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Equity Composite Performance

Compounded Annual Rates of Return After Fees
Periods ended 3/31/08

 
3yr
5yr
10yr
First Fiduciary Equity Composite
6.7%
  
11.3%
  
5.0%
  
Benchmark Return
6.8%
  
13.9%
  
4.5%
  
Consumer Price Index
3.4%
  
3.0%
  
2.8%
  

Equity Composite Performance History After Fees

Year
FFIC Equity Composite
Benchmark
Return
Consumer
Price Index
Number of
Portfolios
Internal Dispersion
Composite Assets at Year End
Percentage of
Firm Assets
1992
12.5%
  
7.6%
  
2.9%
89
5.0%
52.9M
26.5%
1993
16.4%
  
10.0%
  
2.7%
179
5.5%
82.1M
38.2%
1994
0.1%
  
1.3%
  
2.7%
189
3.1%
75.8M
24.5%
1995
28.8%
  
37.6%
  
2.5%
292
6.1%
136.9M
28.5%
1996
15.7%
  
23.0%
  
3.3%
341
3.5%
201.3M
45.2%
1997
31.9%
  
33.4%
  
1.7%
360
4.2%
281.1M
50.1%
1998
14.7%
  
14.7%
  
1.6%
368
5.8%
315.3M
48.1%
1999
-2.0%
  
12.7%
  
2.7%
342
5.3%
273.0M
49.4%
2000
5.6%
  
6.1%
  
3.4%
261
5.9%
211.6M
92.7%
2001
2.2%
  

-11.7%

  
1.6%
237
3.2%
182.0M
90.6%
2002
-7.7%
  
-20.9%
  
2.4%
245
4.1%
157.1M
86.2%
2003
22.3%
  
31.8%
  
1.9%
228
5.9%
184.9M
91.1%
2004
10.8%
  
15.7%
  
3.3%
221
3.3%
198.3M
79.1%
2005
5.5%
  
5.7%
  
3.4%
243
2.4%
218.5M
85.1%
2006
17.7%
  
20.8%
  
2.5%
217
2.1%
239.1M
84.5%
2007
4.3%
  
2.0%
  
4.1%
224
2.0%
240.8M
85.6%

 

1.

First Fiduciary Investment Counsel (FFIC) is a Large Cap Value equity portfolio manager that invests solely in U.S. based securities or American Depository Receipts of foreign based securities. FFIC is defined as an independent investment management firm that is not affiliated with any parent organization.
2.
First Fiduciary has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS).
3.
FFIC has been verified for the year 2006 by Thornhill Financial, Inc. For the periods 1992-2006, performance results have been examined by an independent accounting firm for accuracy and compliance with GIPS. Copies of these reports are available upon request.
4.
The benchmark return is 100% of the S&P 500 Index for the historical period of 1992-1997. The benchmark return from 1998 – December 15, 2005 is 100% of the Standard & Poor’s BARRA Value Index. From December 16, 2005, the benchmark return is 100% of the Standard & Poor’s 500/Citigroup Value Index due to methodology changes determined by Standard & Poor’s.
5. Since January 1, 1992, the Composite has been valued quarterly and each portfolio’s returns have been weighted by using beginning of quarter market values plus weighted cash flows. FFIC elected, effective July 1, 2001, to value the composite monthly and each portfolio’s returns have been weighted by using beginning of the month values plus weighted cash flows.
6.
The FFIC Composite and the Benchmark Return assume the reinvestment of dividends and interest.
7.
The Equity composite was created in 1975.
8.

Past performance should not be considered indicative of future results.





First Fiduciary Investment Counsel, Inc. · 1375 East Ninth Street, Suite 2450 · Cleveland, Ohio · 44114
Phone: (216) 623-7700
Fax: (216) 623-6351

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