The Hulbert Financial Digest

January 2013

NEWSLETTERS PROFILED IN THIS ISSUE:

Volume 33, Issue 5 (Part 1)

Fidelity Investor
NoLoad FundX

Written and edited

by Mark Hulbert

The Prudent Speculator

ASK MARK

HFD EXCLUSIVE

How many of the strategies

you follow have made money
since the bull market high in
October 2007?

Picking the best advisers of 2013

Well more than half of them

have done so. Of the 366
strategies for which the HFD
has performance data back to
October 2007, 225or 61%
are ahead of where they stood
then.
This high of a percentage
initially appears to be a big
surprise, given that the major
averages are still well below
their October 2007 highs. The
Dow, for example, is nearly
700 points below its closing
high of 14,164.53or nearly
5%. The S&P 500 is more than
6% below its high from that
month. Since the well known
long term pattern is for the average adviser to lag the market itself, you might wonder if
the investment advisory community has suddenly become
more proficient at beating the
market.
I, for one, dont think so.
Several factors can easily
explain their market-beating
prowess since October 2007.
One is that the secondary
market is well ahead of where
it stood at that months high,
and many of the advisers the
HFD monitors focus on stocks
CONTINUED ON PAGE 2

How do you think you should go about picking the advisers who will do the best in 2013?
If youre like most of the rest of us, your
first instinct is, each January, to pick the
adviser with the best performance in the
calendar year that just ended. That instinct
accounts for why the January issues of most
financial publications are dedicated to these
annual performance sweepstakes.
My recommendation is to ignore that instinct, however. Following the best performer
of the previous year is a recipe for disaster.
The first shall be last

Consider, for starters, how you would have

performed by relying on this instinct in 2012.
The strategy you would have begun following
in January 2012 would have been the Rydex
Bond Portfolio from Professional Timing
Service. Thats because it had the best return
in 2011 out of the 600 or so tracked by the
HFD, with a gain of 29.0%.

As fate would have it, however, this advisory

service was discontinued in the Fall. Assuming this portfolio was invested in T-Bills from
that point until the end of the year, it lost
5.4%far underperforming the 16.1% return
of the Wilshire 5000 index.
Nor was last years experience unique.
Take what happened in 2011: The strategy
that you would have followed, based on the
CONTINUED ON PAGE 2

An average year
The Dow Industrials in 2012 gained 7.26%,
before dividends. That is almost precisely in
line with its long-term average of 7.37%.
What the best-performing advisers are forecasting for 2013 will be the topic of one of my
workshops at the World Money Show, which
will be held Jan. 30 to Feb. 02 at Orlandos
Gaylord Palms Resort. HFD subscribers can
attend without conference registration fees.
Call 1-800-970-4355 (priority code 029553)
or go to: http://bit.ly/YTqiTb

The HFD is one of a suite of products based on a database containing over 32 years worth of investment advisers recommendations. Others are Hulbert Interactive (the website that provides 24-7 access to that database) and Hulbert On Markets:
Whats Working Now (a weekly service highlighting noteworthy patterns in recent advisers recommendations and returns).

TheDJIAinhistoricalcontext
100%

Averageback to1896
50%
0%
50%
100%
100%
2012

Bestyear

A service of

Worstyear

HFD

CONTINUED FROM PAGE 1

in that sector. The NASDAQ

Composite Index, for example,
currently is nearly 8% higher
than where it stood on October
9, 2007, the date of the Dows
and S&P 500s bull market high.
Another factor is dividends,
which in recent years have
begun to play a larger role in
the stock markets total return
than they did in the late 1990s
and the early part of the last decadewhen the stock markets
dividend yield fell to around 1%.
The Wilshire 5000 Total
Return Index takes all these
factors into account: It reflects
the total value of all publicly
traded stocks in the U.S., and
it reinvests dividends. It is 8%
higher today than where it stood
on October 9, 2007. Only 44%
of the HFD-monitored strategies are ahead of this Wilshire
numberhigher than normal,
but now below 50%.
Another factor to keep in
mind is gold, which is favored
by many of the advisers the HFD
tracks. Bullion, of course, has
more than doubled since October 2007.
The bottom line: You need
to be as picky and choosy as
ever when selecting an adviser.
We have not entered some new
era in which the average adviser
is able to beat the market.
Subscribers interested in submitting a
question to be answered in this space,
or in being interviewed about their experiences with investment newsletters
should send an e-mail to Mark directly
at mark.hulbert@dowjones.com.

FROM PAGE 1

Picking the best advisers of 2013

would have done even better still if, each
January, you began following the strategy that
best performance in 2010, was the Rare had the best 10-year return through the end of
Earth Portfolio from the Dines Letter. Fol- the previous year. This strategy of following
lowing a 139.2% gain in 2010, this portfolio the 10-year winners would have produced a
9.2% annualized return through the end of
in 2011 lost 54.3%.
To be sure, not all years are like 2011-2012. 2012almost keeping pace with the 9.4% anBut theyre more the rule than the exception. nualized return for buying and holding.
Consider a hypothetical portfolio that, in
each year since 1991*, followed the portfo- Longer is better
lio that performed the best in the previous It is because of results such as these that I
calendar year. Through the end of 2012, this continually stress to clients that, when picking
portfolio lost an average of 22.2% per year an investment adviser, they should focus on
on an annualized basis. For all intents and returns over very long periods. While there
purposes, that is a complete and total wipeout. is no magical threshold for how long a track
What if you focused on the five-year win- record is sufficient, in general more is better:
ners instead? As you can see from the chart You should never ignore an advisers perforbelow, you would have done much bet- mance in early years, even if it falls outside
terproducing a break-even over the last 22 the parameters of whatever rule of thumb you
yearsby each year following the strategy with rely upon when comparing advisers.
the best return over the five years through the
When I am forced to identify a specific time
end of the previous calendar year. (Note that, period that is long enough to separate the
because its return was zero, it doesnt appear men from the boys, I have settledbecause
in the chart...) While a zero return is still well of a variety of tests, not just the one reported
below that of buying and holding, its a whole on in this articleon 15 years. Though you
lot better than losing everything.
are not guaranteed to beat the market by folNotice carefully, furthermore, that you lowing the best performer of the previous 15
years, your odds of success are decentand
*I initiated this hypothetical one-year winners portfolio in 1991, so that I could
far greater than when focusing on just the
compare it to a strategy that followed the 10-year winnersand it was only in 1991
that I had ten years of performance data for various advisers.
one-year winners.
CONTINUED FROM PAGE 1

Strategiesthateachyearfollowedbestperformingportfolioasof
previous12/31
15%
5%

Annualizedreturn
dreturn1/1/91to12/31/12
/31/12

ASK MARK

10%
5%
0%
5%
10%
15%
20%
25%
1year

5years

10years

Topportfolio basedonreturnsovertrailing...

Wilshire5000

TBills

HFD

Hulbert Stock Newsletter Sentiment Index

Two months ago in this space, in early
November, I wrote that the high levels of enthusiasm that had prevailed
earlier in the Fall were being worked
offa positive sign from a contrarian
point of view. Though I opined that the
stock markets correction still had
somewhat further to go, I did not think
that the correction would spell the end
of the bull market.

The stock markets behavior since

early November illustrates, once again,
the benefits of a focus on sentiment.
The Dow fell nearly 300 points from the
level that prevailed when the November
issue of the HFD went to press, in the
process prompting more of the shortterm timers tracked by the HFD into
jumping off the bullish bandwagonsee
chart. The Dow then rallied, and is now
nearly a thousand points higher.
Unfortunately, sentiment data now
suggest that a pullback is now imminent.
Consider the average recommended
U.S. equity exposure among a subset
of short-term stock market timers
tracked by the HFD (as measured by
the Hulbert Stock Newsletter Sentiment
Index, or HSNSI). As this issue goes
to press (Jan. 11), this average stands
at 52.6%having gotten as high as 56%
in early January. This contrasts with a
level of minus 16.1% at the November
low. This means that the average shortterm stock market timer has increased
his recommended equity exposure by
around 70 percentage points in less than
two months.
That rapid of a return to the bullish
camp is worrisome, according to contrarian analysis. In addition, the HSNSI
also is now within shouting distance of
the 60% level that has been seen at prior
market tops over the last few years.

80%
HSNSI

13,500
DJIA

60%
12,500

40%

11,500

10 500
10,500
20%

9,500
0%
8,500

-20%
7,500

ThoughtheHSNSIhasjumpedtowithinshouting
distanceoflevelshitatpriormarkettops.
40%
-40%
03/09/09

08/27/09

02/22/10

08/13/10

02/04/11

Whether the likely decline is the beginning of a serious correction (or worse)
will depend in no small part on how
sentiment behaves. If the average timer
stubbornly holds on to his bullishness
as that decline gathers steam, then odds
become higher that the correction will
become more serious. But if the typical
timer quickly jumps off the bullish bandwagon, then there will be a good chance
that the bull market will soon resume.
Stay tuned!
Summary of other Hulbert
sentiment indices

NASDAQ marketThe Hulbert

NASDAQ Newsletter Sentiment Index
(HNNSI) stands at 68.8%, after having
gotten as low as minus 37.5% in November. The HNNSIs average level over
the last 12 months was 31.2%.
GoldThe Hulbert Gold Newsletter
Sentiment Index (HGNSI) stands at
minus 12.5%, its lowest level since last
July. The HGNSIs average level over
the last 12 months was 14.3%.

07/29/11

01/23/12

7/16/2012

6 500
6,500
1/8/2013

BondsThe Hulbert Bond Newsletter Sentiment Index (HBNSI) stands

at 2.1%, after having risen to as high
Two months ago, in early November, I wrote that the high levels of
enthusiasm that had prevailed earlier in the Fall were being worked
offa positive sign from a contrarian point of view. Though I opined
that the stock markets correction
still had somewhat further to go,
I did not think that the correction
would spell the end of the bull
market.

as 37.0% in November. The indexs

average level over the last 12 months
was 10.7%.
If you dont want to wait until subsequent
HFD issues for sentiment updates, you can
subscribe to daily or weekly updates. The cost
depends on the frequency of updates and how
many of the HFDs four sentiment indexes you
desire. Contact John Kimble for more information: John.Kimble@dowjones.com

HFD
N E W S L E T T E R A N A LY S I S

Fidelity Investor
MARKS COMMENTARY:
$10,000,000

Fidelity Investor is edited by Jim Lowell, who also edits a number of other
investment letters tracked by the HFD,
including Fidelity Sector Investor, ETF
Trader, and the Forbes ETF Advisor.
According to his website, he holds
Masters degrees from both Harvard
University, and Trinity College (Dublin,
Ireland), ... [and is] a former teaching
fellow at Harvard University, and former lecturer in the Philosophy/Religion
Department at Northeastern University
College in Boston.

Wilshire 5000 Total Market Index represented by vertical bars

(Series shifted so that the index equals $100,000 at the point the
HFD began following newsletter)

$1,000,000

$100,000

Fidelity Investor
(Average of portfolios)
Represented by line
$10,000
12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12

PERFORMANCE (THROUGH 12/31/12)

Lifetime*

Five Model Portfolios

Fidelity Investor maintains five model

portfolios of Fidelity mutual funds:
Aggressive Growth, designed for
investors who are active traderswho
are willing to make meaningful trades
on a monthly basis.
Growth, which looks to deliver capital appreciation for most longer-term
investors. Most suitable for investors
with 10 years or more to retirement.
Growth & Income. Though its primary objective is growth, in managing
this portfolio Lowell says he pays attention to income.
Income, which holds bonds and/or
cash, though, Lowell hastens to add, is
not exclusively a bond portfolio.
Global Quant, which invests in the
ten funds managed by top domestic and
international equity managers.
Averaging these portfolios together,
and taking into account a sixth that
Lowell used to recommend, the HFD
reports that his service produced a 7.0%
annualized return since the beginning
READ MORE AT
http://on.mktw.net/UKZIIu

1 yr

3 yrs

5 yrs

+14.6 +33.6(10.1)
+16.1 +37.3(11.1)

+8.0(1.6)
+10.6(2.0)

8 yrs

10 yrs

15 yrs

% GAIN/LOSS**

Letters Average
Wilshire 5000

+156.7( 7.0)
+65.2(3.7)

+55.1(5.6) +122.9( 8.3)

n/a
+43.8(4.6) +113.0( 7.9) +103.9( 4.9)

ADJUSTED FOR RISK***

Letters Average
Wilshire 5000

+0.11
+0.05

+0.45
+0.44

+0.23
+0.22

+0.04
+0.05

+0.10
+0.07

+0.15
+0.14

n/a
+0.06

*Over entire period tracked by HFD. **Annualized equivalents are shown in parentheses.
***Average monthly % performance per unit of risk. The higher the number, the better.

PORTFOLIO ANALYSIS12/31/12 (AVERAGE OF ALL PORTFOLIOS)

Composition: Long: 97.6%; Margin: 2.4%

Number Of Securities Held: 10
Avg. Holding Period of Current Positions: 643 days
Volatility vs Wilshire last 12 Months: 13% less
Over entire period followed: 16% less
Largest 12-Month Loss: -40.7% (vs. -43.3% for Wilshire)
James H. Lowell, III
P.O. Box 920477
Needham, MA 02492
1-800-290-6577
www.fidelityinvestor.com

Subscription: $258/year
Frequency: Monthly
Hotline? Yes
Manages money? Yes
Investment focus: Fidelity funds
HFD data since: 12/31/1998

of 1999, compared to 3.7% annualized

for the U.S. stock market as a whole.
Better yet, this market-beating return
was produced with below-market risk,
so the newsletter beats a buy-and-hold
by even more on a risk-adjusted basis.
The HFDs data suggest that this market-beating return is more attributable
to fund selection than to market timing.
Consider a hypothetical portfolio that

substituted shares of the Wilshire 5000

for all the non-money-market positions
in the Aggressive Growth portfolio. It
beat the Wilshire by just 0.2 percentage
points per year on an annualized basis,
far less than the 3.6 percentage points by
which the actual portfolio beat the market. From this we can conclude that it
was fund selection that caused it to beat
the stock market by such a wide margin.

HFD
N E W S L E T T E R A N A LY S I S

NoLoad FundX
MARKS COMMENTARY:
$10,000,000

NoLoad FundX is, at its core, a rating

service for no-load mutual funds and
ETFs, providing a monthly review
of their performances. In presenting
these ratings, NoLoad FundX classifies
mutual funds and ETFs according to different risk categories and highlights the
top ranked (usually five) mutual funds
and ETFs within each.
Editor Janet Brown recommends
that subscribers select one of her risk
categories and purchase the top-ranked
funds and ETFs. They should hold
those positions until they are no longer
top-ranked, at which point they should
switch into those recommendations that
have replaced them at the top of the
rankings. The HFD tracks these risk
categories by constructing a portfolio
out of the top five selections that are
highlighted in each category in the Star
Boxes that appear in each issue.
Always fully invested

Because these categories do not contain

money market funds, the portfolios that
the HFD constructs are always fully
invested. However, since the best performers in a bear market will be those
with lots of cash, this strategy does lead
implicitly to some market timing.
The HFD has data for three of the
newsletters risk categories since mid1980. Over the 3+ decades since then,
the Class 2 and Class 3 categories
beat the market, on both an unadjusted and a risk-adjusted basis, while
the Class 1 category only beat on an
unadjusted basis. Three more recent
portfolio additionsa Class 4 risk
READ MORE AT
http://on.mktw.net/V5ZAJ8

Wilshire 5000 Total Market Index

Represented by vertical bars
(Series shifted so that the index
equals $100,000 at the point the HFD
began following newsletter)
$1,000,000

$100,000

NoLoad FundX
(Average of portfolios)
Represented by line

1980 results reflect last 6

months of the
year only

$10,000
6/80 6/81 6/82 6/83 6/84 6/85 6/86 6/87 6/88 6/89 6/90 6/91 6/92 6/93 6/94 6/95 6/96 6/97 6/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12

PERFORMANCE (THROUGH 12/31/12)

Lifetime*

1 yr

3 yrs

5 yrs

+14.4 +18.8(5.9)
+16.1 +37.3(11.1)

-12.0(-2.5)
+10.6(2.0)

8 yrs

10 yrs

15 yrs

% GAIN/LOSS**

Letters Average +3,997.8( 12.1)

Wilshire 5000
+2,800.2( 10.9)

+28.3(3.2) +104.6( 7.4) +279.1( 9.3)

+43.8(4.6) +113.0( 7.9) +103.9( 4.9)

ADJUSTED FOR RISK***

Letters Average
Wilshire 5000

+0.14
+0.13

+0.43
+0.44

+0.12
+0.22

-0.02
+0.05

+0.05
+0.07

+0.12
+0.14

+0.13
+0.06

*Over entire period tracked by HFD. **Annualized equivalents are shown in parentheses.
***Average monthly % performance per unit of risk. The higher the number, the better.

PORTFOLIO ANALYSIS12/31/12 (AVERAGE OF ALL PORTFOLIOS)

Composition: Long: 100%

Number Of Securities Held: 8
Avg. Holding Period of Current Positions: 177 days
Volatility vs Wilshire last 12 Months: 8% less
Over entire period followed: 2% more
Largest 12-Month Loss: -43.3% (vs. -43.3% for Wilshire)
Janet Brown
235 Montgomery St., Suite 1049
San Francisco, CA 94104
1-800-763-8639
www.fundx.com
issue@fundx.com

Subscription: $99/year
Frequency: Monthly
Hotline? No
Manages money? Yes
Focus: Mutual funds and ETFs
HFD data since: 6/30/1980

category, a Monthly Upgrader Portfolio, and a Monthly Flexible Income

Portfoliohave each beaten a buy-andhold strategy over the time the HFD has
followed them, on both a total-return
and risk-adjusted basis.
The consistently strong performance
of the Class 3 category in the 1980s
prompted Brown in late 1989 to designate this category as her model portfolio.

The gain the HFD reports for the letters average from that juncture through
8/31/09, therefore, was based on just this
one category.
As of August 2009, Brown shifted this
model portfolio designation in the letter
to the Monthly Upgrader Portfolio,
which means that this newsletters average from that point onward has been
based upon this one portfolio.

HFD
N E W S L E T T E R A N A LY S I S

The Prudent Speculator

MARKS COMMENTARY:
$100,000,000

John Buckingham became editor of

The Prudent Speculator when founding
editor Al Frank passed away in April
2002. Buckingham had been working
with Frank since 1987.
Frank inaugurated this newsletter in
1977, among other reasons, to report
on the status of his personal portfolio.
(This portfolio continues to be reported
in the newsletter; Buckingham is now
managing it.) Beginning year-end 1999,
Frank and Buckingham created a second portfolio, entitled the Millennium
Portfolio, owing to the fact that they
no longer recommended for purchase
many of the stocks still held in Franks
personal portfolio. The duo created yet
another portfolio in early 2001, entitled
the Prufolio, because they no longer
recommended for purchase some of the
stocks in the Millennium Portfolio.
Finally, in early 2003, Buckingham created a real-money portfolio entitled the
Buckingham Portfolio.
Franks and Buckinghams investment
approach has favored stocks near the
value end of the growth-versus-value
spectrum. Nor is theirs a trading approach: Once bought, stocks typically
are held for many years.
Margin

During the time that he was publishing

this newsletter, Frank relied heavily on
margin. Buckingham, in contrast, tends
to avoid it. The transition of editors
from Frank to Buckingham therefore
has provided a good ongoing test of
the degree to which Franks impressive
track record was a function of his use
READ MORE AT
http://on.mktw.net/SyoS1q

Wilshire 5000 Total Market Index

Represented by vertical bars
(Series shifted so that the index
equals $100,000 at the point the HFD
began following newsletter)

$10,000,000

$1,000,000

$100,000
1980 results reflect last 6
months of the
year only

The Prudent Speculator

(Average of portfolios)
Represented by line
$10,000

6/80 6/81 6/82 6/83 6/84 6/85 6/86 6/87 6/88 6/89 6/90 6/91 6/92 6/93 6/94 6/95 6/96 6/97 6/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12

PERFORMANCE (THROUGH 12/31/12)

Lifetime*

1 yr

3 yrs

5 yrs

+16.6 +41.4(12.3)
+16.1 +37.3(11.1)

+2.6(0.5)
+10.6(2.0)

8 yrs

10 yrs

15 yrs

% GAIN/LOSS**

Letters Average + 10,029( 15.3)

Wilshire 5000
+2,800.2( 10.9)

+33.7(3.7) +240.3(13.0) +318.5(10.0)

+43.8(4.6) +113.0( 7.9) +103.9( 4.9)

ADJUSTED FOR RISK***

Letters Average
Wilshire 5000

+0.13
+0.13

+0.38
+0.44

+0.22
+0.22

+0.04
+0.05

+0.06
+0.07

+0.17
+0.14

+0.12
+0.06

*Over entire period tracked by HFD. **Annualized equivalents are shown in parentheses.
***Average monthly % performance per unit of risk. The higher the number, the better.

PORTFOLIO ANALYSIS12/31/12 (AVERAGE OF ALL PORTFOLIOS)

Composition: Long: 96.9%; Cash: 3.1%

Number Of Securities Held: 83
Avg. Holding Period of Current Positions: 985 days
Volatility vs Wilshire last 12 Months: 20% more
Over entire period followed: 111% more
Largest 12-Month Loss: -59.6% (vs. -43.3% for Wilshire)
John Buckingham
85 Argonaut, Suite 220
Aliso Viejo, CA 92656
1-888-827-6827
www.theprudentspeculator.com
tps@alfrank.com

Subscription: $295/year
Frequency: Monthly
Hotline? Yes
Manages money? Yes
Investment focus: Stocks
HFD data since: 6/30/1980

of margin. So far, at least, Buckingham

has passed this test: During his tenure
as editor, the newsletter has handily
beaten the Wilshire 5000 index on both
an unadjusted and a risk-adjusted basis.
The letters newer portfolios also have
provided a test of whether or not Franks
portfolio was suffering because it owned
stocks that he bought years ago, holding
them past the point he would have rec-

ommended them to a new subscriber.

Interestingly, over the last decade,
both Franks personal portfolio, as well
as the newer ones, have on average
performed equally well. Since Franks
passing in April 2002, for example,
the letters average portfolio has gained
7.5% annualized, not that different from
the 7.3% annualized return for Franks
personal portfolio.

HFD

Scoreboard for Mutual Fund Newsletters

The rankings below show which mutual fund newsletters (or fund portfolios from non-mutual-fund newsletters)
have performed the best. A newsletters ranking is based on an average of its fund portfolios in the event it recommends several. These scoreboards follow the same format as those on page 8.

15 YEARS (29 newsletters tracked)

see more at http://bit.ly/aIKqn1

RISK-ADJUSTED RANKING
RANK

UNADJUSTED

RATING NEWSLETTER

1
0.19
2
0.14
3
0.13
4
0.13
5
0.13
6
0.13
7
0.11
BENCHMARKS
0.06
0.00

RISK

No-Load Mutual Fund Sel. & Timing

Bob Brinkers Marketimer
Investors Intelligence
NoLoad FundX
No-Load Portfolios
InvesTech Research Portfolio Strategy
Independent Adviser for Vanguard Invs

35.5
76.5
53.0
104.3
35.6
65.2
83.3

6.4%
8.3%
6.3%
9.3%
5.0%
6.8%
6.9%

Wilshire 5000 Total Return

T-Bill Portfolio

100.0
3.5

4.9%
2.5%

10 YEARS (42 newsletters tracked)

0.25
0.22
0.21
0.21
0.20
0.19
0.19

RANK

DATA BEGAN

12
2
15
1
21
8
7

1990
1987
1987
1980
1991
1986
1992

RISK

UNADJUSTED
GAIN
RANK

No-Load Mutual Fund Sel. & Timing

InvesTech Research Portfolio Strategy
Closed-End Country Fund Report*
Fidelity Navigator
Sector Navigator
No-Load Portfolios
Vanguard Navigator

36.2
79.2
156.3
61.2
67.0
40.1
61.0

6.5%
10.7%
17.0%
8.1%
8.3%
5.7%
7.6%

Wilshire 5000 Total Return

T-Bill Portfolio

100.0
3.3

7.9%
1.7%

DATA BEGAN

27
2
1
15
14
29
20

1990
1986
1994
2002
2003
1991
2002

BENCHMARKS

0.14
0.00

5 YEARS (55 newsletters tracked)

see more at http://bit.ly/d2YrFp

RISK-ADJUSTED RANKING
RANK
RATING NEWSLETTER

1
2
3
4
5
6
7

0.25
0.23
0.12
0.09
0.09
0.09
0.08

RISK

Brinker Fixed Income Advisor

No-Load Mutual Fund Sel. & Timing
InvesTech Research Portfolio Strategy
Morningstar Fund Investor
Personal Finance
Sector Navigator
National Trendlines

UNADJUSTED
GAIN
RANK

37.4
37.0
76.5
67.8
79.4
61.5
18.5

6.7%
6.0%
5.6%
3.7%
4.0%
3.3%
1.4%

100.0
1.0

2.0%
0.4%

DATA BEGAN

1
2
3
6
5
11
32

2005
1990
1986
2005
1989
2003
1994

BENCHMARKS

0.05
0.00

Wilshire 5000 Total Return

T-Bill Portfolio

* Newsletter hasnt published since 2004, though not formally discontinued.

Market exposure among market timers

The following reports the average percentage market exposure as of 12/31/12 among market timers
in the stock, gold and bond markets. Please note:
Each markets reading is independent of the others;
there is no expectation that they add up to 100%.
GREEN number indicates the average among those
who have beaten a buy-and-hold over the last ten
years on a risk-adjusted basis.
BLUE number indicates the average among all
timers the HFD follows.

STOCKS 81%
GOLD
BONDS

Hulbert Interactive
The online research tool that provides 24hour access to the HFDs database containing 32+ years worth of performance data,
along with the stock and fund picks from
hundreds of newsletters.

Visit: http://bit.ly/bf47dI
Individual Newsletter Profiles
Performance profiles of the nearly 200
newsletters the HFD tracks are now included
in a subscription to Hulbert Interactive.

About HFD

see more at http://bit.ly/aN2Tov

RISK-ADJUSTED RANKING
RANK
RATING NEWSLETTER

1
2
3
4
5
6
7

GAIN

Other Ways of
Accessing HFD Data

56%

n/a

6%

75%

15%

READ MORE AT

http://bit.ly/9tjHYp

The Hulbert Financial Digest (ISSN:

10424261) is published monthly by The
Hulbert Financial Digest Inc., 8001
Braddock Road #107, Springfield, VA
22151. The HFD is a service of Marketwatch, Inc. An introductory subscription (for first-time subscribers only, via
e-mail) is $59; the regular price is $89
per year.
Subscription-related questions
should be directed to 1-888-HULBERT
or, via e-mail, to orders@marketwatch.
com
Mark Hulbert, Editor; John Kimble,
Chief Portfolio Analyst; Ruthanne
Teates, Portfolio Analyst; James Sterns,
Portfolio Analyst; Alycia Lutz, Portfolio Analyst. (Copyright 2013 by The
Hulbert Financial Digest, Inc.) The HFD
is based on information and research
believed to be reliable, but its accuracy
cannot be guaranteed. The HFD, its editors, and its writers cannot be responsible for errors and omissions.
The HFDs purpose is to provide
objective performance data on various
investment strategies. The HFD is not
affiliated with any of the investment
newsletters it rates; nor does the HFD
endorse the use of its name in advertising. The HFD cautions readers to be
skeptical of editors characterizations of
their HFD ratings, as we cannot police
such use.
To keep subscription rates low, the
HFD periodically rents its mailing list.
Telephone marketing is strictly prohibited. Any subscriber who wishes his/
her name not be rented should contact
us. This rental is administered by an
outside firm, and the HFD plays no role
in approving or disapproving a request
for rental or the content of promotional
material. Subscribers therefore should
not interpret any direct mail advertisingincluding those to HFD readers or
those that refer to advertisers HFD ratingsas enjoying an HFD endorsement.

MOST POPULAR STOCKS

Overall Performance Scoreboard

CURRENTLY OWNED BY MOST LETTERS

The rankings below show which newsletters that the HFD follows have performed the best, on both a total return and
a risk-adjusted basis, over various lengths of time through December 31, 2012. (Page 7 contains a special ranking of
just mutual fund letters and portfolios.) A letters ranking is based on an average of its several portfolios in the event it
recommends more than one (including any the letters may have discontinued). You can find 15- and 25-year rankings
at http://bit.ly/lZOfxl and http://on.mktw.net/101Qmi4, respectively.

20 YEARS (53 newsletters tracked)

see more at http://bit.ly/9Zd8Jv

RISK-ADJUSTED RANKING
RANK

1
2
3
4
5
6
7

UNADJUSTED

RATING NEWSLETTER

0.24
0.19
0.17
0.17
0.17
0.16
0.15

No-Load Mutual Fund Sel. & Timing

The Investment Reporter
The Prudent Speculator
Bob Brinkers Marketimer
Roger Conrads Utility Forecaster
NoLoad FundX
No-Load Portfolios

RISK

GAIN

40.0
116.2
175.8
78.7
71.6
104.4
36.2

8.2%
13.6%
16.0%
9.6%
9.0%
11.3%
6.0%

100.0
3.8

8.3%
3.0%

RANK

17
2
1
5
10
4
35

DATA BEGAN

1990
1984
1980
1987
1993
1980
1991

15
Apple (AAPL)(24)
1 5 10 Microsoft (MSFT)(20)
15
Intel (INTC)(18)
1 5 Chevron (CVX)(17)
1 5 10 Johnson & Johnson (JNJ)(16)
1 5 10 AT&T (T)(15)
10 Pfizer (PFE)(15)
1 10 IBM (IBM)(14)
1
Wal-Mart Stores (WMT)(14)
See more at http://bit.ly/a4ABl6

LEAST POPULAR STOCKS

MOST SHORTED, OR MOST DOWNGRADED, OVER LAST MONTH

BENCHMARKS

0.12
0.00

Wilshire 5000 Total Return

T-Bill Portfolio

10 YEARS (109 newsletters tracked)

see more at http://bit.ly/9YMaDe

RISK-ADJUSTED RANKING
RANK

1
2
3
4
5
6
7

UNADJUSTED

RATING NEWSLETTER

0.33
0.25
0.24
0.24
0.23
0.22
0.22

RISK

GAIN

Roger Conrads Utility Forecaster

No-Load Mutual Fund Sel. & Timing
The Successful Investor
InvesTech Research Portfolio Strategy
Global Investing
Forbes Special Situation Survey
Motley Fool Stock Advisor

58.9
36.2
125.4
74.1
126.8
148.5
124.9

12.1%
6.5%
16.7%
10.7%
16.5%
17.7%
15.0%

Wilshire 5000 Total Return

T-Bill Portfolio

100.0
3.3

7.9%
1.7%

RANK

15
62
3
20
4
1
8

DATA BEGAN

1993
1990
2002
1984
1994
2002
2002

BENCHMARKS

0.14
0.00

See more at http://bit.ly/bXNvKj

5 YEARS (142 newsletters tracked)

see more at http://bit.ly/d6ePRz

RISK-ADJUSTED RANKING
RANK

1
2
3
4
5
6
7

UNADJUSTED

RATING NEWSLETTER

0.25
0.23
0.22
0.17
0.16
0.15
0.15

10 Gap Inc. (GPS)(3)

5 10 Emerson Electric (EMR)(2)
Foot Locker (FL)(2)
iShares TIPS (TIP)(2)
10 Lincoln National (LNC)(2)
1 5 10 McDonalds (MCD)(2)
1 5 10 Microsft (MSFT)(2)
5
Plains All American Pipeline(PAA)(2)
Ross Stores (ROST)(2)
SPDR Select Cons. Staples (XLP)(2)
SPDR Select Energy (XLE)(2)
10 SPDR S&P 500 (SPY)(2)
10 Vale S.A. (VALE)(2)
5
Vanguard Bond Index ETF (BND)(2)

Brinker Fixed Income Advisor

No-Load Mutual Fund Sel. & Timing
Roger Conrads Utility Forecaster
Morningstar Dividend Investor
The Value Line Convertibles Survey
Motley Fool Inside Value
Michael Murphys New World Investor

RISK

GAIN

37.4
37.0
56.3
79.1
59.2
110.0
168.6

6.7%
6.0%
8.3%
8.3%
6.4%
9.6%
12.8%

RANK

12
17
6
7
14
4
1

DATA BEGAN

2005
1990
1993
2005
1986
2004
1999

MOST POPULAR FUNDS

CURRENTLY OWNED BY MOST LETTERS

1 5 10 Vang. GNMA (VFIIX)(11)

1 5 10 Vang. Div. Growth (VDIGX)(9)
5
Vang. IT Inv. Grade (VFICX)(9)
15
Vang. ST Inv. Grade (VFSTX)(9)
5 10 Doubleline TR Bond (DLTNX)(8)

BENCHMARKS

0.05
0.00

Wilshire 5000 Total Return

T-Bill Portfolio

100.0
1.0

2.0%
0.4%

1 5 10 Fid. Spartan High Income (SPHIX)(8)

10 Vang. Total Stock Market (VTSMX)(8)
See more at http://bit.ly/9VaaFR

Glossary
Risk-Adjusted RankThis reports what the letters rank
would be if all were ranked on a risk-adjusted basis.
Risk-Adjusted RatingMonthly performance per unit
of risk, calculated using the Sharpe Ratio. Other things
being equal, a higher number here is preferable.
RiskRisk, as measured by volatility. All letters risk
levels are normalized so that the risk level of the
Wilshire 5000 Total Market Index becomes 100. Thus, a

risk level above 100 means the letter was riskier than
the Wilshire 5000. A lower number is preferable.
Unadjusted GainThe newsletters total return (annualized), before adjusting for risk.
Unadjusted RankThe newsletters rank when ranked
on basis of performance before risk adjustment.
Data BeganThe year HFD began monitoring this
newsletters performance.

