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Performance data is as of 12/31/07 and is net of all underlying manager fees, and fees charged by Kochis Fitz and Quintile Investment Advisors, predecessors to Aspiriant. Performance reflects only assets managed during the entirety of stated time period. Dividends have not been reinvested unless specifically requested by client. Average calculations are equal weighted and may be different from the return and risk of the average dollar under our management (which would require a dollar-weighted performance calculation). Past performance not a guarantee of future results.
Data points for Kochis Fitz clients reflect performance per asset allocation, and includes all client portfolios greater than $500,000. Former Kochis Fitz performance does not include the most recent performance of alternative investments such as private partnerships, which are reported at a lag. Data points for Quintile Investment Advisors clients reflect performance per consolidated client asset allocation. Quintile Investment Advisors performance does not include private partnership or hedge fund data. The exclusion of these various holdings and portfolios may have a material impact on performance data.
We exclude 6 client accounts which are dominated (>40%) by single stock positions and 2 client accounts having an asset allocation which does not reflect our management style.
We exclude clients who have terminated the relationship, which may result in a “survivorship bias,” to the extent that the performance for those clients is substantially different from the broader population. We estimate that the client turnover averaged _% over the time period for this analysis.
The benchmark is the Standard and Poors 500 Total Return index, which includes both price appreciation and dividends reinvested. The Standard and Poors 500 is a widely known index of large companies listed on US stock exchanges. The performance and volatility of the index may be materially different from that of Aspiriant’s accounts. You cannot invest directly in an index. In addition, the representative accounts’ holdings will differ significantly from the securities that comprise the index, as Aspiriant selects funds for client accounts and the index is comprised of individual securities.
The Sharpe Ratio is a standard measure of the excess return (relative to an investment in a risk-free asset like Treasury bills) per unit of risk (standard deviation of the excess return over time). The Sharpe Ratio is calculated as:
 where Rp is the return of the portfolio, Rf is the return to Treasury bills, and σp is the standard deviation of the difference between the return of the portfolio and the return to Treasury bills.
This document is provided solely for the informational purposes of our clients and prospects and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security or other instrument, or for Aspiriant to enter into or arrange any type of transaction as a consequence of any information contained herein. This document should not be relied upon solely as the basis for constructing a portfolio or for the purchase or sale of individual securities, whether or not facilitated by Aspiriant.
Opinions expressed are our present opinions only, reflecting prevailing market conditions, and are subject to change. In preparing this presentation, we may have drawn upon a wide range of sources and therefore the analysis should not be deemed original or proprietary. We have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Past performance is not necessarily an indication of future performance. All investments may lose value over time.
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