Yield. Valuation. Fundamentals.
Inception Date: July 31, 2011
|Annualized*||DRZ Gross of Fees||DRZ Net of Fees||S&P 500|
|Year to Date||10.87%||10.32%||18.54%|
July 31, 2011 through December 31, 2018
|Year||Gross Return(%)||Net Return(%)||Index Return(%)||Composite 3-Year Annualized Standard Deviation||Index 3-Year Annualized Standard Deviation||Number of Portfolios||Composite Dispersion(%)||Total Composite Assets ($millions)||Percentage of Firm Assets|
DePrince, Race & Zollo, Inc. has presented this report in compliance with the Global Investment Performance Standards (GIPS®).
- DePrince, Race & Zollo Inc. (DRZ) is an independent investment management firm, founded in 1995, that manages equity portfolios primarily for U.S. institutional clients.
- DRZ claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. DRZ has been independently verified for the periods March 31, 1995 through December 31, 2018 by The Spaulding Group. 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 the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
- Accounts that experience cash flows of 10% or more will be temporarily removed from the composite for one month; this policy applies to all periods. Additional information regarding the firm’s policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
- The long/short composite invests primarily in public securities, although private securities may be considered at the manager’s discretion. The objective of the strategy will be the maximization of absolute return. The long/short composite is primarily focused on beta management. The long portfolio consists of approximately 30 to 50 names, diversified by both geography and industry. Short positions are a constant and frequent part of the long/short strategy.
- Past performance is not indicative of future results. The actual return and value of an account will fluctuate and at any point could be worth more or less than the amount invested. Individual account performance will vary according to individual client investment objectives.
- The benchmark is the S&P 500 index which is an unmanaged index of the shares large capitalization U.S, exchange-listed common stocks. The benchmark shown is for reference purposes only.
- Total time-weighted rates of return are expressed in US dollars. Computations include the reinvestment of all dividends and capital gains. For investments in ADRs and foreign domiciled companies, dividends are included net of any withholding taxes.
- The composite was created in August 2011. DRZ’s list of composite descriptions is available upon request. This composite requires a minimum asset level of $1,000,000 (one million dollars) for inclusion.
- Net performance returns are calculated by deducting the highest investment advisory fee and a 15% performance based fee.
- DRZ’s standard fee schedule for the Long Short is 1% management fee and 15% performance fee. For the period from inception through 12/31/12, the net performance reflects a 1% management fee and 10% performance fee, the highest fees charged to any account in the strategy during the period. From 01/01/13 forward the net performance reflects 1% management fee and 15% performance fee; the highest fee schedule charge to any client in the strategy during the period.
- Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year; it is not presented for periods with 5 or fewer portfolios. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 months period. The composite doesn’t have the three-year annualized standard deviation because 36 monthly returns are not available. The three-year ex-post standard deviation is not required for periods prior to 2011.