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Annualized Rate of Return Twelve-year period ended 2002 |
Cumulative Rate of Return Twelve-year period ended 2002 |
EnTrust Capital Inc. |
12.15% | 295.81% |
Wilshire 5000 Stock Index |
10.04% | 215.33% |
Russell 2000 Stock Index |
10.91% | 246.42% |
S&P Stock Index |
10.75% | 240.53% |
Dow Jones Industrial Average |
12.01% | 290.11% |
Comparative Analysis of Hypothetical $1,000,000 Investment
(January 1,1991 - December 31, 2002)
Notes to Statement of Net Investment Performance Statistics
December 31, 2002
1. Basis of Presentation:
EnTrust Capital Inc. (the "Company") was incorporated on February 12, 1997 and commenced operations May 1, 1997. The accompanying statement of net investment performance statistics represents the unleveraged equity portion of the discretionary accounts managed by the principals of the Company from January 1, 1991 through May 1, 1997, while at Goldman Sachs & Co., and those managed by the Company following commencements of its operations.
During the periods reflected in the statement of net investment performance statistics, no individuals other than the principals of EnTrust Capital Inc. played any p[art in the investment decisions related to the accounts included in the composite results. Accounts affiliated with the principals and employees of the Company are not included in the composite results. Composite performance statistics for other asset classes are not maintained or reported.
Investment performance statistics are not financial statements. Past performance may not be indicative of future results, and may differ for different time periods. Investors should always be aware that other performance calculation methods may produce different results and that comparison of investment results should consider qualitative circumstances, and should be made only for portfolios with generally similar investment objectives. Investment performance statistics are for illustrative purposes only and are not a guarantee of future performance.
Transactions in securities were recorded on a trade-date basis. Securities included in the portfolios are listed on a national securities exchange or the Nasdaq national list, and are valued at their last sale price.
2. Rate of Return:
The rate of return has been computed using the modified Bank Administration Method, a method accepted by the Association for Investment Management and Research. This method computes the rate of return by time weighting each cash flow on a monthly basis. Cash flows consist of proceeds from contributions and cash disbursed for withdrawals. The performance upon which the rate of return is calculated is net of commissions and other trading expenses for the period from January 1, 1991 through April 30, 1997, and net of advisory fees, commissions and trading expenses for the period from May 1, 1997 through December 31, 2002. While the accounts during the period from January 1, 1991 through April 30, 1997 were not charged advisory fees, the commission rates charged those accounts were, in general, substantially in excess of those currently charged to the Company's customers. Provision for income taxes has not been considered.
The cumulative rate of return for the managed accounts, the Wilshire 5000 Stock Index, the Russell 2000 Index, the S&P 500 Stock Index and the Dow Jones Industrial Average were computed by multiplying 1 plus the rate of return for a period times 1 plus the rate of return for the second period, etc., and subtracting 1 from the final product, and is stated as a percentage.
The annualized rates of return represent the percentage rates of return which, when compounded on an annual basis, equal the cumulative rates of return. The Wilshire 5000, Russell 2000, S&P 500 and DJIA total rates of return represent unleveraged benchmarks based on published results. These are unmanaged indices which include realized and unrealized gains and losses plus the reinvestment of dividends.
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