KEY
1
5
10

Ranks in top ten among those letters

beating market over trailing 1 year
Ranks in top ten among those letters
beating market over the last 5 years
Ranks in top ten among those letters
beating market over the last 10 years

The Hulbert Financial Digest

IN THIS SEMI-ANNUAL SUPPLEMENT:

January 2013
Volume 33, Issue 5
Part 2

Long Term Performance

Ratings

Written and edited

by Mark Hulbert

HFD EXCLUSIVE

Long Term Performance Ratings

These Long Term Performance Ratings are the heart of the
HFD. Updated twice each year (in January and July), the complete chart of the over 500 tracked newsletter portfolios is a
companion and reference to the regular monthly issues.
For a complete description of how to interpret these tables,
1 Nearly 200 newsletters are listed in blue,

alphabetically, with the over 500 individual

portfolios listed in black underneath their respective letters. Each letters portfolio average,
along with the performance of each of its portfolios that are tracked by the HFD, are listed for
the year to date and for the entire period it has
been tracked.
Timing-only performances also are reported for
those offering timing advice. These timing-only
ratings appear in italics below their corresponding newsletters or portfolios.

2 In parentheses following a portfolios timing-

only performance is the number of switches

per year incurred by that portfolio. (A switch
into or out of the market is counted as 1 switch.)

and of the methodology used to calculate the ratings, please

consult the introductory booklet you received when subscribing.
(If you cant find your copy of this introductory booklet, send
an email (with HFD Intro Booklet request in the subject line)
to orders@marketwatch.com.)

3 Returns ahead of the Wilshire 5000 total

The clarity rating categorizes letters based

6 upon the clarity and completeness of their

return index are shaded blue.

An * in front of a listing indicates the portfo-

4 lio invests exclusively in mutual funds.

56 The risk number is a calculation of the riski-

ness of a letters strategy based upon past

volatility. Risk is also categorized for convenience as Very High (VHi) through Very Low
(VLo). A detailed explanation of risk is in the
footnotes on page 16.

advice: An A rating refers to letters that offer

actual model portfolios, allocating shares or
percent to each security. A B rating refers to
letters with overall allocation advice and a list
of recommended securities, but dont construct
a model portfolio. C-rated letters are those
whose advice is a list of recommended securities.

7 The correlation coefficient between each

Immediately to the right of the risk data is a

column reporting how many securities were held
on the last day of the reporting period. The parenthetical number is the average holding period
(in days) of these positions.

portfolio and the Wilshire 5000 is reported

in this column. A 1.0 reflects perfect correlation,
while a minus 1.0 reflects an inverse correlation.
No correlation would receive a 0.0.

8 Risk-adjusted ratings also are reported for

each letter, portfolio, or timing-only portfolio.

1
8
4
2

5
3
7
The HFD is one of a suite of products based on a database containing over 32 years worth of investment advisers recommendations. Others are Hulbert Interactive (the website that provides 24-7 access to that database) and Hulbert On Markets:
Whats Working Now (a weekly service highlighting noteworthy patterns in recent advisers recommendations and returns).

A service of

Performance Ratings Through December 31, 2012

A-C
NEWSLETTER (Portfolio)

The Hulbert Financial Digest

LT Performance Ratings, January 2013

AI Market Forecast (Average)

*a. AI Fidelity Fund Portfolio
b. AI Stock Portfolio
The Aden Forecast
Alcosta Growth Report
*All Star Fund Trader (Average)
*a. Fidelity Single Sector Strategy
Fidelity Single Sector Strat- Timing only
*b. ETF Sector Rotation
ETF Sector Rotation -Timing Only
*c. Rydex Strategy
*d. ETF Tatical Growth
e. Equity Trader Strategy
Equity Trader Strategy - Timing Only
*f. ETF & Dividend Income Strategy
Almanac Investor (Average)
a. Small-Cap Stock Portfolio
*b. ETF Portfolio
c. Mid-Cap Stock Portfolio
d. Large-Cap Stock Portfolio
e. Timing Only: S&P 500s Best 6 Months Strategy
The Alpha Investor Letter
*Alpha Profit Fund Investors Guide
*AlphaProfit Sector Investors Newsletter (Average)
*a. Fidelity Focus Portfolio
*b. Fidelity Core Portfolio
BI Research
BI ResearchTiming only
Benjamin Shepherds Wall Street8
a. Buy recommendations of interviewed analysts
The Berman Value Folio
Bernie Schaeffers Option Advisor9 (Average)
a. Aggressive Portfolio
b. Put Selling Portfolio
The Blue Chip Investor (Average)
a. The Quality Growth Account
The Quality Growth AccountTiming only
b. Overall TimingTiming only (No Shorting)
c. Overall TimingTiming only (Shorting Allowed)
*Brinker Fixed Income Advisor (Average)
*a. Aggressive Portfolio
*b. Moderate Portfolio
*c. Conservative Portfolio
*d. ETF Portfolio
*Bob Brinkers Marketimer10 (Average)
*a. Portfolio I: Agg. Gro Fund Portfolio
Portfolio I: Timing only
*b. Portfolio II: LT Gro Fund Portfolio
*c. Portfolio III: Balanced Portfolio
*d. Income Portfolio
*e. Active/Passive Portfolio
* Bob Carlsons Retirement Watch (Average)
*a. Sector Portfolio
Sector PortfolioTiming Only
*b. Balanced Portfolio
Balanced PortfolioTiming Only
*c. Income Growth Portfolio
*d. Retirement Paycheck Portfolio
*e. Hedge Fund Mutual Fund Portfolio
The Bowser Report (Average)
a. Category One: Our Best Picks
b. Beginners Portfolio
The Buyback Letter (Average)
a. Buyback Dogs Portfolio
b. Buyback Income Index
c. Buyback Index
d. Buyback High-Tech Index Portfolio
e. Health & Bio-Tech Sector Portfolio
The Buyback Premium Portfolio

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since
24.0
24.0
18.5
18.5
29.6
29.6

3.1
15.1
4.8
-8.6
6.3(1.0)
10.4
12.6(1.6)
5.2
5.1
5.9
3.9(0.6)
11.2
15.8
1.7
25.2
25.2

15.4(2.0)
19.1
19.1
13.9
19.8
19.8
20.3
20.3
19.3
19.3
-1.6
10.4(0.5)
16.1

19.9
19.9

-21.5
-24.8
-21.5
16.4
16.4
16.4
16.4
14.7(0.4)
16.1(0.0)
16.1(0.0)
9.4
9.9
9.2
9.0
9.3
14.6
16.6
16.6
16.1(0.0)
16.0
11.1
7.9
16.8
16.8
6.2
5.1
16.0(0.2)
5.2
16.0(0.2)
4.2
10.3
6.4
1.9
2.7
0.8
25.9
25.9
5.5
23.5
23.5
21.1
21.1
29.4
29.4
50.4
50.4
49.5
49.5

0.4
1.8
-1.5
4.4
4.4
-0.3
-2.6
-11.7
-10.2(1.2)
0.0
-2.4(2.3)
-1.9
1.2
-0.5
-0.9(1.9)

-4.5
0.9
-11.6

5.9(2.0)
5.9(2.0)

-0.1
-0.8
0.6
-7.7
2.1(0.9)
2.1(0.9)

4.8
8.7
8.7

3.6
0.2
-0.6(1.5)
5.3
3.1(2.9)
3.4

7.9
14.0
14.0
0.1

6.4(2.0)

0.9
6.3(0.9)

5.6
5.6

6.3
6.3
4.1
1.5(2.6)
6.0
6.0
1.8(3.8)

3.3

2.8
4.3(1.0)

4.1
4.1

-28.1
-40.4
-17.4
1.6
1.6
1.9(0.2)
2.0(0.0)
2.0(0.0)
6.7
6.7
6.7
6.7
6.9
6.9
6.2
6.2
6.7
6.7
3.4
3.4
2.5
2.5
2.0(0.0)
2.6
2.6
4.6
4.6
6.6
6.6
1.5
1.2
0.4
3.2(0.6)
3.2(0.6)
0.6
2.9(0.5)
2.9(0.5)
3.1
3.1

-2.3
-7.5
1.8
3.3
3.3
-2.8
6.1
6.1
-0.7
2.9
2.9
8.1
8.1
-7.5

9.0
9.0

-15.0
-24.7
-6.8
6.1
6.1
7.7(0.4)
7.9(0.0)
7.9(0.0)

8.8
8.8
9.4
9.4
8.5(0.1)
8.5(0.1)
9.3
9.3
7.6
5.7
8.4
8.4
5.2
4.5
7.9(0.9)
4.6
7.8(0.9)
5.3

3.4
-0.4
6.1
9.7
9.7
5.7
12.1
12.1
8.9
8.9
2.9
17.3
17.3
-0.3

4.8

-9.9
-14.0
-3.6
3.6
4.4
5.7(0.6)
5.7(0.6)

8.3
8.3
9.5
9.5
8.1(0.1)
8.1(0.1)
8.2
8.2
6.9
6.9
6.2
6.2

2.0
-1.5

9.4
9.4
6.0
6.0
8.3
8.3
10.3
10.3

Blue shading signifies ahead of the Wilshire 5000

7.6

10.0
10.0

4.2/2.3
4.202.3
5.2/2.3
5.202.3
2.6/2.3
2.602.3

4.4/7.2

7.1/6.7
7.106.7
9.6/8.3
9.608.3
9.9/8.3
9.908.3

4.9(2.8)/8.3
9.3/8.3
9.308.3
5.0(3.7)/8.3
0.6/3.4
4.5/8.2
2.2/5.1
1.5(3.0)/5.1
11.2/16.1
4.3/8.1
15.8/7.3
15.807.3
0.2/7.3
0.1/1.9
2.7/1.9
2.701.9
6.9(2.0)/5.6
6.9(2.0)05.6
7.8/22.0
3.2/4.9
6.8/5.5
6.805.5
7.4/5.5
7.405.5
6.2/5.5
6.205.5
7.7/10.2
8.7(0.7)/10.2
7.1/7.2

19.9/16.1
19.9016.1

-9.6/10.6
-19.4/10.6
-1.1/6.3
7.2/9.4
7.9/9.4
9.5(0.8)/9.4
9.5(0.8)09.4
5.5(0.7)/3.7
5.5(0.7)03.7
5.8(0.7)/3.7
5.8(0.7)03.7
6.4/5.5
6.405.5
7.2/5.5
7.205.5
6.3/5.5
6.305.5
5.7/5.5
5.705.5
6.9/2.2
6.902.2
9.4/9.5
10.3/9.5
10.309.5
10.8(0.2)/9.5
10.8(0.2)09.5
9.9/9.5
9.909.5
7.7/9.5
6.8/9.4
7.0/4.9
7.004.9
4.3/2.3
4.302.3
3.1/2.3
3.102.3
3.1(1.0)/2.3
3.1(1.0)02.3
3.8/2.3
3.802.3
3.0(0.9)/2.3
3.0(0.9)02.3
5.1/4.3
5.104.3
8.7/11.1
5.1/11.1
1.9/8.3
-0.8/8.3
5.2/3.1
5.203.1
11.2/6.3
11.206.3
6.0/4.9
6.004.9
8.3/4.9
8.304.9
10.3/4.9
10.304.9
3.2/2.6
3.202.6
17.1/4.9
17.104.9
2.0/3.4

Risk

# secs

Clarity Correl.

12/31/99
12/31/99
12/31/99
12/31/95
9/30/03
12/31/92
12/31/92
12/31/92
12/31/92
12/31/92
12/31/00
1/31/03
3/31/05
3/31/05
12/31/11
12/31/93
8/31/02
8/31/02
10/31/12
10/31/12
5/31/02
2/28/09
8/31/08
12/31/03
12/31/03
12/31/03
12/31/83
12/31/83

1.38 Hi
1.22 Hi
1.66 VHi
1.01 Avg
1.28 Hi
1.04 Avg
1.38 Hi
0.77 Lo
1.01 Avg
0.68 Lo
0.78 Lo
0.73 Lo
0.72 Lo
0.48 VLo
0.65 Lo
2.10 VHi
1.01 Avg
1.46 Hi
3.10 VHi
2.29 VHi
0.63 Lo
1.12 Hi
1.07 Avg
1.22 Hi
1.29 Hi
1.18 Hi
1.94 VHi
0.79 Lo

8(270)
20(138)
22(672)
32(237)

1(14)

4(4)

4(0)
7(179)
4(520)

12(354)

16(358)
9(69)
10(66)
8(66)

14(73)
8(114)

4(104)
7(154)
9(213)

C
C
B
A

A
A
A

A
C
A
A

C
A

A
A
B

0.84
0.87
0.76
0.37
0.78
0.53
0.43
0.69
0.56
0.83
0.68
0.72
0.44
0.87
0.92
0.42
0.40
0.58
1.00
1.00
0.63
0.63
0.97
0.92
0.87
0.94
0.58
0.98

12/31/95
12/31/11
12/31/82
12/31/82
12/31/96
12/31/90
12/31/90
12/31/90
12/31/98
12/31/98
4/30/05
4/30/05
4/30/05
4/30/05
7/31/07
12/31/86
12/31/86
12/31/86
12/31/86
12/31/86
12/31/88
12/31/01
12/31/99
12/31/99
12/31/99
12/31/99
12/31/99
7/31/01
12/31/09
12/31/09
12/31/92
12/31/92
1/31/01
12/31/96
12/31/97
12/31/97
12/31/97
1/31/00
12/31/01
12/31/00

0.91 Avg
38(195)
1.23 Hi
16(301)
2.39 VHi

3.44 VHi
0(n/a)
0.99 Avg
0(n/a)
1.04 Avg

1.03 Avg 17(2066)

0.92 Avg

0.94 Avg

1.02 Avg

0.36 VLo

0.54 VLo
6(960)
0.35 VLo
6(777)
0.25 VLo
6(836)
0.39 VLo
5(575)
0.84 Lo

1.02 Avg
5(1553)
0.89 Lo

0.93 Avg
6(1523)
0.61 Lo
8(3016)
0.22 VLo
4(983)
0.95 Avg
3(n/a)
0.37 VLo

0.51 VLo
8(622)
0.94 Avg

0.45 VLo
8(563)
0.94 Avg

0.26 VLo
8(577)
0.42 VLo
6(329)
0.41 VLo
11(n/a)
1.55 VHi

1.81 VHi
7(160)
0.58 VLo 16(254)
0.96 Avg

1.14 Hi
5(802)
1.10 Hi
8(478)
1.07 Avg
20(176)
1.55 VHi
5(100)
1.25 Hi
5(95)
1.41 Hi
5(29)

C
C

A
A

A
A
A
A

A
A
A
A

A
A
A

C
A

A
A
A
A
A
A

0.92
0.86
0.15
0.05
0.37
0.76
0.76
0.99
0.93
0.74
0.79
0.84
0.76
0.66
0.70
0.91
0.90
0.95
0.92
0.83
0.26
0.96
0.82
0.73
0.98
0.72
0.99
0.54
0.66
0.92
0.47
0.51
0.51
0.88
0.71
0.74
0.73
0.70
0.52
0.65
1-16

12 Mo
0.50
0.50

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

0.10
0.28
0.20
-0.22
0.21
0.31
0.38
0.17
0.19
0.43
0.33
0.47
0.47
0.56
0.56
0.05
0.54
0.54

0.67
0.67
0.50
0.50
0.36
0.54
0.54
0.54
0.54
0.55
0.55
-0.01
0.38

0.04
0.05
0.03
0.09
0.09
0.02
-0.05
-0.15
-0.17
0.01
-0.04
-0.03
0.04
-0.01
-0.03

-0.07
0.03
-0.11

0.14
0.14

0.03
0.02
0.03
-0.03
0.05

0.07
0.14

0.06
0.00
-0.03
0.10
0.05
0.06

0.14
0.23
0.23
0.02

0.15
0.15

0.04
0.12

0.08
0.08

0.08
0.08
0.05
0.00
0.08
0.08
0.00

0.05

0.04
0.06

0.05/ 0.10
0.10/ 0.11
0.13/ 0.12
0.130
0.12
0.12/ 0.12
0.06/ 0.12
0.13/ 0.12
0.130
0.12
0.07/ 0.12
-0.01/ 0.05
0.09/ 0.14
0.03/ 0.08
0.00/ 0.08
0.47/ 0.44
0.470
0.44
0.06/ 0.11
0.26/ 0.12
0.260
0.12
0.02/ 0.12
0.04/3.43
2.16/3.43
0.16/ 0.09
0.160
0.09
0.15/ 0.38
0.07/ 0.10
0.10/ 0.09
0.100
0.09
0.11/ 0.09
0.110
0.09
0.09/ 0.09
0.07/ 0.13
0.12/ 0.13

0.59
0.59
0.44
-0.30
-0.20
-0.26
0.58
0.58
0.58
0.58
0.44
0.44
0.44
0.72
0.72
0.65
0.65
0.76
0.76
0.78
0.78
0.63
0.63
0.43
0.41
0.44
0.40
0.51
0.51
1.07
1.07
0.42
0.85
0.85
0.69
0.69
0.44
0.72
0.72
0.44
0.66
0.66
1.33
1.33
0.51
0.51
0.07
0.07
0.05
0.52
0.52
0.25
0.52
0.52
0.40
0.33
0.68
0.68
0.53
0.53

0.09
0.09

-0.38
-0.32
-0.27
0.05
0.05
0.05
0.05
0.05
0.25
0.25
0.18
0.18
0.27
0.27
0.34
0.34
0.24
0.24
0.07
0.07
0.06
0.06
0.05
0.06
0.06
0.13
0.13
0.47
0.47
0.05
0.05
0.01
0.07
0.07
0.02
0.07
0.07
0.17
0.17

-0.02
-0.04
0.07
0.07
0.07
0.07
-0.03
0.11
0.11
0.02
0.07
0.07
0.13
0.13
-0.03

0.17
0.17

-0.22
-0.22
-0.12
0.11
0.11
0.14
0.14
0.14

0.17
0.17
0.15
0.15
0.15
0.15
0.15
0.15
0.21
0.21
0.35
0.35
0.14
0.18
0.18
0.13
0.14
0.14
0.14
0.26
0.26

0.05
0.01
0.17
0.17
0.17
0.17
0.10
0.19
0.19
0.14
0.05
0.24
0.24
0.01

0.07
0.07

-0.15
-0.11
-0.08
0.04
0.06
0.08
0.08

0.14
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.18
0.18
0.34
0.34

0.03
0.00

0.14
0.14
0.08
0.08
0.11
0.11
0.15
0.15

0.10/ 0.10
0.44/ 0.44
-0.06/ 0.13
-0.07/ 0.13
-0.04/ 0.09
0.09/ 0.13
0.11/ 0.13
0.15/ 0.13
0.150
0.13
0.08/ 0.05
0.080
0.05
0.08/ 0.05
0.080
0.05
0.23/ 0.09
0.230
0.09
0.18/
0.09
0.180 0.09
0.23/ 0.09
0.230
0.09
0.28/ 0.09
0.280
0.09
0.25/ 0.05
0.250
0.05
0.14/ 0.12
0.140
0.12
0.13/ 0.12
0.130
0.12
0.16/ 0.12
0.160
0.12
0.14/ 0.12
0.140
0.12
0.13/
0.12
0.130 0.12
0.28/ 0.13
0.280
0.13
0.12/ 0.08
0.120
0.08
0.11/ 0.03
0.110
0.03
0.05/ 0.03
0.050
0.03
0.04/ 0.03
0.040
0.03
0.08/ 0.03
0.080
0.03
0.04/ 0.03
0.040
0.03
0.23/ 0.07
0.230
0.07
0.37/
0.22
0.370 0.22
0.23/ 0.22
0.230
0.22
0.02/ 0.12
0.00/ 0.12
0.11/ 0.05
0.110
0.05
0.17/ 0.09
0.170
0.09
0.08/ 0.06
0.080
0.06
0.11/ 0.06
0.110
0.06
0.15/ 0.06
0.150
0.06
0.05/ 0.03
0.050
0.03
0.24/ 0.08
0.240
0.08
0.04/ 0.05

0.40

0.58
0.58

See footnotes on page 16

0.11

0.15
0.15

0.06/ 0.03
0.060
0.03
0.07/ 0.03
0.070
0.03
0.05/ 0.03
0.050
0.03

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

3

Buyout Trader

CSIN Aggressive Educated Risk Taker

10.7

CSIN Agg. Educated Risk Taker (Timing only)

15.5(0.0)

Cabot China & Emerging Markets Report

-4.0
-10.4
7.6
The Cabot Market Letter (Average)
11.4
3.7
11.0
3.7
11.0
a. Cabots Model Portfolio
11.4
3.7
11.0
3.7
11.0
Cabots Model PortfolioTiming Only
6.9(3.0) 3.0(3.6)
3.0(3.6)
6.6(3.8)
Carla Pasternaks High-Yield Investing (Average)
7.9
1.4

a. 10%-Plus Portfolio
2.5
-0.1

b. Dividend Optimizer Portfolio

13.5
2.5

2.5
Charlie Bucks Situational Strategies
36.2
-29.0
-23.4
36.2
The Chartist (Average)
-6.0
-2.5
5.6
a. Actual Cash Account
-8.9
-2.2
4.4
Actual Cash AccountTiming only
0.2(3.0)
1.4(2.0)
5.3(1.8)
b. Traders Portfolio
-0.1
-3.4
6.5
Traders PortfolioTiming only
16.1(0.0) 8.4(0.4)
8.4(0.4) 11.2(0.3)
11.2(0.3)
c. Dans Aggressive Account
-9.0
-3.4

The Chartist Mutual Fund/ETF Letter (Average)

6.8
1.5
7.3
*a. Actual Cash Account
6.8
1.5
8.7
8.7
Actual Cash AccountTiming only
10.0(1.0) 3.6(1.6)
3.6(1.6) 8.6(1.2)
8.6(1.2)
*b. Actual Cash Account Balanced Portfolio
10.7
3.2
5.4
3.2
China Stock Digest
17.8
-15.6

17.8
China Stock DigestAsia Portfolio
0.2

The Christian Energy Investor (Average)

a. Winter Portolio

b. Spring Portfolio

c. Summer Portfolio

d. Autumn Portfolio

The Christian Transportation Investor

12.0

The Christian Utility Investor (Average)

2.0

a. Winter Portfolio
0.4

b. Spring Portfolio

c. Summer Portfolio

d. Autumn Portfolio

The Christian Value Investor (Average)

10.1

a. Winter Portfolio
4.9

b. Spring Portfolio
12.0

c. Summer Portfolio
8.7

d. Autumn Portfolio
15.0

*Closed-End Country Fund Report11

23.6
0.1
17.0
23.6
17.0
The Coe Report
-19.7

The Coe ReportTiming Only

2.3(18.4)

Common Sense Investment Newsletter

9.2
-1.4
5.0
Common Sense Inv. NewsletterTiming Only
10.8(0.0)
1.6(0.2)
6.1(0.3)
The Complete Investor (Average)
12.1
1.8

a. Growth Portfolio
10.0
4.6

4.6
b. Income/Value Portfolio
15.5
5.1

5.1
c. Fund Finds Portfolio
21.6
5.0

21.6
5.0
*d. FundFolio Portfolio
11.5
2.8

2.8
e. Small-Cap Portfolio
1.7
7.5

7.5
f. Timing only: Master KeyNo Shorting
16.1(0.0)
1.4(1.2)

g. Timing only: Master KeyShorting Allowed

16.1(0.0) -1.2(1.2)

*Contra by Investors Intelligence

Contra by Investors IntelligenceTiming Only

The Contrarians View (Average)

6.4
-3.3
4.2
*a. Roth IRA Portfolio
-5.8
-2.3

*b. Gold and Free Stocks Portfolio

0.7

c. Timing Only: NYSE Timers Trend

15.1(4.0) 13.9(2.6)
13.9(2.6) 13.3(2.6)
13.3(2.6)
d. Penny Stock Wonders Portfolio
20.2

20.2
Coolcat Explosive Small Cap Growth Stk Rprt (Average)
2.6
2.1
5.3
2.1
a. Small Investor Portfolio
0.9
4.8

4.8
b. Super Small Caps Portfolio
3.8
-1.5

*Coolcat ETF Report (Average)

5.7
-3.4
2.2
*a. ETF Portfolio
7.3
-1.5
3.5
*b. ETF Majors Portfolio
4.0

Coolcat Technology Plus Report(Average)

3.3
-2.8

a. Tech Bubble Survivors Portfolio

3.6
-3.1

b. New Economy Leaders Portfolio

2.9
-2.7

Coolcat Total Stock Market Report (Average)

2.3
-2.4

a. Larger Stocks Portfolio

1.0
-5.6

b. Total Market Portfolio

3.2
0.3

Blue shading signifies ahead of the Wilshire 5000

16.1/5.2
16.105.2

11.1/15.2
12.7(0.1)/15.2

-9.5/2.3
7.1
7.3/10.4
7.1
6.7
7.0/10.4
6.7
4.7(3.8)
9.3(2.4)/10.4

1.6/4.0

-0.4/4.0

3.2/4.0
-27.6
-27.0/6.3
3.1
10.0/10.9
4.5
9.4/10.9
5.3(2.2)
9.3(1.6)/10.9
5.3(2.2)
1.3
9.6/10.6
7.3(0.3) 11.7(0.3)/10.6
7.3(0.3)11.7(0.3)010.6

-4.4/0.9
6.7
9.4/9.4
6.7
7.8
10.2/9.4
7.8
10.209.4
5.4(2.1)
8.2(2.4)/9.4
5.4(2.1)

5.3/6.4

-6.4/2.6

-0.1/4.9

-1.9/6.1

3.1/6.1

-1.5/2.9

11.0/10.5
11.0010.5

-5.0/2.7

12.0/16.1

9.9/8.3
9.908.3

9.0/8.3
9.008.3

-1.1/6.3

-1.6/6.3

-0.6/0.1

10.4/9.3
10.409.3

9.9/9.3
9.909.3

10.7/9.3
10.709.3

14.1/16.3

17.0/12.7
17.0012.7
8.0
6.7/8.1
8.0

-6.7/22.0
0.4(20.5)/22.0

5.0/7.3

5.8(0.3)/7.3

6.9/5.2
6.905.2

8.6/5.2
8.605.2

11.0/5.2
11.005.2

9.5/5.2
9.505.2

7.0/5.2
7.005.2

2.7/1.8
2.701.8

4.9(0.7)/5.3

3.4(0.7)/5.3

4.7/10.5

4.9(2.3)/10.5
2.7
3.2/9.4

-2.0/4.2

5.4/11.1
10.4(2.7)04.9
10.4(2.7)/4.9

-21.1/16.3

13.3/3.7
13.303.7

1.2/5.9

-0.3/5.9

2.2/7.9

3.5/7.9

-2.0/11.1

-0.1/4.2

-1.1/4.2

0.7/4.2

-0.5/4.4

-3.4/4.4

2.0/4.4

7/31/12
12/31/08
12/31/08
12/31/99
12/31/80
12/31/80
12/31/80
2/28/06
2/28/06
2/28/06
12/31/96
6/30/80
6/30/80
6/30/80
12/31/82
12/31/82
10/31/07
12/31/88
12/31/88
12/31/88
6/30/02
12/31/06
6/30/08
2/28/12
2/28/12
3/31/12
5/31/12
8/31/12
12/31/11
12/31/10
12/31/10
6/30/12
6/30/12
9/30/12
4/30/10
4/30/10
4/30/10
6/30/10
9/30/10
12/31/93
2/28/09
2/28/09
7/31/02
7/31/02
2/28/04
2/28/04
2/28/04
2/28/04
2/28/04
4/30/07
1/31/04
1/31/04
5/31/12
5/31/12
12/31/90
5/31/06
12/31/09
12/31/01
6/30/10
12/31/98
8/31/04
8/31/04
12/31/02
12/31/02
12/31/09
6/30/06
6/30/06
6/30/06
12/31/05
12/31/05
12/31/05

Risk

1.03 Avg
1.09 Avg
0.89 Lo
2.48 VHi
1.66 VHi
1.92 VHi
0.71 Lo
0.86 Lo
0.86 Lo
0.97 Avg
2.90 VHi
1.16 Hi
1.07 Avg
0.65 Lo
1.45 Hi
0.92 Avg
0.93 Avg
0.88 Lo
0.89 Lo
0.74 Lo
0.46 VLo
1.12 Hi
0.41 VLo
1.38 Hi
1.32 Hi
1.50 Hi
1.94 VHi
1.67 VHi
0.89 Lo
0.65 Lo
0.66 Lo
1.81 VHi
2.03 VHi
1.72 VHi
0.79 Lo
0.91 Avg
0.85 Lo
0.64 Lo
0.69 Lo
1.45 Hi
1.05 Avg
0.75 Lo
1.14 Hi
0.70 Lo
1.09 Avg
0.96 Avg
0.88 Lo
1.43 Hi
0.96 Avg
1.67 VHi
0.87 Lo
1.00 Avg
0.73 Lo
0.35 VLo
1.09 Avg
2.45 VHi
1.31 Hi
0.75 Lo
4.83 VHi
2.09 VHi
1.21 Hi
1.55 VHi
0.84 Lo
1.07 Avg
0.74 Lo
0.70 Lo
0.72 Lo
0.80 Lo
1.02 Avg
1.23 Hi
1.00 Avg

# secs

15(154)
14(1433)

7(25)

8(181)

10(756)
27(689)
26(837)

30(128)

29(197)

33(128)

16(342)

17(1948)
10(449)
7(413)

13(311)
13(277)
20(220)
20(129)
12(314)

15(297)
15(283)
15(199)
15(101)

20(108)
20(402)
20(311)
20(272)
9(3791)
2(90)

25(2152)

35(955)
34(1195)
11(696)
31(1415)
16(584)

0(n/a)

6(506)
44(1234)

10(590)

3(220)
5(139)

9(171)
8(209)

1(187)
3(266)

6(295)
1(677)

Clarity Correl
A
A

C
C
B

A
A
A

A
A
A
A
A

A
A
A
A

A
A
A
A
C
A

C
C
C
C
C

A
C

A
A

A
A

A
A

A
A

0.26
0.92
0.97
0.52
0.61
0.58
0.89
0.81
0.72
0.79
0.43
0.72
0.64
0.77
0.69
0.94
0.49
0.60
0.61
0.66
0.93
0.59
0.50
0.77
0.82
0.93
0.34
0.02
0.21
0.38
0.37
-0.22
-0.30
-0.68
0.93
0.89
0.92
0.91
0.82
0.80
0.21
0.53
0.89
0.99
0.91
0.82
0.88
0.90
0.94
0.87
0.86
0.54
0.12
0.19
0.34
0.23
0.80
0.78
0.27
0.40
0.41
0.37
0.47
0.38
0.65
0.54
0.47
0.53
0.42
0.42
0.35
1-16

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3

0.23
0.41
-0.07
0.30
0.30
0.29
0.33
0.10
0.53
0.53
0.20
-0.12
-0.18
0.02
0.02
0.44
-0.18
0.20
0.20
0.32
0.47
0.47
0.27
0.01

0.37
0.08
0.02

0.47
0.47
0.22
0.49
0.49
0.46
0.46
0.57
0.57
0.37
-0.25
0.07
0.28
0.43
0.29
0.22
0.59
0.59
0.36
0.30
0.05
0.44
0.44

0.12
-0.60
0.04
0.44
0.18
0.11
0.04
0.10
0.32
0.34
0.25
0.24
0.17
0.19
0.09
0.04
0.12

-0.09
0.09
0.09
0.09
0.09
0.10
0.10
0.04
0.01
0.06
0.06
-0.14
-0.02
-0.02
0.04
-0.01
0.17
0.17
-0.04
0.04
0.04
0.11
0.11
0.10
0.10
-0.24

