CIRM SAMPLE RESEARCH
Knowledge Through Experience
The CIRM Century Fund - A tax-savvy replicated index strategy aimed capturing the return earned on the S&P 500 stock index while harvesting valuable short-term losses to offset taxable income and capital gains liabilities. The resulting portfolio enjoys low turnover, minimal cost exposures and an enviable after-tax performance record.
The CIRM Total Return Portfolio - A disciplined, tax-aware equity strategy that targets the top "dividend growers" in the DJIA. Statistical testing and real-time experience confirm that companies with generous, ever-growing dividend payouts tend to enjoy enhanced stock market performances. Plus, the stability of corporate dividend policies makes for a methodology that's low on turnover and skimpy on costs and taxes. Measured over the 1990-01 interval, the Total Return Portfolio delivered an annualized total return of 15."2%" Vs. 13."9%" for the Dow.
The CIRM IncomePlus Portfolio - Designed for income-oriented investors who can tolerate equity risk, IncomePlus offers an alternative to fixed income securities. Portfolio construction screens for the highest-yielding dividend growers in the S&P Composite, with care taken to ensure sector diversification. The result is a portfolio with acceptably low turnover and a solid performance record. Measured over the 1990-01 interval, delivered an annualized pretax return of 10.9 percent – roughly twice that earned by Treasury bonds.
The CIRM Growth & Income Portfolio - A tax-sensitive methodology designed for long-term capital appreciation. Portfolio construction deploys a two-step process to target the top "dividend growers" and "super big caps" found in the S&P Composite. Measured over the 1990-01 interval, the G&I portfolio delivered an annualized return of 14."0%" vs. 12."8%" for the S&P.
The CIRM Tactical Asset Allocation Strategy - A structured discipline aimed at protecting equity portfolios from "bear" markets. The methodology exploits the time-tested idea that corporate profits, dividends and share prices are linked to the business cycle. The technique employs regression analysis and statistical inference to project the nation’s economic environment and, in turn, adjust each portfolio’s cash/equity mix consistent with a client-specified allocation range.
The CIRM Dynamic Hedging Strategy - A disciplined approach to funding actively managed equity portfolios in a topsy-turvy stock market. The strategy eschews immediate funding decisions and funnels fresh capital into the equity market by managing two critical variables: volatility and time.