of how you've been doing over the last 12 months?
Mr. Katz: After a tough 2008, the firm's portfolios have come back strongly. Through the end of the third quarter, our institutional equity composite is up about +31.4% to the S&P's +19.3% and the Russell 1000 Value's 14.8%. That more than offsets the poor 2008 and brings our 12 month performance through September 30th to -2.7% vs. the S&P 500s -6.9% and the Russell 1000 Value's -10.6%. More importantly, we think we bring a very strong long-term record to the table. As of Q3 2009, our 1-year, 3-year, 7-year, 10-year and 15-year numbers all are favorable compared to the relative benchmarks.
In addition to strong investment performance this year, we have also had some very favorable business developments, the most exciting of which is that Steve Pisarkiewicz, one of the more accomplished and seasoned marketing and business development executives in the asset management business recently joined the firm. Steve spent more than 15 years at Alliance Bernstein where he spearheaded the development of their Institutional asset management business as well as their high net worth and ultra high net worth sales and client service efforts.
During his tenure with Alliance Bernstein he also was a member of their Investment Policy Committee and served as the CIO for their Structured Equity Services. More recently Steve was an executive Vice President at the Bank of New York responsible for all of their asset management units. Very simply, attracting Steve to Matrix was a coup and we believe positions us well to start to expand our presence in the Institutional marketplace.
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