0.04

0.00
0.05
0.05
0.09
0.09
0.11
0.11
0.09
0.09
0.06
0.06
0.11
0.11
0.04
0.00

-0.01
-0.01

0.29
0.29

0.05
0.09
0.09
0.01
-0.06
-0.01

-0.05
-0.06
-0.04
-0.01
-0.04
0.02

0.10
0.16
0.16
0.16
0.16
0.18
0.18

-0.11
0.09
0.07
0.13
0.10
0.23
0.23

0.15
0.15
0.17
0.17
0.22
0.22
0.15
0.15

0.21
0.21

0.08
0.13

0.06

0.29
0.29

0.08

0.03
0.06

See footnotes on page 16

1.880
1.88/ 0.65
0.65
0.19/ 0.26
0.25/ 0.26
-0.02/ 0.03
0.09
0.09 0.06/ 0.12
0.08 0.06/ 0.12
0.08
0.08 0.130
0.13/ 0.12
0.08
0.12
0.02/ 0.07
-0.01/ 0.07
0.05/ 0.07
-0.14 -0.13/ 0.09
0.03 0.10/ 0.13
0.06 0.10/ 0.13
0.09 0.13/ 0.13
0.09
0.01 0.10/ 0.13
0.11 0.160
0.16/ 0.13
0.11
0.13
-0.05/ 0.04
0.11 0.140
0.14/ 0.13
0.11
0.13
0.13 0.150
0.15/ 0.13
0.13
0.13
0.09 0.13/ 0.13
0.09
0.150
0.15/ 0.11
0.11
-0.08/ 0.05
0.00/ 0.10
-0.03/ 0.22
0.10/ 0.22
-0.02/ 0.13
0.48/ 0.86
-0.47/ 0.43
0.37/ 0.44
0.320
0.32/ 0.19
0.19
0.290
0.29/ 0.19
0.19
-0.06/ 0.71
-0.08/ 0.71
-0.09/ 0.02
0.250
0.25/ 0.18
0.18
0.210
0.21/ 0.18
0.18
0.240
0.24/ 0.18
0.18
0.420
0.42/ 0.32
0.32
0.500
0.50/ 0.27
0.27
0.10 0.08/ 0.11
0.10
-0.10/ 0.38
0.02/ 0.38
0.08/ 0.12
0.12/ 0.12
0.110
0.11/ 0.08
0.08
0.150
0.15/ 0.08
0.08
0.200
0.20/ 0.08
0.08
0.130
0.13/ 0.08
0.08
0.120
0.12/ 0.08
0.08
0.060
0.06/ 0.04
0.04
0.09/ 0.09
0.05/ 0.09
0.53/ 0.86
1.170
1.17/ 0.86
0.86
0.03 0.02/ 0.13
0.03/ 0.07
0.10/ 0.22
0.220
0.22/ 0.08
0.08
0.00/ 0.32
0.130
0.13/ 0.05
0.05
0.02/ 0.10
0.01/ 0.10
0.03/ 0.14
0.06/ 0.14
-0.04/ 0.22
-0.02/ 0.07
-0.04/ 0.07
0.01/ 0.07
-0.01/ 0.07
-0.04/ 0.07
0.03/ 0.07

Performance Ratings Through December 31, 2012

C-F
NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

LT Performance Ratings, January 2013

Crawford Perspectives
a. Timing Only: 100% Cash on Sell Signals
2.3(2.0)
0.9(2.8)
2.3(2.2) -1.5(3.1)
b. Timing Only: Shorting on Sells Allowed
-20.7(6.0) -3.1(8.4) -13.1(9.4) -14.5(10.9)
Currin Biotech (Average)

a. Cell Signaling & Cancer Stem Cells Portfolio

b. Personalized Medicine Portfolio

c. The Future of Medicine Portfolio

Currin Technology (Average)

7.0
-1.4
1.3

a. Portfolio A
1.1
-3.4
4.6

Portfolio ATiming Only

16.0(0.0) 2.7(0.0)
2.7(0.0) 8.2(0.1)
8.2(0.1)

b. Portfolio B
3.2
1.5
16.2

16.2
Portfolio BTiming Only
15.9(0.0)
2.0(0.1)
7.7(0.2)

c. C - Leaps Portfolio
-2.2
-1.9

d. D - Leaps Portfolio 2
25.2
3.2

25.2
3.2
Cycles Research Early Warning Service
5.4
-7.8

a. Model Portfolio
5.4
-7.8

b. Stock Timing (Cash on sells)

11.1(8.0) -2.1(7.0)

c. Stock Timing (Short on sells)

-9.6(8.0) -23.9(7.6)

The Dines Letter (Average)

-3.5
-6.1
6.5
9.4
9.4
a. Good Grade Portfolio
13.6
6.5
10.8
14.6
6.5
10.8
14.6
b. Long-Term Growth Portfolio
-0.6
-13.3
9.0
7.6
9.0
7.6
c. Precious Metals Portfolio
-2.4
3.2
10.8
8.2
3.2
10.8
8.2
d. Nearer-Term Trading Portfolio
-12.9
-24.2
-12.5
-0.8
Nearer-Term Trading PortfolioTiming only
8.8(0.6) -1.0(0.6)
5.2(0.7)
4.5(1.4)
e. Low-Priced Stocks Portfolio
-9.6
-26.8
-4.7
-2.5
f. Rare Earth Stocks Portfolio
-12.0

g. Timing Only: 100% Cash on IT Sells

-7.1(4.0) 2.4(2.7)
2.4(2.7)
3.0(2.5)
2.7(3.0)
h. Timing Only: 100% Short on IT Sells
-16.2(5.5)
0.2(3.1) -4.8(3.4) -1.4(3.7)
i. Timing Only: 100% Cash on ST Sells
-1.5(6.0)
1.6(5.8)
2.6(5.6)
3.2(5.8)
j. Timing Only: 100% Short on ST Sells
-13.6(7.5) -2.7(6.7) -3.8(6.7) -0.3(6.9)
Dividend Genius
-3.8

The Dividend Machine (Average)

8.1

a. Conservative Portfolio
13.7

Conservative PortfolioTiming Only

15.5(0.3)

b. Aggressive Portfolio
9.4

Aggressive PortfolioTiming Only

12.1(0.2)

c. International Portfolio
0.4

*Doug Fabians High Monthly Income

Doug Fabians Successful Investing (Average)

-0.2
-0.8
0.9
1.4
*a. Fabian Portfolio
-0.2
-0.8
0.9

b. Domestic Funds CompositeTiming only

4.3(4.0) -0.4(3.4)
2.3(3.2)
1.9(3.0)
Dow Theory Forecasts (Average)
13.8
1.3
8.6
6.1
8.6
6.1
a. Buy List
13.6
-0.2
8.2
4.7
8.2
b. Focus List
13.9
0.6
7.9
5.4
5.4
*c. Conservative Portfolio
13.4
2.8
8.5
6.2
2.8
8.5
6.2
Conservative PortfolioTiming only
16.1(0.0)
2.0(0.0)
7.9(0.0)
4.9(0.0)
*d. Growth Portfolio
14.8
1.0
9.2
6.5
9.2
6.5
e. Long Term Buy List
13.4
2.2
7.0

2.2
f. Timing-Only: Interpretation of Dow Theory
16.1(0.0) -8.6(1.4)
0.8(1.1) -0.5(1.1)
g. Recommended equity exposure
13.8(0.2)
1.4(0.4)
6.8(0.3)
4.3(0.3)
The Dow Theory.com/Schannep Timing Indicator Newsletter
*a.The Composite Timing Indicator Portfolio
8.8
2.9

2.9
b. Timing-only: Schannep Timing Indicator; cash on sells 16.1(0.0) 6.2(1.1)
6.2(1.1) 8.5(0.9)
8.5(0.9)

c. Timing-only: Schannep Timing Indicator; short on sells 16.1(0.0) 11.0(1.2)

11.0(1.2) 9.6(0.9)
9.6(0.9)

d. Timing-only: TheDowTheory.com; cash on sells

5.2(3.0) 5.1(2.6)
5.1(2.6)
7.1(1.8)

e. Timing-only: TheDowTheory.com; short on sells

-5.2(3.0) 5.6(3.2)
5.6(3.2)
4.1(2.2)

f. Timing-only: The Composite Indicator

10.6(1.5) 4.4(1.8)
4.4(1.8)
7.3(1.3)

Dow Theory Letters

a. Timing only: PTICash on sells
11.8(6.0) 2.2(13.6)
2.2(13.6) 6.6(10.9)

b. Timing only: PTIShort on sells

7.6(6.0) 1.1(13.6) 4.4(11.3)

*ETF Profit Report

-0.2

*ETF Selections & Timing (Average)

2.0

*a. Income Portfolio

3.3

*b. Growth Portfolio

0.6

Growth PortfolioTiming Only

0.4(7.6)

*ETF Trader (Average)

7.5
1.4

*a. Sector Model

7.4
0.3

*b. Total Market Model

15.4
3.4

3.4
*c. Aggressive Trader Model
-7.4
-2.4

*d. Beta-Weighted Seasonality Model

15.3
3.5

3.5

Blue shading signifies ahead of the Wilshire 5000

4.0(3.6)/9.4
-7.5( 9.7)/9.4
-11.0/2.7
-15.2/2.7
-1.8/2.7
-15.7/2.7
-11.3/2.3
-4.5/2.3
2.6(0.0)/2.3
2.6(0.0)02.3
1.7/2.3
2.2(0.2)/2.3
-40.3/6.5
-14.4/5.7
-2.7/2.6
-2.7/2.6
-3.2(7.2)/2.6
-24.0(7.7)/2.6
5.6/10.9
10.9/9.4
10.909.4
10.1/10.9
6.1/9.4
-4.2/10.9
8.3(3.1)/10.9
-6.5/8.1
16.4/15.8
16.4015.8
5.6(2.6)/ 9.8
1.0(3.0)/ 9.8
8.6(4.8)/10.9
1.5(5.3)/10.9
8.3/15.2
8.5/13.7
18.3/13.7
18.3013.7
12.8(0.2)/13.7
1.0/13.7
9.3(0.3)/13.7
0.3/4.3
1.8/6.3
7.4/10.9
0.9/7.9
9.3(2.3)/10.9
9.6/10.9
6.8/7.2
7.4/7.2
7.407.2
7.1/7.2
7.2(0.0)/7.2
7.7/7.2
7.707.2
4.9/5.4
6.2(0.8)/10.5
10.2(0.2)/10.9

12/31/88
12/31/88
8/31/12
8/31/12
8/31/12
8/31/12
12/31/99
12/31/99
12/31/99
12/31/99
12/31/99
8/31/03
9/30/04
12/31/06
12/31/06
12/31/06
12/31/06
6/30/80
12/31/88
6/30/80
12/31/88
6/30/80
6/30/80
12/31/93
5/31/09
12/31/87
12/31/87
6/30/80
6/30/80
12/31/08
7/31/10
7/31/10
7/31/10
7/31/10
7/31/10
4/30/11
6/30/12
6/30/80
12/31/02
6/30/80
6/30/80
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
4/30/02
12/31/84
6/30/80

5.1/6.1

10/31/03
12/31/01
12/31/01
4.0(1.9)/4.9 12/31/01
2.5(2.3)/4.9 12/31/01
4.9(1.4)/4.9 12/31/01

5.9(1.0)/4.9
5.9(1.0)04.9
7.6(1.1)/4.9
7.6(1.1)04.9

0.6(11.5)/2.0 8/31/00
-2.0(12.2)/2.0 8/31/00
-6.0/ 9.9
3/31/10
4.2/11.1 12/31/09
3.4/11.1 12/31/09
4.9/11.1 12/31/09
3.6(6.0)/11.1 12/31/09
5.1/5.9
8/31/04
4.6/5.9
8/31/04
6.3/5.9
8/31/04
6.305.9
1.0/5.0
1/31/05
3.4/1.8
4/30/07
3.401.8

Risk

# secs

Clarity Correl.

12 Mo

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

0.63 Lo

1.28 Hi

2.36 VHi

3.50 VHi
7(n/a)
1.12 Hi
7(n/a)
2.93 VHi
9(179)
8.39 VHi

3.12 VHi 5(2002)

0.98 Avg

3.82 VHi 10(2548)

0.98 Avg

7.45 VHi 3(1530)

5.17 VHi 14(431)
1.19 Hi

1.19 Hi
2(830)
1.34 Hi

2.09 VHi

1.94 VHi

1.55 VHi
7(885)
2.18 VHi 6(1681)
2.00 VHi 7(2654)
3.34 VHi
4(436)
0.74 Lo

3.55 VHi
4(709)
3.70 VHi
5(817)
0.77 Lo

0.89 Lo

0.71 Lo

0.97 Avg

0.90 Lo
12(573)
0.61 Lo

0.66 Lo
14(959)
0.93 Avg

1.09 Avg
11(701)
0.72 Lo

0.15 VLo
4(360)
0.36 VLo
4(n/a)
0.68 Lo

0.37 VLo
4(224)
0.70 Lo

0.88 Lo

0.82 Lo
28(666)
0.92 Avg
15(647)
0.74 Lo
14(1237)
1.00 Avg

1.01 Avg
14(919)
0.75 Lo
37(912)
0.88 Lo

0.90 Lo

A
A
A

A
A

A
A
A
A

A
A

A
A

A
B
A

A
A

0.54
-0.33
0.84
0.79
0.69
0.82
0.30
0.56
1.00
0.53
1.00
0.23
0.32
0.48
0.48
0.62
0.07
0.48
0.56
0.52
0.30
0.31
0.85
0.31
0.69
0.62
0.34
0.72
0.15
0.69
0.91
0.77
1.00
0.82
0.98
0.54
-0.14
0.52
0.35
0.69
0.95
0.86
0.85
0.97
1.00
0.95
0.94
0.41
0.99

0.33
-0.50

0.13
0.04
0.44
0.07
0.44
0.00
0.32
0.10
0.10
0.23
-0.11
-0.02
0.39
0.02
-0.04
-0.13
0.41
-0.07
-0.04
-0.27
-0.51
-0.03
-0.35
-0.08
0.31
0.40
0.46
0.46
0.18
0.43
0.03

-0.03
-0.03
0.13
0.37
0.31
0.34
0.43
0.44
0.41
0.35
0.44
0.43

0.03
0.00

0.02
0.02
0.06
0.06
0.06
0.06
0.05
0.02
0.08
0.08
-0.08
-0.08
0.01
-0.12
0.02
0.11
0.11
-0.01
0.07
0.07
-0.03
0.00
-0.04

0.06
0.06
0.02
0.04
-0.03

-0.07
-0.07
-0.01
0.04
0.01
0.03
0.07
0.07
0.05
0.04
0.06
0.06
-0.11
0.04

0.71
0.76
0.83
0.73
0.96
0.71

3(1376)

0.77
0.84
0.55
0.74
0.26
0.82

0.24
0.44
0.44
0.15
-0.09
0.31

0.08
0.08
0.14
0.14
0.21
0.21
0.12
0.12
0.11
0.11
0.11
0.11

0.82 Lo

1.05 Avg

1.05 Avg
14(514)
0.26 VLo

0.23 VLo
2(118)
0.40 VLo
5(21)
0.39 VLo

0.98 Avg

0.92 Avg
7(161)
1.06 Avg
3(212)
1.38 Hi
4(213)
0.82 Lo
10(1021)

A
A

A
A
A
A

0.76
0.28
0.82
0.51
0.28
0.50
0.56
0.90
0.91
0.94
0.65
0.93

0.35
0.22
0.02
0.22
0.29
0.04
0.03
0.23
0.29
0.42
-0.12
0.51
0.51

0.06
0.06

Lo
Lo
Lo
Lo
Avg
Lo

1-16

0.04

0.04
0.02
0.07
0.07
0.00
0.08
0.08

See footnotes on page 16

0.04
-0.19

0.08
0.07
0.14
0.15
0.15
0.13

0.09
0.17
0.17
0.11
0.13
-0.01
0.09
0.05

0.05
-0.13
0.04
-0.10

-0.03
-0.03
0.03
0.17
0.17
0.16
0.16
0.15
0.15
0.18
0.18
0.14
0.16
0.16
0.15
0.15
0.00
0.14

-0.11
-0.21

0.10
0.10
0.16
0.16
0.10
0.10
0.09
0.09
0.06
0.06
0.06

0.02
-0.06
0.04
-0.03

-0.02

0.00
0.10
0.10
0.07
0.07
0.08
0.08
0.10
0.10
0.06
0.09
0.09

-0.05
0.06

0.03/ 0.13
-0.14/ 0.13
-0.76/ 0.43
-0.71/ 0.43
-0.25/ 0.43
-0.89/ 0.43
0.07/ 0.03
0.070
0.03
0.03/ 0.03
0.03/ 0.03
0.08/ 0.03
0.080
0.03
0.03/ 0.03
0.01/ 0.11
0.08/ 0.09
-0.02/ 0.05
-0.02/ 0.05
-0.01/ 0.05
-0.15/ 0.05
0.05/ 0.13
0.12/ 0.13
0.09/ 0.13
0.07/ 0.13
0.02/ 0.13
0.10/ 0.13
0.02/ 0.11
0.15/ 0.30
0.06/ 0.13
-0.04/ 0.13
0.11/ 0.13
-0.04/ 0.13
0.17/ 0.26
0.27/ 0.27
0.51/ 0.27
0.510
0.27
0.27/ 0.27
0.04/ 0.27
0.26/ 0.27
0.04/ 0.10
0.58/ 0.71
0.08/ 0.13
-0.03/ 0.14
0.12/ 0.13
0.11/ 0.13
0.10/ 0.10
0.11/ 0.10
0.110
0.10
0.12/
0.120 0.10
0.10
0.10/ 0.10
0.11/ 0.10
0.110
0.10
0.09/ 0.09
0.06/ 0.14
0.12/ 0.13

0.18
0.18
0.19
0.19
0.15
0.15

0.07
0.16
0.16

0.07/ 0.08
0.04/ 0.08
0.10/ 0.08
0.100
0.08

0.13
0.07

-0.01/ 0.03
-0.04/ 0.03
-0.09/ 0.19
0.29/ 0.22
0.290
0.22
0.26/ 0.22
0.260
0.22
0.23/ 0.22
0.230
0.22
0.17/ 0.22
0.08/ 0.10
0.08/ 0.10
0.10/ 0.10
0.02/ 0.08
0.07/ 0.04
0.070
0.04

0.10/ 0.10

0.12/ 0.08
0.120
0.08
0.14/ 0.08
0.140
0.08

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

Elliott Gues High-Yield International (Average)

17.3
17.3
a. Reliable Income Portfolio
23.4
23.4
b. Ultra High Yield Portfolio
11.5
The Elliott Wave Financial Forecast
a. Timing Only: Investors: Cash on Sells
0.1(0.0)
b. Timing Only: Traders: May Go Short
-16.1(0.0)
Equities Special Situations
-13.2
Eric Danys Stock Prospector
12.2
FRC Investment Letter
21.5
21.5
The F.X.C. Newsletter
16.7
16.7
Fibtimer Report (Average)
6.2
*a. Sector Fund Timer Portfolio
17.0
17.0
* b. Small Cap Fund Timer
17.9
17.9
Small Cap Fund TimerTiming Only
24.4(12.0)
24.4(12.0)
*c. Gold Fund Timer Portfolio
-7.8
*d. Conservative S&P Timer Portfolio
22.8
22.8
Conservative S&P Timer PortfolioTiming Only 24.1(0.0)
24.1(0.0)
*e. International Fund Timer Portfolio
-0.6
*f. Conservative REIT Timer Portfolio
17.8
17.8
*g. Diversified Timing Portfolio
6.0
*h. Bull & Bear Pro Timer Portfolio
9.1
Bull & Bear Pro Timer PortfolioTiming Only
8.9(11.0)
*i. U.S. Dollar Fund Timer Portfolio
-7.5
*j. Bond Fund Timer Portfolio
-21.1
*k. ETF Timer Portfolio
10.1
l. Stock Timer Portfolio
14.7
*Fidelity Independent Adviser (Average)
12.6
*a. Select Portfolio-Aggressive Growth
14.9
*b. Growth PortfolioStraight Growth
17.3
17.3
Growth PortfolioStraight GrowthTiming only 16.0(0.0)
*c. Growth & Income Port.Moderate Growth
14.9
*d. International Portfolio
9.8
*e. Retirement Income Portfolio
9.7
*f. NTF Sector PortfolioAggressive Growth
18.0
18.0
*g. NTF Growth PortfolioStraight Growth
16.1
NTF Growth PortfolioTiming Only
16.1(0.0)
*h. NTF Growth & Inc. PortfolioModerate Growth
14.5
*i. Vanguard 401k Portfolio
11.1
*j. American 401k Portfolio
11.5
*k. TIAA-CREF 403b Mutual Fund Portfolio
12.6
*l. NTF Bear Market Portfolio-Hedged Growth

*m. NTF Oversold Value Portfolio-Aggressive Value

*Fidelity Independent Adviser ETF Report (Average)

10.0
*a. ETF Sector Portfolio
10.4
*b. ETF Growth Portfolio
11.4
*c. ETF Growth & Income Portfolio
12.0
*d. ETF Retirement Income Portfolio
13.5
*e. ETF International Portfolio
11.6
*f. ETF Oversold Value Portfolio

*g. ETF Bear Market Portfolio

*Fidelity Independent Adv Sector Momentum Tracker (Avg) 11.0

*a. Fidelity Sector Momentum Portfolio
14.8
*b. ETF Sector Momentum Portfolio
13.3
*c. ETF International Momentum Portfolio
9.5
*d. Dynamic Global ETF Service
6.2
*Fidelity Investor (Average)
14.6
*a. Growth Portfolio
15.2
Growth PortfolioTiming Only
16.1(0.0)
*b. Income Portfolio
12.4
Income PortfolioTiming Only
15.3(0.0)
*c. Growth & Income Portfolio
13.4
Growth & Income PortfolioTiming Only
14.7(0.0)
*d. Aggressive Growth Portfolio
14.6
Aggressive Growth PortfolioTiming Only
16.1(0.0)
*e. Global Quant Portfolio
17.4
17.4
*Fidelity Monitor & Insight (Average)
15.2
*a. Growth Model
16.0
*b. Select Model
19.2
19.2
*c. Income Model
10.7
*d. Growth & Income Model
13.3
*e. Unique Opportunities Model
16.7
16.7

4.4
4.4
5.8
5.8
2.6
2.6

0.4(0.0)
-3.3(1.2)
-20.1
-2.6

4.1
4.1

-0.4
0.9
0.9
2.1(0.0)
2.1(0.0)
1.7
-7.9
6.5
6.5
-1.7
-2.2
1.9(0.0)
2.2
2.2
-0.2
-2.4

-0.2
-1.2
1.3
1.0
2.5
2.5
-3.6

-2.7
0.6
-1.9
-7.4

1.6
1.2
2.8(0.1)
2.8(0.1)
3.7
3.7
3.5(0.2)
3.5(0.2)
1.5
2.1(0.2)
2.1(0.2)
0.7
2.8(0.1)
2.8(0.1)
0.3
2.4
2.4
0.2
2.0
6.5
6.5
1.6
0.0

1.7(0.0)
-5.6(0.7)
-8.6
1.6

6.9

7.9
10.3
10.3
8.9
8.9
7.9(0.0)
8.0
8.0
9.7
9.7
7.3
7.1
5.6
7.8(0.0)
7.6

8.3
8.3
9.6
9.6
8.0(0.2)
8.0(0.2)
6.8
7.6(0.2)
6.8
7.3(0.2)
10.1
10.1
8.2(0.1)
8.2(0.1)

8.6
8.6
8.6
8.6
9.5
9.5
6.0
7.6
10.3
10.3

Risk

# secs

Clarity Correl

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3

4.4/2.0
4.402.0
5.8/2.0
5.802.0
2.6/2.0
2.602.0

12/31/07
12/31/07
12/31/07

1.12 Hi

1.05 Avg 26(1005)

1.28 Hi
16(972)

C
C

0.90
0.85
0.88

0.53
0.53

0.42

0.28

0.08
0.08
0.10
0.10
0.06
0.06

2.5(0.0)
7.5(0.8)/10.9
-9.0(1.4) -15.1(3.7)/10.5
-5.9
-0.4/9.5

-3.5/2.3

9.2/8.9
9.208.9
5.4
9.2/ 9.8
5.4

0.1/8.3

0.0/8.3

4.1/8.3
11.8(12.0)08.3
11.8(12.0)/8.3

-17.1/8.3

5.6/8.3

6.4(1.5)/8.3

-3.9/8.3

6.6/8.3

0.8/8.3

-2.8/8.3
-3.4(12.8)/8.3

-1.3/8.3

-4.8/8.3

-0.4/8.3

9.1/8.3
9.108.3
6.4
7.2/6.3
6.4
7.206.3
9.1
9.8/6.3
9.1
9.806.3
6.5
7.7/6.3
6.5
7.706.3
4.9(0.1) 6.4(0.0)06.3
6.4(0.0)/6.3
6.7
8.0/6.3
6.7
8.006.3
6.5
6.6/6.3
6.5
6.606.3
6.0
6.3/6.3
6.0

5.4/5.6

4.4/5.6

5.6(0.0)/5.6

6.3/5.6
6.305.6

0.4/2.3

-0.2/2.3

10.0/12.8

-1.4/5.2

4.8/5.2

2.7/3.7

2.3/3.7

3.1/3.7

2.7/3.7

3.7/3.7

2.5/3.7

3.1/5.2

-7.9/5.2

3.9/5.9

6.0/5.9
6.005.9

0.5/3.9

0.9/4.0

1.0/4.9

7.0/3.7
7.003.7

8.0/3.7
8.003.7

3.5(0.3)/3.7

5.7/3.7
5.703.7

3.7(0.3)/3.7

6.4/3.7
6.403.7

3.5(0.3)/3.7

5.9/2.3
5.902.3
2.5(0.3)02.3
2.5(0.3)/2.3

2.1/2.5
6.7
10.4/9.5
6.7
10.409.5
5.9
11.0/9.5
5.9
11.009.5
7.4
11.6/9.5
7.4
11.609.5
5.1
6.1/8.3
5.1
6.4
7.7/8.1
6.4

5.8/2.3
5.802.3

6/30/80
12/31/84
12/31/86
12/31/99
7/31/11
12/31/87
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/96
12/31/96
12/31/96
12/31/96
12/31/96
12/31/96
12/31/96
10/31/01
10/31/01
10/31/01
10/31/01
1/31/07
1/31/07
10/31/08
7/31/12
7/31/12
9/30/06
9/30/06
9/30/06
9/30/06
9/30/06
9/30/06
7/31/12
7/31/12
7/31/04
7/31/04
1/31/06
2/28/06
6/30/08
12/31/98
12/31/98
12/31/98
12/31/98
12/31/98
12/31/98
12/31/98
12/31/99
12/31/99
3/31/07
12/31/86
12/31/86
12/31/86
12/31/91
12/31/93
12/31/99

0.44 VLo

1.57 VHi

2.08 VHi 17(1951)

1.64 VHi 21(234)
1.24 Hi
22(759)
0.72 Lo
27(2517)
0.60 Lo

1.02 Avg
11(26)
1.45 Hi
1(20)
1.07 Avg

1.07 Avg
0(n/a)
1.19 Hi
1(369)
1.21 Hi

0.76 Lo
1(111)
0.95 Avg
1(369)
0.71 Lo
3(146)
0.98 Avg
1(20)
0.93 Avg

0.49 VLo
1(47)
1.32 Hi
0(n/a)
0.82 Lo
12(29)
1.16 Hi
3(59)
0.89 Lo

1.23 Hi
6(547)
1.09 Avg
4(642)
1.00 Avg

0.89 Lo
5(397)
1.16 Hi
5(271)
0.36 VLo
5(646)
1.02 Avg
6(600)
1.05 Avg
6(476)
1.00 Avg

0.83 Lo
5(976)
0.75 Lo
4(779)
0.80 Lo
5(486)
0.70 Lo
5(870)
0.20 VLo
7(175)
1.16 Hi
7(173)
0.79 Lo

0.95 Avg
7(622)
0.85 Lo
5(708)
0.69 Lo
4(572)
0.58 VLo
6(979)
1.06 Avg
5(309)
1.01 Avg
7(184)
0.54 VLo
8(94)
1.06 Avg

1.14 Hi
10(162)
0.93 Avg
10(94)
1.28 Hi
10(126)
0.62 Lo
13(231)
0.84 Lo

0.95 Avg
11(655)
0.96 Avg

0.58 VLo 11(713)

0.85 Lo

0.76 Lo
11(686)
0.92 Avg

1.00 Avg
9(654)
0.96 Avg

1.16 Hi
10(507)
0.88 Lo

1.04 Avg
5(259)
1.20 Hi
6(466)
0.30 VLo
6(189)
0.66 Lo
5(335)
1.12 Hi
5(256)

C
A
A
B

B
B

B
B

B
B
A
A

B
B
B
B

A
A

A
A
A
A
A

A
A
A
A
A
A

A
A
A
A
A
A
A

A
A
A
A

A
A
A
A
A

0.41
-0.50
0.49
0.72
0.97
0.68
0.69
0.66
0.52
0.53
0.34
0.69
0.69
0.49
0.57
0.54
0.68
0.76
-0.14
-0.62
0.75
0.58
0.95
0.87
0.94
1.00
0.94
0.84
0.72
0.92
0.95
1.00
0.96
0.95
0.95
0.98
-0.04
0.86
0.87
0.78
0.95
0.84
0.85
0.81
0.44
-0.49
0.83
0.87
0.75
0.75
0.75
0.92
0.91
1.00
0.93
0.99
0.92
1.00
0.91
1.00
0.96
0.93
0.95
0.90
0.50
0.94
0.89

0.00
-0.40
0.01
0.28
0.45
0.45
0.68
0.68
0.23
0.48
0.48
0.30
0.51
0.51
-0.31
0.42
0.45
0.45
-0.01
0.45
0.45
0.19
0.21
0.23
-0.38
-0.68
0.28
0.29
0.40
0.35
0.43
0.44
0.51
0.51
0.24
0.79
0.79
0.43
0.39
0.44
0.49
0.49
0.45
0.45
0.43
0.36

0.38
0.29
0.42
0.64
0.64
0.66
0.66
0.29

0.32
0.39
0.38
0.22
0.22
0.45
0.45
0.47
0.47
0.44
0.52
0.52
0.44
0.46
0.46
0.43
0.46
0.46
0.44
0.39
0.46
0.46
0.42
0.45
0.45
0.70
0.70
0.45
0.45
0.39

0.00
-0.04
-0.07
0.00

0.10
0.10

0.01
0.04
0.04
0.05
0.05
-0.06
0.21
0.21
0.00
0.00
0.05
0.05
0.01
-0.03

0.01
0.00
0.04
0.03
0.07
0.07
-0.03

-0.02
0.03
-0.01
-0.07

0.05
0.04
0.06
0.06
0.10
0.10
0.08
0.08
0.04
0.05
0.03
0.06
0.06
0.03
0.06
0.06
0.03
0.05
0.24
0.24
0.05
0.03

0.00
-0.14
-0.03
0.03

0.14

0.14
0.17
0.17
0.15
0.15
0.14
0.15
0.15
0.14
0.24
0.24
0.12
0.09
0.13
0.14

0.15
0.15
0.17
0.17
0.14
0.17
0.17
0.15
0.15
0.14
0.14
0.17
0.17
0.15
0.15

0.17
0.17
0.14
0.15
0.15
0.22
0.22
0.17
0.17
0.15
0.15

5
Blue shading signifies ahead of the Wilshire 5000

1-16

See footnotes on page 16

0.080
0.08/ 0.05
0.05
0.100
0.10/ 0.05
0.05
0.060
0.06/ 0.05
0.05
0.00
-0.11
-0.01

0.09
0.09

0.10
0.10
0.12
0.12
0.09
0.09
0.07
0.07
0.10
0.10
0.09
0.09
0.17
0.17

0.11
0.11
0.08
0.08
0.10
0.10
0.15
0.15
0.11
0.11

0.12/ 0.13
-0.20/ 0.14
0.01/ 0.12
-0.02/ 0.03
0.16/ 0.18
0.15/ 0.13
0.150
0.13
0.01/ 0.19
0.02/ 0.19
0.09/ 0.19
0.24/
0.240 0.19
0.19
-0.35/ 0.19
0.12/ 0.19
0.13/ 0.19
-0.10/ 0.19
0.16/ 0.19
0.04/ 0.19
-0.04/ 0.19
-0.06/ 0.19
-0.05/ 0.19
-0.06/ 0.19
0.00/ 0.19
0.18/ 0.19
0.11/ 0.09
0.110
0.09
0.13/ 0.09
0.130
0.09
0.10/ 0.09
0.100
0.09
0.09/ 0.09
0.12/
0.09
0.120 0.09
0.08/ 0.09
0.18/ 0.09
0.180
0.09
0.09/ 0.09
0.07/ 0.09
0.09/ 0.09
0.12/ 0.09
0.120
0.09
0.01/ 0.05
0.00/ 0.05
0.24/ 0.22
0.240
0.22
-0.97/ 0.65
0.52/ 0.65
0.05/ 0.07
0.04/ 0.07
0.06/ 0.07
0.05/ 0.07
0.08/ 0.07
0.080
0.07
0.05/ 0.07
0.39/ 0.65
-1.96/ 0.65
0.06/ 0.10
0.09/ 0.10
0.00/ 0.06
0.02/ 0.07
0.04/ 0.10
0.11/ 0.05
0.110
0.05
0.12/ 0.05
0.120
0.05
0.05/ 0.05
0.12/ 0.05
0.120
0.05
0.05/ 0.05
0.11/ 0.05
0.110
0.05
0.04/ 0.05
0.09/ 0.03
0.090
0.03
0.03/ 0.03
0.05/ 0.05
0.15/ 0.12
0.150
0.12
0.14/ 0.12
0.140
0.12
0.14/ 0.12
0.140
0.12
0.19/
0.12
0.190 0.12
0.14/ 0.11
0.140
0.11
0.08/ 0.03
0.080
0.03

Performance Ratings Through December 31, 2012

F-I
NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

LT Performance Ratings, January 2013

*Fidelity Navigator (Average)

