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Our Pan Geo Global Capital Appreciation Portfolio unlevered total rate of return is 98.4% from inception on November 15, 2000 to May 4, 2008 (average annual rate of return is 9.6%). Over this time, it has outperformed its global hybrid benchmark by 69.3%.

Our Pan Geo 100% American Strength Growth Portfolio unlevered total rate of return is 105.1% from inception on July 15, 2002 to May 4, 2008 (average annual rate of return is 13.2%). Over this time, it has outperformed its hybrid benchmark by 34.9%.

Performance Record

To view the first 64 countries of our Pan Geo Investment Global Table© which contains direct links to capital market exchanges around the world, please scroll towards the bottom of this page. The 100 countries not currently in our Pan Geo Global Index are shown in the Table portion on Also Eligible  Page.

This Performance Record section outlines the details of our performance record to date. For a quick overview of our performance versus well-known indexes, please refer to tables of the Welcome Page. To order advice from a registered Investment Advisor, go to the OrderAdvice  and Know Your Client  Pages. To order our investment data products, which do not constitute investment advice, visit the InvestorDataBlock  Page.

Please refer to Investigations page if you would like to see Pan Geo Investment Eco Table©. Pan Geo Investment Investigations support our independent portfolio investment advisory services. Our current list of what we call the Dirty Lime Weighty 80 countries are shown there along with our explanations of their pollution problems and related commentary. Current Dirty Lime 80 countries are also indicated with brown boxes in Pan Geo Investment Global Table© below, not the usual light orange (salmon) colored boxes.

We feel a commitment to the general public, a fiduciary responsibility as Investment Advisor, to objectively and unequivocally present our performance record to you. We believe that if our customers put their trust and faith in us, we owe it to them to prominently display this important information. Hence our use of marquee banners on each page of this website and a lot of detail in this section on how we are doing to date.

We have never had any other mutual portfolio offering other than the two described below. This means there have been no discontinued portfolios or folding of one portfolio or fund into another. We generally do not track the performance of custom designed portfolios we produce for particular clients.

To date our performance numbers vis-a-vis most fund complexes are excellent since the majority of the latter do not beat their relevant benchmark. Unlike most hedge funds, we do not employ leverage or we report our performance on an unlevered basis for comparability.

There can be no assurance that outperformance of our portfolio investment advice will continue. Our results include all dividend and interest payments on portfolio securities but do not assume reinvestment of same. The calculation of absolute performance results deducts 0.1% (10 basis points) for expenses. At any given measurement point the decision as to who is ahead, the indexer's or us, is made before allowing for expenses.

To enhance objectivity and better reflect portfolios and funds global in scope, for our Pan Geo Global Capital Appreciation Portfolio we reference to FTSE World Index™ until October, 2007 and to FTSE All World Index™ thereafter if the FTSE World Index™ value is not available.

We have also developed an alternative hybrid global index against which we measure our performance. It is referred to as Pan Geo Global Index™ and it is described in the following section along with performance results of Pan Geo Global Capital Appreciation Portfolio versus Pan Geo Global Index. Also refer to the table on the Welcome page for our running average total return results.

On a cumulative basis, we have outperformed FTSE World Index by 69.3% total return from our November 15, 2000 start date to May 4, 2008 including the effects of all changes in relative currency values. On an average annual return basis, we are ahead of FTSE World Indexes by 6.1% per year. In absolute value terms, we are currently averaging 9.6% annual rate of return gains. $10000 invested at inception 7.46 years ago in Pan Geo Global Capital Appreciation Portfolio would have become $19840 by May 4, 2008 including the effect of all subsequent portfolio updates. Turnover in Pan Geo Global Capital Appreciation Portfolio for the last year running has been 61%.

Our Pan Geo 100% American Strength Growth Portfolio™ is compared with a hybrid benchmark having 33.333% emphasis on each of NASDAQ Composite, Russell 2000 and S&P 500 Indexes™. Over the interval from our July 15, 2002 start date to May 4, 2008 we have outperformed this hybrid benchmark by 34.9% total return, and 3.6% in terms of differential average annual return per year. In absolute value terms, we are currently averaging 13.2% annual rate of return gains. $10000 invested in Pan Geo 100% American Strength Growth Portfolio at inception 5.80 years ago would have become $20510 by May 4, 2008 including the impact of all subsequent portfolio updates. Over the past year, portfolio turnover has been 77%.

