Small-C July 2011 Letter

The portfolio gained 1.2% for the month of July, bringing the year-to-date return to 4.9%. 



* 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.