United Way of Central & Northeastern Connecticut

United Way of Central & Northeastern Connecticut 

12/15/2005 through 11/30/2011 

Performance Report 

© 2011 Black Diamond Performance Reporting, LLC - 96510

Date Range: 12/15/2005 - 11/30/2011 


Executive Summary 

11/30/2011 

Market Value 

Month 

to Date 

Return 

Quarter 

to Date 

Return 

Year to 

Date 

Return 

Last 12 

Months 

Return 

Since 

Inception 

Return 

United Way of Central & Northeaster... 13,801,287 -2.1 % 5.6 % -4.7 % -0.3 % 1.9 % 1 

Policy Benchmark -2.7 % 4.8 % -4.1 % 0.5 % 1.2 % 

1 

Annualized Return 

Performance - Since Inception 

© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 2 of 12

Date Range: 12/15/2005 - 11/30/2011 


Executive Summary 

Month to Date 

Quarter to Date 

Last 12 Months 

Last 3 Years 

Last 5 Years 

Last 7 Years 

Since Inception 

Beginning Market Value 14,095,769 

13,072,242 

13,944,156 

9,653,774 

14,938,384 

0 

0 

Fees 0 

0 

0 

0 

0 

0 

0 

Net Additions 0 

0 

-100,000 

-312,484 

-1,155,129 

12,238,859 

12,238,859 

Gain/Loss -294,482 

729,045 

-42,870 

4,459,997 

18,032 

1,562,427 

1,562,427 

Ending Market Value 13,801,287 

13,801,287 

13,801,287 

13,801,287 

13,801,287 

13,801,287 

13,801,287 

Return -2.1 % 

5.6 % 

-0.3 % 

13.7 % 

0.1 % 

1.9 % 

1.9 % 

Market Value and Net Additions 

Historical Allocation Drift 


Date Range: 12/15/2005 - 11/30/2011 


Portfolio Performance 

11/30/2011 

Month 

to Date 

Quarter 

to Date 

Year to 

Date 

Last 12 

Months 

Since 

Inception 

Market Value Allocation Return Return Return Return Return 

United Way of Central & Northeastern Conn... 13,801,287 100.0 % -2.1 % 5.6 % -4.7 % -0.3 % 1.9 % 1 

US Equities 2,768,112 20.1 % -0.5 % 11.3 % -0.3 % 6.2 % 2.2 % 1 

Non US Equities 3,657,555 26.5 % -3.1 % 5.2 % -12.2 % -6.4 % -0.3 % 1 

Global Fixed Income 3,809,112 27.6 % -2.8 % 1.0 % 0.6 % 1.8 % 5.5 % 1 

Commodities 1,053,151 7.6 % -1.4 % 11.3 % -10.3 % -0.1 % 14.6 % 1 2 

Public Real Estate 1,023,072 7.4 % -3.8 % 8.6 % -1.1 % 4.0 % 35.9 % 1 2 

Alternative Investments 1,447,530 10.5 % 0.1 % 3.0 % -- -- -2.7 % 2 

Cash and Cash Alternatives 42,754 0.3 % 0.0 % 0.0 % 0.0 % 0.0 % 75.7 % 1 2 

1 


2 

Not Held Entire Period 

One Year - Asset Class Return 

Since Inception - Asset Class Return 


Date Range: 12/15/2005 - 11/30/2011 


Calendar Year Returns 

11/30/2011 

Market Value 

Month 

to Date 

Return 

Quarter 

to Date 

Return 

Year to 

Date 

Return 

United Way of Central & North... 13,801,287 -2.1 % 5.6 % -4.7 % 14.2 % 28.5 % -33.6 % 7.5 % 

