| Performance |
Paul Zenke
Investment Advisor Representative of Kodiak Investment Management LLC. (Kodiak)
Average Annualized Returns*
Investment Advisor Representative of Kodiak Investment Management LLC. (Kodiak)
Average Annualized Returns*
2003 2004 2005 2006 2007 2008 2009 2010 3 year 5 year Since Inception (2003)
Kodiak 15.88 22.14 8.90 4.84 0.64 -19.69 23.21 -1.03 .83 1.59 6.86
S&P 500 Index 26.38 8.99 3.00 13.62 3.53 -38.49 23.45 12.78 -.75 2.94 6.65
Compared to the -10.50 + 13.15 + 5.90 -8.78 -4.16 +19.54 -.24 -13.81 +1.58 -1.35 + .21
S&P 500
Kodiak 15.88 22.14 8.90 4.84 0.64 -19.69 23.21 -1.03 .83 1.59 6.86
S&P 500 Index 26.38 8.99 3.00 13.62 3.53 -38.49 23.45 12.78 -.75 2.94 6.65
Compared to the -10.50 + 13.15 + 5.90 -8.78 -4.16 +19.54 -.24 -13.81 +1.58 -1.35 + .21
S&P 500
Disclosures:
*Twenty accounts, using the twenty largest accounts by assets managed by the representative. The accounts chosen have changed over the performance period. The representative was an investment advisor
representative of Registered Investment Advisors other than Kodiak from 2002 through March of 2006.
These accounts have been chosen because of a limitation on the number of accounts that can be used to create a composite representation.
It is the opinion of Kodiak that the performance of all of the accounts managed have had similar performance, as the palate of securities used is similar.
Advisory Services offered through Kodiak Investment Management, LLC, a Registered Investment Adviser.
Data and information contained in this report has been prepared from a composite of accounts, and are not intended as advertisement or sales literature.
This report has not been prepared as an investment recommendation and is not intended as investment advice.
Values are as of 12/31/2010. Data represents past performance and does not guarantee future results. This report has been prepared from data believed to be reliable and is dependent upon substantial manual input,
but Kodiak does not independently verify the data and accuracy and completeness cannot be guaranteed.
While performance data is intended to be mathematically accurate, it is not standardized per U.S. Securities & Exchange Commission (SEC) Rule 482 and does not comply with the Association for Investment
Management and Research (AIMR) computation formula. Performance information may be dependent on the "cost basis" of the investments in the composite accounts, and such performance information will vary
based upon the cost basis provided the Representative.
Rate of return may be higher or lower depending on cost basis.
Performance information, as presented in this report, is generally net (less) of fees and expenses. However, some performance information contained in this report may not reflect the deduction of all fees and
expenses. Therefore, some performance information in this report may show a higher level of return than would be the case if all fees and expenses were deducted from the composite portfolio.
Investors cannot invest directly in an index. The indices used in this report are benchmarks and their performance is not necessarily indicative of comparable portfolio performance. The S&P 500 is more volatile than
the portfolios in the composite. The composite average allocation is about 60% bonds and 40% stocks. Please contact Kodiak to obtain a more detailed definition of the index used in this report.
S&P 500 is a trademark of the McGraw-Hill Companies, Inc. The S&P 500 index does not reflect dividends paid on the underlying stocks. Calculations are made from the first trading day of the year to the last
trading day of the year. Current-year value/previous year value – 1 = Annual Return %. Direct investment cannot be made in an index. Past performance is not an indicator or a guarantee of future results.
The investment return and principal of an investment will fluctuate so an investor’s shares, when redeemed, may be worth more or less than original cost. The values represented in this report may not reflect the
true cost basis of the initial investment. This statement has been prepared by third party data providers and Kodiak for informational purposes only. This report is not intended for tax, lending, legal or other
nonfinancial planning purposes and should not be relied upon by third parties.
Customers are advised that the securities are:
* NOT A DEPOSIT
* NOT FDIC or NCUA INSURED unless otherwise stated
* NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
* NOT GUARANTEED BY ANY BANK, CREDIT UNION or RELATED SERVICE ORGANIZATION
* MAY DECLINE IN VALUE
If this report reflects a deduction of investment advisory fees, the investment return figures have been computed incorporating such deduction. If the deduction of investment advisory fees is not reflected on this
report because, for example, a customer has paid them directly, the return figures on this report do not incorporate those fees, and would be somewhat lower after adjustment for them. Methods used for calculating
performance returns vary significantly among firms, and this report should only be used as a reasonable approximation of performance results. If you have any questions regarding this report, please call the
representative. Some securities may be illiquid, and the value used may not be realized if the security is liquidated. A "cost basis" method of accounting has been assigned to the composite portfolio.