On a cumulative basis, PI2™ plus investment advisor has to May 4, 2008 systematically beat our FTSE World™ and equally-weighted hybrid US index indexer competition at 308 of 316 approximately evenly-spaced time points. This is 97.5% of the time. We were underperforming those indexes at only 8 data points. At each of the 316 time points to date, we have measured our performance relative to the hybrid benchmark set for each portfolio. Pan Geo Global Capital Appreciation Portfolio™ accounts for 173 of 178 of these data points where we are ahead and Pan Geo 100% American Strength Growth Portfolio™ makes up 135 of 138 performance measurement time points where we were outperforming the respective indexer competition.

Also on a cumulative performance basis, we have been ahead of Pan Geo Global Index™ at 74 of 178 measurement points which is 41.6% of the time. Pan Geo Global Capital Appreciation Portfolio™ is currently lagging Pan Geo Global Index™ by 145.1% in total return (or by 8.4% on an average annualized return difference basis). This performance deficit, most of which came about since mid-2005, set off bells ringing at our place. It prompted us to produce the following Pan Geo Global Index section plus additional automation behind the scene that goes into authoritative, efficient and reliable production of Pan Geo Investment Global Table© , the first 64 countries of which are shown in the table below.

Comment

January 30, 2008 -  Here's an idea we really like, we call it the Far West TFE (read on please). New concepts can be a welcome stimulus to the marketplace and we sense a bit of a void currently in this area. We will give an example in this comment to illustrate what we mean. Over the years, from time to time based on our work we have really wished we could invest in particular technologies. You know, the pure play as distinct from the entities that pursue those technologies. We have sometimes put a lot of effort into investigating technology "t" only to conclude we did not like its prospects for success. So if there was an electronic board organized as a Technology Futures Exchange ("TFE") we could conceivably have been selling the "t" technology contract short to mitigate some of the losses we sustained from investigating or implementing that technology. The Far West Technology Futures Exchange would contractually define, delimit, describe, initially price, trade or otherwise make a market for say 100 (or 500) nascent and emerging technologies contracts. Those technologies are being worked on in fields, labs, clinics, plants, offices, cubicles, boardrooms, garages, apartments and houses in various localities around the world. That is, the collective effort is likely to be widely-dispersed geographically, being engaged in some form of review, research, development and policy analysis by individuals, corporations, start-ups, governments, agencies of government, non-government organizations, you name it.

We want to give a current, concrete example. Please refer to the bottom of our Investigations  page for more about what we wrote concerning carbon separation, capture and sequestration ("CSCS") technology. Our point here is that if the TFE already had a CSCS contract being traded we probably would be like a lot of insurers, lawyers, scientists, technologists and environmentalists, and be queuing to sell short that particular contract. It would be fascinating to observe if we could who would be going long on CSCS. Its one thing to lobby, induce, influence or otherwise capture a government official to contribute taxpayers money to help pay for development of a particular technology for the long-term benefit of a private entity. Its quite another to see just who would put up their own funds to invest in it.

In a nutshell, we think the value of a Far West TFE is for the benefit of society at large as it provides the mechanisms to enable the playing out of pure play bets on various technologies in an accelerated timeframe just as any futures market effectively does. The value of it is it serves as an early warning device or investor-driven referendum. It should help to lessen and prevent poor, misguided, captive or guesstimate-larded policy formulations. The market is transparent and would clearly show there are almost always a series of alternative or competing technologies and accompanying resources at various stages of development. So this claim promoted by some business people and politicians on occasion that we must pursue technology "p" or sacrifice growth is usually quite ridiculous because there is always technology "q", "r" and "s" waiting in the wings. And a TFE should make this abundantly clear to everyone because everything is listed there for all to see. Further, this market is anticipatory and should encapsulate dynamically everything publicly known about various technologies together with their prospects for successful commercialization. Consideration of the relative costs of applying one technology versus a competing technology or alternative source is automatically melded and embedded into the relative demand for those contracts.