Policy Benchmark -2.7 % 4.8 % -4.1 % 12.0 % 21.3 % -31.7 % 6.4 % 

2010 

Return 

2009 

Return 

2008 

Return 

2007 

Return 

2006 

Return 

2005 

Return 

12.3 % -- 

13.7 % 

Performance - Month to Date, Quarter to Date & Year to Date 

Performance - Calendar Year 


Date Range: 12/15/2005 - 11/30/2011 


Actual vs. Target Allocation 

Actual Allocation 

Target Allocation 

11/30/2011 

Market Value Allocation Target Difference 

United Way of Central & Nor... 13,801,287 100.0 % 100.0 % 0.0 % 

US Equities 2,768,112 20.1 % 19.0 % 1.1 % 

US Large Cap 771,392 5.6 % 5.0 % 0.6 % 

US Large Cap Growth 742,463 5.4 % 5.0 % 0.4 % 

US Smid Cap 725,961 5.3 % 5.0 % 0.3 % 

US Micro Cap 528,296 3.8 % 4.0 % -0.2 % 

Non US Equities 3,657,555 26.5 % 28.5 % -2.0 % 

Non US Lg Cap Value 1,033,057 7.5 % 8.3 % -0.8 % 

Non US Lg Cap Growth 1,000,382 7.2 % 8.3 % -1.0 % 

Non US Smid Cap 842,153 6.1 % 6.0 % 0.1 % 

Non US Emerg Mkts 781,963 5.7 % 6.0 % -0.3 % 

Global Fixed Income 3,809,112 27.6 % 27.5 % 0.1 % 

US Taxable 739,319 5.4 % 5.0 % 0.4 % 

Global Taxable 1,061,961 7.7 % 7.5 % 0.2 % 


Date Range: 12/15/2005 - 11/30/2011 


11/30/2011 

Market Value Allocation Target Difference 

Non US Taxable 996,536 7.2 % 7.5 % -0.3 % 

Non US Tips 1,011,296 7.3 % 7.5 % -0.2 % 

Commodities 1,053,151 7.6 % 7.5 % 0.1 % 

Commodity Future 563,547 4.1 % 3.8 % 0.3 % 

Natural Resource 489,604 3.5 % 3.8 % -0.2 % 

Public Real Estate 1,023,072 7.4 % 7.5 % -0.1 % 

US Real Estate 413,155 3.0 % 3.0 % 0.0 % 

Global Real Estate 609,917 4.4 % 4.5 % -0.1 % 

Alternative Investments 1,447,530 10.5 % 10.0 % 0.5 % 

Long/Short US Sm Cap 700,688 5.1 % 5.0 % 0.1 % 

Diversified Hedge 746,842 5.4 % 5.0 % 0.4 % 

Cash and Cash Alternatives 42,754 0.3 % 0.0 % 0.3 % 

Money Markets 42,754 0.3 % 0.0 % 0.3 % 


Date Range: 12/15/2005 - 11/30/2011 


Equity Market Benchmark Report 

Month 

to Date 

Quarter 

to Date 

Year to 

Date 2010 2009 2008 

Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark 

DOW JONES INDUS AVERAGE TR IDX IND AVG TR 1.2 % 11.0 % 6.7 % 14.1 % 22.7 % -32.8 % 

NASDAQ COMPOSITE INDEX COMPOSITE -2.4 % 8.5 % -1.2 % 16.9 % 43.9 % -40.5 % 

S&P 500 TOTAL RETURN INDEX -0.2 % 10.7 % 1.1 % 15.1 % 26.5 % -37.0 % 

RUSSELL INDEX 1000 WITH/DIV -0.3 % 10.9 % 0.7 % 16.1 % 28.4 % -37.6 % 

RUSSELL INDEX 1000 GR WITH/DIV 0.0 % 11.0 % 3.0 % 16.7 % 37.2 % -38.4 % 

RUSSELL INDEX 1000 VL WITH/DIV -0.5 % 10.9 % -1.6 % 15.5 % 19.7 % -36.8 % 

RUSSELL INDEX MID CAP WITH/DIV -0.5 % 12.4 % -1.4 % 25.5 % 40.5 % -41.5 % 

RUSSELL MDCAP GR W/DIV -0.5 % 12.9 % -0.2 % 26.4 % 46.3 % -44.3 % 

