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Performance

2018 Winans Investments Growth Composite Chart

Growth Portfolio

Annualized
2013201420152016201720183 Year5 Year10 Year15 Year
WI Net Total Return27.36%5.15%3.82%2.97%26.79%-1.54%9.70%8.20%15.70%13.00%
Beta (Regression)1.000.860.74
Alpha (Regression)-0.960.630.67
Benchmark Total Return30.51%9.89%-1.75%15.89%1.90%-3.98%10.00%7.90%19.10%12.00%
2018 Winans Investments Income Composite

Income Portfolio

Annualized
2013201420152016201720183 Year5 Year10 Year15 Year
WI Ave Bond Yields8.3%7.7%7.4%6.9%6.6%6.60%
WI Ave Bond Maturity (yrs)4.14.44.44.43.73.7
WI Net Total Return5.3%-0.4%-4.5%8.5%6.1%-1.40%4.80%1.40%8.30%5.00%
Benchmark Ave Bond Yields3.1%3.1%3.2%3.4%3.1%3.15%
Benchmark Ave Bond Maturity (yrs)10.310.210.310.510.310.5
Benchmark Total Return-1.4%7.3%-0.2%5.5%5.4%-2.31%2.80%3.10%6.70%7.60%

COMPOSITE DISCLOSURES

The performance results displayed are based on a composite of similarly managed portfolios. Individual portfolio returns are calculated on a monthly basis using the BAI method, which computes an approximated time-weighted rate of return. Composite returns are then calculated monthly by asset-weighting portfolio returns using beginning of period market values.

Valuations are computed and performance is reported in U.S. dollars. All returns include the reinvestment of income and dividends. Net performance results have been reduced by trading expenses and have been further reduced by actual management fees.

Past performance should not be taken as representative of future results. The information supplied and the formula calculations used are considered reliable but cannot be guaranteed. Information supplied can change without notice. Additional information is available upon request.

The Growth 100% Composite includes fully discretionary all-growth portfolios that are actively managed with Winans’ 100/0 Strategy, which is designed for investors who have the highest tolerance or need for risk. The strategy employs a top-down investment approach to determine investment exposure in stocks. Financially sound, multi-cap U.S. listed common stocks are selected utilizing technical analysis that focuses on the security’s 200-day moving average, while also emphasizing each investment’s downside protection. This strategy offers Winans’ most aggressive allocation of equity securities. Winans has discretion over individual investments as well as the discretion to increase and decrease the portfolio’s exposure to multi-cap U.S. listed stocks. The allocation of the strategy can vary over time but typically maintains a target equity allocation near 100% of portfolio assets. As of January 2010, the minimum account size for inclusion in the composite is $100,000.

The Corporate Income 100% Composite includes fully discretionary portfolios that are managed to Winans’ 0/100 Strategy which is designed for investors who have a low tolerance or need for risk. This strategy offers Winans’ most conservative allocation of bond and preferred stock income. Winans has discretion over individual investments as well as the discretion to increase and decrease the portfolio’s exposure to any income investment. The allocation of the strategy can vary over time but typically maintains a target allocation near 100% of portfolio assets to an intermediate ladder of medium to high yield U.S. corporate bonds and U.S. listed preferred stocks. As of January 2010, the minimum account size for inclusion in the composite is $100,000.

Prior to January 2010, composite membership was compiled on an annual basis and excluded:

  • Portfolios that had less than $50,000 as of the year-end balance.
  • Portfolios that were open for less than 12 months.
  • Clients who changed their investment goal and/or asset allocation by more than 10% during the year or those who had a variation allowance greater than or equal to 25%.
  • Portfolios that had net deposits and withdrawals greater than or equal to 25% of the year-end balance.
  • Portfolios with client selected investments that made up 10% or more of portfolio holdings at year-end.
  • Portfolios with restrictions on the investment activities at any time during year.
  • Winans International retirement plans, employee accounts, and employee spouse accounts.

COMPOSITE BENCHMARKS

Growth

A total return consists of: 24% S&P 500 Index, 24% NYSE Composite, 24% Dow Industrial Average, 24% Winans Legacy Stock Index, and 5% S&P U.S. Treasury Bill 0-3 Month Index.

Income

A total return consists of: 95% Dow Jones Corporate Bond Average, 5% S&P U.S. Treasury Bill 0-3 Month Index.

Benchmark performance for each portfolio category is based on the strategic weightings described above and may differ from actual weightings of client holdings during the period displayed. Client portfolios included in each portfolio category are based on a client’s stated investment strategy and not on actual asset class weightings within each client’s portfolio. The volatility of each benchmark may be materially different from that of the investment portfolio. The percentage of clients outperforming their benchmark may be less than shown if benchmark weightings were adjusted to reflect actual client asset weightings over the same period. The difference  in performance percentage between WI net return percentage and benchmark percentage may be less than shown.  The performance percentage may also be  negative, if benchmark weightings were adjusted to reflect actual client asset weightings over the same period.

BENCHMARK DESCRIPTIONS

The S&P 500 Index is a market-capitalization weighted index, which measures price movements of the common stock of 500 large U.S. companies within leading industries.

The New York Stock Exchange Composite index is a float-adjusted market-capitalization weighted index that includes all common stocks listed on the NYSE, including ADRs, REITs as well as tracking stocks and listings of foreign companies.

Winans Legacy Stock Index (WILSI) is an unweighted composite of 250 senior common stocks from diverse industry sectors that comprise the historical leadership of the U.S. economy. Most of the companies have been in continuous operation since 1906 and have been continuously traded on the New York Stock Exchange (NYSE) since 1970. Since the WILSI’s underlying components are unweighted and remain unchanged over a 45-year timeframe, there is a baseline to compare today’s financial conditions to past stock market cycles using the exact same securities. The WILSI provides an alternative means to evaluate stock market activity (past and present), eliminating many of the statistical flaws inherent in conventional stock market indices (i.e., S&P 500 Index & Dow Jones Industrial Average) due to their frequent changes in underlying components and data weighting methods.

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