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.
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 may not always be fully invested as compared to the indices.
Knightsbridge Asset Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 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’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 fee 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 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. Additional information regarding the policies for calculating and reporting returns is 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. Actual investment advisory fees incurred by clients may vary.
The Opportunistic Value Equity Composite was created July 1998. Knightsbridge Asset Management LLC's compliance with the GIPS standards has been verified for the period July 1998 through December 2009 by Ashland Partners & Company LLP. A copy of the verification report is available upon request. In addition, a performance examination was conducted on the Opportunistic Value Equity Composite beginning July 1998. Performance presented prior to July 1998 occurred 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. 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. *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 has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 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’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 fee 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 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. Additional information regarding the policies for calculating and reporting returns is 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 Opportunistic Value Balanced Composite was created January 2008. Knightsbridge Asset Management LLC's compliance with the GIPS standards has been verified for the period July 1998 through December 2009 by Ashland Partners & Company LLP. Performance presented prior to July 1998 occurred 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. 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 verification report is available upon request.
Knightsbridge Asset Management, LLC Privacy Notice
Consistent with the Securities and Exchange Commission adoption of Regulation S-P, the Gramm-Leach-Bliley Act, pertaining to restrictions on disclosure of “non-public personal information” about consumers (customers or clients) by financial institutions, the following pertains.
Knightsbridge Asset Management, LLC may collect non-public information pertaining to clients from various sources in the process of managing client portfolios. Collected information may include that which we receive through various agreements, applications, and other documents, that which we receive as a result of client security transactions, as well as information divulged to us orally. We will treat all collected non-public information pertaining to clients, regardless of source, confidentially. We maintain procedural safeguards to protect client-related non-public information.
Knightsbridge does not sell or disclose any non-public information regarding customers or former customers without the customer’s authorization, except as permitted by law or in direct response to inquiries from governmental authorities. We also may disclose information in the discharge of our professional duties to unaffiliated third parties (such as custodians, brokers, accountants, pension administrators or attorneys) as required and permitted by law and only as needed for us to provide such services to clients.
If, at any time in the future, it is necessary to disclose any of your personal information in a way that differs with this policy, we will give you advance notice of the proposed change so that you will have the opportunity to opt out of such disclosure.
Knightsbridge Asset Management, LLC (“Knightsbridge”) is registered with the United States Securities and Exchange Commission (SEC) as a Registered Investment Advisor under the Investment Advisors Act of 1940. The firm is located in Newport Beach, California. Knightsbridge and its representatives are in compliance with the current registration and/or notice filing requirements imposed upon SEC registered investment advisors by those states in which Knightsbridge maintains clients. Knightsbridge may only transact business in those states in which the firm is registered, or qualifies for an exemption or exclusion from registration requirements. Knightsbridge’s web site is limited to the dissemination of general information pertaining to its investment advisory services. Accordingly, the publication of the Knightsbridge web site on the Internet should not be construed by any consumer and/or prospective client as Knightsbridge’s solicitation to effect, or attempt to effect, either transactions in securities or the rendering of personalized investment advice for compensation over the Internet. Any subsequent direct communication by Knightsbridge with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Knightsbridge, please contact the SEC and/or the state securities law administrators for those states in which Knightsbridge maintains a notice filing. A copy of Knightsbridge’s current written disclosure statement discussing business operations, services, and fees is available upon request. Knightsbridge does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Knightsbridge’s website or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.
