May be time to revisit financials with Emerald
Oct 14, 2008
Navigating through the Tumultuous Financial Markets using
Strong Fundamentals and Common Sense
Emerald’s foundation is built on intense fundamental research proven to provide valuable insight well in advance of stock price. It is a vital function that greatly contributes to the success of our investment process and inherently allows us to know the quality and value of what we are invested in. Recent market activity has reminded asset managers and investors alike that there is no substitute for quality.
How Emerald’s approach to the financial services sector has faired
as of 10-08-08:
Ticker: HSSAX
Morningstar Fund Category: Specialty Financial
Sub-Advisor: Emerald Mutual Fund Advisers TrustMorningstar Category Percentile Ranking
| 1 Month | 3 Month | YTD | 12 Month | 3 Year | 5 Year | 10 Year |
| 1 | 4 | 3 | 8 | 30 | 14 | 3 |
| 1 Month | 3 Month | YTD | 12 Month | 3 Year | 5 Year | 10 Year |
| 143 | 143 | 140 | 136 | 124 | 106 | 51 |
Performance (@ NAV) HSSAX
| 1 Month | 3 Month | YTD | 12 Month | 3 Year | 5 Year | 10 Year |
| -10.41 | 5.39 | -16.22 | -28.38 | -8.84 | 0.02 | 10.91 |
The performance data quoted represent past performance, do not guarantee future results and current performance may be lower or higher than quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The returns assume reinvestment of dividends and distributions, if any. Performance data current to the most recent month-end may be obtained at www.forwardfunds.com. It is not possible to invest in the Morningstar category itself. The category return data represent the average return of all funds collectively assigned by Morningstar to the specialty financial category.
Investment Focus
♦ Strong Earnings Growth
♦ Superior Management & Execution
♦ Attractive Valuations
♦ Diversification within Sector
♦ Smaller Market Capitalization
($50 million - $2 billion)
♦ Growth in a Traditional Value Sector
Sector Allocation (As of 9-30-08)
Banks 58.1% Insurance 13.9%
Diversified 6.9% REITs 5.3%
S & Ls 4.5% Brokerage/Service 2.9%
Inv. Mgmt. 2.8% Info Services 1.6%
Finl. Misc. 0.2% Cash 3.8%
Since our founding in 1991, Emerald’s philosophy has been rooted in the belief that fundamental, bottom-up research is the key to gaining exceptional understanding of the companies we choose to include in our investment portfolios. We are dedicated to the achievement of consistent client investment success without engaging in high risk. Our equity and fixed income investment teams are led by experienced professionals who adhere to strict disciplines and utilize sophisticated analytical tools helping to bring added value to our clients.
Emerald Mutual Fund Advisers Trust
1703 Oregon Pike • Lancaster, PA 17601 Tel. 717 • 396 • 1116
