Disclosure
Knightsbridge Asset Management, LLC
Opportunistic Value Equity Composite
Annual Disclosure Presentation
N/A - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. *Approximately 80% of firm assets are managed under the Knightsbridge Opportunistic Value strategy.
Opportunistic Value Equity Composite contains fully discretionary equity accounts and for comparison purposes is measured against the S&P 500 Total Return Index and Russell 3000 Value Index. The S&P 500 Total Return Index is a free-float market-capitalization weighted index of 500 of the largest companies in leading industries of the U.S. economy. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe and includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The indices are calculated on a total return basis with dividends reinvested. Indices are not available for direct investment. The Opportunistic Value Equity Composite differs from the indices in that the composite represents portfolios with an average lower market capitalization, narrower diversification in terms of number of securities, more focused sector representation, and that it may not always be fully invested as compared to the indices.
Knightsbridge Asset Management, LLC is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. Knightsbridge Asset Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Knightsbridge Asset Management, LLC has been independently verified for the periods July 1998 through December 2012 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with GIPS standards. The Opportunistic Value Equity Composite has been examined for the periods July 1998 through December 2012. The verification and performance examination reports are available upon request.
Knightsbridge Asset Management, LLC’s Opportunistic Value strategy is an all market capitalization value strategy, generally invested in 15-25 equity holdings, with manager discretion to hold significant cash in lieu of equities from time to time. Portfolio concentration has become more diversified over the years while maintaining the same investment strategy. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes on dividends and interest income. Withholding taxes may vary according to the investor’s domicile. Composite returns represent investors domiciled primarily in the United States. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fees performance was calculated using actual management fees. Non fee/commission paying accounts are represented in the composite and their respective weights shown in the table above. Gross performance results are net of actual transaction costs for those accounts. Per client direction only, margin balance has/may be utilized, but is not part of the investment strategy. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
The investment management fee schedule for the composite is 1.6% up to $0.5 million, 1.5% from $0.5 to $1 million, 1.4% from $1 to $3 million, and 1.3% above $3 million for retail investors; and 1.0% for institutional accounts. Actual investment advisory fees incurred by clients may vary.
The Knightsbridge Opportunistic Value strategy began in 1992 while the portfolio management team operated as a division of Canterbury Capital Services, Inc and were the only individuals responsible for selecting the securities bought and sold. The Opportunistic Value Equity Composite was created July 1998 at firm inception. While at Canterbury Capital Services, Inc, this composite was not maintained. Composite performance prior to July 1998 is calculated from all portfolios representative of the investment strategy. A copy of the opinion letter by Ashland Partners & Company LLP attesting to the performance and its portability is available upon request.
Knightsbridge Asset Management, LLC
Opportunistic Value Balanced Composite
Annual Disclosure Presentation
N/A - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. *Approximately 80% of firm assets are managed under the Knightsbridge Opportunistic Value strategy.
**50% S&P 500 Total Return/ 50% Citigroup Govt/Corp 1-10 Yr
Opportunistic Value Balanced Composite contains fully discretionary balanced accounts with varying fixed income allocations and for comparison purposes is measured against a 50% S&P 500 Total Return/50% Citigroup Govt/Corp Index rebalanced monthly. The S&P 500 Total Return Index is a free-float market-capitalization weighted index of 500 of the largest companies in leading industries of the U.S. economy. The Citigroup Government/Corporate Index is comprised of investment grade domestic debt maturing between 1 to 10 years. The indices are calculated on a total return basis. Indices are not available for direct investment. The Opportunistic Value Balanced Composite differs from the blended index in that the equity component of the composite represents an average lower market capitalization, narrower diversification in terms of number of securities, and more focused sector representation. The fixed income component for individual portfolios underlying the composite has specific allocations tailored specifically for that account, and varies between 15% and 70%, whereas the blended index is 50%, and may be tax sensitive.
Knightsbridge Asset Management, LLC is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. Knightsbridge Asset Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Knightsbridge Asset Management, LLC has been verified for the period July 1998 through December 2012 by Ashland Partners & Company LLP. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. While at Canterbury Capital Services, Inc, this composite was not maintained. Composite performance prior to July 1998 is calculated from all portfolios representative of the investment strategy.
Knightsbridge Asset Management, LLC’s Opportunistic Value strategy is an all market capitalization value strategy, generally invested in 15-25 equity holdings, with manager discretion to hold significant cash in lieu of equities from time to time. Portfolio concentration has become more diversified over the years while maintaining the same investment strategy. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes on dividends and interest income. Withholding taxes may vary according to the investor’s domicile. Composite returns represent investors domiciled primarily in the United States. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fees performance was calculated using actual management fees. Non fee/commission paying accounts are represented in the composite and their respective weights shown in the table above. Gross performance results are net of actual transaction costs for those accounts. Per client direction only, margin balance has/may be utilized, but is not part of the investment strategy. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
The investment management fee schedule for the composite is 1.2% up to $0.5 million, 1.1% from $0.5 to $1 million, and 1.0% above $1 million. Actual investment advisory fees incurred by clients may vary.
The Knightsbridge Opportunistic Value strategy began in 1992 while the portfolio management team operated as a division of Canterbury Capital Services, Inc and were the only individuals responsible for selecting the securities bought and sold. The Opportunistic Value Balanced Composite was created July 1998 at firm inception.