RUSSELL MDCAP VL W/DIV -0.5 % 12.0 % -2.6 % 24.8 % 34.2 % -38.4 % 

RUSSELL INDEX 2500 DIV REINV -0.3 % 14.3 % -2.7 % 26.7 % 34.4 % -36.8 % 

RUSSELL INDEX 2000 WITH/DIV -0.4 % 14.7 % -4.8 % 26.9 % 27.2 % -33.8 % 

RUSSELL INDEX 2000 GR WITH/DIV -0.5 % 15.2 % -2.7 % 29.1 % 34.5 % -38.5 % 

RUSSELL INDEX 2000 VL DIV REIN -0.2 % 14.2 % -7.0 % 24.5 % 20.6 % -28.9 % 

RUSSELL INDEX MICROCAP W/DIV -0.9 % 12.3 % -10.5 % 28.9 % 27.5 % -39.8 % 

Last 12 

Months 

Last 3 

Years 

Last 5 

Years 

Benchmark Benchmark Benchmark 

12.4 % 14.6 % 1 2.1 % 1 

4.9 % 19.5 % 1 1.5 % 1 

7.8 % 14.1 % 1 -0.2 % 1 

7.4 % 15.1 % 1 0.1 % 1 

8.6 % 18.9 % 1 2.6 % 1 

6.2 % 11.3 % 1 -2.6 % 1 

5.4 % 21.9 % 1 1.4 % 1 

6.1 % 24.2 % 1 2.6 % 1 

4.8 % 19.6 % 1 0.0 % 1 

4.7 % 20.4 % 1 1.3 % 1 

2.8 % 17.6 % 1 0.1 % 1 

4.7 % 21.2 % 1 2.1 % 1 

0.8 % 14.0 % 1 -2.0 % 1 

-2.3 % 15.4 % 1 -4.0 % 1 

1 


Month 

to Date 

Quarter 

to Date 

Year to 

Date 2010 2009 2008 


MSCI DEVELOPED EAFE(USD) -5.2 % 3.9 % -13.9 % 4.9 % 27.7 % -45.1 % 

MSCI DEVELOPED EAFE GROWTH (USD) -4.5 % 5.1 % -12.9 % 9.5 % 21.7 % -46.8 % 

MSCI DEVELOPED EAFE VALUE (USD) -5.8 % 2.7 % -15.0 % -0.6 % 22.9 % -49.0 % 

MSCI SMALL CAP EAFE (USD) -5.5 % 1.2 % -16.3 % 19.4 % 37.6 % -50.3 % 

MSCI EMERGING EM (EMERGING MKTS) (USD) -6.8 % 5.4 % -19.4 % 16.3 % 80.7 % -54.5 % 

MSCI ALL COUNTRIES WORLD(X-US)(USD) -5.3 % 4.5 % -15.1 % 8.4 % 35.5 % -45.9 % 

MSCI ACWIF WORLD(USD)(TRN) -3.0 % 7.4 % -7.2 % 12.7 % 34.6 % -42.5 % 

Last 12 

Months 

Last 3 

Years 

Last 5 

Years 


-7.0 % 6.9 % 1 -6.6 % 1 

-6.1 % 7.3 % 1 -6.0 % 1 

-8.0 % 3.2 % 1 -10.7 % 1 

-6.7 % 13.8 % 1 -6.7 % 1 

-13.7 % 22.2 % 1 1.9 % 1 

-8.5 % 9.7 % 1 -4.5 % 1 

-0.4 % 13.2 % 1 -1.6 % 1 

1 



Date Range: 12/15/2005 - 11/30/2011 


Bond Market Benchmark Report 

Month 

to Date 

Quarter 

to Date 

Year to 

Date 2010 2009 2008 


BARCLAYS CAPITAL GLOBAL BOND INDEX COMPOSITE -1.5 % -0.8 % 5.5 % 5.9 % 2.4 % 9.5 % 

BARCLAYS CAPITAL AGGREGATE BOND COMPOSITE INDEX -0.1 % 0.0 % 6.7 % 6.5 % 5.9 % 5.2 % 

BARCLAYS CAPITAL HIGH YIELD BOND INDEX US CP HI YIELD -2.2 % 3.7 % 2.3 % 15.1 % 58.2 % -26.2 % 

BARCLAYS CAPITAL AGGREGATE BOND INDEX TREASURY 0.7 % -0.1 % 8.8 % 5.9 % -3.6 % 13.7 % 

BARCLAYS CAPITAL AGGREGATE BOND INDEX US TREAS INF N 0.8 % 2.6 % 13.5 % 6.3 % 11.4 % -1.2 % 

BARCLAYS CAPITAL MUNI BOND INDEX COMPOSITE INDEX 0.6 % 0.2 % 8.6 % 2.4 % 12.9 % -2.5 % 

ML MUNICIPALS TR BBB RT 0.8 % 0.8 % 10.1 % 4.1 % 30.5 % -22.4 % 

CITI WORLD GOVT BOND INDEX 3-7YR SECT USD -1.5 % -0.6 % 4.7 % 5.1 % 4.4 % 11.5 % 

CITI WORLD GOVT BOND INDEX NON-US DOLLAR -2.3 % -1.3 % 4.3 % 5.1 % 4.1 % 9.9 % 