10.2
2.9
2.9
*a. Capital Appreciation Portfolio
12.2
2.1
2.1
*b. Growth & Income Portfolio
10.0
0.4
*c. Income Portfolio
8.2
5.9
5.9
*Fidelity Sector Investor (Average)
13.4
4.2
4.2
a. FSI Technology-Plus Portfolio
21.9
9.2
21.9
9.2
*b. FSI Market Masters Portfolio
14.9
5.2
5.2
FSI Market Masters PortfolioTiming Only
16.1(0.1) 2.3(0.3)
2.3(0.3)
* c. FSI Infrastructure-Plus Portfolio
25.7

25.7
*d. FSI Commodity-Plus Portfolio
-6.8

*Forbes ETF Advisor (Average)

13.1

* a. Aggressive Growth Portfolio

15.1

*b. Growth Portfolio

14.4

*c. Growth & Income Portfolio

11.4

*d. Global Quant Portfolio

13.7

*e. Long/Short Portfolio

11.0

Forbes Investor (Average)

4.0
-4.8
a. Master Buy List
18.7
0.7
18.7
b. Income Growth Portfolio
-14.0

c. Core Growth Portfolio

8.8

*Forbes/ISA Closed End Fund & ETF Report (Average)

16.8

16.8
*a. Inflation Portfolio
13.3

*b. High Variance Portfolio

11.1

*c. Deep Discount Portfolio

28.1

28.1
*d. Low Expense Ratio Portfolio
16.5

16.5
*e. Opportunistic Portfolio
15.2

Forbes/Lehmann Income Securities Investor (Average)

12.9
2.3
2.3
a. Low-risk Portfolio
16.3
6.1
16.3
6.1
b. Medium-risk Portfolio
12.0
7.1
7.1
c. High-risk Portfolio
25.5
4.4
25.5
4.4
d. Multi-driver Portfolio
-1.3

Forbes Special Situation Survey

7.1
11.6
11.6
Forbes/Wolfe Emerging Tech Report
15.2
-8.4
Ford ADR Research
28.0
0.6
28.0
Ford Equity Research Investment Review
33.7
-0.3
33.7
*Fosbacks Fund Forecaster (Average)
14.9
3.5
3.5
*a. Balanced Income Portfolio
13.4
13.2
13.2
*b. Income Timing Portfolio
15.2
15.2
15.2
*c. High Current Return Portfolio
15.6
10.9
10.9
*d. Aggressive Growth Portfolio
15.0
-6.8
*e. Conservative Growth Portfolio
14.7
1.6
*f. Growth & Income Portfolio
14.5
5.5
5.5
g. Seasonality SystemTiming Only
7.0(28.0) 1.0(28.8)
*The Gleason Report (Average)

*a. The Balanced Portfolio

b.Timing Only: S&P500 Model

Global Investing (Average)

23.5
4.3
23.5
4.3
a. Buy and Hold Portfolio
27.1
3.0
27.1
3.0
b. Closed End Fund Portfolio
19.0
4.2
19.0
4.2
c. Speculative Portfolio
21.7
1.1
21.7
d. Yield Portfolio
25.2
4.1
25.2
4.1
Global Resource Hunter

Gold Stock Analyst

-6.5

Gold Stock Bull

-7.6

*Good Fortune(Average)
3.3
1.8
*a. Maximum Compounding Plan
6.8
-4.5
*b. Diversified Plan
0.0
2.3
2.3
*c. Income Plan
6.2
5.4
5.4
d. Timing only: L1Trend Indicator
16.1(0.0)

e. Timing only: L2Trend/sentiment (Cash on sells) 16.1(0.0)

f. Timing Only: L3Trend/sentiment (Short on sells)16.1(0.0)

The Granville Market Letter

a. Traders Stock PortfolioTiming only
-16.1(0.0) -4.1(1.2)
b. Investors Stock PortfolioTiming only
0.1(0.0)
1.0(0.8)
The Harley Market Letter
a. Timing onlyStock timing model (Cash on sells) 8.4(8.0) -4.1(4.4)
b. Timing onlyStock timing model (Short on sells) 5.9(14.0) -7.5(7.0)
c. Timing onlyLT timing model (Cash on sells)
8.4(8.0) -3.5(4.4)
d. Timing onlyLT timing model (Short on sells)
5.9(14.0) -6.2(7.0)

Blue shading signifies ahead of the Wilshire 5000

8.1
8.1
10.3
10.3

4.3
8.9
8.9

17.7
17.7

6.7
7.8
9.6
9.6
10.9
10.9
9.7
9.7
8.6
8.6
8.8
8.8
8.6
8.6
5.4(30.7)

16.5
16.5
17.6
17.6
15.4
15.4
16.3
16.3
13.3
13.3

5.3
3.9
5.0
6.1

3.9

9.5
9.5
10.4
10.4
8.5
8.5
5.3
5.3
9.9
9.9

5.8
5.8
5.6
5.6
4.6
6.4
6.4

14.0/16.1
3.0/16.1
6.5/8.3
6.5/8.3
7.5/8.3
7.6/8.3
7.1/8.3
3.4/8.3
2.6/4.9
6.9/4.9
6.904.9
-0.7/17.1
9.2/15.7
3.5/5.8
2.4/5.8
0.2/5.8
8.3/5.8
8.305.8
3.0/5.8
15.2/16.1
2.5/5.5
2.5/5.5
4.6/5.5
2.2/5.5
-3.8/3.4
12.4/4.9
12.404.9
-2.8/8.2
2.7/2.0
2.702.0
5.8/8.7
7.8/7.9
9.6/7.9
9.607.9
10.9/7.9
10.907.9
9.7/7.9
9.707.9
8.6/7.9
8.607.9
8.8/7.9
8.807.9
8.6/7.9
8.607.9
5.4(30.7)/7.9
4.7/6.1
4.7/6.1
6.1(0.0)/6.1
8.6/8.1
8.608.1
10.1/8.1
10.108.1
5.9/8.1
5.1/8.1
9.8/8.1
9.808.1
1.4/5.2
-3.6/6.9
4.7/13.7
6.6/6.3
6.606.3
7.0/6.3
7.006.3
5.3/6.3
6.9/6.3
6.906.3
9.1(1.4)/15.8
11.3(1.1)/15.8
11.7(1.7)/15.8

12/31/01
12/31/01
12/31/01
12/31/01
12/31/99
11/30/00
12/31/99
12/31/99
6/30/09
6/30/09
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
12/31/01
12/31/01
4/30/09
11/30/11
3/31/11
3/31/11
3/31/11
3/31/11
3/31/11
12/31/11
12/31/03
12/31/03
12/31/03
12/31/03
1/31/08
12/31/01
1/31/03
8/31/07
12/31/89
12/31/02
12/31/02
12/31/02
12/31/02
12/31/02
12/31/02
12/31/02
12/31/02
2/28/12
2/28/12
2/28/12
12/31/93
12/31/93
12/31/93
12/31/93
12/31/93
7/31/12
6/30/11
7/31/10
12/31/96
12/31/96
12/31/96
12/31/96
5/31/09
5/31/09
5/31/09

-2.8(0.9)
5.1(0.7)

-1.9(1.1)
4.7(0.9)

-1.0(1.7)/10.9
8.7(1.0)/10.9

-4.5(4.3)/2.0
-8.7(6.8)/2.0
-4.0(4.3)/2.0
-7.5(6.8)/2.0

7.2
6.6

10.0
10.0
13.0
13.0
10.1
10.1
8.0(0.1)
8.0(0.1)

6.6/4.9
6.604.9
8.7/4.9
8.704.9
5.8/4.9
5.804.9
6.5/4.9
6.504.9
5.2/2.3
5.202.3
5.5/3.6
5.503.6
5.6/2.3
5.602.3
2.5(0.2)/2.3
2.5(0.2)02.3

Risk

# secs

Clarity Correl.

0.61 Lo

0.90 Lo
5(1028)
0.66 Lo
5(945)
0.37 VLo 4(1479)
1.07 Avg

1.28 Hi
3(565)
1.02 Avg
7(208)
0.99 Avg

1.14 Hi
3(400)
0.94 Avg
3(147)
0.87 Lo

1.00 Avg
10(n/a)
0.91 Avg
11(n/a)
0.67 Lo
12(n/a)
1.06 Avg
10(n/a)
0.77 Lo
10(n/a)
1.31 Hi

1.31 Hi
37(311)
1.60 VHi
5(67)
1.89 VHi
10(n/a)
0.96 Avg

1.31 Hi
5(968)
0.63 Lo
3(193)
1.02 Avg
4(840)
1.14 Hi
4(893)
1.32 Hi
4(278)
1.01 Avg

1.06 Avg
10(440)
1.04 Avg
10(486)
1.20 Hi
10(520)
1.14 Hi
10(650)
1.53 VHi 13(236)
1.79 VHi 12(2712)
1.55 VHi
30(94)
1.32 Hi
30(171)
0.78 Lo

0.34 VLo
4(n/a)
0.39 VLo
3(n/a)
0.53 VLo
3(n/a)
1.55 VHi
6(n/a)
0.85 Lo
4(n/a)
0.76 Lo
5(n/a)
0.66 Lo

0.68 Lo

0.68 Lo
6(n/a)
1.00 Avg

1.19 Hi

1.39 Hi
30(404)
1.21 Hi
21(352)
2.00 VHi 19(206)
0.98 Avg
26(239)
1.11 Hi
9(94)
2.12 VHi
10(n/a)
1.75 VHi
7(629)
0.63 Lo

1.24 Hi
1(7)
0.70 Lo
1(7)
0.45 VLo
1(287)
0.77 Lo

0.80 Lo

0.89 Lo

A
A
A

A
A

A
A

A
A
A
A
A

C
C
C

A
A
A
A
A

A
A
A
A
C
C
C
C

A
A
A
A
A
A

6/30/80
6/30/80

1.05 Avg
0.81 Lo

8/31/07
8/31/07
8/31/07
8/31/07

0.90
1.00
0.90
0.99

Avg
Avg
Avg
Avg

12 Mo

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

0.39
0.32
0.37
0.57
0.57
0.39
0.55
0.55
0.42
0.44
0.57
0.57
-0.19
0.41
0.42
0.44
0.46
0.46
0.32
0.44
0.08
0.29
-0.12
0.15
0.44
0.27
0.39
0.80
0.80
0.39
0.32
0.37
0.60
0.60
0.29
0.68
0.68
-0.01
0.12
0.23
0.44
0.61
0.61
0.62
0.62
1.20
1.20
1.12
1.12
1.07
1.07
0.26
0.46
0.46
0.66
0.66
0.29

0.40
0.40
0.45
0.45
0.29
0.41

-0.03
-0.06
0.16
0.20
0.01
0.58
0.58
0.44
0.44
0.44

0.05
0.02
0.21
0.21
0.08
0.08
0.14
0.14
0.10
0.10
0.06
0.06

-0.02
0.04

0.06
0.06
0.11
0.11
0.12
0.12
0.08
0.08

0.15
0.15
-0.04
0.05
0.04
0.08
0.08
0.55
0.55
0.54
0.54
0.29
0.29
-0.03
0.05
0.12
0.12
0.03

0.08
0.08
0.07
0.07
0.08
0.08
0.06
0.06
0.08
0.08

0.06
0.06
-0.05
0.07
0.07
0.15
0.15

0.21
0.21
0.19
0.19
0.17
0.17
0.24
0.24
0.16
0.16
0.20
0.20
0.17
0.17

C
C
C
C
A
A
A

A
A
A

0.81
0.74
0.78
0.66
0.86
0.89
0.86
1.00
0.81
0.62
0.98
0.97
0.98
0.98
0.95
0.97
0.90
0.94
0.78
0.77
0.91
0.70
0.85
0.92
0.98
0.70
0.72
0.35
0.56
0.76
0.82
0.85
0.80
0.94
0.80
0.76
0.49
0.56
0.72
0.91
0.95
0.93
0.51
0.94
0.94
1.00
0.82
0.78
0.79
0.67
0.52
0.58
0.53
0.51
0.52
0.39
0.57
0.05
0.75
0.78
0.85

0.14

0.07
0.13

0.22
0.22

0.09
0.16
0.16
0.43
0.43
0.43
0.43
0.29
0.29
0.12
0.17
0.17
0.18
0.18
0.12

0.23
0.23
0.21
0.21
0.23
0.23
0.18
0.18
0.19
0.19

0.15
0.15
0.06
0.13
0.15
0.15

0.05

0.13
0.13
0.13
0.13
0.11
0.11
0.07
0.07
0.14
0.14

0.11
0.11
0.07
0.07
0.07
0.07
0.15
0.15

0.17
0.73

-0.40
0.00

-0.03
0.03

-0.06
0.11

-0.04 -0.08/ 0.13

0.07 0.10/ 0.13
0.07

0.85
0.55
0.85
0.55

0.36
0.17
0.36
0.17

-0.05
-0.09
-0.04
-0.07

1-16

0.08
0.08

See footnotes on page 16

0.16/ 0.08
0.160
0.08
0.16/ 0.08
0.160
0.08
0.13/ 0.08
0.130
0.08
0.24/
0.08
0.240 0.08
0.07/ 0.03
0.070
0.03
0.08/ 0.05
0.080
0.05
0.08/ 0.03
0.080
0.03

0.03/ 0.03
0.24/ 0.30
0.08/ 0.30
0.17/ 0.19
0.15/ 0.19
0.19/ 0.19
0.24/ 0.19
0.240
0.19
0.16/ 0.19
0.11/ 0.19
0.04/ 0.08
0.10/
0.100 0.08
0.08
0.03/ 0.32
0.16/ 0.44
0.09/ 0.13
0.06/ 0.13
0.02/ 0.13
0.18/ 0.13
0.180
0.13
0.08/ 0.13
0.32/ 0.44
0.04/ 0.09
0.04/ 0.09
0.07/ 0.09
0.03/ 0.09
-0.02/ 0.07
0.16/ 0.08
0.160
0.08
-0.01/ 0.14
0.07/ 0.05
0.070
0.05
0.06/ 0.12
0.16/ 0.14
0.160
0.14
0.43/ 0.14
0.430
0.14
0.43/ 0.14
0.430
0.14
0.29/ 0.14
0.290
0.14
0.12/ 0.14
0.17/ 0.14
0.170
0.14
0.18/ 0.14
0.180
0.14
0.12/ 0.14
0.25/ 0.22
0.250
0.22
0.25/ 0.22
0.250
0.22
0.22/ 0.22
0.11/ 0.11
0.12/ 0.11
0.120
0.11
0.07/ 0.11
0.06/ 0.11
0.14/ 0.11
0.140
0.11
0.16/ 0.65
0.01/ 0.15
0.09/ 0.27
0.12/ 0.09
0.120
0.09
0.09/ 0.09
0.08/ 0.09
0.17/ 0.09
0.170
0.09
0.23/ 0.30
0.27/ 0.30
0.25/ 0.30

-0.06/
-0.12/
-0.05/
-0.10/

0.05
0.05
0.05
0.05

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

Hidden Values Alert (Average)

22.7
10.6
22.7
10.6
a. Bargain Basement Portfolio
24.2
6.2
24.2
6.2
b. Prime Time Portfolio
25.4
10.8
25.4
10.8
c. Special Situation Portfolio
17.5
12.6
17.5
12.6
Hilary Kramers Game Changers
11.7

Income Superstars (Average)

a. Dads Income Portfolio

b. Dividend Superstars

*The Independent Adviser for Vanguard Investors12 (Avg)

14.1
3.0
3.0
*a. Conservative Growth Portfolio
14.7
3.5
3.5
*b. Income Portfolio
11.6
3.8
3.8
*c. Growth Portfolio
15.1
2.6
2.6
Growth PortfolioTiming only
16.0(0.0)
2.0(0.0)
*d. Growth Index Portfolio
15.0
1.6
Growth Index PortfolioTiming only
16.1(0.0)
2.0(0.0)
*Index Rx (Average)
12.4
-8.2
*a. High Dose Rx
11.9
-9.7
*b. Max Dose Rx
10.2
-8.8
*c. ETF (Exchange Traded Fund) Rx
13.8
-7.6
*d. Excel Rx
13.8
-7.1
Inevitable Wealth
23.4

23.4
Insider Insights
10.4
-1.4
Insider Insights Timing Only
13.0(1.2) -0.8(2.8)
Invest By Model (Average)
16.5

16.5
a. Top 20 Portfolio
16.3

16.3
b. Conservative Growth/Balanced Portfolio
14.1

*c. Sector Selector ETF Portfolio

18.7

18.7
InvesTech Research Portfolio Strategy (Average)
10.8
6.1
6.1
a. Model Equity Portfolio
9.9
6.5
6.5
Model Equity PortfolioTiming only
11.8(0.2) 5.0(0.3)
5.0(0.3)
b. Model Fund Portfolio
11.7
5.6
5.6
Model Fund PortfolioTiming only
11.9(0.2) 5.0(0.3)
5.0(0.3)
Investment Models Newsletter
a. Timing Only: NYSE Model-Cash on Sells
8.0(8.0) -2.3(10.2)
b. Timing Only: NYSE Model-Short on Sells
0.3(8.0) -8.6(10.2)
c. Timing Only: NASDAQ Model-Cash on Sells
9.8(12.0) 0.1(13.2)
d. Timing Only: NASDAQ Model-Short on Sells
3.3(12.0) -4.2(13.2)
Investment Quality Trends (Average)
14.6
4.8
4.8
a. Model Portfolio
14.6
4.8
4.8
b. Lucky 13 Portfolio
15.2
5.1
5.1
c. The Timely Ten
12.6
6.7
6.7
The Investment Reporter (Average)
38.1
6.4
38.1
6.4
a. Portfolio of Very Conservative Stocks
16.7
4.7
16.7
4.7
b. Portfolio of Conservative Stocks
17.5
1.4
17.5
c. Portfolio of Average Risk Stocks
25.3
5.5
25.3
5.5
d. Portfolio of Higher Risk Stocks
209.5
16.6
209.5
16.6
e. Portfolio of Speculative Stocks
2.4
-5.6
f. Portfolio of Very Conservative U.S. Stocks
11.7
1.1
g. Portfolio of Conservative U.S. Stocks
9.8
5.6
5.6
h. Portfolio of Average Risk U.S. Stocks
37.4
11.3
37.4
11.3
i. Portfolio of Speculative U.S. Stocks
24.6
-20.1
24.6
j. Portfolio of Higher Risk U.S. Stocks
6.6
0.8
k. Income Portfolio
4.7
-1.2
l. Balanced Portfolio
12.2
-2.4
m. Growth Portfolio
5.5
-0.2
Investment Warrior Report
Investment Warrior Report: Timing Only
2.9(3.0)

Investor Advisory Service

19.5
8.6
19.5
8.6
Investors Edge (Average)

a. Growth and Value Portfolio

b. Aggressive Growth Portfolio

c. Lazy, Hazy Days Portfolio

Lazy, Hazy Days PortfolioTiming Only

Investors Intelligence (Average)

-3.4
0.1
*a. Fidelity Mutual Fund (Equity) Portfolio
1.9
-1.2
Fidelity Mutual Fund (Equity) Port.Timing only
2.2(0.8) -1.4(0.9)
*b. Fidelity International Switch Fund Portfolio
4.3
0.9
*c. Fidelity Fixed Income Switch Fund Portfolio
4.8
1.9
*d. Fidelity Precious Metals Switch Fund Portfolio
-8.2
3.9
3.9
e.Trading Portfolio
-23.1

Trading PortfolioTiming Only

-1.7(10.7)

8.3
8.3
8.5
8.5
6.6
9.3
9.3
7.8(0.0)
8.8
8.8
7.9(0.0)
4.2
2.5
4.6
5.3

10.7
10.7
10.9
10.9
7.5(0.4)
10.7
10.7
7.3(0.3)

6.9
6.9
6.9
6.9
5.5
5.5
8.8
8.8
4.8(0.0)
6.2
6.2
4.9(0.0)

6.8
6.8
6.9
6.9
3.8(0.5)
6.8
6.8
3.5(0.4)

9.7/4.4
9.704.4
7.8/4.4
7.804.4
10.1/2.6
10.102.6
6.4/2.6
6.402.6

17.0/23.4
-0.9/5.2
0.5/5.2
-2.4/5.2
9.0/8.3
9.008.3
9.0/8.3
9.008.3
7.7/8.3
10.4/8.3
10.408.3
8.3(0.0)/8.3
8.0/7.2
8.007.2
7.2(0.0)/7.2
2.2/3.4
1.4/3.4
2.3/3.4
3.2/4.0
0.5/5.5
22.7/18.1
22.7018.1
2.7/4.4
1.1(3.0)/4.4
13.2/9.3
13.209.3
12.7/9.3
12.709.3
12.6/9.3
12.609.3
4.2/4.3
7.3/10.2
7.3/10.2
6.4(0.9)/10.2
8.9/ 9.7
5.8(0.7)/ 9.7

12/31/05
12/31/05
12/31/06
12/31/06
9/30/11
7/31/12
7/31/12
7/31/12
12/31/91
12/31/91
12/31/91
12/31/91
12/31/91
12/31/95
12/31/95
12/31/00
12/31/00
12/31/00
4/30/01
5/31/04
1/31/09
12/31/05
12/31/05
4/30/10
4/30/10
4/30/10
4/30/11
12/31/83
12/31/83
12/31/83
12/31/85
12/31/85

8.2
8.2
8.2
8.2
8.9
8.9

15.1
15.1
15.3
15.3
17.7
17.7
17.3
17.3
19.9
19.9
8.8
8.8
5.9
8.0
8.0
8.8
8.8
-8.0
4.3
12.2
12.2
13.9
13.9
12.6
12.6

8.4
8.4
8.4
8.4

10.3
10.3
13.2
13.2
13.3
13.3
11.7
11.7
7.6
7.6
3.3
4.3
6.1
6.1
5.4
5.4
-2.1
2.3

1.5(8.4)/5.2
-4.0(8.4)/5.2
1.6(12.5)/5.2
-4.8(12.5)/5.2
10.8/ 9.7
9.7
10.80
10.8/ 9.7
9.7
10.80
10.0/2.3
10.002.3
8.3/4.0
8.304.0
12.4/10.2
12.4010.2
12.2/10.2
12.2010.2
11.4/10.2
11.4010.2
10.0/10.2
9.6/10.2
8.5/10.2
8.2/8.3
9.9/8.3
9.908.3
14.4/8.3
14.408.3
4.7/8.3
2.8/6.3
12.0/4.9
12.004.9
12.8/4.9
12.804.9
11.5/4.9
11.504.9

11.3
11.3

3.3
2.0
1.8(1.7)
8.1
8.1
4.4
7.3

9.9
9.9

3.9
5.6
5.6
2.1(2.1)
6.9
6.9
5.0
5.0

Risk

# secs

Clarity Correl

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3

1.67 VHi

1.38 Hi
25(313)
1.96 VHi 19(408)
1.97 VHi 18(637)
1.57 VHi 13(114)
0.55 VLo

0.61 Lo
15(469)
0.62 Lo
25(1291)
0.83 Lo

0.82 Lo
8(1322)
0.59 VLo
9(920)
0.98 Avg
7(1430)
1.00 Avg

1.01 Avg
7(748)
1.00 Avg

1.05 Avg

1.04 Avg
3(182)
1.07 Avg
3(60)
1.14 Hi
3(41)
1.21 Hi
3(41)
1.26 Hi
30(472)
1.14 Hi
29(321)
0.69 Lo

1.04 Avg

1.31 Hi
20(189)
0.73 Lo
19(n/a)
1.27 Hi
7(368)
0.67 Lo

0.66 Lo
17(1017)
0.54 VLo

0.61 Lo
8(329)
0.53 VLo

A
A
A
C

A
A

A
A
A

A
A
A
A
A
B

A
A
A

0.90
0.88
0.87
0.81
0.93
0.40
0.46
0.27
0.97
0.96
0.93
0.95
1.00
0.97
1.00
0.87
0.85
0.87
0.85
0.86
0.93
0.81
0.93
0.93
0.89
0.93
0.97
0.56
0.55
0.78
0.63
0.77

0.34
0.41
0.37
0.22
0.20

0.48
0.48
0.46
0.46
0.59
0.59
0.44
0.44
0.46
0.46
0.44
0.63
0.63
0.69
0.69
0.52
0.52
0.63
0.63
0.63
0.63
0.35
0.21
0.38
0.37
0.30
0.40
0.38
0.39
0.36
0.39
0.41
0.39

0.13
0.13
0.10
0.10
0.13
0.13
0.14
0.14

0.07
0.07
0.08
0.08
0.10
0.10
0.06
0.06
0.05
0.05
0.05
-0.09
-0.11
-0.10
-0.08
-0.07

0.01
-0.01

0.13
0.13
0.14
0.14
0.11
0.11
0.12
0.12
0.11
0.11

0.16
0.16
0.17
0.17
0.17
0.17
0.16
0.16
0.14
0.15
0.15
0.14
0.07
0.04
0.07
0.08

0.24
0.24
0.25
0.25
0.16
0.16
0.22
0.22
0.16
0.16

0.11
0.11
0.11
0.11
0.10
0.10
0.13
0.13
0.06
0.09
0.09
0.06

0.13
0.13
0.13
0.13
0.05
0.13
0.13
0.04

0.12/ 0.07
0.120
0.07
0.11/ 0.07
0.110
0.07
0.12/
0.05
0.120 0.05
0.09/ 0.05
0.090
0.05

2/28/04
2/28/04
2/28/04
2/28/04
12/31/85
12/31/85
12/31/99
8/31/06
12/31/83
12/31/83
12/31/83
12/31/83
12/31/83
12/31/83
12/31/91
12/31/91
12/31/91
12/31/91
12/31/96
12/31/01
12/31/01
12/31/01

0.76 Lo
1.01 Avg
0.61 Lo
0.96 Avg
0.87 Lo
0.87 Lo
0.85 Lo
0.83 Lo
1.11 Hi
1.05 Avg
1.32 Hi
1.37 Hi
1.96 VHi
2.09 VHi
0.95 Avg
1.11 Hi
1.51 VHi
1.96 VHi
2.05 VHi
1.26 Hi
1.31 Hi
1.31 Hi

161(1762)
13(732)
10(115)

34(5507)
17(2816)
9(1963)
1(273)
1(1981)
12(3753)
2(4837)
2(2373)
1(861)
3(1764)
10(236)
10(246)
10(235)

B
C
C

B
B
B
B
B
B
B
B
B
B
B
B
B

0.75
0.18
0.61
-0.20
0.78
0.78
0.67
0.89
0.77
0.76
0.73
0.64
0.49
0.34
0.80
0.72
0.54
0.39
0.63
0.77
0.78
0.80

0.25
0.02
0.41
0.11
0.53
0.53
0.53
0.53
0.59
0.59
0.34
0.72
0.72
0.40
0.30
0.54
0.54
0.63
0.63
0.06
0.49
0.49
0.38
1.25
1.25
0.25
0.12
0.10
0.21
0.13

-0.04
-0.12
0.01
-0.05
0.09
0.09
0.09
0.09
0.11
0.11
0.14
0.14
0.11
0.11
0.09
0.09
0.06
0.06
0.10
0.10
0.16
0.16
0.03
0.04
0.10
0.10
0.16
0.16
-0.14
0.06
0.06
0.02
0.00
0.03

0.13
0.13
0.17
0.17

0.21
0.21
0.23
0.23
0.20
0.20
0.24
0.24
0.17
0.17
0.10
0.11
0.13
0.13
-0.07
0.07
0.17
0.17
0.19
0.19
0.17
0.17

0.13
0.13
0.13
0.13

0.14
0.14
0.19
0.19
0.15
0.15
0.15
0.15
0.09
0.09
0.06
0.06
0.08
0.08
0.07
0.07
0.00
0.05

0.01/ 0.08
-0.08/ 0.08
0.01/ 0.08
-0.11/ 0.08
0.16/ 0.12
0.160
0.12
0.16/ 0.12
0.160
0.12
0.18/
0.03
0.180 0.03
0.16/ 0.07
0.160
0.07
0.15/ 0.13
0.150
0.13
0.16/ 0.13
0.160
0.13
0.13/ 0.13
0.11/ 0.13
0.09/ 0.13
0.08/ 0.13
0.12/ 0.12
0.14/ 0.12
0.140
0.12
0.17/ 0.12
0.170
0.12
0.06/ 0.12
0.05/ 0.09
0.17/
0.170 0.08
0.08
0.18/ 0.08
0.180
0.08
0.16/ 0.08
0.160
0.08

-5.7(5.3)/6.9 6/30/11
11.4/7.2 12/31/95
11.407.2
-2.0/3.7
4/30/12
-1.0/3.7
4/30/12
-8.4/3.7
4/30/12
3.7/3.7
4/30/12
4.2(1.0)/3.7 4/30/12
4.2(1.0)03.7
6.7/9.5 12/31/86
9.0/9.5 12/31/86
7.4(2.4)/9.5 12/31/86
7.5/9.4 12/31/90
6.2/9.4 12/31/90
8.0/3.7 12/31/98
8.003.7
-4.5/15.2 12/31/08
-0.9(13.4)/15.2 12/31/08

0.83 Lo
1.14 Hi
0.29 VLo
0.32 VLo
0.56 VLo
0.29 VLo
0.33 VLo
0.55 VLo
0.78 Lo
0.62 Lo
0.76 Lo
0.24 VLo
1.33 Hi
0.80 Lo
0.50 VLo

46(328)

35(n/a)
24(n/a)
1(49)

0(n/a)

2(12)
2(650)
0(n/a)
3(26)

A
A
A

A
A
A
A

0.76
0.88
0.50
0.74
0.32
0.06
0.06
0.64
0.64
0.82
0.67
0.45
0.23
0.11
0.28

0.09
0.41

-0.14
0.26
0.35
0.19
0.98
0.98
-0.11
-0.33
-0.04

0.14
0.14

0.01
0.00
-0.02
0.03
0.42
0.42
0.08
0.08

0.18
0.18

0.07
0.03
0.02
0.18
0.18
0.36
0.36
0.10

7
Blue shading signifies ahead of the Wilshire 5000

1-16

See footnotes on page 16

0.25/ 0.49
-0.22/ 0.65
0.10/ 0.65
-0.50/ 0.65
0.15/ 0.12
0.150
0.12
0.15/ 0.12
0.150
0.12
0.16/ 0.12
0.160
0.12
0.16/ 0.12
0.160
0.12
0.12/ 0.12
0.11/ 0.10
0.110
0.10
0.10/ 0.10
0.03/ 0.05
0.02/ 0.05
0.03/ 0.05
0.05/ 0.06
0.01/ 0.09
0.31/ 0.31
0.05/ 0.07
0.00/ 0.07
0.24/ 0.18
0.240
0.18
0.20/ 0.18
0.200
0.18
0.31/ 0.18
0.310
0.18
0.09/ 0.10
0.10/ 0.13
0.10/ 0.13
0.08/ 0.13
0.16/ 0.12
0.160
0.12
0.08/ 0.12

-0.12/ 0.15

0.13 0.150
0.15/ 0.10
0.13
0.10

0.06
0.08
0.08
0.01
0.12
0.12
0.19
0.19

-0.30/ 0.16
-0.14/ 0.16
-0.66/ 0.16
0.52/ 0.16
0.520
0.16
0.52/ 0.16
0.520
0.16
0.11/ 0.12
0.13/ 0.12
0.130
0.12
0.12/ 0.12
0.12/ 0.13
0.24/ 0.13
0.240
0.13
0.10/ 0.05
0.100
0.05
-0.08/ 0.26
-0.02/ 0.26

Performance Ratings Through December 31, 2012

I-N
NEWSLETTER (Portfolio)

The Hulbert Financial Digest

LT Performance Ratings, January 2013

Investors Intelligence (continued)

f. Investment Portfolio
Investment PortfolioTiming Only
*Investors Intelligence ETF Review(Average)
*a. ETF Trading (Long/Short)
*The Investors Strategist (Average)
*a. Aggressive Portfolio
*b. Growth Portfolio
*c. Balanced Portolio
* d. Income Portfolio
Jack Adamos Insiders PLUS (Average)
a. Insiders PLUS Model Portfolio
b. Insiders PLUS Income Portfolio
Jim Cramers Action Alerts PLUS
Jim Cramers Action Alerts PLUSTiming Only
Latin Stock Investing (Average)
a. LSI Growth Portfolio
b. LSI Dividend Stock Portfolio
Linde Equity Report
Louis Navelliers Blue Chip Growth
Louis Navelliers Emerging Growth (Average)
a. Emerging Growth Buy List
Lowry On Demand Investor
a. Timing Only: STCash on sell signals
b. Timing Only: STShorting allowed on sells
c. Timing Only: ITCash on sell signals
d. Timing Only: ITShorting allowed on sells
Mark Skousens Forecasts & Strategies (Average)
a. Flying Five Portfolio
b. Short-Term Portfolio
Market Forecast (Average)
*a. Mutual Fund Portfolio
b. ETFs & Stocks Portfolio
c. Timing Only-Cash on Sells
d. Timing Only-Short on Sells
Marketwatch Options Trader
Martin Weiss Safe Money Report (Average)
a. Your Safe Money Model Portfolio
b. Timing Only: S&P signalscash on sells
c. Timing Only: S&P signalsshort on sells
d. Timing Only: NASDAQ signalscash on sells
e. Timing Only: NASDAQ signalsshort on sells
Medical Technology Stock Letter (Average)
a. Model Portfolio
Model PortfolioTiming only
b.Traders Portfolio
Traders PortfolioTiming only
Michael Murphys New World Investor (Average)
a. New World Investor Portfolio
Mojena Market Timing
a. Timing Only: Standard: Cash on Sells
b. Timing Only: Aggressive: Short on Sells
*The Money Navigator (Average)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since
-0.3
7.2(4.7)
3.7
3.7
10.2
12.3
13.1
8.2
7.0
-21.0
-21.1
-21.1
15.9
13.8(1.9)
12.0
27.9
27.9
4.2
22.5
22.5
13.6
20.5
20.5
20.5
20.5
6.3(21.0)
-3.5(21.0)
-3.9(3.0)
-22.1(3.0)
17.4
17.4
16.2
16.2
18.0
18.0
11.7
4.0
19.4
19.4
16.1(0.0)
16.1(0.0)
-22.7
-2.9
-2.9
0.1(0.0)
-16.1(0.0)
0.1(0.0)
-16.1(0.0)
49.8
49.8
27.4
27.4
15.3(0.3)
74.2
74.2
23.9(1.4)
23.9(1.4)
25.1
25.1
25.1
25.1
16.1(0.0)

23.1(0.0)
23.1(0.0)

11.4
*a. No-Load Solutions Growth: 20 or More Yrs to retirement
14.9
*b. No-Load Solutions G&I: 5 - 20 Yrs to retirement
9.3
*c. No-Load Solutions Income: 0 - 5 Yrs to retirement
9.1
*d. ETF Growth: 15 - 40 Yrs to retirement
13.2
*e. ETF Income: 0 - 15 Yrs to retirement
8.6
*f. TD Ameritrade/Schwab/Principal Gro: 20-40 yrs to retirement 14.9
*g.TD Ameritrade/Schwab/Principal G&I: 5-20 yrs to retirement 10.0
*h.TD Ameritrade/Schwab/Principal Inc: 0-5 yrs to retirement
9.9
*i. Fidelity Growth: 20 - 40 Yrs to retirement
12.5
*j. Fidelity Growth & Income: 5 - 20 Yrs to retirement
12.4
*k.Fidelity Income: 0 - 5 Yrs to retirement
11.1
*l. Vanguard Growth: 20 - 40 Yrs to retirement
8.6
*m.Vanguard Growth & Income: 5 - 20 Yrs to retirement
13.5
*n.Vanguard Income: 0 - 5 Yrs to retirement
10.7
*Moneyletter (Average)
10.1
*a. Venturesome Portfolio
8.6
Venturesome PortfolioTiming only
14.4(0.3)

-2.8

-8.6
-12.0
-5.5

6.4
6.4
-2.0
-9.0
-9.0

Risk

# secs

Clarity Correl.

