Source: www.InvestorsFriend.com
This graph shows the actual annual volatility in Stock, Bond and T-Bill returns from 1926 to
2010. Regarding stocks, this discussion deals only with the performance of the S&P 500 large
company stocks as a group. It does not deal with the risks of investing in a non-diversified
portfolio of stocks. The data here is for U.S. returns as published by Ibbotson Associates in
their Yearbook entitled, Stocks, Bonds, Bills and Inflation. (Ibbotson SBBI classic yearbook).
DIVERSIFICATION VS. CORRELATION
Dow Jones-UBS Commodity Index
S&P 500 Index
12/2002 – 5/2011
Source: Yahoo Finance
S&P 500 (GSPC)
Amex Oil Index (XOI)
7/1983 – 7/1997
Source: Yahoo Finance
S&P 500 (GSPC)
7/1997 – 7/2010
Source: Yahoo Finance
Amex Oil Index (XOI)
PHLX Gold/Silver (XAU) Amex Oil (XOI)
1/1984 – 7/2004
Source: Yahoo Finance
PHLX Gold/Silver (XAU) Amex Oil (XOI)
7/2004 – 7/2010
Source: Yahoo Finance
SPY: SP 500 ETF IWM: Russell 2000 ETF
Source: Yahoo Finance
1/2000 – 1/2006
SPY: SP 500 ETF
IWM: Russell 2000 ETF
1/2006 – 9/2011
Source: Yahoo Finance
VNQ: REIT ETF
SPY: SP 500 ETF
IWM: Russell 2000 ETF
TIP: Inflation Protected ETF
WAHYX: Western Asset High Yield Fund
NHMRX: Nuveen High Yield Muni Fund
CICVX: Calamos Convertible Fund
PFOAX: Pimco Foreign Bond Fund
Source: Yahoo Finance
VNQ: REIT SPY: SP 500 IWM: Russell 2000
TIP: Inflation Protected WAHYX: Western Asset High Yield
NHMRX: Nuveen High Yield Muni CICVX: Calamos Convertible
PFOAX: Pimco Foreign Bond AAXCX: Adaptive Allocation
Source: Yahoo Finance
DIVERSIFY…
ADAPTIVELY
Asset Allocation Snapshot as of each Quarter-End
The asset allocation categories are presented to illustrate examples of the securities that the fund
has bought and the diversity of areas in which the funds may invest, and may not be
representative of the fund's current or future investments. Portfolio holdings are subject to
change and should not be considered to be investment advice. Complete Fund Holdings are
posted monthly on www.unusualfund.com. Equities & Inverse Equities include leveraged mutual
funds/ETFs, individual stocks and stock options. Data provided by Gemini Fund Services, LLC.
Adaptive Allocation (AAXCX)
SPDR SP 500 ETF (SPY)
Source: Yahoo Finance
OSTFX: Osterweis
FPACX: FPA Crescent
MUHLX: Muhlenkamp
SPY: SPDR SP 500 ETF
Source: Yahoo Finance
OSTFX: Osterweis FPACX: FPA Crescent
MUHLX: Muhlenkamp SPY: SP 500 ETF
AAXCX: Adaptive Allocation C Class
Source: Yahoo Finance
MDLOX: BlackRock Global Allocation
SGENX: First Eagle Global
WASAX: Ivy Asset Strategy
PAUAX: PIMCO All Asset All Authority
SPY: SPDR SP 500 ETF
Source: Yahoo Finance
MDLOX: BlackRock Global Allocation
SGENX: First Eagle Global
WASAX: Ivy Asset Strategy
PAUAX: PIMCO All Asset All Authority
SPY: SPDR SP 500 ETF
AAXCX: Adaptive Allocation C Class
Source: Yahoo Finance
Performance information for Class A Shares is not presented, as the inception date for A Shares is March 25, 2010.