CITI NON-USD WLD INFL-LK SEC IN US TERMS -2.0 % 0.5 % 6.5 % 0.4 % 13.7 % -15.4 % 

BARCLAYS CAPITAL EMERGING MARKETS INDEX PRINCIPAL INDX -1.3 % 3.4 % 5.5 % 12.8 % 34.2 % -14.8 % 

CITI WORLD GOVT BOND INDEX 1-3YR SECT USD -1.2 % -0.2 % 2.2 % 3.1 % 3.7 % 8.4 % 

BARCLAYS CAPITAL BOND FUND INDEX 1-5 U.S. TREAS 0.1 % 0.2 % 3.2 % 3.7 % 0.2 % 8.8 % 

BARCLAYS CAPITAL AGGREGATE BOND INDEX 1-3 YEAR GOVT 0.1 % 0.1 % 1.5 % 2.4 % 1.4 % 6.7 % 

BARCLAYS CAP BOND FUND INDEX 1-3 INVT GRADE -0.5 % 0.1 % 1.5 % 4.2 % 12.6 % 0.3 % 

90 DAY TREASURY BILL 0.0 % 0.0 % 0.0 % 0.4 % 0.1 % 1.3 % 

Last 12 

Months 

Last 3 

Years 

Last 5 

Years 


7.3 % 7.0 % 1 6.4 % 1 

5.5 % 7.7 % 1 6.1 % 1 

4.1 % 26.1 % 1 7.3 % 1 

6.8 % 4.7 % 1 6.4 % 1 

11.8 % 12.2 % 1 7.7 % 1 

6.5 % 8.4 % 1 4.8 % 1 

7.0 % 12.1 % 1 2.7 % 1 

6.3 % 7.0 % 1 7.1 % 1 

7.6 % 7.3 % 1 6.5 % 1 

9.8 % 9.9 % 1 0.6 % 1 

4.9 % 20.2 % 1 7.6 % 1 

4.3 % 4.9 % 1 5.4 % 1 

2.5 % 2.7 % 1 4.7 % 1 

1.3 % 2.1 % 1 3.8 % 1 

1.5 % 6.7 % 1 5.0 % 1 

0.1 % 0.2 % 1 1.3 % 1 

1 



Date Range: 12/15/2005 - 11/30/2011 


Additional Benchmarks Report 

Month 

to Date 

Quarter 

to Date 

Year to 

Date 2010 2009 2008 


CONTINUOUS COMMODITY IX TTL RT CCITR -3.5 % 1.8 % -6.9 % 23.7 % 16.8 % -28.6 % 

FTSE EPRA/NAREIT GLOBAL (USD) -5.9 % 5.8 % -9.8 % 15.4 % 30.6 % -51.0 % 

MSCI US REIT INDEX PRICE-ONLY -4.1 % 9.6 % 0.6 % 23.5 % 21.0 % -41.5 % 

FTSE EPRA/NAREIT GLOBAL(X-US)(USD) -7.3 % 2.9 % -16.5 % 10.8 % 36.8 % -54.1 % 

HFRI FUND OF FUND COMPOSITE -0.7 % 0.4 % -4.9 % 5.7 % 11.5 % -21.4 % 

HFRI EQUITY HEDGE -1.6 % 3.2 % -7.0 % 13.3 % 24.9 % -26.6 % 

HFRI EVENT DRIVEN -0.6 % 2.5 % -1.8 % 12.0 % 92.7 % -18.5 % 

HFRI EQUITY MARKET NEUTRAL -0.2 % 1.6 % -1.2 % 5.7 % -8.5 % -5.9 % 

HFRI CONV ARBITRAGE 0.2 % 1.5 % 0.7 % 12.5 % 60.5 % -33.7 % 

HFRI DISTRESSED/RESTRUCTURING INDEX -1.4 % 0.9 % -5.2 % 9.0 % 56.6 % -25.2 % 

PRIVATE EQUITY TOTAL RET USD PRIVEXD -7.0 % 4.8 % -22.6 % 25.3 % 38.5 % -64.4 % 

Last 12 

Months 

Last 3 

Years 

Last 5 

Years 


3.0 % 10.1 % 1 1.7 % 1 

-4.5 % 14.0 % 1 -8.9 % 1 

4.7 % 20.5 % 1 -7.3 % 1 

-10.7 % 9.9 % 1 -9.7 % 1 

-14.5 % 8.0 % 1 -14.2 % 1 

-1.8 % 3.7 % 1 0.0 % 1 

-0.7 % 9.8 % 1 1.6 % 1 

1.4 % 10.8 % 1 3.2 % 1 

2.0 % 1.0 % 1 1.1 % 1 

-1.6 % 20.9 % 1 4.3 % 1 

1.1 % 10.8 % 1 2.4 % 1 

1 



Date Range: 12/15/2005 - 11/30/2011 


Disclaimers 

Past performance may not be indicative of future results. The above individual account performance information reflects the reinvestment 

of dividends, and is net of applicable transaction fees, Syntrinsic Investment Counsel, LLC’s investment management fee (if debited 

