Report Detail Summary

The Size Selector

June 24, 2003

During the second quarter the strategy outperformed the benchmark by 40 basis points. For the year the strategy is ahead 57 basis points. The strategy performance relative to the benchmark suggests that our strategy is on average correctly anticipating the size effect. Looking forward to the third quarter of 2003, the forecast points to a mid-cap market.

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The ValueTiming™ strategy is based on the assumption that politicians and policymakers have particular views of the world, and that they will in general adopt policy measures that are consistent with these views.


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