COBA Portfolio

Performance Summary
As of June 30, 2016

  Quarter Calendar
YTD
1-Year 3-Year 5-Year 10 Year Since
Inception
COBA  3.25%   4.01%  3.59%  14.60%  8.79% 11.16% 9.47%
S&P 500 Index*  2.46% 3.84%  3.99%  11.66%  12.10% 7.42% 4.47%
Difference 0.79% 0.18%  -0.40%  2.94%  -3.31% 3.74% 5.00%
Tracking Error** 6.02% 5.16% 7.18% 9.16% 14.15%
Information Ratio***  -0.07  0.57   -0.46   0.41    0.35  
Months>Benchmark  42%   50%    47%   53%    53%  

Periods greater than one year are annualized.

Inception: June 30, 2000
* Performance of the S&P 500 Total Return Index (Source: Bloomberg SPXT Index) is used for comparison purposes only. The COBA Portfolio does not have a formal mandated benchmark against which it is managed.
** Tracking error is annualized and based on monthly return differences relative to the S&P 500 Index. Due to incomplete monthly data for the portfolio during the period December 2001 through April 2004, S&P 500 Index returns were used in twelve separate months for the purposes of calculating tracking error.
*** Information ratio is the ratio of the annualized relative return divided by the tracking error. See note regarding tracking error.

COBA portfolio value as of June 30, 2016: $105,778.51