12 Mo

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

4.0
2.3
5.3

9.0
9.0
9.9
9.9
3.2

8.4
8.4
2.1

6.0/15.2 12/31/08
7.4(8.2)/15.2 12/31/08
1.3/4.8
2/28/05
3.8/18.1
1/31/09
3.0/8.3 12/31/10
1.0/8.3 12/31/10
3.3/8.3 12/31/10
3.6/8.3 12/31/10
3.8/8.3 12/31/10
2.9/3.1
1/31/01
0.7/3.1
1/31/01
3.4/4.1
6/30/01
11.4/15.2 12/31/08
14.0(1.6)/15.2 12/31/08
1.7/5.7
2/28/11
15.5/5.7
2/28/11
15.505.7
1.3/5.7
2/28/11
7.0/4.9
8/31/01
7.004.9
8.4/4.9 12/31/97
8.404.9
13.3/10.5 12/31/84
13.3010.5
-2.9/4.6 12/31/04

0.58 VLo
0.58 VLo
0.54 VLo
0.45 VLo
0.61 Lo
0.87 Lo
0.88 Lo
0.42 VLo
0.32 VLo
0.86 Lo
1.03 Avg
0.93 Avg
1.00 Avg
0.90 Avg
1.52 VHi
1.91 VHi
1.42 Hi
1.89 VHi
1.35 Hi
1.82 VHi
1.56 VHi

3(185)

17(70)

8(n/a)
7(n/a)
8(n/a)
7(n/a)

20(364)
21(318)
33(149)

11(108)
12(124)
12(587)
31(174)

31(138)

A
A
A
A

A
A
A

A
A
C
B

0.71
0.74
0.54
0.27
0.97
0.95
0.97
0.97
0.88
0.49
0.40
0.46
0.97
1.00
0.78
0.77
0.80
0.80
0.79
0.79
0.87

0.00
0.25
0.18
0.18
0.59
0.59
0.50
0.50
0.49
0.49
0.68
0.68
0.84
0.84
-1.00
-1.15
-0.68
0.40
0.46
0.46
0.18
0.28
0.09
0.40
0.33
0.38
0.38

-0.08

-0.22
-0.25
-0.12

0.10
0.10
0.00
-0.06
-0.06

0.07
0.03
0.10

0.11
0.15
0.15
0.05

0.11
0.11
0.04

0.18/ 0.26
0.22/ 0.26
0.00/ 0.08
0.15/ 0.31
0.11/ 0.19
0.04/ 0.19
0.09/ 0.19
0.18/ 0.19
0.25/ 0.19
0.250
0.19
0.04/ 0.05
0.01/ 0.05
0.05/ 0.07
0.20/ 0.26
0.26/ 0.26
0.05/ 0.13
0.19/ 0.13
0.190
0.13
0.05/ 0.13
0.09/ 0.08
0.090
0.08
0.11/ 0.06
0.110
0.06
0.13/ 0.13
-0.02/ 0.07

1.5(17.2)

-4.4(17.2)

-2.7(3.8)

-11.9(3.8)

2.0
8.1
8.1
-0.9
4.4
0.3
9.0
9.0
-1.0
4.8
-4.0
3.9
1.6
5.3
2.0(0.0)
7.3(0.2)
2.0(0.0)
6.3(0.2)

-3.7
-5.3
-3.7

-1.8(0.4)
0.6(0.2)
-11.9(0.4) -13.4(0.2)
-1.8(0.4)
0.6(0.2)
-11.9(0.4) -13.4(0.2)
-5.0
-0.4
1.6
4.9
0.9(0.6)
7.0(0.6)
-13.5

-6.1(2.6)

12.8
8.2
12.8
8.2

4.7
2.4

0.4
4.5
4.5(0.4)

1.0(16.8)/5.2 2/28/04
-7.1(16.8)/5.2 2/28/04
1.0(2.9)/5.2 2/28/04
-6.9(2.9)/5.2 2/28/04
5.6/8.1 12/31/93
4.6/6.3 12/31/96
6.3/4.9
3/31/02
6.304.9
3.2/4.9 12/31/01
2.1/4.9 12/31/01
3.8/4.9 12/31/01
4.4(0.2)/4.9 12/31/01
3.5(0.2)/4.9 12/31/01
-44.3/8.3 12/31/10
-2.7/4.7
3/31/01
-0.1/4.6 12/31/04
0.8(0.2)/4.7 3/31/01
-10.2(0.2)/4.7 3/31/01
0.8(0.2)/4.7 3/31/01
-10.2(0.2)/4.7 3/31/01
4.9/10.5 12/31/84
7.8/10.5 12/31/84
10.2(0.3)/10.5 12/31/84
-8.2/5.0
1/31/05
0.3(2.5)/5.0 1/31/05
4.7/3.7 12/31/98
4.703.7
34.8/19.8
3/31/09
34.8019.8

0.58 VLo
1.05 Avg
0.73 Lo
1.19 Hi
1.03 Avg
1.31 Hi
1.11 Hi
1.01 Avg
0.88 Lo
1.29 Hi
0.99 Avg
1.00 Avg
1.26 Hi
0.75 Lo
0.53 VLo
0.19 VLo
0.94 Avg
0.19 VLo
0.94 Avg
3.37 VHi
2.61 VHi
0.98 Avg
3.08 VHi
1.43 Hi
2.13 VHi
2.11 VHi

5(926)
14(825)

11(49)
11(40)

6(14)

12(340)

15(820)

13(671)

22(418)

A
B

C
C

0.52
-0.29
0.55
-0.12
0.86
0.70
0.89
0.87
0.87
0.77
0.99
0.96
0.47
-0.38
-0.10
0.11
-0.92
0.11
-0.92
0.56
0.55
1.00
0.63
0.94
0.80
0.87

0.27
-0.07
-0.18
-0.76
0.57
0.57
0.42
0.47
0.47
0.38
0.10
0.80
0.80
0.44
0.44
-0.61
-0.09
-0.09
0.00
-0.40
0.00
-0.40
0.45
0.45
0.38
0.43
0.47
0.47
0.39
0.30
0.30

0.04
-0.04
-0.05
-0.13
0.05
0.03
0.03
0.01
-0.05
0.05
0.05
0.05

-0.14
-0.14
-0.15
-0.18
-0.15
-0.18
0.02
0.06
0.06
0.04
0.01
-0.03
0.15
0.15

0.14
0.07
0.14
0.08
0.07
0.08
0.13
0.11

-0.18

-0.09
-0.30
-0.09
-0.30
0.04
0.07
0.12

0.10

0.06
0.03

0.07
0.07
0.07
0.07
0.06

-0.01/ 0.08
-0.14/ 0.08
0.00/ 0.08
-0.11/ 0.08
0.07/ 0.11
0.06/ 0.09
0.10/ 0.08
0.100
0.08
0.05/ 0.08
0.03/ 0.08
0.06/ 0.08
0.07/ 0.08
0.06/ 0.08
-0.93/ 0.19
-0.09/ 0.08
-0.05/ 0.07
-0.08/ 0.08
-0.22/ 0.08
-0.08/ 0.08
-0.22/ 0.08
0.08/ 0.13
0.08/ 0.13
0.13/ 0.14
0.02/ 0.08
0.02/ 0.08
0.07/ 0.05
0.070
0.05
0.31/ 0.36

0.1
-1.8
2.6(0.3)
2.6(0.3)

7.1
7.1
7.9
7.9
4.6(0.3)

6.8(0.7)/ 9.9 3/31/10

5.4(1.1)/ 9.9 3/31/10
11.4/16.1 12/31/11
14.9/16.1 12/31/11
9.3/16.1 12/31/11
9.1/16.1 12/31/11
13.2/16.1 12/31/11
8.6/16.1 12/31/11
14.9/16.1 12/31/11
10.0/16.1 12/31/11
9.9/16.1 12/31/11
12.5/16.1 12/31/11
12.4/16.1 12/31/11
11.1/16.1 12/31/11
8.6/16.1 12/31/11
13.5/16.1 12/31/11
10.7/16.1 12/31/11
8.5/9.5 12/31/86
9.1/9.5 12/31/86
8.5(0.5)/9.5 12/31/86

0.97 Avg
1.52 VHi
0.59 VLo
0.90 Avg
0.55 VLo
0.24 VLo
0.52 VLo
0.33 VLo
0.90 Avg
0.65 Lo
0.31 VLo
1.08 Avg
0.67 Lo
0.35 VLo
1.09 Avg
0.65 Lo
0.38 VLo
0.84 Lo
1.05 Avg
0.90 Avg

5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)
5(n/a)

8(99)

A
A
A

0.95
0.88
0.96
0.98
0.97
0.79
0.95
0.82
0.98
0.98
0.88
0.85
0.98
0.83
0.87
0.99
0.86
0.88
0.84
0.99

0.44
0.43

0.02
-0.01
0.06
0.06

0.16
0.16
0.16
0.16
0.14

0.11
0.11
0.11
0.11
0.06

Blue shading signifies ahead of the Wilshire 5000

8.6
8.6
10.0
10.0
7.3(0.4)

A
A
A
A
A
A
A
A
A
A

1-16

0.52
0.52
0.45
0.45
0.46
0.46
1.05
1.05
0.68
0.68
0.71
0.71
0.45
0.45
0.42

0.86
0.86

0.32
0.50
0.50
0.85
0.85
0.23
0.56
0.56
0.76
0.76
0.40
0.28
0.41

See footnotes on page 16

0.15/ 0.19
0.10/ 0.19

0.52/ 0.44
0.520
0.44
0.45/ 0.44
0.450
0.44
0.46/ 0.44
0.460
0.44
1.05/ 0.44
1.050
0.44
0.68/ 0.44
0.680
0.44
0.71/ 0.44
0.710
0.44
0.45/ 0.44
0.450
0.44
0.42/ 0.44

0.86/ 0.44
0.860
0.44

0.32/ 0.44
0.50/ 0.44
0.500
0.44
0.85/ 0.44
0.850
0.44
0.23/ 0.44
0.56/ 0.44
0.560
0.44
0.76/ 0.44
0.760
0.44
0.12/ 0.12
0.11/ 0.12
0.11/ 0.12

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)
Moneyletter (continued)
*b. Moderate Portfolio
Moderate PortfolioTiming only
*c. Conservative Portfolio
Conservative PortfolioTiming only
*d. Fidelity Venturesome Portfolio
Fidelity Venturesome PortfolioTiming only
*e. Fidelity Moderate Portfolio
Fidelity Moderate PortfolioTiming only
*f. Fidelity Conservative Portfolio
Fidelity Conservative PortfolioTiming only
*g. Vanguard Venturesome Portfolio
Vanguard Venturesome PortfolioTiming only
*h. Vanguard Moderate Portfolio
Vanguard Moderate PortfolioTiming only
*i. Vanguard Conservative Portfolio
Vanguard Conservative PortfolioTiming only
*j. Select Portfolio
Morningstar Dividend Investor (Average)
a. Dividend Builder Portfolio
b. Harvest Portfolio
*Morningstar ETF Investor (Average)
*a. ETF Income Portfolio
*b. ETF Global Asset-Allocation Portfolio
*Morningstar Fund Investor (Average)
*a. Aggressive Wealth Maker
*b. Wealth Maker
*c. Wealth Keeper
*Morningstar Mutual Funds (Average)
*a. International Equity Funds
*b. Domestic Equity Funds
*c. Specialty Equity Funds
*d. Hybrid Funds
*e. Taxable Bond Funds
Morningstar Opportunistic Investor
Morningstar StockInvestor (Average)
a. The Tortoise Portfolio
The Tortoise PortfolioTiming Only
b. The Hare Portfolio
The Hare PortfolioTiming Only
Motley Fool Hidden Gems (Average)
a. Real Money Portfolio
Motley Fool Income Investor
Motley Fool Inside Value
Motley Fool Rule Breakers
*Motley Fool Rule Your Retirement (Average)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since
10.0
0.4
10.3
9.0
10.3
9.0
16.7(0.3) 3.8(0.3)
3.8(0.3) 8.0(0.3)
8.0(0.3) 5.2(0.3)
5.2(0.3)
16.7(0.3)
7.5
1.4
6.4
6.4
6.4
12.9(0.1) 2.2(0.2)
2.2(0.2)
7.3(0.2) 5.0(0.3)
5.0(0.3)
13.1
0.2
9.8
8.8
9.8
8.8
14.9(0.2) 2.8(0.2)
2.8(0.2)
7.5(0.3)
4.8(0.3)
12.6
2.7
10.2
8.3
2.7
10.2
8.3
16.1(0.3) 3.5(0.2)
3.5(0.2)
7.8(0.2) 5.1(0.2)
5.1(0.2)
10.9
1.8
6.8
5.4
5.4
13.1(0.0) 2.3(0.1)
2.3(0.1)
7.4(0.1) 5.2(0.2)
5.2(0.2)
10.7
-0.4
8.3
6.8
8.3
6.8
14.9(0.2) 2.6(0.2)
2.6(0.2)
7.4(0.3)
4.7(0.3)
10.9
2.2
8.7
6.9
2.2
8.7
6.9
16.0(0.0) 3.4(0.1)
3.4(0.1)
7.9(0.2) 5.1(0.2)
5.1(0.2)
6.3
2.0
6.4
5.1
5.1
12.2(0.1) 2.2(0.1)
2.2(0.1)
7.3(0.1) 5.0(0.2)
5.0(0.2)

The Hulbert Financial Digest

9

10.2
-7.9
13.7
8.3
8.3
15.0
4.8
4.8
12.3
11.5
11.5

13.8
3.7
3.7
18.4
2.7
18.4
2.7
12.9
4.0
4.0
10.0
4.1
4.1
13.5
2.5
2.5
20.4
-1.5
20.4
15.9
1.9
11.1
1.8
12.3
2.1
2.1
7.7
6.8
6.8
29.2
-3.1
29.2
18.0
5.5
18.0
5.5
15.1
4.3
4.3
15.7(0.1)
1.7(0.1)
20.8
6.4
20.8
6.4
15.9(0.1)
1.5(0.1)
8.4
-8.7
8.4

12.2
3.1
3.1
24.1
9.6
24.1
9.6
12.8
7.2
7.2
13.7
3.4
3.4
*a. Champion Funds Top 50+
16.0
1.5
*b. Active All-Star Portfolio (10+ Yrs From Retirement)
16.2

16.2
*c. Active All-Star Portfolio (Within 10 Yrs of Retirement)
13.9

*d. Active All-Star Portfolio (In Retirement)

11.6

*e. Index-Only Portfolio (10+ Years From Retirement)

15.9

*f. Index-Only Portfolio (Within 10 Years of Retirement)

13.3

*g. Index-Only Portfolio (In Retirement)

11.1

*h. ETF Model Portfolio (10+ Years from Retirement)

15.8

*i. ETF Model Portfolio (Within 10 Years of Retirement)

12.9

*j. ETF Model Portfolio (In Retirement)

10.1

Motley Fool Stock Advisor

19.5
7.7
19.5
7.7
Mutual Fund Prospector (Average)
8.5
-1.1
*a. Prospectors Portfolio
8.5
-4.5
*The Mutual Fund Strategist (Average)
7.8
2.4
2.4
*a. Profunds Momentum Portfolio
12.7
2.4
2.4
Momentum PortfolioTiming Only
9.1(6.8) 5.2(6.0)
5.2(6.0)
*b. Rydex Momentum Portfolio
6.6
1.6
*c. ETF Flexible Allocation Portfolio
10.5

*d. ETF Fixed Allocation Portfolio

1.4

Mutual Funds Magazine13

a. Timing Only: Seasonality Timing System
7.8(34.0) -2.1(32.8)
Nates Notes (Average)
3.4
-1.4
a. Model Portfolio
7.6
0.8
Model PortfolioTiming Only
10.5(0.8) -0.1(0.9)
b. Aggressive Portfolio
-0.6
-4.6
Aggressive PortfolioTiming Only
6.8(2.3) -5.2(2.4)

Blue shading signifies ahead of the Wilshire 5000

7.9

8.8
8.8
11.6
11.6
7.9
10.3
10.3
6.8
6.4

10.1
10.1
8.5
8.5
7.3(0.2)
11.5
11.5
6.4(0.2)

15.0
15.0
7.9
6.3
1.9
1.8
4.9(6.6)

5.6
5.6
6.2
6.2

-1.6

5.0(33.2)
16.0
16.0
13.4
13.4
5.8(0.9)
18.7
18.7
5.5(1.9)

5.7(33.1)
5.7(33.1)

9.5/9.4
9.509.4
8.4(0.4)/9.4
8.2/9.4
7.9(0.3)/9.4
10.2/7.2
10.207.2
7.0(0.3)/7.2
9.5/7.2
9.507.2
7.2(0.2)/7.2
6.6/7.2
6.8(0.2)/7.2
8.0/7.2
8.007.2
6.9(0.3)/7.2
8.2/7.2
8.207.2
7.1(0.2)/7.2
6.4/7.2
6.7(0.2)/7.2
7.7/7.7
8.2/5.0
8.205.0
5.6/5.0
5.605.0
9.6/2.6
9.602.6
10.5/10.5
10.9/10.5
10.9010.5
10.1/10.5
5.5/5.0
5.505.0
5.4/5.0
5.405.0
5.5/5.0
5.505.0
5.4/5.0
5.405.0
6.7/9.4
6.1/8.3
7.4/7.3
7.407.3
10.3/7.3
10.307.3
6.7/7.3
6.5/7.3
0.8/5.0
7.9/2.3
7.902.3
6.6/4.3
6.604.3
4.4(0.3)/4.3
4.4(0.3)04.3
7.0/4.3
7.004.3
3.8(0.4)/4.3
4.4/6.9
5.9/19.8
7.8/6.5
7.806.5
11.7/5.9
11.705.9
7.9/5.7
7.905.7
6.1/5.3
6.105.3
5.5/5.3
5.505.3
9.8/12.2
9.3/12.2
8.8/12.2
10.3/12.2
10.0/12.2
9.5/12.2
5.6/7.4
6.7/7.4
7.1/7.4
14.3/4.9
14.304.9
3.9/2.3
3.902.3
2.7/2.3
2.702.3
4.8/10.5
1.5/2.3
0.5(7.1)/2.3
0.7/2.6
5.8/7.5
1.4/16.1

12/31/88
12/31/88
12/31/88
12/31/88
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
12/31/95
10/31/02
5/31/05
5/31/05
12/31/06
5/31/12
5/31/12
5/31/12
6/30/05
6/30/05
6/30/05
6/30/05
12/31/90
12/31/92
7/31/02
7/31/02
8/31/02
8/31/02
5/31/05
12/31/99
7/31/01
7/31/01
7/31/01
7/31/01
6/30/03
3/31/09
8/31/03
8/31/04
9/30/04
3/31/04
3/31/04
9/30/09
9/30/09
9/30/09
9/30/09
9/30/09
9/30/09
1/31/11
1/31/11
1/31/11
3/31/02
12/31/99
12/31/99
12/31/84
12/31/99
12/31/99
12/31/06
9/30/08
12/31/11

10.9(32.1)/10.9 12/31/81
6.7/2.3 12/31/99
6.702.3
7.7/2.3 12/31/99
7.702.3
1.4(0.8)/2.3 12/31/99
5.2/2.3 12/31/99
5.202.3
-2.1(1.9)/2.3 12/31/99

Risk

# secs

Clarity Correl

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3

0.95 Avg
8(683)
0.88 Lo

0.77 Lo
7(1005)
0.80 Lo

1.05 Avg
8(157)
0.92 Avg

0.86 Lo
8(699)
0.88 Lo

0.69 Lo
6(1303)
0.82 Lo

0.96 Avg
8(235)
0.92 Avg

0.80 Lo
8(928)
0.89 Lo

0.61 Lo
6(1312)
0.82 Lo

1.31 Hi
5(34)
0.80 Lo

0.91 Avg 18(1040)

0.81 Lo
18(918)
0.62 Lo

0.61 Lo
6(81)
0.65 Lo
8(532)
0.68 Lo

0.96 Avg
11(n/a)
0.64 Lo
14(n/a)
0.44 VLo
9(n/a)
0.75 Lo

1.18 Hi
21(1977)
1.03 Avg 48(1310)
1.12 Hi
7(2148)
0.65 Lo
21(1424)
0.30 VLo 27(1817)
0.97 Avg
0(n/a)
1.02 Avg

0.96 Avg 23(1914)

0.99 Avg

1.24 Hi
26(1248)
0.99 Avg

1.38 Hi

0.84 Lo
60(715)
0.89 Lo
31(506)
1.13 Hi
24(252)
1.54 VHi 93(1050)
0.84 Lo

1.01 Avg 43(1554)

1.02 Avg 13(1166)
0.68 Lo
12(1031)
0.48 VLo 10(1214)
0.97 Avg 11(1214)
0.67 Lo
11(1214)
0.44 VLo 9(1214)
1.03 Avg
12(710)
0.70 Lo
11(710)
0.46 VLo 10(710)
1.24 Hi 105(1183)
1.04 Avg

1.02 Avg
14(274)
0.87 Lo

0.79 Lo
3(19)
0.63 Lo

0.69 Lo
3(19)
0.48 VLo
3(19)
0.71 Lo
4(305)

A
A

A
A

A
A
A

C
C
C
C
C
A

A
C
C
C

C
A
A
A
A
A
A
A
A
A
C

A
A
A

0.81
0.99
0.76
0.99
0.87
0.99
0.86
0.99
0.86
1.00
0.91
0.99
0.92
1.00
0.92
1.00
0.73
0.85
0.86
0.73
0.98
0.98
0.95
0.98
0.98
0.99
0.95
0.94
0.83
0.99
0.94
0.96
0.53
0.77
0.89
0.83
1.00
0.88
0.99
0.81
0.80
0.92
0.92
0.85
0.98
0.98
0.98
0.98
0.97
0.99
0.98
0.94
0.98
0.98
0.97
0.90
0.86
0.90
0.47
0.38
0.72
0.46
0.27
0.90

0.37
0.43
0.39
0.42
0.52
0.52
0.44
0.58
0.58
0.43
0.33
0.42
0.48
0.48
0.44
0.38
0.43
0.32
0.52
0.52
0.48
0.48
0.49
0.49

0.53
0.53
0.46
0.46
0.53
0.53
0.70
0.70
0.45
0.45
0.38
0.43
0.31
0.57
0.57
0.95
0.95
0.77
0.77
0.48
0.48
0.51
0.51
0.44
0.43
0.44
0.19
0.19
0.38
0.64
0.64
0.21
0.49
0.49
0.45
0.45
0.41
0.53
0.53
0.60
0.60
0.42
0.50
0.50
0.64
0.64
0.42
0.50
0.50
0.60
0.60
0.41
0.44
0.44
0.38
0.39
0.34
0.29
0.48
0.48
0.06

0.04
0.06
0.06
0.03
0.07
0.07
0.07
0.07
0.08
0.08
0.05
0.06
0.06
0.02
0.06
0.06
0.06
0.06
0.08
0.08
0.06
0.06
0.06
0.06
-0.08
0.17
0.17
0.10
0.10
0.22
0.22

0.09
0.09
0.06
0.06
0.10
0.10
0.14
0.14
0.06
0.06
0.01
0.05
0.05
0.06
0.06
0.31
0.31
-0.03
0.11
0.11
0.10
0.10
0.05
0.11
0.11
0.05
-0.09

0.07
0.07
0.15
0.15
0.11
0.11
0.08
0.08
0.05

0.12
0.12
-0.01
-0.06
0.07
0.07
0.07
0.07
0.16
0.16
0.05

0.61 Lo
2.64 VHi
2.01 VHi
0.85 Lo
3.29 VHi
1.56 VHi

0.53
0.53
0.51
0.97
0.54
0.95

0.31
0.09
0.19
0.38
0.01
0.22

-0.04
0.02
0.03
0.01
0.01
-0.01

21(513)

21(494)

1-16

0.41

0.45
0.45

0.02

0.08
0.08

0.19
0.19
0.15
0.15

0.14
0.14
0.16
0.16
0.14
0.20
0.20
0.15
0.15
0.16
0.16
0.14
0.14
0.14
0.18
0.18
0.15
0.15
0.17
0.17
0.14
0.12

0.17
0.17
0.17
0.17
0.13
0.16
0.16
0.16
0.16
0.29
0.29

0.18
0.18
0.15
0.15
0.13
0.19
0.19
0.11

0.22
0.22
0.14
0.11
0.02
0.02
0.11

0.10

0.20
0.20
0.22
0.22
0.11

0.19
0.19
0.08

See footnotes on page 16

0.13 0.13/ 0.13

0.13
0.07 0.12/ 0.13
0.07
0.10 0.13/ 0.13
0.10
0.07 0.12/ 0.13
0.07
0.12 0.140
0.14/ 0.10
0.12
0.10

0.06 0.10/ 0.10

0.15/ 0.10
0.150
0.10
0.11/ 0.10
0.110
0.10
0.11/ 0.10
0.110
0.10
0.10/ 0.10
0.11/ 0.10
0.110
0.10
0.06 0.10/ 0.10
0.11 0.130
0.13/ 0.10
0.11
0.10
0.07 0.10/ 0.10
0.07
0.09 0.110
0.11/ 0.10
0.09
0.10
0.07 0.10/ 0.10
0.07
0.11/ 0.13
0.160
0.16/ 0.08
0.08
0.100
0.10/ 0.08
0.08
0.180
0.18/ 0.05
0.05
1.400
1.40/ 0.86
0.86
1.460
1.46/ 0.86
0.86
1.270
1.27/ 0.86
0.86
0.110
0.11/ 0.08
0.08
0.090
0.09/ 0.08
0.08
0.120
0.12/ 0.08
0.08
0.150
0.15/ 0.08
0.08
0.09 0.10/ 0.13
0.09
0.08 0.07/ 0.12
0.08
0.12/ 0.12
0.160
0.16/ 0.12
0.12
0.150
0.15/ 0.12
0.12
0.300
0.30/ 0.12
0.12
0.01/ 0.08
0.120
0.12/ 0.03
0.03
0.110
0.11/ 0.07
0.07
0.07/ 0.07
0.100
0.10/ 0.07
0.07
0.06/ 0.07
0.07/ 0.12
0.14/ 0.36
0.140
0.14/ 0.11
0.11
0.180
0.18/ 0.10
0.10
0.100
0.10/ 0.09
0.09
0.110
0.11/ 0.09
0.09
0.09/ 0.09
0.20/ 0.24
0.260
0.26/ 0.24
0.24
0.340
0.34/ 0.24
0.24
0.21/ 0.24
0.280
0.28/ 0.24
0.24
0.390
0.39/ 0.24
0.24
0.13/ 0.17
0.210
0.21/ 0.17
0.17
0.320
0.32/ 0.17
0.17
0.200
0.20/ 0.08
0.08
0.050
0.05/ 0.03
0.03
0.03/ 0.03
-0.07 0.04/ 0.13
0.01/ 0.03
-0.03/ 0.03
0.01/ 0.05
0.180
0.18/ 0.13
0.13
0.06/ 0.44
0.13
0.13
0.07
0.07
0.09
0.09
0.07
0.07
0.10
0.10

0.10 0.190
0.19/ 0.13
0.10
0.13
0.080
0.08/ 0.03
0.03
0.090
0.09/ 0.03
0.03
0.01/ 0.03
0.080
0.08/ 0.03
0.03
-0.01/ 0.03

10

Performance Ratings Through December 31, 2012

N-R
NEWSLETTER (Portfolio)

The Hulbert Financial Digest

LT Performance Ratings, January 2013

The National Investor (Average)

a. Conservative/Income-Oriented Accounts
Cons/Inc-Oriented AccountsTiming Only
b. Aggressive/Growth Accounts
Aggressive/Growth AccountTiming Only
*National Trendlines (Average)
a. National Trendlines Model Portfolio
b. Timing Only: Stock Fund Timing
c. Timing Only: OEX TradersCash on Sells
d. Timing Only: OEX TradersShort on Sells
*No-Load Fund Analyst (Average)
*a. Conservative Balanced Portfolio
Conservative Balanced PortfolioTiming Only
*b. Balanced Portfolio
Balanced PortfolioTiming Only
*c. Equity-Tilted Balanced Portfolio
*d. Equity Portfolio
*No-Load Fund Investor (Average)
*a. Master Wealth Builder Portfolio
Master Wealth Builder PortfolioTiming only
*b. Master Pre-Retirement Portfolio
*c. Master Retirement Portfolio
*d. Master Aggressive Portfolio
*e. Master Income and Preservation Portfolio
*No-Load Fund-X (Average)
*a. Class 1: Aggressive Sector Funds
*b. Class 2: Aggressive Stock Funds
*c. Class 3: Core Stock Funds
*d. Class 4: Total Return Funds
*e. Monthly Upgrader Portfolio
*f. Monthly Flexible Income Portfolio
*No-Load Mutual Fund Sel. & Timing (Average)
*a. Balanced Portfolio
*b. Growth Portfolio
Growth PortfolioTiming only
*c. Aggressive Growth Portfolio
*d. Income Portfolio
e. Timing Only: 100% Short on IT Sells
f. Timing Only: 100% Cash on IT Sells
g. Timing Only: 100% Short on Primary Sells
h. Timing Only: 100% Cash on Primary Sells
*No-Load Portfolios (Average)
*a. Aggressive Equity Portfolio
Aggressive Equity PortfolioTiming only
*b. Conservative Equity Portfolio
*c. Income Portfolio
d. ST Stock Timing Model-(Cash on Sells)
e. STStock Timing Model-(Short on Sells)
f. LT Stock Timing Model-(Cash on Sells)
g. LT Stock Timing Model-(Short on Sells)
*No-Load Navigator (Average)
*a. Capital Appreciation Portfolio
*b. Growth & Income Portfolio
*c. Income Portfolio
The Oberweis Report (Average)
a. Current Portfolio
*On The Money (Average)
*a. Conservative Portfolio
Conservative PortfolioTiming only
*b. Growth/Moderate Risk Portfolio
Growth/Moderate Risk PortfolioTiming only
*c. Aggressive Portfolio
Aggressive PortfolioTiming only
*d. Core Holdings Portfolio
Core Holdings PortfolioTiming Only
*e. Enhanced Index Portfolio
Enhanced Index PortfolioTiming Only
*f. Diversified Sectors
*g. Exchange Traded Funds

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since
0.2
3.0
12.9

3.0
12.9
1.0
4.3
13.0

4.3
13.0
4.3(1.8)
0.0(1.7)
4.6(1.3)

-0.5
1.7
12.8

12.8
2.4(2.5) -3.3(2.2)
3.6(1.5)

