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Pilot investments were made using several proprietary strategies from January 2005 to January 2007. The strategy now called the Caldwell Dividend Strategy rendered the best results. As a matter of fact, the results were so impressive, that the pilot returns are not considered obtainable over a longer period of time with a broader sample. Here are the results of the pilot investments:
Average annualized total return for all stocks: 69.8% The next step was to initiate a test program with a broader sample. The test program was used from April 2007 through December 2007. The test program portfolio posted a loss of 1.2% while the overall market, as measured by the S&P 500 Index, posted a small gain. After evaluation of the test program results, changes were made to the proprietary sell discipline of the strategy, which were intended to enhance performance. Goals for the Caldwell Dividend Strategy were then established, which are as follows:
Average annualized total return for the portfolio: 0-25% The Caldwell Dividend Strategy was formally launched at the beginning of January, 2008. Results for the nine months of the year have far exceeded expectations. As you can see below, the Caldwell Dividend Strategy outperformed the S&P 500 Index by a dramatic 12.8% in the 10 months of 2008. .The ten months of 2008 is considered one of the worst 10 month periods in years for the S&P 500 Index and the market in general, thus the loss posted by the Caldwell Dividend Strategy is considered a huge success. Results will be updated quarterly.
Calculations of return above assume a $10 commission is paid each time a stock is bought and sold. Free cash balances are assumed invested in a government money market fund. The effective rate of the Schwab Government Money Fund (SWGXX) is used for the purposes of calculating portfolio dividends on free cash balances. Monthly dividends on free cash balances are based on the money fund balance at the beginning of the month. Dividends are considered paid on the ex-dividend date, as the stock price is reduced by that amount on the ex-dividend date. |
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