|
|
Performance Update: Flexible Growth Portfolio
The "Financial Tsunami" that hit the world economies in 2008 continues to wreak havoc as we begin 2009. However, our discretionary Managed Portfolio's continue to be weathering the storm impressively. Below is a performance update and current allocation for our Flexible Growth Portfolio through January 31, 2009
PORTFOLIO OUTLOOK
In early 2008 we saw the Financial Tsunami coming and were able to move the majority of the assets we manage in our discretionary Managed Portfolios to safer high ground. The losses we suffered were relatively minimal and do not believe any were permanent.
But if the wave (credit crunch & panic) hit shore in Q3 & Q4 of 2008, the water is now rushing back out to sea and is taking a lot of good structures (companies & jobs) with it. We anticipate additional high profile restructurings and continued financial stress as the systemic meltdown continues throughout much of 2009.
We are aware that history has shown that it pays to be selectively bullish when most are indiscriminately bearish, and for now, our intention is to be patient before running back down to shore to start the re-building process.
If you have any questions regarding your accounts please call us at (858)350-1010.
Sincerely,
Craig P. Kelley Sean P. O'Hara
|
* Performance information stated above is for the one year time period, January 1, 2008 through December 31, 2008, from December 31, 2008 through January 31, 2009, and from inception, March 31, 2006 through January 31, 2009, as is indicated. Performance information is for Kelley Investments Managed Accounts Program where client accounts are managed on a discretionary basis. Not all accounts managed by Kelley Investments are part of the discretionary Managed Accounts Program. Performance information stated above does not pertain to any accounts that are not part of the Managed Accounts Program. Performance results for accounts that are not part of the Managed Accounts Program may differ significantly. Performance information quoted above represents past performance and is not a guarantee of future results. Performance information is quoted on a Gross basis and does not include deductions for management fees or trading expenses. If these fees and expenses were taken into account, performance would be lower. The investment return and principal value of investments in the Managed Income & Growth or Managed Growth Portfolios will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
**For illustrative purposes only. It is not possible to invest directly in an index. Comparisons with the S&P 500® Index are not meant to be indicative of any of Kelley Investments Managed Portfolio strategies, asset composition or volatility. Given the wide scope of securities held by S&P 500, it should be inherently less volatile. Our results may differ markedly from those of the S&P 500 in either up or down market trends. The performance of the S&P 500 is shown with all dividends reinvested into the index and does not reflect any reduction in performance for the effects of transaction cost or management fees.
 |
|
|
|
|
Conference Call
To listen to a replay
of our
January 12, 2008 Conference Call, dial (877)471-6587
and enter Program ID 1038358075004#
|
Craig P. Kelley offers Investment Advisory Services through Kelley Investments, A Registered Investment Advisor. Client assets are held in custody at Fidelity Investments clearing firm, National Financial Services LLC (NFS).
|
|