5.7
1.4
2.7
1.4
5.7
1.4
4.0
2.0
3.6(2.0) -4.4(1.8) -1.1(1.6)
1.0(2.3)
3.6(2.0) -1.9(1.8) -0.2(1.6)
1.0(5.3)
-9.3(2.0) -11.4(4.2) -12.7(7.8) -7.8(18.0)
15.8
3.0
7.4
6.3
3.0
6.3
12.5
5.1
7.4
6.2
5.1
6.2
16.1(0.0) 2.4(0.1)
2.4(0.1)
7.8(0.1)
4.8(0.1)
14.8
3.6
7.5
6.2
3.6
6.2
16.1(0.0) 2.3(0.1)
2.3(0.1)
7.8(0.1)
4.8(0.0)
16.4
2.5
7.4
6.3
16.4
2.5
6.3
19.1
0.6
7.1
6.1
19.1
6.1
15.1
1.3
7.2
6.0
6.0
18.3
2.4
9.1
6.6
18.3
2.4
9.1
6.6
15.2(0.0)
2.0(0.0)
7.8(0.0) 5.6(0.1)
5.6(0.1)
15.4
2.4
8.2
6.7
2.4
8.2
6.7
12.9
3.4
6.7
6.1
3.4
6.1
19.7

19.7
9.1

14.4
-2.5
7.4
9.3
9.3
16.1
-1.5
11.4
15.0
11.4
15.0
9.0
0.3
12.1
13.8
12.1
13.8
12.5
-3.2
7.1
9.1
9.1
7.9
3.5
10.5
9.5
3.5
10.5
9.5
14.4
-2.7
8.3

8.3
6.4
5.9

5.9
4.5
6.0
6.5
6.4
6.0
6.4
5.5
6.5
7.2
7.0
6.5
7.0
5.3
6.9
7.1
7.1
6.9
7.1
8.9(0.3) 6.6(0.5)
6.6(0.5)
6.1(0.5)
4.6(0.8)
5.0
5.9
7.8
7.8
5.9
7.8
1.9
4.4
4.6
4.8
4.4
4.4(4.0) -0.4(3.4) -1.5(3.7) -1.3(5.1)
4.4(4.0) -3.4(2.8)
0.5(1.8)
0.5(2.6)
-12.1(2.0)
1.3(2.6) -0.7(3.5) -1.0(2.7)
0.1(0.0)
0.8(1.6)
1.9(1.2)
1.9(1.0)
3.6
2.0
5.7
5.0
5.0
1.3
-2.2
5.2
3.8
4.4(0.3) -0.6(0.5)
5.6(0.4)
2.8(0.5)
4.8
2.6
6.1
5.3
2.6
5.3
4.8
5.4
5.3
5.5
5.4
5.5
0.1(0.0) 5.5(0.4)
5.5(0.4)
5.4(0.5)
3.4(0.7)
-16.1(0.0) 2.9(0.4)
2.9(0.4) -2.8(0.5) -5.1(0.7)
0.1(0.0)
0.4(0.0)
2.6(0.2)
3.5(0.3)
-16.1(0.0) -7.5(0.0) -8.7(0.2) -5.2(0.3)
8.3
2.4
7.6

2.4
7.7
1.2
9.1

9.1
10.8
0.5
7.4

6.2
5.0
6.0

5.0
8.9
-6.8
7.7
6.3
6.3
8.9
-6.8
7.7
6.2
6.2
-1.2
0.8
3.2
4.9
0.1
0.7
3.6
4.4
0.1(0.0)
0.8(0.2)
5.0(1.8) 5.1(3.1)
5.1(3.1)
-0.4
0.5
3.2
6.2
6.2
-1.0(0.4)
0.7(0.4)
3.5(2.3)
3.5(3.7)
-0.7
1.3
3.7
9.0
9.0
-1.0(0.4)
0.3(0.5)
3.0(2.7)
3.2(4.1)
-0.4
1.2
4.2
5.7
5.7
-1.0(0.4)
0.8(0.4)
4.1(2.0)
4.0(3.5)
-2.5
1.0
2.6
3.6
-1.0(0.4)
0.2(0.5)
2.3(2.9)
2.0(4.6)
-2.5
0.2

-1.9
0.7

Blue shading signifies ahead of the Wilshire 5000

10.5/3.4
10.503.4
10.8/3.4
10.803.4

1.6(1.3)/3.4
10.2/3.4
10.203.4
0.5(1.4)/3.4
1.4/8.1
2.8/8.6
3.6(3.6)/8.3
3.6(6.7)/8.6
-5.9(18.8)/8.6
8.5/8.7
8.2/8.7
8.6(0.1)/8.7
8.2/8.7
8.6(0.1)/8.7
8.6/8.7
8.5/8.7
8.9/ 9.7
9.4/ 9.7
9.6(0.1)/ 9.7
9.4/ 9.7
8.4/9.5
2.3/3.4
10.1/22.0
12.1/10.9
12.1010.9
11.3/10.9
11.3010.9
14.5/10.9
14.5010.9
14.1/10.9
14.1010.9
10.6/9.5
10.609.5
3.6/2.5
3.602.5
6.0/4.6
6.004.6
8.3/8.7
8.8/8.7
8.808.7
10.0/8.7
10.008.7
7.8(1.8)/8.7
9.9/8.3
9.908.3
6.2/8.3
0.7(6.9)/8.7
3.4(4.4)/8.7
1.6(2.7)/8.7
4.9(0.9)/8.7
6.4/9.4
5.5/9.4
5.3(0.7)/9.4
7.0/9.4
6.4/9.4
4.8(1.0)/9.4
-7.7(1.0)/9.4
6.0(0.6)/8.3
-3.3(0.6)/8.3
5.8/4.9
5.804.9
6.8/4.9
6.804.9
5.4/4.9
5.404.9
6.0/4.9
6.004.9
11.9/ 9.8
9.8
11.90
11.8/
9.8
11.80 9.8
6.5/8.6
5.7/8.6
7.8(3.0)/8.6
6.9/8.6
6.2(3.7)/8.6
9.4/8.6
9.408.6
5.8(4.3)/8.6
5.7/4.9
5.704.9
4.0(3.5)/4.9
3.6/4.9
2.0(4.6)/4.9
0.2/5.5
0.1/5.5

12/31/00
12/31/00
12/31/00
12/31/00
12/31/00
12/31/93
12/31/94
12/31/91
12/31/94
12/31/94
12/31/89
12/31/89
12/31/89
12/31/89
12/31/89
12/31/89
12/31/89
12/31/85
12/31/85
12/31/85
12/31/85
12/31/86
1/31/08
2/28/09
6/30/80
6/30/80
6/30/80
6/30/80
12/31/86
2/28/00
8/31/05
12/31/89
12/31/89
12/31/89
12/31/89
12/31/92
12/31/92
12/31/89
12/31/89
12/31/89
12/31/89
12/31/90
12/31/90
12/31/90
12/31/90
12/31/90
12/31/90
12/31/90
2/28/93
2/28/93
12/31/01
12/31/01
12/31/01
12/31/01
12/31/87
12/31/87
12/31/94
12/31/94
12/31/94
12/31/94
12/31/94
12/31/94
12/31/94
12/31/97
12/31/97
12/31/97
12/31/97
12/31/03
12/31/03

Risk

# secs

1.19 Hi
1.14 Hi
0.62 Lo
1.27 Hi
0.75 Lo
0.44 VLo
0.49 VLo
0.46 VLo
0.36 VLo
0.86 Lo
0.71 Lo
0.47 VLo
0.99 Avg
0.62 Lo
0.99 Avg
0.79 Lo
0.99 Avg
0.71 Lo
0.89 Lo
0.91 Avg
0.73 Lo
0.54 VLo
1.15 Hi
0.29 VLo
1.02 Avg
1.54 VHi
1.34 Hi
0.98 Avg
0.74 Lo
1.03 Avg
0.20 VLo
0.42 VLo
0.51 VLo
0.55 VLo
0.55 VLo
0.61 Lo
0.21 VLo
0.71 Lo
0.58 VLo
0.72 Lo
0.62 Lo
0.36 VLo
0.63 Lo
0.65 Lo
0.43 VLo
0.23 VLo
0.49 VLo
1.03 Avg
0.36 VLo
1.01 Avg
0.61 Lo
0.91 Avg
0.71 Lo
0.33 VLo
2.11 VHi
1.99 VHi
0.66 Lo
0.21 VLo
0.52 VLo
0.80 Lo
0.51 VLo
0.96 Avg
0.59 VLo
0.35 VLo
0.46 VLo
1.02 Avg
0.69 Lo
0.35 VLo
0.41 VLo

21(420)

21(442)

1(360)

23(1235)

23(1419)

23(1533)
18(1285)

12(1483)

12(1326)
10(975)
11(741)
10(882)

5(181)
5(96)
5(141)
5(132)
15(110)
12(402)

9(222)
7(209)

7(208)
5(279)

1(728)

2(4851)
5(4128)

5(1233)
5(1345)
4(1406)

58(486)

0(n/a)

0(n/a)

0(n/a)

0(n/a)

0(n/a)

0(n/a)
0(n/a)

Clarity Correl.

A
A

A
A
A
A

A
A
A
A
A
A

A
A

A
A

A
A

A
A
A

A
A

0.43
0.44
0.90
0.41
0.91
0.41
0.37
0.39
0.29
-0.59
0.93
0.87
1.00
0.91
1.00
0.93
0.93
0.93
0.94
0.98
0.93
0.91
0.97
0.90
0.88
0.60
0.77
0.87
0.79
0.90
0.52
0.81
0.87
0.80
0.87
0.81
0.44
0.19
0.47
0.30
0.55
0.84
0.77
0.91
0.86
0.31
0.47
-0.52
0.31
-0.73
0.83
0.78
0.84
0.51
0.76
0.77
0.46
0.34
0.55
0.39
0.57
0.42
0.54
0.40
0.53
0.42
0.44
0.26
0.16

1-16

12 Mo
0.02
0.05
0.85
0.85
0.00
0.28
0.37
0.37
0.39
0.39
-0.20
0.50
0.50
0.78
0.78
0.44
0.55
0.55
0.44
0.47
0.47
0.39
0.49
0.49
0.46
0.46
0.44
0.44
0.49
0.49
0.46
0.46
0.83
0.83
0.43
0.50
0.50
0.23
0.39
0.40
0.43
1.10
1.10
0.46
0.46
0.41
0.38
0.42
0.38
0.22
0.45
0.45
0.45
0.45
-0.61
0.00
0.71
0.71
0.56
0.56
0.44
0.51
0.51
0.83
0.83
0.00
-0.40
0.00
-0.40
0.37
0.21
0.55
0.55
0.54
0.54
0.17
0.17
-0.56
0.00
0.00
-0.56
-0.57
-0.39
-0.57
-0.56
-0.57
-0.53
-0.57
-0.51
-0.48

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3
0.07
0.07
0.10
0.10

0.01
0.05
-0.06
0.08
0.08
0.08
0.08
-0.18
-0.18
-0.18
0.07
0.07
0.15
0.15
0.06
0.06
0.09
0.09
0.06
0.06
0.06
0.06
0.03
0.04
0.06
0.06
0.05
0.06
0.06
0.09
0.09

-0.02
0.01
0.03
-0.03
0.09
0.09
-0.01
0.48
0.48
0.23
0.23
0.18
0.18
0.22
0.22
0.19
0.19
0.18
0.18
0.41
0.41
0.00
-0.09
0.04
0.03
0.07
0.07
-0.05
0.00
0.09
0.09
0.37
0.37
0.16
0.16
0.06
0.06
0.00
-0.10
0.07
0.07
0.04
0.02
0.21
0.21
-0.03
-0.03
0.07
0.07
0.24
0.24
0.10
0.10
0.02
0.07
0.07
0.09
0.09
-0.01
0.21
0.21
0.08
0.08
0.06
0.06
-0.04
-0.02
0.03

See footnotes on page 16

0.20
0.20
0.22
0.22
0.11

0.19
0.19

0.06
0.09
0.17
0.17
-0.12
-0.14
-0.29
0.15
0.15
0.21
0.21
0.14
0.16
0.16
0.13
0.14
0.11
0.14
0.16
0.16
0.14
0.16
0.16
0.17
0.17

0.12
0.15
0.15
0.18
0.18
0.12
0.22
0.22
0.14

0.25
0.25
0.21
0.21
0.23
0.23
0.18
0.18
0.23
0.23
0.33
0.33
-0.08
-0.03
-0.04
0.02
0.19
0.19
0.12
0.12
0.18
0.18
0.29
0.29
0.14
-0.06
0.08
-0.19
0.19
0.19
0.17
0.17
0.17
0.17
0.23
0.23
0.10
0.10
0.08
0.20
0.20
0.20
0.20
0.08
0.12
0.08
0.08
0.16
0.16
0.14
0.04
0.04

-0.04
-0.01
-0.05
-0.08
-0.19
0.11
0.11
0.14
0.14
0.06
0.11
0.11
0.06
0.10
0.10
0.08
0.08
0.10
0.10
0.10
0.10
0.08
0.08
0.11
0.11
0.13
0.13

0.13
0.13
0.17
0.17
0.16
0.16
0.13
0.13
0.17
0.17

0.19
0.19
0.17
0.17
0.17
0.17
0.08
0.08
0.17
0.17
0.24
0.24
-0.08
-0.05
-0.07
0.00
0.13
0.13
0.05
0.03
0.13
0.13
0.25
0.25
0.04
-0.11
0.07
0.07
-0.11

0.08
0.08
0.08
0.08
0.08
0.08
0.18
0.18
0.11
0.11
0.10
0.10
0.05
0.13
0.13
0.03
0.16
0.16
0.07
0.07
0.04
0.00

0.15/ 0.05
0.150
0.05
0.16/ 0.05
0.160
0.05
0.01/ 0.05

0.14/ 0.05
0.140
0.05

-0.01/ 0.05
-0.05/ 0.11
0.01/ 0.12
0.03/ 0.12
0.04/ 0.12
-0.17/ 0.12
0.14/ 0.12
0.140
0.12
0.20/ 0.12
0.200
0.12
0.12/ 0.12
0.15/ 0.12
0.150
0.12
0.12/ 0.12
0.14/ 0.12
0.140
0.12
0.12/ 0.12
0.14/ 0.12
0.140
0.12
0.13/ 0.12
0.130
0.12
0.13/ 0.12
0.130
0.12
0.15/ 0.12
0.150
0.12
0.16/
0.12
0.160 0.12
0.06/ 0.07
0.61/ 0.38
0.610
0.38
0.14/ 0.13
0.140
0.13
0.11/ 0.13
0.15/ 0.13
0.150
0.13
0.18/ 0.13
0.180
0.13
0.18/ 0.12
0.180
0.12
0.05/
0.03
0.050 0.03
0.37/ 0.07
0.370
0.07
0.22/ 0.12
0.220
0.12
0.20/ 0.12
0.200
0.12
0.23/ 0.12
0.230
0.12
0.16/
0.12
0.160 0.12
0.21/ 0.12
0.210
0.12
0.27/ 0.12
0.270
0.12
-0.05/ 0.12
0.02/ 0.12
-0.03/ 0.12
0.06/ 0.12
0.17/ 0.13
0.170
0.13
0.08/ 0.13
0.07/ 0.13
0.17/ 0.13
0.170
0.13
0.27/ 0.13
0.270
0.13
0.07/ 0.13
-0.18/ 0.13
0.16/ 0.12
0.160
0.12
-0.09/ 0.12
0.14/ 0.08
0.140
0.08
0.12/ 0.08
0.120
0.08
0.11/ 0.08
0.110
0.08
0.24/ 0.08
0.240
0.08
0.12/ 0.13
0.12/ 0.13
0.11/ 0.12
0.24/ 0.12
0.240
0.12
0.17/ 0.12
0.170
0.12
0.10/ 0.12
0.13/ 0.12
0.130
0.12
0.14/ 0.12
0.140
0.12
0.10/ 0.12
0.16/ 0.06
0.160
0.06
0.07/ 0.06
0.070
0.06
0.04/ 0.06
0.00/ 0.06
-0.07/ 0.09
-0.07/ 0.09

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

The Hulbert Financial Digest

11

OneQTrades.com
8.8
OneQTrades.comTiming Only
11.5(6.0)
The 100% Letter (Average)
1.6
a. The 100% Portfolio
6.6
Outstanding Investments
0.9
The Outlook (Average)
10.0
a. Stock Appreciation Ranking System (5 Stars)
11.7
Stock Appreciation Ranking SystemTiming only
9.6(0.0)
b. S&Ps Platinum Portfolio
7.5
S&Ps Platinum PortfolioTiming only
9.6(0.0)
c. Neural Fair Value 25 Portfolio
8.5
d. High-Quality Capital Appreciation Portfolio
7.1
e. Total Return Portfolio
5.5
f. Small/Mid-Cap Growth Portfolio
12.1
g. Power Picks
16.9
16.9
*h. A Moderate Model ETF Portfolio
10.8
i. Industry Momentum Portfolio
9.4
j. Top Ten Portfolio
10.0
The Oxford Club (Average)
12.6
a. Asset Allocation Model
12.6
b. All-Star Portfolio
13.1
c. Perpetual Income Portfolio
9.4
d. Trading Portfolio
14.3
*e. The Gone Fishin Portfolio
13.4
The PAD System Report (Average)
16.7
16.7
a. Model Portfolio C (Conservative Version)
16.7
16.7
*PaulMerriman.com (Average)
12.8
*a. Vanguard Emergency Fund Portfolio
4.6
*b. Vanguard Monthly Income Portfolio
7.4
*c. Fidelity Tax-Deferred Portfolio (Moderate)
12.7
*d. Fidelity Tax-Deferred Portfolio (Aggressive)
19.9
19.9
*e. Vanguard Tax-Deferred Portfolio (Moderate)
12.0
*f. Vanguard Tax-Deferred Portfolio (Aggressive)
18.1
18.1
*g. ETF Tax-Deferred Portfolio (Aggressive)
19.6
19.6
*h. ETF Tax-Deferred Portfolio (Moderate)
12.5
*i. T.Rowe Price Tax-Deferred Portfolio (Aggressive)
18.3
18.3
*j. T.Rowe Price Tax-Deferred Portfolio (Moderate)
12.4
*k. Vanguard Tax-Managed Portfolio (Aggressive)
18.1
18.1
*l ETF Tax-Deferred Portfolio (Conservative)
9.0
*m Fidelity Tax-Deferred Portfolio (Conservative)
9.2
*n. Rowe Price Tax-Deferred Portfolio (Conservative)
9.4
*o. Vanguard Tax-Deferred Portfolio (Conservative)
9.0
*p. Vanguard Tax-Managed Portfolio (Moderate)

*q. Vanguard Tax-Managed Portfolio (Conservative)

Personal Finance (Average)

11.0
a. Income Portfolio
7.0
b. Growth Portfolio
14.1
*c. Fund Portfolio
11.7
The Peter Dag Portfolio Strategy and Management (Average) 9.0
*a. Vanguard Mutual Fund Model Portfolio
11.1
*b. Fidelity Mutual Fund Model Portfolio
10.6
Fidelity Mutual Fund Model Port.Timing only
15.2(0.6)
c. Dags Exclusive Picks & Managed Model Portfolio
9.1
*d. ETF Model Portfolio
4.9
The Proactive Fund Investor (Average)
9.6
a. Sector ETF Portfolio
21.8
21.8
b. PFIs Best Portfolio
12.4
PFIs Best PortfolioTiming Only
13.4(0.6)
f. Cool Income Portfolio
0.3
The Prudent Speculator14 (Average)
16.6
16.6
a. The Prudent Speculator Portfolio
17.8
17.8
The Prudent Speculator PortfolioTiming Only
15.2(0.3)
b. Millennium Portfolio
15.2
c. The Prufolio
18.7
18.7
d. Buckingham Portfolio
14.8
Buckingham PortfolioTiming Only
15.5(0.4)
Real Wealth Report
0.6
*The Relevant Investor (Average)
12.6
*a. Aggressive Growth Model
17.0
17.0
*b. Moderate Growth Model
12.5
*c. Preservation Model
8.5

-3.8
-1.3
-1.7
-1.7(0.1)
-2.8
-1.7(0.1)
1.6
0.4
2.4
2.4
-5.7
1.4
2.8
2.8
-6.0
-6.8
5.1
5.1
5.1
5.1
2.8
2.8
6.5
6.5
-8.3
3.5
3.5
3.8
3.8
3.8
3.8
2.1
2.1
4.0
4.0
6.7
6.7
2.6
2.6
-0.8
4.2
4.2
1.0
0.8
3.2
3.2
1.0
3.7
3.7
0.7

6.8
6.8
6.1
6.1
-2.1

-2.9
-1.9
-2.7
0.2(1.5)
-0.8
-6.3

0.5
2.0
2.0(0.5)
1.3
3.2
3.2
-5.2
-1.9(1.6)
-2.6

Blue shading signifies ahead of the Wilshire 5000

15.6
15.6
4.5
3.9
3.4(0.2)
2.8
3.4(0.2)
3.6
3.2
6.4
3.0
8.5
8.5

11.6
11.6
11.6
11.6
11.4
11.4
9.1
9.1
5.9

7.2
7.2
7.1
3.7
6.0
7.8
8.7
8.7
9.1
9.1
10.3
10.3

9.1
9.1
6.9
8.2
8.2

4.2
4.9
3.2
5.9(1.4)
5.7

13.0
13.0
14.3
14.3
9.6(0.5)
9.6(0.5)
10.8
10.8
12.8
12.8

-4.0/11.1
-1.6(7.0)/11.1

-3.3/8.3

-5.3/8.3

12.0/2.3
12.002.3
3.8
8.1/10.9
3.3
6.0/9.4
2.7(0.2)
6.0(0.2)/9.4
4.1
5.2/7.2
2.7(0.2)
4.1(0.2)/7.2

4.8/3.7
4.803.7

0.0/3.7

3.8/3.7
3.803.7

3.0/3.7

5.3/5.0
5.305.0

5.1/5.1

-3.0/3.8

-0.8/3.8
7.1
4.1/8.6
7.1
7.1
4.1/8.6
7.1

9.3/4.9
9.304.9

10.0/4.9
10.004.9

3.9/4.9

8.3/5.7
8.305.7
5.7
7.6/9.4
5.7
5.4
9.0/9.4
5.4
4.5
7.6/10.5
4.1
4.2/6.3
5.8
6.1/6.3
5.8
6.1
6.4/6.3
6.1
6.406.3
5.8
6.4/6.3
5.8
6.406.3
6.9
7.0/6.3
6.9
7.006.3
6.6
6.7/6.3
6.6
6.706.3

6.8/5.9
6.805.9

6.6/5.9
6.605.9

7.8/5.9
7.805.9

7.5/5.9
7.505.9

5.0/4.4
5.004.4

8.2/15.2

8.9/15.2

10.1/15.2

9.5/15.2

4.8/3.7
4.803.7

3.9/3.7
3.903.7
6.1
7.9/10.2
6.1
6.2
9.0/10.2
6.2

3.6/4.1

12.6/15.2
2.4
6.4/10.6
4.3
6.4/10.6
3.9
5.4/8.6
3.1(1.3)
5.2(1.3)/8.6

1.7/2.3

-2.0/3.6

3.4/8.3

6.8/8.3

2.0/8.3

6.0(1.3)/8.3

0.4/8.3
10.0
15.3/10.9
10.0
15.3010.9
8.3
14.5/10.9
8.3
14.5010.9
4.6(0.9)13.3(0.6)010.9
13.3(0.6)/10.9

8.2/2.3
8.202.3

13.1/3.4
13.103.4

13.8/8.2
13.808.2
8.4(1.1)08.2
8.4(1.1)/8.2

4.8/4.6
4.804.6

5.1/6.9

5.7/6.9

4.8/6.9

4.8/6.9

12/31/09
12/31/09
12/31/10
12/31/10
12/31/99
6/30/80
12/31/88
12/31/88
12/31/95
12/31/95
12/31/98
12/31/98
12/31/98
12/31/98
1/31/02
11/30/04
3/31/06
3/31/06
12/31/94
12/31/94
12/31/01
12/31/01
12/31/01
4/30/04
12/31/88
12/31/88
12/31/84
12/31/96
12/31/96
12/31/96
12/31/96
12/31/96
12/31/96
7/31/04
7/31/04
7/31/04
7/31/04
11/30/05
12/31/08
12/31/08
12/31/08
12/31/08
4/30/12
4/30/12
12/31/83
12/31/83
3/31/98
12/31/08
12/31/82
12/31/82
12/31/94
12/31/94
12/31/99
4/30/06
12/31/10
12/31/10
12/31/10
12/31/10
12/31/10
6/30/80
6/30/80
6/30/80
12/31/99
12/31/00
1/31/03
1/31/03
12/31/04
6/30/11
6/30/11
6/30/11
6/30/11

Risk

0.83 Lo
0.75 Lo
1.09 Avg
1.34 Hi
1.63 VHi
0.80 Lo
0.76 Lo
0.69 Lo
0.90 Avg
0.71 Lo
0.97 Avg
0.65 Lo
0.55 VLo
0.90 Avg
1.09 Avg
0.62 Lo
0.94 Avg
0.79 Lo
1.21 Hi
1.21 Hi
1.00 Avg
0.96 Avg
1.26 Hi
0.90 Lo
0.85 Lo
0.82 Lo
0.67 Lo
0.12 VLo
0.27 VLo
0.64 Lo
1.08 Avg
0.63 Lo
1.08 Avg
1.20 Hi
0.71 Lo
1.21 Hi
0.71 Lo
1.16 Hi
0.48 VLo
0.46 VLo
0.46 VLo
0.48 VLo
0.77 Lo
0.49 VLo
0.77 Lo
0.56 VLo
1.10 Hi
0.75 Lo
0.70 Lo
0.55 VLo
0.84 Lo
0.86 Lo
0.92 Avg
0.80 Lo
0.77 Lo
0.93 Avg
0.72 Lo
0.79 Lo
0.37 VLo
2.11 VHi
2.18 VHi
1.74 VHi
1.38 Hi
1.43 Hi
1.88 VHi
1.27 Hi
0.95 Avg
0.72 Lo
0.94 Avg
0.71 Lo
0.53 VLo

# secs

0(n/a)

24(640)
59(1058)

71(571)

36(695)

25(601)
15(821)
15(937)
15(444)
40(621)
7(2074)
19(178)
10(539)

57(907)
7(1816)
16(563)
21(434)
10(3449)

13(1372)

1(271)
4(4054)
13(2099)
10(1769)
12(3548)
9(4470)
11(1591)
14(1724)
9(2496)
12(2474)
8(n/a)
14(1241)
13(1387)
12(1452)
12(1458)
11(271)
11(271)

29(396)
33(537)
15(906)

3(n/a)
5(145)

10(187)
5(103)

5(128)
11(133)

1(426)

88(1158)

60(1105)
90(761)
92(915)

18(1044)

7(n/a)
7(n/a)
5(n/a)

Clarity Correl
A

A
C

B
B
B
B
C
A
B
B

B
C
C
C
A

A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A

B
B
C

A
A

A
A

A
A

A
A
A

A
A
A

0.68
0.67
0.92
0.81
0.68
0.93
0.94
0.97
0.88
0.97
0.80
0.89
0.68
0.82
0.96
0.98
0.85
0.86
0.64
0.64
0.85
0.65
0.76
0.94
0.83
0.79
0.84
0.27
0.38
0.93
0.94
0.93
0.94
0.97
0.95
0.97
0.96
0.97
0.94
0.96
0.95
0.94
0.97
0.97
0.75
0.53
0.85
0.94
0.71
0.71
0.69
0.97
0.69
0.77
0.31
0.56
0.59
0.98
0.67
0.86
0.86
0.96
0.84
0.86
0.91
0.98
0.38
0.99
0.99
0.99
0.97
1-16

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3
0.24

0.47
0.47

0.05
0.13
0.04
0.38
0.41
0.44
0.27
0.44
0.26
0.34
0.29
0.29
0.41
0.45
0.45
0.45
0.45
0.42
0.48
0.48
0.48
0.48
0.37
0.42
0.40
0.39
0.49
0.49
0.49
0.49
0.48
0.48
1.32
1.32
1.20
1.20
0.51
0.51
0.46
0.46
0.44
0.39
0.42
0.46
0.46
0.41
0.47
0.47
0.38
0.52
0.52
0.59
0.59
0.55
0.55
0.50
0.50

0.35
0.38
0.30
0.37
0.56
0.56
0.67
0.67
0.48
0.48
0.41
0.57
0.57
0.22
0.30
0.63
0.63
0.39
0.39
0.02
0.38
0.40
0.43
0.36
0.44
0.32
0.44
0.03
0.47
0.47
0.48
0.48
0.47
0.47
0.42

0.01
-0.01
-0.01
-0.01
-0.02
-0.01
0.05
0.02
0.07
0.07
-0.06
0.05
0.07
0.07
-0.08
-0.13
0.10
0.10
0.10
0.10
0.06
0.06
0.12
0.12
-0.06
0.08
0.08
0.08
0.08
0.08
0.08
0.05
0.32
0.32
0.33
0.33
0.07
0.07
0.02
0.10
0.10
0.04
0.04
0.08
0.08
0.04
0.09
0.09
0.04

0.14
0.14
0.16
0.16
-0.01

-0.05
-0.03
-0.04
0.02
-0.01
-0.12

0.04
0.05
0.05
0.05
0.07
0.07
0.00
0.01
-0.04

0.18
0.18
0.08
0.07
0.06
0.04
0.06
0.06
0.06
0.16
0.16
0.05
0.14

0.21
0.21
0.21
0.21
0.19
0.19
0.16
0.16
0.09

0.15
0.15
0.14
0.14
0.23
0.23
0.26
0.26
0.17
0.17
0.13
0.21
0.21
0.16
0.16

0.18
0.18
0.19
0.19
0.13

0.08
0.10
0.05
0.11
0.12

0.17
0.17
0.19
0.19
0.16
0.16
0.15
0.15
0.18
0.18

See footnotes on page 16

0.05
0.04
0.02
0.05
0.02

0.09
0.09
0.09
0.09

0.09
0.09
0.08
0.08
0.06
0.22
0.22
0.21
0.21
0.11
0.11
0.08
0.08
0.13
0.13
0.09
0.09

0.10
0.10
0.16
0.16

0.02
0.06
0.05
0.03

0.12
0.12
0.10
0.10
0.06

-0.08/ 0.22
-0.03/ 0.22
-0.04/ 0.19
-0.06/ 0.19
0.14/ 0.03
0.140
0.03
0.09/ 0.13
0.08/ 0.13
0.08/ 0.13
0.07/ 0.10
0.05/ 0.10
0.07/ 0.05
0.070
0.05
-0.05/ 0.05
0.06/
0.05
0.060 0.05
0.04/ 0.05
0.08/ 0.08
0.11/ 0.08
0.110
0.08
-0.06/ 0.06
-0.03/ 0.06
0.05/ 0.12
0.05/ 0.12
0.16/ 0.08
0.160
0.08
0.17/ 0.08
0.170
0.08
0.07/ 0.08
0.15/ 0.09
0.150
0.09
0.10/ 0.13
0.14/
0.13
0.140 0.13
0.11/ 0.13
0.22/ 0.09
0.220
0.09
0.22/ 0.09
0.220
0.09
0.11/
0.09
0.110 0.09
0.08/ 0.09
0.13/ 0.09
0.130
0.09
0.09/ 0.09
0.10/ 0.10
0.14/ 0.10
0.140
0.10
0.12/ 0.10
0.120
0.10
0.16/ 0.10
0.160
0.10
0.08/
0.07
0.080 0.07
0.28/ 0.26
0.280
0.26
0.31/ 0.26
0.310
0.26
0.36/ 0.26
0.360
0.26
0.32/
0.26
0.320 0.26
0.27/ 0.16
0.270
0.16
0.33/ 0.16
0.330
0.16
0.10/ 0.13
0.16/ 0.13
0.160
0.13
0.04/ 0.05
0.28/ 0.26
0.280
0.26
0.07/ 0.13
0.08/ 0.13
0.07/ 0.12
0.07/ 0.12
0.01/ 0.03
-0.05/ 0.06
0.10/ 0.19
0.17/ 0.19
0.07/ 0.19
0.17/ 0.19
0.03/ 0.19
0.13/ 0.13
0.13/ 0.13
0.12/ 0.13
0.11/ 0.03
0.110
0.03
0.17/ 0.05
0.170
0.05
0.16/ 0.14
0.160
0.14
0.13/ 0.14
0.08/ 0.07
0.080
0.07
0.15/ 0.15
0.13/ 0.15
0.14/ 0.15
0.18/ 0.15
0.180
0.15

12

Performance Ratings Through December 31, 2012

R-V
NEWSLETTER (Portfolio)

