NYLIM Debuts Mid-Cap Core Institutional Strategy
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Receives $66 Million Mandate from City of Atlanta General Employee Pension Plan
New York, NY – New York Life Investment Management recently debuted its Mid-Cap Core strategy to the institutional marketplace and received a $66 million mandate from the City of Atlanta General Employee Pension Plan.
The Mid-Cap Core strategy, advised by NYLIM Equity Investors Group, a division of New York Life Investment Management, employs quantitative techniques and a bottom-up investment approach that emphasizes individual stock selection. Portfolio managers Harvey Fram, Migene Kim, and Mona Patni analyze approximately 800 stocks in the index using a factor weighting methodology to identify the 300-400 holdings in the portfolio.
“Our goal is to capture excess returns for our clients, by taking advantage of the mid-cap market’s inefficiencies through systematic research, portfolio construction, and innovative trading strategies,” said Tony Elavia, chief investment officer, NYLIM Equity Investors Group. “With strong historical performance, NYLIM’s Mid-Cap Core strategy has become quite attractive to institutional investors like the City of Atlanta’s General Employee Pension Plan.”
Since it’s inception in February 2001, NYLIM’s Mid-Cap Corestrategy has produced gross annualized returns of 11.59%, beating its benchmark, the Russell Midcap Index, by 2.19% as of December 31, 2006. It boasts an information ratio of .63%.
With more than $235 billion in assets under management as of December 31, 2006, New YorkLife Investment Management LLC and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments. For more information, visit NYLIM’s website at www.nylim.com.
* Includes only those accounts that were in composite for the entire year. N/M = not meaningful; N/A = not available
New York Life Investment Management LLC (NYLIM) has prepared and presented this report in compliance with the Performance Presentation Standards of the CFA Institute, the U.S. and Canadian version of the Global Investment Performance Standards (GIPS™). The CFA Institute has not been involved with the preparation or review of this report. NYLIM is a registered U.S.-based investment management firm that provides financial services to individual and institutional investors. The firm is defined as the following divisions of NYLIM: Equity Investors, NYLIM Fixed Income Investors, and Retail Markets. Performance records for each of these entities are included from the predecessor entities’ legal inception date or ten years, whichever is shorter.
The NYLIM Mid-Cap Core composite reflects all similar equity accounts and the equity portion of all similar balanced equity accounts including allocated cash. All accounts are fully discretionary and fee paying. Average market capitalization of the securities traded in the accounts in the NYLIM Mid-Cap Core composite is similar to the Russell Midcap Index. For the entire period, the investment guidelines and objectives of the portfolios represented herein remained the same. The NYLIM Mid-Cap Core composite was created February 1, 2001.
Composite results are U.S. dollar-based, measured internally based upon trade-date accounting, and include the reinvestment of dividends and interest. The composite is valued monthly and time-weighted portfolio returns are asset-weighted using beginning-of-month market values. Annual and annualized periods are calculated based upon geometrically-linked monthly returns. The dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year. For those composites that are comprised of less than six portfolios, composite dispersion as measured by standard deviation is not meaningful.
Past results are not indicative of future results. A complete list of firm composites is available upon request. Gross of fee returns are presented before investment management fees but after all trading commissions. Net of fee returns are presented after the deduction of investment management fees.
Separate Account
First $10 Million: 0.55%
Next $15 Million: 0.50%
Next $25 Million: 0.45%
Next $50 Million: 0.40%
Thereafter: 0.30%
Minimum Account Size: $10 Million
Leverage and derivatives are not used in this composite. This information is intended for use solely in one-on-one presentations.
The benchmark is the Russell Midcap Index, a representative measure of the broad mid-cap equity market. The index is included to provide a detailed basis of comparison, is unmanaged, and reflects past performance, which is not indicative of future results. For comparison purposes, the unmanaged index is fully invested and returns are gross of investment management fees. An investment cannot be made directly into an index.
Information ratio is the ratio of the excess annualized return against the tracking error. The higher the ratio, the better, as it reflects the extent to which the fund has outperformed the benchmark.
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