directly from the account), and any other related account expenses. Account information has been compiled solely by Syntrinsic 

Investment Counsel, LLC, has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts. In 

preparing this report, Syntrinsic Investment Counsel, LLC has relied upon information provided by the account custodian. Please 

remember to contact Syntrinsic Investment Counsel, LLC if there are any changes in your personal/financial situation or investment 

objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Please also advise us if you 

would like to impose, add, or to modify any reasonable restrictions to our investment adviser services. A copy of our current written 

disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. 

Through September 30, 2009, historic net performance returns include the impact of all investment fees. In the report, advisory fees 

charged prior to September 30, 2009 impact the line entitled, “Gain/Loss.” Effective October 1, 2009, net performance return data 

continues to include the impact of investment fees. Going forward from that date, the dollar value of advisory fees appears in the line 

entitled, “Fees.” 

Please compare this statement with account statements received from the account custodian. Please also note that the account custodian 

does not verify the accuracy of the advisory fee calculation. 

Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and 

generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the 

impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed 

that your account holdings correspond directly to any comparative indices. 

This performance report may include investments for which Syntrinsic Investment Counsel, LLC does not provide ongoing advice or 

recommendations, including investments that the firm did not originally recommend to the client as well as those that the client has 

retained despite the firm’s recommendation to the contrary. Inclusion of an investment in this performance report does not represent a 

recommendation of Syntrinsic Investment Counsel LLC to retain the investment or otherwise imply or confirm the investment’s suitability 

in the past, present, or future. 

Syntrinsic Investment Counsel, LLC does not provide legal or tax advice. Please consult your legal or tax advisor regarding your specific 

situation. 


Date Range: 12/15/2005 - 11/30/2011 


Syntrinsic Contact Information

United Way of Central & Northeastern Connecticut

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