The Hulbert Financial Digest

LT Performance Ratings, January 2013

Reminiscences (Average)
a. Conservative Portfolio
b. Growth Portfolio
c. Trading Portfolio
Revolution Investing
Richard E. Bands Profitable Investing (Average)
a. Total Return Portfolio
Total Return PortfolioTiming only
*b.Supermarket Portfolio
*c. Hassle-Free ETF Portfolio
Richard Schmidts Stellar Stock Report (Average)
a. Growth Stock Portfolio
Growth Stock PortfolioTiming Only
*b. Stellar ETF Portfolio
Richard C. Youngs Intelligence Report (Average)
a. Common Stocks Monster Master List
*b. Mutual Funds Monster Master List
Ricks Research (Average)
a. Growth and Dominance Portfolio
b. Super Growth Horizon Portfolio
c. Nanotech Investment Portfolio Index
d. Option Strategies Mod/Agg Portfolio
e. Option Strategies Moderate Portfolio
Roger Conrads Utility Forecaster (Average)
a. Growth Portfolio
b. Income Portfolio
The Ruff Times (Average)
a. Investment Recommendations
*Sector Navigator (Average)
*a. Fidelity Select Sector Rotation Model
*b. ETF Sector Rotation Model
*c. Profunds/Rydex Sector Rotation Model
Silver Stock Analyst
Sound Advice (Average)
a. Sound Advice Portfolio
*Sound Mind Investing (Average)
*a. Fund Upgrading: 100% Stock Portfolio
*b. Fund Upgrading: 80% Stock 20% Bond Portfolio
*c. Fund Upgrading: 60% Stock 40% Bond Portfolio
*d. Fund Upgrading: 40% Stock 60% Bond Portfolio
*e. Just-The-Basics: 100% Stock Portfolio
*f. Just-The-Basics: 80% Stock 20% Bond Portfolio
*g. Just-The-Basics: 60% Stock 40% Bond Portfolio
*h. Just-The-Basics: 40% Stock 60% Bond Portfolio
The Spear Report

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since
5.0
15.1
4.8
-4.8
-3.7
11.0
9.9
15.6(0.2)
12.1
10.9
22.9
22.9
15.5
12.9(0.0)

11.3
11.9
10.5
10.4
-0.5
9.1
25.5
25.5

6.4
8.1
4.7
-14.5
-14.5
12.6
14.7
6.8
15.6

20.2
20.2
20.2
20.2
15.1
12.8
11.5
9.9
8.6
17.4
17.4
14.7
11.9
9.2

-1.0
1.3
-3.6
-3.2

2.6
2.6
2.5
2.5
2.9(0.3)
2.9(0.3)
2.4
2.4
3.0
3.0
-10.7
-3.7
2.2(0.1)
2.2(0.1)

2.9
2.9
4.3
4.3
1.3
1.1
5.3
5.3
0.3
6.0
6.0

8.3
8.3
4.3
4.3
12.1
12.1
-1.2
-1.2
3.3
3.3
1.7
3.8
3.8
3.5
3.5

5.8
5.8
5.8
5.8
1.4
0.7
2.2
2.2
3.4
3.4
4.4
4.4
2.0
3.4
3.4
4.5
4.5
5.2
5.2

2.9
7.5
1.8
-2.5

6.5
6.0
7.5(0.2)

1.4
3.5
7.0(0.3)

9.6
9.6
11.5
11.5
7.7

12.1
12.1
11.5
11.5
12.3
12.3
13.0
13.0
13.0
13.0
8.3
8.3
8.1
8.1
7.2
9.1
9.1

13.1
13.1
13.1
13.1
9.7
9.7
10.0
10.0
9.3
9.3
8.5
8.5
7.2
9.0
9.0
8.6
8.6
8.0
8.0
7.2

The Spear Report Timing RecommendationTiming only 16.1(0.0)13.4(18.6)10.4(14.2)

13.4(18.6) 10.4(14.2)
Stealth Stocks (Average)
0.2
0.9
3.2
a. Master Stock Portfolio

Master Stock PortfolioTiming Only

Stealth Stocks Daily Alert

-8.2
1.3

Stealth Stocks Daily AlertTiming Only

-3.2(7.6)
0.2(2.8)

Stock Selections & Timing (Average)

2.3

a. Stock Portfolio
6.8

Stock PortfolioTiming Only

6.8(2.1)

*b. Dow 30 Portfolio

-2.0

Dow 30 PortfolioTiming Only

0.1(3.6)

Stock Superstars Report

16.6
2.0
6.6
16.6
The Successful Investor (Average)
12.9
6.0
16.7
6.0
16.7
a. Conservative Growth Portfolio
13.8
4.2
16.4
4.2
16.4
b. Portfolio for Aggressive Growth
12.5
7.3
17.7
7.3
17.7
c. Portfolio for Income-Seeking Investors
11.5
5.8
16.3
5.8
16.3
Superstock Investor (Average)
10.4
2.6
5.5
2.6
a. Master List of Recommended Stocks
10.4
2.6
5.5
2.6
Sy Hardings Street Smart Report (Average)
6.1
-2.5
-0.1
*a. Normal Seasonal Timing Strategy Portfolio
7.7
2.1
4.3
2.1
*b. Non-Seasonal Market-Timing Strategy Portfolio
4.4
-6.1
-4.2
c. Timing Only: Seasonal Timingcash on sells
11.7(2.0) 6.6(2.0)
6.6(2.0) 8.3(2.0)
8.3(2.0)
d. Timing Only: Seasonal Timingshort on sells
7.3(2.0) 6.0(2.0)
6.0(2.0)
4.3(2.0)
e. Timing Only: Non-seasonal timing model; cash on sells 8.7(2.0) -0.2(2.8)
2.0(2.2)
f. Timing Only: Non-seasonal timing model; short on sells 3.4(6.0) -6.5(7.6) -6.9(5.7)

Blue shading signifies ahead of the Wilshire 5000

4.7
4.0
4.6(0.3)

6.9
6.9

4.5

8.4
8.4

6.0
6.0
6.7
6.7

8.5
8.5
8.5
8.5
7.1
7.1
7.6
7.6
7.4
7.4
7.0
7.0
6.2
6.2
5.4
5.4
5.9
5.9
6.1
6.1
6.1
6.1

3.3
3.3

-2.7/2.3 12/31/99
3.3/2.3 12/31/99
3.302.3
-4.1/2.3 12/31/99
-9.1/2.3 12/31/99
6.6/11.9
2/28/10
7.6/9.4 12/31/90
7.2/9.4 12/31/90
9.1(0.2)/9.4 12/31/90
4.8/5.3
1/31/04
5.6/5.7
4/30/04
-1.8/3.7 12/31/98
-0.3/3.7 12/31/98
4.0(0.4)/3.7 12/31/98
4.0(0.4)03.7
-1.0/10.5
5/31/12
6.9/4.9 12/31/97
6.904.9
5.8/3.7 12/31/98
5.803.7
4.5/4.9 12/31/97
-3.9/5.5 12/31/03
-1.5/5.5 12/31/03
-3.6/5.5 12/31/03
-5.0/5.5 12/31/03
2.3/10.6
1/31/12
3.1/10.6
1/31/12
9.0/8.3
12/31/92
9.008.3
6.3/4.4
2/28/98
6.304.4
10.6/4.4
2/28/98
10.604.4
5.7/10.9
6/30/80
6.2/9.5 12/31/86
8.3/7.9
12/31/02
8.307.9
8.1/7.9 12/31/02
8.107.9
7.2/7.9 12/31/02
9.1/7.9 12/31/02
9.107.9
17.8/6.3
6/30/12
17.806.3
9.0/8.3
9.008.3 12/31/92
8.5/8.1 12/31/93
8.508.1
8.7/8.3 12/31/92
8.708.3
9.2/7.2 12/31/95
9.207.2
8.7/7.2 12/31/95
8.707.2
8.2/8.3 12/31/92
7.2/8.3 12/31/92
7.2/7.2 12/31/95
7.3/7.2 12/31/95
7.307.2
7.7/8.3 12/31/92
7.2/8.3 12/31/92
5.4(14.2)/2.3
5.4(14.2)02.3

2.2/4.9
0.2/2.9
0.6(1.9)/2.9
-0.4/5.0
1.3(4.9)/5.0
9.0/11.1
13.3/11.1
13.3011.1
6.2(1.8)/11.1
4.6/12.8
6.3(4.0)/12.8
6.6/7.9
14.8/4.9
14.804.9
15.1/4.9
15.104.9
15.9/4.9
15.904.9
14.9/5.4
14.905.4
6.2/10.2
7.1/10.2
-0.3/4.9
4.4/4.9
-4.0/4.9
8.1(2.0)/4.9
8.1(2.0)04.9
6.5(2.0)/4.9
6.5(2.0)04.9
1.0(2.6)/4.9
-5.5(6.0)/4.9

12/31/99
12/31/01
3/31/12
3/31/12
1/31/05
1/31/05
12/31/09
12/31/09
12/31/09
1/31/10
1/31/10
12/31/02
12/31/01
12/31/01
12/31/01
4/30/02
12/31/83
12/31/83
12/31/01
12/31/01
12/31/01
12/31/01
12/31/01
12/31/01
12/31/01

Clarity Correl.

Risk

# secs

10(358)
10(509)
4(4)
19(293)

24(156)

11(798)
10(n/a)

12(294)

0(n/a)

70(2064)
46(1817)

6(n/a)
4(n/a)
7(n/a)
9(554)
9(570)

28(708)
27(537)

71(1929)

5(17)
5(11)
5(41)
4(n/a)

25(1071)

20(128)
22(140)
22(153)
22(165)
3(220)
4(220)
4(220)
4(220)

A
A
A
C

A
A

C
C

A
A
A
A
A

B
B

A
A
A
A

B
B
B
B
A
A
A
A

0.87
0.79
0.84
0.53
0.81
0.90
0.83
0.99
0.97
0.97
0.85
0.80
0.99
-0.61
0.95
0.91
0.92
0.72
0.63
0.71
0.55
0.78
0.75
0.59
0.68
0.36
0.35
0.34
0.79
0.91
0.63
0.49
0.74
0.82
0.82
0.94
0.92
0.92
0.91
0.88
0.98
0.98
0.97
0.93

0.16
0.44
0.11
-0.15
-0.06
0.53
0.53
0.41
0.43
0.57
0.57
0.59
0.59
0.57
0.57
0.28
0.44

0.39
0.53
0.53
0.28
0.31
0.01
0.17
0.50
0.50

0.33
0.32
0.30
-0.10
-0.10
0.75
0.75
0.40
0.28
0.62
0.62

0.45
0.45
0.45
0.45
0.38
0.35
0.40
0.47
0.47
0.62
0.62
0.41
0.43
0.47
0.47
0.55
0.55

0.01
0.04
0.00
-0.02

0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.08
0.08
-0.10
-0.02
0.06
0.06

0.07
0.07
0.09
0.09
0.04
0.04
0.09
0.09
0.04
0.10
0.10

0.22
0.22
0.10
0.10
0.39
0.39
0.05
0.05
0.09
0.09
0.05
0.11
0.11
0.09
0.09

0.10
0.10
0.10
0.10
0.04
0.03
0.06
0.06
0.09
0.09
0.14
0.14
0.05
0.08
0.08
0.11
0.11
0.17
0.17

0.04
0.12
0.03
-0.03

0.15
0.15
0.14
0.16
0.16

0.03
0.06
0.14

0.17
0.17
0.20
0.20
0.14

0.33
0.33
0.23
0.23
0.41
0.41
0.14
0.14
0.20
0.20
0.15
0.15
0.18
0.18
0.19
0.19

0.20
0.20
0.20
0.20
0.16
0.16
0.16
0.16
0.18
0.18
0.20
0.20
0.23
0.23
0.15
0.15
0.16
0.16
0.19
0.19
0.23
0.23

0.07
0.07
0.05
0.06

0.10
0.10

0.06

0.16
0.16

0.08
0.08
0.09
0.09

0.12
0.12
0.12
0.12
0.10
0.10
0.11
0.11
0.12
0.12
0.13
0.13
0.15
0.15
0.07
0.07
0.09
0.09
0.11
0.11
0.16
0.16

1.19 Hi

0.34 VLo

0.57 VLo
4(60)
0.15 VLo

0.50 VLo
8(7)
0.18 VLo

0.59 VLo

0.72 Lo
8(247)
0.50 VLo

0.68 Lo
6(19)
0.73 Lo

1.22 Hi
36(590)
1.22 Hi

1.25 Hi
28(n/a)
1.42 Hi
14(1326)
1.10 Hi
20(n/a)
1.07 Avg

1.08 Avg
22(824)
0.54 VLo

0.54 VLo
1(35)
0.59 VLo
6(51)
0.61 Lo

0.96 Avg

0.51 VLo

0.88 Lo

C
C
C

A
A

0.53
0.31
-0.21
0.62
-0.04
0.04
0.74
0.52
0.96
0.75
0.74
0.95
0.87
0.84
0.81
0.80
0.72
0.76
0.28
0.57
-0.04
0.58
-0.23
0.43
-0.30

0.44
0.01

-0.49
-0.35
0.16
0.31
0.39
-0.20
0.00
0.41
0.28
0.33
0.21
0.24
0.52
0.52
0.52
0.52
0.32
0.41
0.20
0.45
0.45
0.18
0.45
0.45
0.12

0.17
0.17
0.06
0.06

0.15
0.15

0.04
0.04

1-16

12 Mo

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

1.04 Avg
1.06 Avg
1.38 Hi
1.35 Hi
1.04 Avg
0.64 Lo
0.68 Lo
0.87 Lo
0.64 Lo
0.66 Lo
1.40 Hi
1.29 Hi
0.77 Lo
0.22 VLo
0.93 Avg
1.25 Hi
0.95 Avg
1.47 Hi
1.58 VHi
1.83 VHi
1.89 VHi
1.15 Hi
1.07 Avg
0.72 Lo
0.91 Avg
0.53 VLo
1.84 VHi
1.98 VHi
0.67 Lo
0.93 Avg
0.59 VLo
0.77 Lo
4.86 VHi
1.09 Avg
1.08 Avg
1.03 Avg
1.06 Avg
0.85 Lo
0.65 Lo
0.46 VLo
1.06 Avg
0.84 Lo
0.63 Lo
0.43 VLo

0.05
-0.02

0.05
0.10
0.10
0.08
0.08
0.11
0.11
0.10
0.10
0.06
0.06
0.06
0.06
-0.07
0.06
0.06
-0.16
0.17
0.17
0.11
0.11
-0.01
-0.10

See footnotes on page 16

0.09

0.10
0.24
0.24
0.23
0.23
0.22
0.22
0.25
0.25
0.09
0.09
-0.05
0.10
-0.17
0.21
0.21
0.07
0.02
-0.17

-0.06/ 0.03

0.04/ 0.03
0.040
0.03

-0.05/ 0.03
-0.12/ 0.03
0.13/ 0.23
0.14/ 0.13
0.140
0.13
0.12/ 0.13
0.14/ 0.13
0.140
0.13
0.10/ 0.09
0.100
0.09
0.12/
0.09
0.120 0.09
-0.02/ 0.05
-0.01/ 0.05
0.06/ 0.05
0.060
0.05
-0.41/ 0.86
0.10/ 0.06
0.100
0.06
0.08/ 0.05
0.080
0.05
0.06/ 0.06
-0.04/ 0.09
0.00/ 0.09
-0.01/ 0.09
-0.02/ 0.09
0.08/ 0.33
0.10/ 0.33
0.17/
0.170 0.12
0.12
0.09/ 0.06
0.090
0.06
0.26/ 0.06
0.260
0.06
0.05/ 0.13
0.07/ 0.12
0.20/ 0.14
0.200
0.14
0.15/ 0.14
0.150
0.14
0.18/ 0.14
0.180
0.14
0.19/ 0.14
0.190
0.14
0.43/ 0.71
0.12/ 0.12
0.11/ 0.11
0.12/ 0.12
0.13/ 0.10
0.130
0.10
0.14/ 0.10
0.140
0.10
0.16/
0.12
0.160 0.12
0.17/ 0.12
0.170
0.12
0.10/ 0.10
0.11/ 0.10
0.110
0.10
0.15/
0.150 0.12
0.12
0.18/ 0.12
0.180
0.12
0.08/ 0.03
0.080
0.03

0.04/ 0.08
0.01/ 0.13
0.14/ 0.13
0.140
0.13
-0.06/ 0.08
-0.04/ 0.08
0.28/ 0.22
0.280
0.22
0.34/ 0.22
0.340
0.22
0.23/ 0.22
0.230
0.22
0.14/ 0.25
0.17/ 0.25
0.10/ 0.14
0.21/ 0.08
0.210
0.08
0.21/ 0.08
0.210
0.08
0.20/ 0.08
0.200
0.08
0.23/ 0.09
0.230
0.09
0.06/ 0.13
0.07/ 0.13
-0.06/ 0.08
0.10/ 0.08
0.100
0.08
-0.16/ 0.08
0.20/ 0.08
0.200
0.08
0.11/ 0.08
0.110
0.08
-0.01/ 0.08
-0.13/ 0.08

LT Performance Ratings, January 2013

NEWSLETTER (Portfolio)

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

Systems and Forecasts (Average)

a. Growth and Income Portfolio
b. High Income Portfolio
Timer Digest (Average)
a. Model Portfolio
b. Dow Jones 30 Portfolio
*c. Diversified Select Portfolio
*d. ETF Program

The Hulbert Financial Digest

13

10.5
-2.2
11.6
-2.9
9.4

8.1
-1.1
6.7
-0.7
13.9
-8.0
13.4
4.6
4.6
-1.8

e. Timing only: Top-10 Consensus (No shorting)

13.4(9.0)
1.9(7.8)
f. Timing only: Top-10 Consensus (Shorting allowed)
10.7(9.0) -1.4(7.8)
g. Timing only: Top Long Term Timers (No shorting)
16.1(0.0) 6.9(1.6)
6.9(1.6)
h. Timing only: Top Long Term Timers (Shorting)
16.1(0.0) 8.6(1.6)
8.6(1.6)
*TimingCube (Average)
8.9
-1.1
*a. Classic ModelNasdaq 100 Strategy: Long Only
10.9
-0.3
*b. Classic ModelNasdaq 100 Strategy: Long & Short 10.9
-1.8
*c. Classic ModelRussell 2000 Strategy: Long Only
6.2
0.0
*d. Classic ModelRussell 2000 Strategy: Long & Short 6.2
-2.3
*e. Classic ModelS&P500 Strategy: Long Only
7.8
-0.2
*f. Classic ModelS&P500 Strategy: Long & Short
7.8
-2.1
*g. Turbo ModelNasdaq 100 Strategy: Long Only
14.5

*h. Turbo ModelNasdaq 100 Strategy: Long & Short

10.7

*i. Turbo ModelRussell 2000 Strategy: Long Only

9.5

*j. Turbo ModelRussell 2000 Strategy: Long & Short

2.6

*k. Turbo ModelS&P500 Strategy: Long Only

11.4

*l. Turbo ModelS&P500 Strategy: Long & Short

6.9

m. Timing Only: Classic Model (Cash on Sells)

8.3(4.0)
0.9(5.6)
n. Timing Only: Classic Model (Short on Sells)
8.3(4.0) -0.3(5.8)
o. Timing Only: Turbo Model (Cash on Sells)
14.1(24.0)

p. Timing Only: Turbo Model (Short on Sells)

12.0(24.0)

Todd Market Forecast (Average)

3.5
-2.1
a. System 2 Traders Portfolio
0.8
0.2
System 2 Traders PortfolioTiming Only
-1.7(90.5) -0.1( 107)
b. System 7 Traders Portfolio
5.9

System 7 Traders PortfolioTiming Only

9.1(27.0)

c. Intermediate Term System (Timing only)

12.3(6.0) -9.1(4.0)
The Turnaround Letter (Average)
27.5
3.2
27.5
3.2
a. Mid-Cap ($1 billion to $10 billion)
16.8
5.3
16.8
5.3
b. Large-Cap (over $10 billion)
20.8
2.3
20.8
2.3
c. Small-Cap (under $1 billion)
45.1
0.2
45.1
2 For 1 Stocksplit Newsletter
13.6
3.7
3.7
U.S. Investment Report (Average)
2.1
-0.9
a. Growth Leaders Portfolio
4.3
-1.8
Growth Leaders PortfolioTiming only
5.2(6.6)
1.5(7.3)
b. Conservative Growth Portfolio
5.8
1.8
Conservative Growth PortfolioTiming only
5.2(6.4)
1.1(6.4)
c. Emerging Growth Portfolio
-3.6
-2.9
Emerging Growth PortfolioTiming only
2.6(9.1)
1.1(8.1)
Upside15 (Average)
7.6
-2.6
a. UpsideBest Buy List
7.6
-2.6
The Value Line Convertibles Survey
11.3
6.4
6.4
The Value Line Investment Survey (Average)
8.0
0.5
a. Portfolio I: Stocks for Above Average Growth
7.4
-0.7
b. Portfolio II: Stocks for Income & Growth
9.2
0.3
c. Portfolio III: Stocks for Long-Term Growth
9.6
5.6
5.6
d. Portfolio IV: Stocks w/ Above-Average Div. Yields
6.1

e. Top 100 Timely Stocks

7.2
-4.1
Value LineEquity Exposure LevelTiming Only 11.1(0.1)
1.5(0.1)
Value Line Inv. Survey Small & Mid-Cap Ed. (Average)
6.4
-2.6
a. Stocks Ranked 1 for Performance
5.0
-3.4
Small & Mid-Cap EditionTiming Only
11.1(0.1)
1.5(0.1)
b. Model Portfolio
7.9
-1.9
*The Value Line Fund Advisor (Average)
11.4
-1.3
*a. Highest Ranked General Equity
10.8
-5.1
*b. Highest Ranked International Equity
12.1
-8.9
*c. Highest Ranked Partial Equity
7.1
-1.6
*d. Highest Ranked Special Equity
11.5
-3.0
*e. Highest Ranked Taxable Fixed Income
6.9
2.8
2.8
*f. Moderate Portfolio
14.2

*g. Aggressive Portfolio

16.7

16.7
Value Line Special Situations (Average)
9.1
-3.0
a. Aggressive Portfolio
9.1
-5.3
b. Conservative Portfolio
8.5

Blue shading signifies ahead of the Wilshire 5000

2.2
1.8

5.4
4.9
0.7
11.0
11.0

6.2(5.6)
2.6(5.6)
7.7(1.5)
5.2(1.5)

1.1(63.4)

-0.4(3.2)
12.5
12.5
14.7
14.7
8.2
8.2
13.0
13.0
13.0
13.0
3.8
4.9
5.3(9.3)
4.8
5.3(7.8)
1.3
4.7(11.0)

8.9
8.9
5.5
4.9
4.6
7.3

4.5
6.4(0.1)
5.8
4.4
6.3(0.1)
7.1
5.4
2.6
4.3
4.0
8.7
8.7
1.9

-0.4
-1.6

2.2

5.7
5.7
4.7
0.7
10.9
10.9

6.4(5.8)
6.4(5.8)
5.5(5.9)
5.5(5.9)
6.1(1.5)
6.1(1.5)
4.8(1.5)

0.6(4.1)
9.9
9.9
8.2
8.2
8.1
8.1
10.2
10.2

-1.4
-0.1
1.8( 9.8)
-3.6
0.9(8.8)
-1.4
2.0(11.0)

5.7
5.7
6.0
6.0
5.1
5.1
5.8
5.8
8.6
8.6

3.5
4.2(0.2)
4.7
2.8
4.2(0.2)

3.1
0.2
2.2
2.9
3.6
2.3

-4.7
-5.4

7.0/10.6
1.8/7.9
6.3/11.1
11.1/ 9.8
9.8
11.10
10.7/ 9.8
9.8
10.70
5.6/8.7
12.2/7.2
12.207.2
1.1/18.1
9.7(7.0)/ 9.8
7.4(7.1)/ 9.8
9.1(1.6)/ 9.8
6.8(1.6)/ 9.8
4.0/7.6
4.2/7.6
2.0/7.6
1.7/5.5
-1.5/5.5
1.9/5.5
-0.2/5.5
-3.7/5.8
-15.8/5.8
-6.6/5.8
-15.1/5.8
-1.8/5.8
-10.0/5.8
5.3(4.8)/7.6
3.6(4.9)/7.6
0.6(25.1)/5.8
-4.5(25.1)/5.8
-2.4/2.6
0.2/2.6
-1.1(48.2)/3.7
-3.6/9.3
0.2(20.3)/9.3
4.2(4.7)/8.3
11.9/ 9.8
9.8
11.90
9.8/ 9.8
8.9/ 9.8
13.1/ 9.8
9.8
13.10
8.8/2.7
8.802.7
0.1/8.3
0.9/8.3
5.3(9.4)/8.3
-1.9/8.3
4.8(7.8)/8.3
-0.3/7.2
4.4(10.8)/7.2
8.6/6.9
8.606.9
8.6/6.9
8.606.9
9.6/ 9.7
12.2/10.9
12.2010.9
6.2/7.2
7.0/7.2
9.3/7.2
9.307.2
13.4/19.8
10.9/10.9
9.4(0.3)/10.9
5.1/7.2
3.4/7.2
5.5(0.2)/7.2
5.4/4.9
5.404.9
4.4/8.1
2.7/8.1
3.2/8.1
4.3/8.1
6.0/8.1
2.2/8.1
15.4/19.8
20.2/19.8
20.2019.8
4.7/10.9
4.3/10.9
13.6/19.8

12/31/82
12/31/02
12/31/09
12/31/87
12/31/87
12/31/89
12/31/95
1/31/09
12/31/87
12/31/87
12/31/87
12/31/87
4/30/03
4/30/03
4/30/03
12/31/03
12/31/03
12/31/03
12/31/03
3/31/11
3/31/11
3/31/11
3/31/11
3/31/11
3/31/11
4/30/03
4/30/03
3/31/11
3/31/11
12/31/06
12/31/06
12/31/98
4/30/10
4/30/10
12/31/91
12/31/87
12/31/87
12/31/87
12/31/87
10/31/00
12/31/91
12/31/91
12/31/91
12/31/91
12/31/91
12/31/95
12/31/95
6/30/03
6/30/03
12/31/85
6/30/80
12/31/95
12/31/95
12/31/95
3/31/09
6/30/80
6/30/80
12/31/95
12/31/95
12/31/95
12/31/01
12/31/93
12/31/93
12/31/93
12/31/93
12/31/93
12/31/93
3/31/09
3/31/09
6/30/80
6/30/80
3/31/09

Risk

0.62 Lo
0.70 Lo
0.30 VLo
1.04 Avg
1.15 Hi
1.24 Hi
1.15 Hi
0.52 VLo
0.80 Lo
1.05 Avg
0.77 Lo
0.97 Avg
1.11 Hi
0.88 Lo
0.96 Avg
0.86 Lo
0.98 Avg
0.59 VLo
0.65 Lo
1.06 Avg
1.37 Hi
1.13 Hi
1.26 Hi
0.83 Lo
0.96 Avg
0.65 Lo
0.74 Lo
0.90 Avg
1.11 Hi
1.27 Hi
1.33 Hi
0.73 Lo
0.65 Lo
0.72 Lo
0.97 Avg
1.69 VHi
1.87 VHi
1.46 Hi
2.53 VHi
1.21 Hi
1.10 Avg
1.31 Hi
0.63 Lo
1.08 Avg
0.67 Lo
1.22 Hi
0.61 Lo
1.47 Hi
1.47 Hi
0.80 Lo
0.99 Avg
0.88 Lo
0.63 Lo
0.83 Lo
0.54 VLo
1.10 Avg
0.78 Lo
1.06 Avg
1.09 Avg
0.72 Lo
1.01 Avg
0.74 Lo
1.00 Avg
1.03 Avg
0.66 Lo
1.06 Avg
0.24 VLo
0.70 Lo
0.88 Lo
1.69 VHi
1.72 VHi
1.06 Avg

# secs

14(118)
7(267)

7(594)
5(339)
2(122)
3(501)

1(19)
1(19)
1(19)
1(19)
1(19)
1(19)
1(31)
1(31)
1(31)
1(31)
1(31)
1(31)

1(0)

0(n/a)

18(1028)
27(999)
13(693)
30(460)

1(142)

3(112)

0(n/a)

18(195)
38(211)

20(197)
20(485)
20(1421)
20(724)
100(58)

100(21)

40(232)

24(96)
25(223)
25(187)
24(230)
24(257)
11(2771)
10(2777)

9(264)
12(232)

Clarity Correl

A
A

A
A
A
A

A
A
A
A
A
A
A
A
A
A
A
A

C
C
C
A

C
C

B
B
B
B
B

C
C
C
C
C
A
A

C
C

0.74
0.90
0.83
0.84
0.77
0.81
0.75
0.50
0.76
0.23
0.76
0.25
0.58
0.59
0.44
0.58
0.42
0.62
0.47
0.73
0.42
0.87
0.53
0.86
0.50
0.65
0.49
0.85
0.48
0.50
0.48
0.45
0.70
0.66
0.84
0.71
0.65
0.70
0.54
0.93
0.64
0.56
0.79
0.64
0.83
0.55
0.78
0.79
0.79
0.75
0.84
0.73
0.58
0.75
0.88
0.87
0.94
0.79
0.78
0.99
0.82
0.92
0.95
0.84
0.94
0.82
0.25
0.93
0.93
0.74
0.73
0.79
1-16

RISK-ADJUSTED 2
12 Mo
5 Yr 10 Yr 15 Yr Overall3
0.68
0.68
0.55
0.55
0.85
0.85

0.35
0.29
0.39
0.39
-0.04
0.54
0.54
0.28
0.44
0.44
0.21
0.22
0.22
0.17
0.17
0.25
0.25
0.27
0.19
0.20
0.07
0.30
0.17
0.25
0.25
0.34
0.25
0.15
0.03
-0.05
0.25
0.34
0.38
0.49
0.49
0.31
0.54
0.54
0.50
0.50
0.47
0.47
0.08
0.13
0.29
0.19
0.27
-0.12
0.13
0.18
0.18
0.43
0.34
0.22
0.53
0.53
0.30
0.36
0.24
0.45
0.45
0.22
0.16
0.45
0.45
0.26
0.43
0.29
0.35
0.28
0.38
1.04
1.04
0.51
0.51
0.48
0.48
0.23
0.18
0.23

-0.05
-0.06

-0.01
0.00
-0.08
0.10
0.10

0.05
0.01
0.18
0.18
0.16
0.16
0.00
0.01
-0.02
0.01
-0.03
0.00
-0.05

0.03
0.00

0.01
0.03
0.02

-0.10
0.07
0.07
0.09
0.09
0.06
0.06
0.06
0.06
0.07
0.07
-0.03
-0.05
0.05
0.05
0.04
-0.07
0.04
0.01
0.01
0.16
0.16
0.02
0.00
0.02
0.11
0.11

-0.05
0.04
-0.02
-0.03
0.04
-0.01
-0.01
-0.06
-0.11
-0.03
-0.03
0.24
0.24

-0.02
-0.04

0.03
0.02

0.10
0.09
0.01
0.21
0.21

0.12
0.04
0.19
0.19
0.09

0.01

-0.01
0.16
0.16
0.17
0.17
0.12
0.15
0.15
0.19
0.19
0.07
0.09
0.15
0.15
0.11
0.14
0.01
0.12

0.20
0.20
0.12
0.09
0.11
0.14

0.08
0.13
0.10
0.07
0.13
0.12
0.11
0.04
0.07
0.08
0.15
0.15
0.03

0.00
-0.01

See footnotes on page 16

0.01

0.08
0.08
0.06
0.01
0.15
0.15

0.11
0.11
0.07
0.07
0.10
0.10
0.06

-0.01
0.12
0.12
0.10
0.10
0.10
0.10
0.11
0.11

-0.04
-0.01
-0.01
-0.08
-0.03
-0.03
0.00

0.09
0.09
0.10
0.10
0.07
0.07
0.10
0.10
0.14
0.14

0.04
0.06
0.06
0.03
0.06

0.03
-0.01
0.02
0.03
0.04
-0.01

-0.05
-0.05

0.09/ 0.13
0.02/ 0.14
0.38/ 0.22
0.380
0.22
0.15/ 0.13
0.150
0.13
0.14/ 0.13
0.140
0.13
0.06/ 0.12
0.16/
0.10
0.160 0.10
0.04/ 0.31
0.16/ 0.13
0.160
0.13
0.09/ 0.13
0.15/
0.13
0.150 0.13
0.08/ 0.13
0.06/ 0.13
0.07/ 0.13
0.03/ 0.13
0.02/ 0.09
-0.04/ 0.09
0.02/ 0.09
-0.04/ 0.09
-0.05/ 0.13
-0.22/ 0.13
-0.10/ 0.13
-0.23/ 0.13
-0.03/ 0.13
-0.20/ 0.13
0.12/ 0.13
0.06/ 0.13
0.03/ 0.13
-0.06/ 0.13
-0.01/ 0.05
0.02/ 0.05
-0.07/ 0.05
-0.09/ 0.18
0.02/ 0.18
0.04/ 0.12
0.12/ 0.13
0.10/ 0.13
0.10/ 0.13
0.12/ 0.13
0.12/ 0.04
0.120
0.04
-0.03/ 0.12
0.00/ 0.12
0.08/ 0.12
-0.06/ 0.12
0.06/ 0.12
-0.02/ 0.10
0.06/ 0.10
0.12/ 0.12
0.12/ 0.12
0.14/ 0.12
0.140
0.12
0.15/ 0.13
0.150
0.13
0.09/ 0.10
0.13/ 0.10
0.130
0.10
0.15/ 0.10
0.150
0.10
0.44/
0.36
0.440 0.36
0.12/ 0.13
0.12/ 0.13
0.06/ 0.10
0.04/ 0.10
0.08/ 0.10
0.09/ 0.08
0.090
0.08
0.05/ 0.11
0.02/ 0.11
0.03/ 0.11
0.05/ 0.11
0.07/ 0.11
-0.05/ 0.11
0.39/ 0.36
0.390
0.36
0.41/ 0.36
0.410
0.36
0.04/ 0.13
0.03/ 0.13
0.24/ 0.36

14

Performance Ratings Through December 31, 2012

V-Z, Indexes

TO T A L RETURN (all returns > 1 year annualized) 1

12 Mo
5 Yr
10 Yr
15 Yr Overall3
Since

NEWSLETTER (Portfolio)

The Hulbert Financial Digest

Vickers Weekly Insider Report (Average)

a. Insider Model Portfolio
Insider Model PortfolioTiming only
b. Risk Model Portfolio
Risk Model PortfolioTiming only
The Wall Street Stock Forecaster (Average)
a. The WSSF Portfolio for Income
b. The WSSF Conservative Growth Portfolio
c. The WSSF Portfolio for Aggressive Growth
Woodson Wave Report

a. Timing Only: S&P 500 Long Term (Cash on sells)

b. Timing Only: S&P 500 Long Term (Short on sells)
c. Timing Only: S&P 500 Interm. Term (Cash on sells)
d. Timing Only: S&P 500 Interm. Term (Short on sells)
e. Timing Only: S&P 500 Short Term (Cash on sells)
f. Timing Only: S&P 500 Short Term (Short on sells)

Zacks Home Run Investor

Zacks Premium16 (Average)
a. Focus List
b. All Star Analyst Portfolio
Zacks Reitmeister Trading Alert

BENCHMARKS
T-Bills (The riskless rate of return)
DJIA (with dividends re-invested monthly)
Standard & Poors 500 (dividends re-invested)
Wilshire 5000 Total Return Index (divs re-invested)
NASDAQ OTC Composite Index (w/o dividends)
Russell 2000 Index (without dividends)
MSCIs EAFE Index (without dividends)
Lehman Treasury Index (interest re-invested)
Gold Bullion (London P.M. Fixing)
Barclays Aggregate Bond Index

8.5
-5.4
12.7(3.2)
22.8
22.8
11.0(3.8)
17.4
17.4
24.4
24.4
12.4
15.3

-1.7
-6.4
-2.3(1.9)
1.1
-2.1(2.2)
7.3
7.3
10.6
10.6
3.9
3.9
6.9
6.9

2.7
-0.2
3.1(1.8)
4.4
3.2(2.3)
11.2
11.2
11.3
11.3
9.4
9.4
12.4
12.4

2.8
0.8
3.1(1.9)
3.8
2.7(2.3)

0.1(0.0)
-16.1(0.0)
0.1(0.0)
-16.1(0.0)
0.1(0.0)
-16.1(0.0)
18.2
18.2
6.3
20.6
20.6
-6.8

1.2
1.3

10.2
10.2
10.2
10.2

8.7
8.7
8.8
8.8

0.1
10.1
15.9
16.1
15.9
15.2
13.6
1.4
5.7
4.2

0.4
2.5
1.7
2.0
2.6
2.1
-6.6
5.1
14.7
5.9

1.7
8.0
7.2
7.9
8.5
8.3
5.4
4.6
17.0
5.1

2.5
6.2
4.5
4.9
4.5
4.5
2.0
5.7
12.3
6.0

7.5/8.3 12/31/92
5.1/8.3 12/31/92
6.6(2.0)/8.3 12/31/92
9.0/8.3 12/31/92
9.008.3
6.5(2.5)/8.3 12/31/92
8.9/4.9
8.904.9 12/31/01
8.9/4.9 12/31/01
8.904.9
7.4/4.9 12/31/01
7.404.9
10.9/4.9 12/31/01
10.904.9
2.6(0.9)/13.2
-8.4(0.9)/13.2
2.7(2.1)/13.2
-7.6(2.4)/13.2
3.9(2.7)/13.2
-6.2(3.0)/13.2
-13.1/5.8
10.2/8.6
10.208.6
10.6/7.2
10.607.2
-6.5/5.8
-1.0/1.9

8/31/09
8/31/09
8/31/09
8/31/09
8/31/09
8/31/09
3/31/11
12/31/94
12/31/95
3/31/11
10/31/12

4.9/10.9 6/30/80
12.3/10.9 6/30/80
11.1/10.9 6/30/80
10.9/10.9 6/30/80
9.5/10.9 6/30/80
6.6/8.6 7/31/87
6.7/10.9 6/30/80
8.1/10.9 6/30/80
2.9/10.9 6/30/80
6.9/8.7 12/31/89

Risk

# secs

Clarity Correl.

