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DCM
is an independent registered investment adviser and focuses on
managing balanced portfolios. The firm maintains a complete list and
description of composites, which is available upon request. DCM was
formally named Davis Dinsmore Management (DD). All of the assets
managed by DD are the same assets managed by DCM and these assets
constitute the DCM Composite.
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Dinsmore Capital Management (DCM) has prepared and presented this
report in compliance with the Global Investment PerformanceStandards
(GIPS®).
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The
Dinsmore Capital Management Composite includes all portfolios with a
target allocation of 80% convertible securities and 20% equities.
For comparison purposes the composite is measured against the
Merrill Lynch All Convertible Index. Index returns are calculated on
a quarterly basis.
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The
Dinsmore Capital Management Composite was created June 1, 2008.
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Valuations are computed and performance expressed in U.S. dollars.
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Gross-of-fee results are presented before management and other
account fees but after trading expenses. Net-of-fee results have
been reduced by the highest management fee in the standard fee
schedule reflecting a return net of trading expenses and management
fees only, calculated monthly. Returns are presented gross and net
of management fees and include the reinvestment of all income.
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The
standard investment management fee schedule for the composite is
0.75% for the first $100,000,000, 0.50% for any assets over
$100,000,000. Actual investment advisory fees incurred by clients
may vary.
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The
minimum account size for this composite is $25 million.
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The
annual composite dispersion presented is an asset-weighted standard
deviation calculated for the accounts in the composite the entire
year and is only presented for periods with more than 5 accounts in
for the entire year. Additional information regarding the firm’s
policies and procedures for calculating and reporting performance
results is available upon request.
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DCM's compliance with the GIPS standards has been verified for the
period January 1, 1998 through December 31, 2009 by Ashland Partners
& Company LLP. In addition, a performance examination was conducted
on DCM Composite beginning January 1, 1998. A copy of the
verification report is available upon request.
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In
January of 2010 it was determined that the methodology used to
determine performance did not adequately account for the dilutive
effects caused by the issuance or repurchase of shares at prices
different than Net Asset Value for the years 1998 through 2008. We
have changed the methodology in this Disclosure to properly account
for the dilutive effect. Each of those years (1998 – 2008) Gross and
Net have been adjusted upward to reflect this change.
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Past
performance is not indicative of future results.
