COBA Portfolio

Performance Summary
As of June 30, 2017

  Quarter Calendar
YTD
1-Year 3-Year 5-Year 10 Year Since
Inception
COBA  6.48%   14.18%  19.58%  11.16%  16.47% 10.14% 10.03%
S&P 500 Index*  3.09% 9.34%  17.90%  9.61%  14.63% 7.18% 5.21%
Difference 3.39% 4.84%  1.68%  1.55%  1.84% 2.96% 4.82%
Tracking Error** 4.50% 5.29% 4.80% 9.00% 13.77%
Information Ratio***  0.37  0.29   0.38   0.33    0.35  
Months>Benchmark  58%   50%    50%   52%    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, 2017: $125,517