12 Mo

RISK-ADJUSTED 2
5 Yr 10 Yr 15 Yr Overall3

1.37 Hi
1.28 Hi
0.72 Lo
1.71 VHi
0.73 Lo
1.09 Avg
1.07 Avg
1.00 Avg
1.32 Hi

11(90)

6(82)

17(n/a)
36(n/a)
28(n/a)

C
C
C

0.70
0.68
0.89
0.61
0.91
0.96
0.87
0.96
0.93

0.16
-0.10
0.41
0.28
0.35
0.53
0.53
0.86
0.86
0.38
0.36

0.02
-0.03
-0.02
0.06
0.06
-0.02
0.12
0.12
0.16
0.16
0.08
0.08
0.11
0.11

0.05
0.01
0.05
0.07
0.06
0.18
0.18
0.18
0.18
0.16
0.16
0.17
0.17

0.04
0.01
0.03
0.05
0.02

0.09/ 0.12
0.06/ 0.12
0.11/ 0.12
0.10/ 0.12
0.10/ 0.12
0.14/
0.140 0.08
0.08
0.14/ 0.08
0.140
0.08
0.12/ 0.08
0.120
0.08
0.15/ 0.08
0.150
0.08

0.79 Lo
1.10 Avg
0.49 VLo
1.00 Avg
0.61 Lo
1.30 Hi
1.32 Hi
1.09 Avg
1.10 Hi
1.44 Hi
5.89 VHi

20(105)

50(376)
2(817)
12(109)

C
C
A

0.74
0.13
0.46
-0.50
0.32
-0.46
0.77
0.84
0.89
0.62
1.00

0.00
-0.40
0.00
-0.40
0.00
-0.40
0.49
0.49
0.14
0.51
0.51
-0.07

0.04
0.04

0.18
0.18
0.17
0.17

0.12
0.12
0.12
0.12

0.08/ 0.26
-0.13/ 0.26
0.11/ 0.26
-0.13/ 0.26
0.13/ 0.26
-0.07/ 0.26
-0.18/ 0.13
0.14/ 0.12
0.140
0.12
0.14/ 0.10
0.140
0.10
-0.06/ 0.13
-0.30/3.43

0.02
0.93
0.99
1.00
0.89
0.89
0.65
0.04
0.01
0.10

0.00
0.31
0.44
0.44
0.32
0.34
0.25
0.16
0.12
0.61

0.00
0.06
0.05
0.05
0.06
0.06
-0.05
0.27
0.22
0.45

0.00
0.15
0.13
0.14
0.13
0.12
0.08
0.18
0.25
0.27

0.00 0.00/
0.09 0.15/
0.06 0.13/
0.06 0.13/
0.06 0.09/
0.06 0.07/
0.02 0.05/
0.19 0.16/
0.18-0.01/
0.28 0.27/

0.06
0.97
0.98
1.00
1.41
1.27
1.12
0.35
1.06
0.25

VLo
Avg
Avg
Avg
Hi
Hi
Hi
VLo
Avg
VLo

0.13
0.13
0.13
0.13
0.13
0.11
0.13
0.13
0.13
0.12

LT Performance Ratings, January 2013

Gold, Bond & Asset Allocation Scoreboards Through December 31, 2012

A-H

Gold 1 (# switches)
5 Yr
Overall3

Since

5.7(0.0) 1 17.2(0.8)
7 . 2 ( 0 . 8 )119.6(0.7)/17.5
9.6(0.7)017.5
5.7(0.0) 1 19.5(0.8)
9 . 5 ( 0 . 8 )221.5(0.7)/17.5
1.5(0.7)017.5
0.3(2.0) 4.5(3.0) -0.6(2.5)/6.2
0.3(2.0) 6.3(3.0)
3.4(2.3)/6.2

-4.3(2.0) 5.8(3.0) 8.1(4.2)/18.3

-5.6(4.0)
-2.5(5.5)/8.6
-17.4(4.0)
-14.2(5.5)/8.6
Fibtimer Report (Diversified timing; asset allocation only)

Fidelity Monitor & Insight

The Gleason Report (Cash on sells)

-8.2(2.4)/-6.0
The Harley Market LetterCash on sell signals
0.1(0.0)
2.3(0.4)/11.8
The Harley Market LetterShort on sell signals -5.7(0.0)
-11.0(1.7)/11.8

1/31/07
1/31/07
1/31/85
1/31/85

6/30/04

1/31/11
1/31/11

3/31/12
2/28/08
2/28/08

NEWSLETTER (Portfolio)

12 Mo

The Aden Forecast

Bob Brinkers Marketimer
Cycles Research (Cash on sell signals)
Cycles Research (Short on sell signals)
The Dines Letter (100% Short on Sell Signals)
The Dines Letter (100% Cash on Sell Signals)
Doug Fabians High Monthly Income
Doug Fabians Successful Investing
ETF Selections & TimingIncome portfolio
FRC Investment Letter
F.X.C. Investors Corp.
Fibtimer Report (Cash on sell signals)
Fibtimer Report (Short on sell signals)

Blue
Blueshading
shadingsignifies
signifiesahead
aheadofofa the
buy-and-hold
Wilshire 5000

Risk4

1.08
1.08
0.93
0.83

0.62

0.83
1.27

1.05
0.24
1.13

Avg
Avg
Avg
Lo
Lo

Lo
Hi

Avg
Vlo
Hi

12 Mo

Bonds 1 (# switches)
5 Yr
Overall3
Since Risk4

1.4(0.0) 5.2(0.0)
-0.3(2.0) 4.1(3.0)
-2.0(2.0) 2.7(3.0)
-1.4(0.0) -1.9(0.8)
0.1(0.0) 0.4(0.0)

0.2(4.1)

-1.0(4.8)

-2.3(5.8)

0.9(0.3) 3.6(0.3)

0.6(6.0) 3.1(4.2)
-0.8(12.0) 1.6(5.8)

6.5(0.0)/6.5
4.6(3.0)/5.8
1.7(3.0)/5.8
-1.4(0.5)/6.9
4.4(0.4)/6.9
0.3(0.7)/0.5

3.3(4.1)/5.4

2.4(6.0)/5.7
0.7(6.5)/5.7

5.7(0.1)/6.1
0.1(0.0)/1.8
3.7(4.1)/5.7
2.2(5.6)/5.7

12/31/90
12/31/06
12/31/06
12/31/88
12/31/88
6/30/12

12/31/09

12/31/10
12/31/10

12/31/91
2/28/12
8/31/07
8/31/07

All returns covering more than one year are annualized

0.31
0.24
0.29
0.33
0.20
0.21

0.18

0.28
0.29

0.28
0.00
0.18
0.23
1-16

Vlo
Vlo
Vlo
Vlo
Vlo
Vlo

Asset Allocation 1 (# switches)

12 Mo
5 Yr
Overall4
Since Risk3
2.9(1.1) 6 6.4(0.6)
6.1(1.0)/6.1 12/31/95 0.45 Vlo
. 4 ( 0 . 6 ) 6.1(1.0)06.1

-0.1(0.2)
Vlo

1 212.2(0.4)
.2(0.4)
9 .9.0(0.3)
0(0.3)
Vlo

Vlo

8 .8.4(6.4)
4(6.4)
Vlo

Vlo

Vlo

Vlo

0.2(1.6)

2.4(0.2)

-0.3(1.7)/5.8 4/30/06 0.24

7.7(0.4)/2.4 7/31/11 0.73
7.7(0.4)02.4
8.1(0.4)/6.5 12/31/86 0.53
8.1(0.4)06.5

1.0(7.0)/4.3 12/31/10 0.62

See footnotes on page 16

Vlo
Lo
Vlo

Lo

LT Performance Ratings, January 2013

TO T&
A LAsset
RETURNAllocation
(all returns > 1 year
annualized)
Gold, Bond
Scoreboards
Through December 31, RISK-ADJUSTED
2012
1

I-Z,
Indexes
NEWSLETTER
(Portfolio)
NEWSLETTER (Portfolio)

12 Mo
5 Yr
10 Yr
15 Yr Overall
Since
Risk
# secs
Clarity Correl 12 Mo
5 Yr 10 Yr
Gold 1 (# switches)
Bonds 1 (# switches)
Asset Allocation 1 (#
12 Mo
5 Yr
Overall3
Since
Risk4
12 Mo
5 Yr
Overall3
Since Risk4
12 Mo
5 Yr
Overall4

7.6(0.2)/6.4
1 515.2(0.0)
. 2 ( 0 . 0 ) 0.9(0.1) 7.6(0.2)06.4

7.1(0.2)/6.4
1 313.2(0.1)
. 2 ( 0 . 1 ) 1.7(0.1) 7.1(0.2)06.4

7.9(0.1)/6.4
9 .9.3(0.1)
3 ( 0 . 1 ) 2.9(0.1) 7.9(0.1)06.4

1 111.8(0.2)
. 8 ( 0 . 2 ) 4.4(0.3) 5.1(0.5)/6.5
3

The Hulbert Financial Digest

Ind. Adv. for Vanguard InvestorsGrowth

Ind. Adv. for Vanguard InvestorsCons. Growth
Ind. Adv. for Vanguard InvestorsIncome
Investech Research Portfolio Strategy
Investment Warrior ReportBond timing model

Investors Intelligence
4.2(1.3) 9.2(0.6) 7.6(1.0)/12.4
Market Forecast (Cash on sells)
0.1(0.0) 4.6(0.4) 8.6(0.5)/17.7
Market Forecast (Short on sells)
-5.7(0.0) -7.7(0.4) -3.7(0.5)/17.7
M. Weiss Safe Money Report (Cash on sells)

M. Weiss Safe Money Report (Short on sells)

MoneyletterModerate Portfolio

MoneyletterConservative Portfolio

MoneyletterVenturesome Portfolio

mutualfundstrategist.com
3.2(8.0) 7.9(8.2)6 . 6.8(11.5)/6.0
8(11.5)06.0
National TrendlinesFund ModelNo Shorting
5 .5.8(2.0)
8 ( 2 . 0 ) 4.2(2.0) 0.4(1.6)/7.7
National TrendlinesFuturesCash on Sells
5 .5.8(2.0)
8 ( 2 . 0 ) 4.2(2.0) 0.9(2.4)/8.5
National TrendlinesFuturesShort on Sells
3.7(7.0) -5.3(7.4) -8.7(6.4)/8.5
National TrendlinesDFM asset allocation model

No-Load Fund AnalystEquity

No-Load Fund AnalystEquity-Tilted Balanced

No-Load Fund AnalystBalanced

No-Load Fund AnalystConservative Balanced

No-Load Fund InvestorPre-Retirement Portfolio

No-Load Fund InvestorRetirement Portfolio

No-Load Fund InvestorWealth Builder Portfolio

No-Load Fund InvestorInc. & Preservation Portf.

No-Load Mut. Fund Sel. & TimingShort on Sells -6.0(3.0) -0.7(0.8) -0.6(5.4)/6.4
No-Load Mut. Fund Sel. & TimingCash on Sells -6.0(3.0) -0.7(0.8)
0.5(4.5)/6.4
No Load Mut. Fund Sel. & TimingAsset Allocation

No Load Portfolios (Cash on sells)

5.7(0.0) 14.8(0.0) 8.0(0.3)06.8
8.0(0.3)/6.8
No Load Portfolios (Short on sells)
5.7(0.0) 14.8(0.0) 7.2(0.3)06.8
7.2(0.3)/6.8
The OutlookETF Moderate Portfolio

Oxford Club

PaulMerriman.comAggressive

PaulMerriman.comModerate

PaulMerriman.comConservative

The Relevant InvestorAgg Gro Model

The Relevant InvestorModerate Gro Model

The Relevant InvestorPreservation Model

Sound Mind Investing - 100% Stock

Sound Mind Investing - 80% Stock - 20% Bond

Sound Mind Investing - 60% Stock - 40% Bond

Sound Mind Investing - 40% Stock - 60% Bond

Sy Hardings Street Smart Reprt (Cash on sells) 1 414.2(3.0)

. 2 ( 3 . 0 ) 6.3(3.6) 9.3(4.0)/17.7
Sy Hardings Street Smart Reprt (Short on sells) 2 323.0(3.0)
. 0 ( 3 . 0 ) -5.9(5.2) -2.3(5.6)/17.7
Systems & Forecasts (Cash on Sells)

Systems & Forecasts (Short on Sells)

Timer Digest (Top Timers: Cash on Sells)

6 .6.2(9.0)
2 ( 9 . 0 ) 11.0(6.2) 4.7(8.4)/5.0
Timer Digest (Top Timers: Short on Sells)
5.6(9.0) 6.6(6.2)
0.3(8.4)/5.0
Todd Market Forecast (LT Signals: Cash on sells) -2.2(16.0) -4.1(19.4) 2.7(10.8)/7.7
Todd Market Forecast (LT Signals: Short on sells) -9.9(16.0)-22.0(19.4) -7.5(10.8)/7.7
Todd Market Forecast (ST Signals: Cash on sells)

Todd Market Forecast (ST Signals: Short on sells)

Woodson Wave Report (Cash on sell signals)

0.1(0.0)
15.3(0.9)/18.1
Woodson Wave Report (Short on sell signals)
-5.7(0.0)
12.1(0.9)/18.1

1/31/98
1/31/02
1/31/02

1/31/89
1/31/92
1/31/95
1/31/95

1/31/90
1/31/90

1/31/91
1/31/91

1/31/02
1/31/02

1/31/88
1/31/88
1/31/92
1/31/92

8/31/09
8/31/09

0.62
0.57
1.38

0.78
0.40
0.36
0.92

0.65
0.62

0.94
1.01

0.87
1.24

0.85
1.08
0.79
1.21

0.82
1.29

Lo
Vlo
Hi

Lo
Vlo
Vlo
Avg

Lo
Lo
Avg
Avg

Lo
Hi

Lo
Avg
Lo
Hi

Lo
Hi

0.0(5.0)
0.6(0.0)
0.1(0.0)
-1.4(0.0)
0.1(0.0)
-1.4(0.0)

-1.2(5.0)
1.4(0.0)
1.4(0.0)
1.4(0.0)

-1.3(2.0)
-1.3(2.0)

0.1(0.0)
-1.4(0.0)

0.1(0.0)
-1.1(2.0)
-0.3(3.0)
-2.1(3.0)
-1.5(6.0)
-4.4(6.0)

-0.1(15.0)
-1.7(15.0)
0.1(0.0)
-1.4(0.0)

1.3(0.1)
2.2(0.2)
-1.1(0.2)
0.4(0.0)
-5.6(0.0)

1.1(6.4)
3.9(2.0)
3.7(2.0)
3.4(3.2)

3.4(3.8)
3.0(3.6)

0.4(0.0)
-5.6(0.0)

2.3(2.2)
0.5(4.4)
3.8(3.0)
1.8(3.0)
2.1(9.8)
-1.5(9.8)

3.3(15.6)
1.2(15.6)

5.7(3.3)/6.7
4.6(0.9)/6.5
3.0(0.2)/5.3
-1.1(0.2)/5.3
1.7(0.0)/5.3
-5.5(0.0)/5.3

5.7(6.6)/6.9
4.3(2.6)/6.1
4.4(2.8)/6.4
0.9(6.4)/6.4

2.3(6.7)/6.6
4.6(4.0)/6.6

4.0(0.6)/6.5
-2.7(0.6)/6.5

2.9(2.4)/5.3
0.5(4.6)/5.3
6.1(5.3)/7.5
1.4(5.3)/7.5
5.3(8.6)/6.9
0.6(8.8)/6.9

4.1(13.4)/5.7
0.7(13.4)/5.7
1.1(1.8)/4.6
-2.6(1.8)/4.6

6/30/11
12/31/90
12/31/01
12/31/01
3/31/01
3/31/01

12/31/87
12/31/91
12/31/94
12/31/94

12/31/89
12/31/89

12/31/90
12/31/90

12/31/01
12/31/01
12/31/84
12/31/84
12/31/87
12/31/87

12/31/95
12/31/95
8/31/09
8/31/09

0.26
0.16
0.18
0.34
0.10
0.34

0.26
0.17
0.14
0.27

0.25
0.19

0.19
0.34

0.13
0.22
0.26
0.34
0.25
0.32

0.23
0.29
0.10
0.24

Vlo
Vlo
Vlo
Vlo
Vlo
Vlo

9.5(0.4) 2.6(0.4)
5.0(0.4)/7.5
9.5(0.4)

6.7(0.4)/6.3
1 010.4(0.0)
. 4 ( 0 . 0 ) 2.1(0.1) 6.7(0.4)06.3
7 .7.4(0.0)
4 ( 0 . 0 ) 1.7(0.1) 6.1(0.3)/6.3
1 414.1(0.2)
. 1 ( 0 . 2 ) -0.5(0.2) 6.5(0.5)/6.5
Vlo

Vlo

Vlo

Vlo

-2.1(1.4) -1.4(1.2)
2.4(1.9)/6.4
6 464.0(0.1)
. 0 ( 0 . 1 ) 6 .6.7(0.1)
7 ( 0 . 1 ) 4.5(0.1)/5.7
4 040.0(0.1)
. 0 ( 0 . 1 ) 6 .6.0(0.2)
0 ( 0 . 2 ) 4.8(0.1)/5.7
2 727.2(0.1)
. 2 ( 0 . 1 ) 5 .5.3(0.2)
3 ( 0 . 2 ) 5.1(0.1)/5.7
6.0(0.1) 3.0(0.2)
4.6(0.1)/5.7
8.4(0.1)/6.4
1 212.0(0.0)
. 0 ( 0 . 0 ) 2.7(0.0) 8.4(0.1)06.4
8.5(0.1)/6.4
9 .9.2(0.0)
2 ( 0 . 0 ) 3.6(0.0) 8.5(0.1)06.4
8.9(0.1)/6.4
1 414.2(0.0)
. 2 ( 0 . 0 ) 1.6(0.0) 8.9(0.1)06.4
3.9(0.1)
5.9(0.0)/10.0
Vlo

Vlo

5.6(0.6) -0.1(0.8)
5.8(1.7)/6.3
Vlo

Vlo

9.6(0.0) 2.3(0.1) 7.9(0.2)06.5

7.9(0.2)/6.5
9.6(0.0)
1 010.4(0.0)
. 4 ( 0 . 0 ) 2.3(0.0) 4.3(0.1)/5.7
1 515.2(0.0)/8.1
1 616.1(0.0)
.1(0.0)
.2(0.0)08.1
1 010.5(0.0)/8.1
1 010.2(0.0)
.2(0.0)
.5(0.0)08.1

8.1(0.0)/8.1
7 .7.3(0.0)
3(0.0)
5.4(0.1)03.2
5.4(0.1)/3.2
1 212.9(0.0)
.9(0.0)
5.9(0.1)03.2
5.9(0.1)/3.2
1 010.6(0.0)
.6(0.0)
6.9(0.0)03.2
6.9(0.0)/3.2
8 .8.5(0.0)
5(0.0)
6.2(0.0)/6.1
1 515.7(0.0)
. 7 ( 0 . 0 ) 0.0(0.1) 6.2(0.0)06.1
6.6(0.0)/6.1
1 212.8(0.0)
. 8 ( 0 . 0 ) 2.0(0.0) 6.6(0.0)06.1
7.4(0.0)/6.7
1 010.0(0.0)
. 0 ( 0 . 0 ) 3.5(0.0) 7.4(0.0)06.7
6.9(0.1)/6.7
7 .7.1(0.0)
1 ( 0 . 0 ) 4.4(0.0) 6.9(0.1)06.7
Vlo

Vlo

Vlo

Vlo

Vlo

Vlo

Vlo

Vlo

Vlo

Vlo

15 Yr Overall3
switches)
Since Risk3
12/31/91
12/31/91
12/31/91
12/31/86

12/31/01

12/31/89
12/31/89
12/31/87

1/31/92
12/31/99
12/31/99
12/31/99
12/31/99
12/31/88
12/31/88
12/31/88
3/31/09

12/31/89

12/31/86
12/31/99
12/31/08
12/31/08
12/31/08
6/30/11
6/30/11
6/30/11
12/31/95
12/31/95
12/31/92
12/31/92

0.94 Avg
0.81 Lo
0.60 Lo
0.58 Vlo

0.62 Lo

0.81 Lo
0.58 Vlo
1.13 Hi

0.35 Vlo
1.31 Hi
0.87 Lo
0.63 Lo
0.41 Vlo
0.65 Lo
0.50 Vlo
0.81 Lo
0.16 Vlo

0.59 Vlo

0.76 Lo
0.62 Lo
1.00 Avg
0.57 Vlo
0.37 Vlo
0.80 Lo
0.61 Lo
0.40 Vlo
0.99 Avg
0.77 Lo
0.56 Vlo
0.39 Vlo

AVERAGES

15

Buy-and-Hold

5.7(0.0) 14.7(0.0)

6.2(0.0)/6.2

1/31/85 0.96 Avg

1.4(0.0)

5.1(0.0)

7.5(0.0)/7.5

12/31/84 0.31 Vlo

6.3(0.0)

4.5(0.0)

6.5(0.0)/6.5 12/31/87 0.72 Lo

T-Bill Portfolio

0.1(0.0)

4.0(0.0)/6.2

1/31/85 0.04 Vlo

0.1(0.0)

0.4(0.0)

4.0(0.0)/7.5

12/31/84 0.04 Vlo

0.1(0.0)

0.4(0.0)

3.7(0.0)/6.5 12/31/87 0.04 Vlo

0.4(0.0)

Blue
Blueshading
shadingsignifies
signifiesahead
aheadofofthe
a buy-and-hold
Wilshire 5000

All returns covering more than one year are annualized

1-16

See footnotes on page 16

HFD

16

Footnotes
1
Newsletters performances on a timing-only basis appear in the Performance Ratings table (pages 2-14) in
italics below their corresponding portfolios, and in the
Gold, Bond, and Asset Allocation Scoreboards on pages 14-15. The timing-only scores in the Performance
Ratings table report stock-market timing, while those
on pages 14-15 report timing in the gold and bond markets as well as in allocating between the major different
asset classes (domestic stocks, domestic bonds, international stocks, international bonds, gold, and cash).
The HFD calculated these timing-only performances as follows. Within each market, each timer earned
the same rate of return when in the market and the
same rate of return when in cash. The proxy used for investing in domestic stocks was the Wilshire 5000s Value-Weighted Total Return Index; for domestic bonds,
the Lehman Treasury Index; for international stocks,
Morgan Stanley Capital Internationals EAFE Index;
for international bonds, J. P. Morgans Non-US World
Government Bond Total Return Index; for gold, Londons P.M. Fixing; and for cash, the 90-day T-Bill rate.
The timing-only performances were designed to
aid, in particular, the mutual fund switcher. Thus, in the
event a newsletter recommends actually going short
the market on a sell signal, we calculate two ratings
for itone assuming the investor does go short, and
the other which assumes the investor goes into cash
(as would most mutual fund switchers). In addition,
these transactions were made at the closing price on
the day subscribers would have been able to act on
the advice. No commissions or taxes were debited.
The HFDs reporting of timing-only performances
also shows the number of switches generated by each
timing system. These are the numbers in the parentheses following each periods gain or loss. A switch into or
out of the market is counted as one switch, so a roundtrip counts as two. (Leverage also is taken into account,
so a switch from being 200% invested to 100% cash is
counted as 2 switches.) For all periods longer than 12
months, the switches are reported as averages per year.
2

The numbers in the risk-adjusted columns report

performance per unit of risk, following the formula
for the Sharpe Ratio. The numerator of this Ratio is the portfolios average monthly return less
the average monthly return of 90-day T-Bills over
the same period. The denominator is the standard deviation of the portfolios monthly returns.
3
The data in the columns headed Overall report performance over the entire period the
HFD has followed the portfolio or newsletter.
(The date on which the HFD began following
the service appears in column headed Since).
In the column headed Overall that appears in the
Total Return section of the Performance Ratings table
(pages 2-14) you also will find the comparable return of
the Wilshire 5000 over the same period. This Wilshire
return appears to the right of the / in this column.
Similarly, in the columns headed Overall in the
Gold, Bond and Asset Allocation table on pages
14 and 15, you will find the comparable return of the
appropriate benchmarks (also to the right of the /).
4
The numbers listed in the Risk column of the Performance Ratings tables (pages 2 to 14) and in the Gold,
Bond and Asset Allocation Scoreboards (pages 14-15)

compare the volatility of each newsletters monthly performance to the volatility of the Wilshire 5000 index.
A ratio of 1.00 in this column means the newsletter,
portfolio, or timing system was exactly as volatile as the
Wilshire 5000 (no more nor no less). Numbers greater
than 1.00 thus represent risk greater than the stock market, while numbers less than 1.00 represent less risk.
The riskiness of all portfolios and timing systems was categorized on the basis of these ratios,
according to the following classification scheme:
VLoVolatility at least 40% less than the Wilshires
LoVolatility between 40% less and 10% less than
the
Wilshires
AvgVolatility between 10% less and 10% more than
the Wilshires
HiVolatility between 10% more and 50% more than
the Wilshire
VHiVolatility greater than 50% above the Wilshires
5

The data in the # Secs. column report the number of securities held in the portfolio on December 31, 2012 (cash or T-Bills dont count).
The number in parentheses reports the average holding period (in days) of those positions.

The letter in the Clarity column rates the newsletters and portfolios according to the clarity and
completeness of the advice that is offered. A is
for letters that offer complete model portfolios; B
is for services that offer lists of recommended investments and some allocation advicebut no
model portfolios; and C is for newsletters that offer nothing but lists of recommended investments.

The data in the column headed Correl report the correlation coefficient between the portfolio and the Wilshire
5000 index. A coefficient of 1.0 indicates that there is
a perfect correlation between the twothat is, they
move up and down in unison. In contrast, a coefficient
of -1.0 means that there is a perfectly inverse correlationthat is, when the one moves up the other always
moves down, and vice versa. A coefficient of 0.0 means
there is no detectable correlation between the two.

The HFDs track record for Benjmain Shepherds

Wall Street (formerly Louis Rukeysers Wall Street) is
based on the buy recommendations provided by the
analysts that are interviewed in the newsletter. Note
carefully that this means that these buy recommendations do not come from the newsletters editor(s).

not to make this trade part of his model portfolios, his HFD record has not suffered as a result.
11

Closed-End Country Fund Report has not been

published since 2004; since it has not been formally discontinued, the HFD continues to track
the last-known sighting of its model portfolio.

12
At various points in the past, some of the funds owned
by the model portfolios of the Independent Advisor
for Vanguard Investors were closed to new investors.
HFDs policy in such cases is to calculate records for
these portfolios on the assumption that they owned the
alternate funds that the newsletter recommended as
a substitute for new subscribers. HFD readers should
be aware that this policy leads to a different performance rating than what the newsletter itself calculates.
13
In late 2000/early 2001, the Institute for Econometric Research folded its several letters (Market Logic,
Mutual Fund Forecaster, Insiders, etc.) into this one
(Mutual Funds Magazine). The only track record
from the earlier newsletters that survived was a timing system known as the Seasonality Timing System, for which the HFD has data extending back to
1982. However, Mutual Funds Magazine was itself
discontinued in late 2002. Since this timing system
uses predetermined mechanical signals that are
known years in advance, the HFD will continue to
report the performance of this system, even though
Mutual Funds Magazine is no longer published.
14

The Prudent Speculators Prudent Speculator Portfolio in the past has sometimes employed
margin. The HFD assumes that it has started
each year at no greater than 50% margin, even
though, as an ongoing portfolio, its margin level
need only be kept above whatever margin level imposed by the brokerage firm, typically 30% or 35%.

15
Between mid-2001 and mid-2003, Upside was part
of Dow Theory Forecasts; prior to mid-2001, Upside was a separate service, published under the
name of Low-Priced Stock Survey. Only Upsides
track record since mid-2003 appears here. Its performance between mid-2001 and mid-2003 (a gain of
9.0% annualized, vs. minus 8.5% annualized for the
Wilshire 5000) is credited to Dow Theory Forecasts.
For the period from 1/1/1996 through 5/31/2001, the
HFD calculates that the average portfolio in LowPriced Stock Survey produced a 5.3% annualized
return, vs. 14.4% annualized for the Wilshire 5000.

All option transactions prior to 1990 were made assuming a 1% one-way commission. The HFD subsequently adopted a methodology for determining
option commissions that, had it been in place prior
to 1990, would have assumed a 3% one-way commission for those years. However, because the ratings for years prior to 1990 have not yet been recalculated to reflect the higher number, they continue
to be reported assuming a 1% one-way commission.

10
In late 2000, Brinker forecasted a several-month
bear market rally and recommended an investment in the NASDAQ 100 Indexa trade that
proved to be quite unprofitable. However, because
Brinker at the time of making this forecast chose

16

The Hulbert Financial Digest is treating Zacks Premium (which used to be called Zacks Elite) as the successor publication to Analyst Watchwhich, though it
continues to be published, has become less oriented
to the individual investor. Both publications recommend
the identical Focus List as recommended by Zacks.
HFD subscribers should be aware that some of the historical performance reported here for Zacks Premium
was for periods prior to this newsletter being published.