• The results reported here are hypothetical. Unless otherwise noted, they were compiled after the end of the period specified and do not represent decisions made by Columbine Capital Services during that time. As such, these results do not reflect the impact that any material market or economic factors might have had on Columbine's application of these models if they actually had been used to manage client assets during the periods presented here. 
• These results do not represent actual trading using assets. They should not be considered indicative of the investment skill of Columbine Capital Services, Inc. Columbine has never managed client funds according to the strategies depicted in this document, nor does it offer investment management services based on these strategies to investors. Clients for Columbine's research services actually had investment results that were materially different from the results portrayed here. 
• The performance of past rankings does not assure the profitability or utility of future rankings. Used in isolation, these models could generate frequent relative and absolute losses; annual portfolio turnover could exceed 300%. Concentrations in the stocks of particular economic sectors or industry groups would be common.

Unless otherwise noted, all returns are calculated on a time-weighted basis, using monthly valuation, based on equal-weighted deciles and universes. Returns include re-invested dividends (total return) and are presented gross of brokerage commissions, market impact, or other expenses of trading. Subscription fees for Columbine’s services are not included in the performance calculations; a client’s actual return would be reduced by the incorporation of those fees. The effect of fees and expenses on performance will vary with the amount of assets under management and account performance.

We base our computations on data from commercial sources that we believe to be reliable, but we cannot guarantee the accuracy of that data. Decile-by-decile results for all Columbine models during the periods reported on here (or for any period) are available on request. A complete history of every ranking made by Columbine Capital Services, Inc. is available for inspection in our offices.