| Dana Investment Advisors, Inc. (Dana) is
an independent investment management firm established
in 1980. Dana manages a variety of equity, fixed income
and balanced portfolios for primarily U.S. institutional
clients. Dana maintains a complete list and description
of composites, which is available upon request.
The benchmark for the composite is the Domini 400 Social
Index.
The composite was created January 31, 2000. Performance
is calculated in US Dollars utilizing a time- weighted
total rate of return. Total return for the composite
is represented by the asset-weighted returns of the
portfolios within the composite. Trade-Date valuation
is used. Performance results are calculated gross of
investment management fees.
The Dana Socially Responsible Equity composite does
not have a minimum size criterion for composite membership.
All fee-paying, discretionary accounts with similar
investment objectives are included. The composite includes
the equity segment of balanced accounts. Cash is allocated
to these segments based on the average cash position
of the “equity only” portfolios in the composite.
Leverage is not used in this composite as a means to
generate higher returns. There are no non-fee paying
portfolios in the composite.
The dispersion of annual returns is measured by the
standard deviation of equal-weighted portfolio returns
represented within the composite for the full year.
The standard deviation of the annual returns presented
for the time period 2001 to 2007 is 15.61% for the composite
and 14.95% for the Domini 400 Social Index.
In June of 2006, Dana added a portfolio manager to
the strategy’s lead portfolio management team.
Effective July 1, 2007, three portfolio manager/analysts
transitioned from being Dana employees to being sub-advisors
assisting in the management of some composite portfolios.
In addition, a lead portfolio manager rejoined Dana
as an employee in February of 2008.
Performance results are calculated and presented before
investment management and custodial fees but after all
applicable trading costs. The composite contains both
traditional commission paying and bundled-fee portfolios.
Transaction costs are allocated to bundled-fee portfolios
at the current prevailing per share commission rate
charged by our preferred list of non-directed institutional
brokers. Bundled fee portfolios comprise 3.1% of composite
assets as of 12/31/07. Dana investment management fees
may vary based upon the differences in size, composition
and servicing needs of client accounts. Investment management
fees would reduce the returns presented, for example:
a $1,000,000 portfolio with an advisory fee of 0.75%
per annum earning a 10% annual return would have paid
a total compounded advisory fee of $50,368 over a five
year period. The resulting average annual return for
the period would be 9.17%. Past performance is not indicative
of future results. A complete description of Dana’s
investment advisory fee schedule is contained in the
Firm’s Form ADV Part II, a copy of which is available
upon request..
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