Small-C October 2009 Letter

The portfolio returned 1.6% for the month of October, bringing our year-to-date return to 18.0%.*

* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series.  As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge.  Adding up the monthly returns for the year may not give the precise total return.

Small-C September 2009 Letter

The portfolio returned 4.9% for the month of September, bringing our year-to-date return to 16.4%.*

* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series.  As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge.  Adding up the monthly returns for the year may not give the precise total return.