The values of Direct Participation Programs (DPPs) and Real Estate Investment Trusts (REITs), including Limited Partnerships, when included in performance numbers, have been provided by the DPPs or REITs,
generally through an intermediary, and purport to reflect an estimate of the interest in the DPP or REIT represented by the units or shares described above. DPP and REIT securities are generally illiquid, and the value
used may not be realized when the investor seeks to liquidate the security. Please note that 1) DPP or REIT securities are generally illiquid; 2) the value of the security will be different from its purchase price; and 3)
accurate valuation information may not available. Subject to errors and omissions. Information not guaranteed.
*Twenty accounts, using the twenty largest accounts by assets managed by the representative. The accounts chosen have changed over the performance period. The representative was an investment advisor
representative of Registered Investment Advisors other than Kodiak from 2002 through March of 2006.
These accounts have been chosen because of a limitation on the number of accounts that can be used to create a composite representation.
It is the opinion of Kodiak that the performance of all of the accounts managed have had similar performance, as the palate of securities used is similar.
Advisory Services offered through Kodiak Investment Management, LLC, a Registered Investment Adviser.
Data and information contained in this report has been prepared from a composite of accounts, and are not intended as advertisement or sales literature.
This report has not been prepared as an investment recommendation and is not intended as investment advice.
Values are as of 12/31/2010. Data represents past performance and does not guarantee future results. This report has been prepared from data believed to be reliable and is dependent upon substantial manual input,
but Kodiak does not independently verify the data and accuracy and completeness cannot be guaranteed.
While performance data is intended to be mathematically accurate, it is not standardized per U.S. Securities & Exchange Commission (SEC) Rule 482 and does not comply with the Association for Investment
Management and Research (AIMR) computation formula. Performance information may be dependent on the "cost basis" of the investments in the composite accounts, and such performance information will vary
based upon the cost basis provided the Representative.
Rate of return may be higher or lower depending on cost basis.
Performance information, as presented in this report, is generally net (less) of fees and expenses. However, some performance information contained in this report may not reflect the deduction of all fees and
expenses. Therefore, some performance information in this report may show a higher level of return than would be the case if all fees and expenses were deducted from the composite portfolio.
Investors cannot invest directly in an index. The indices used in this report are benchmarks and their performance is not necessarily indicative of comparable portfolio performance. The S&P 500 is more volatile than
the portfolios in the composite. The composite average allocation is about 60% bonds and 40% stocks. Please contact Kodiak to obtain a more detailed definition of the index used in this report.
S&P 500 is a trademark of the McGraw-Hill Companies, Inc. The S&P 500 index does not reflect dividends paid on the underlying stocks. Calculations are made from the first trading day of the year to the last
trading day of the year. Current-year value/previous year value – 1 = Annual Return %. Direct investment cannot be made in an index. Past performance is not an indicator or a guarantee of future results.
The investment return and principal of an investment will fluctuate so an investor’s shares, when redeemed, may be worth more or less than original cost. The values represented in this report may not reflect the
true cost basis of the initial investment. This statement has been prepared by third party data providers and Kodiak for informational purposes only. This report is not intended for tax, lending, legal or other
nonfinancial planning purposes and should not be relied upon by third parties.
Customers are advised that the securities are:
* NOT A DEPOSIT
* NOT FDIC or NCUA INSURED unless otherwise stated
* NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
* NOT GUARANTEED BY ANY BANK, CREDIT UNION or RELATED SERVICE ORGANIZATION
* MAY DECLINE IN VALUE
If this report reflects a deduction of investment advisory fees, the investment return figures have been computed incorporating such deduction. If the deduction of investment advisory fees is not reflected on this
report because, for example, a customer has paid them directly, the return figures on this report do not incorporate those fees, and would be somewhat lower after adjustment for them. Methods used for calculating
performance returns vary significantly among firms, and this report should only be used as a reasonable approximation of performance results. If you have any questions regarding this report, please call the
representative. Some securities may be illiquid, and the value used may not be realized if the security is liquidated. A "cost basis" method of accounting has been assigned to the composite portfolio.
The values of Direct Participation Programs (DPPs) and Real Estate Investment Trusts (REITs), including Limited Partnerships, when included in performance numbers, have been provided by the DPPs or REITs,
generally through an intermediary, and purport to reflect an estimate of the interest in the DPP or REIT represented by the units or shares described above. DPP and REIT securities are generally illiquid, and the value
used may not be realized when the investor seeks to liquidate the security. Please note that 1) DPP or REIT securities are generally illiquid; 2) the value of the security will be different from its purchase price; and 3)
accurate valuation information may not available. Subject to errors and omissions. Information not guaranteed.
Balance Integrity Wisdom Trust Discipline
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Kodiak Investment Management LLC
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