See the bottom of  Know Your Client page for our other commentaries.

To Know Your Client  Page     To OrderAdvice  Page 

To Welcome Page      To InvestorDataBlock  Page

To Also Eligible  Page     To Investigations Page

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Pan Geo Global Index

We have developed our own benchmark hybrid index to measure the performance of global portfolio investment, and in particular, the Pan Geo Global Capital Appreciation Portfolio™.  This index is referred to as the Pan Geo Global Index™. Its performance since our start time, November 15, 2000 is significantly better than FTSE World Indexes™. Pan Geo Global Index has country weightings that are markedly different than that of many popular global indices and funds. We feel Pan Geo Global Index does a better job of reflecting where growth is occurring globally. It provides a beacon to guide us in our reconnaissance efforts for Pan Geo Global Capital Appreciation Portfolio.

As of May 4, 2008 Pan Geo Global Index has a total return of 243.5% since November 15, 2000. During this time interval, Pan Geo Global Capital Appreciation Portfolio performance lags the Index by 145.1% total return which is equivalent to underperforming this index by 8.4% in terms of average annual return. 

Upon request, we report on the current global weightings of Pan Geo Global Index to our advisory customers at the time their orders are filled. At the current measurement point, the relative contribution to Pan Geo Global Index performances of Algeria, Dominican Republic, Azerbaijan, Angola, Sudan, Ukraine and UAE stock markets were prorated based on results for the other 57 nations. We provide the following table of information to give you some idea of where the current make-up of Pan Geo Global Capital Appreciation Portfolio differs from Pan Geo Global Index. At this point, there is considerable variation between the two. As time goes by we anticipate moving closer to the portfolio weighting implied by components of Pan Geo Global Index, however, our overriding objective is to outperform all relevant global indices including this one. 

The following Pan Geo Investment Global Table© displays our 2005, 2006, 2007 and 2008 rank order of highest to lowest weighted countries in Pan Geo Global Index (in columns 3 to 6 respectively). In column 7 is our current outlook for 2011 for Pan Geo Global Index. Beside that, in column 8, is shown the corresponding current rank order of weighting by country in Pan Geo Global Capital Appreciation Portfolio. The weighting column 9 entries summarize Pan Geo Global Capital Appreciation Portfolio weighting versus that of Pan Geo Global ("PGG") Index. Residual refers to Pan Geo Global Capital Appreciation Portfolio securities that very likely have exposure to that country's currency.

A positive percentage value in the Annual Net Performance % column 10 means security issuers in Pan Geo Global Capital Appreciation Portfolio from that country have collectively outperformed Pan Geo Global Index to May 4, 2008 by that much. So the Pan Geo Investment Global Table© shows relative outperformance versus Pan Geo Global Index in terms of annualized total return percentage of securities attributed to each country that are now, or once were, included in Pan Geo Global Capital Appreciation Portfolio.

Note that some values applicable to this portfolio are contained in the 100 country Also Eligible portion of the table which can be seen on Also Eligible  Page of this website. This is due to the fact that we do not limit Pan Geo Global Capital Appreciation Portfolio to include securities of only the 64 countries currently in Pan Geo Global Index. Nor do security issuers from the 64 countries shown below operate without potential exposure to the 100 Also Eligible countries or their currencies. We consider it to be an important part of our job as Investment Advisor to assess and incorporate those exposures in our analysis which is no easy task.

In the case of United States of America, a risk capital-weighted addition of the result from US securities performance in Pan Geo Global Capital Appreciation Portfolio relative to Pan Geo Global Index with a similarly-calculated result from Pan Geo 100% American Strength Growth Portfolio versus its equally-weighted hybrid index yields a combined net performance value to May 4, 2008 of -3.8%. If we exclude the effect of the latter portfolio altogether comparability is enhanced since then every country is shown in the table below with a net performance % value versus PGG Index only. For the USA, that value is -13.2% as of May 4, 2008.

All else being equal, positive Annual Net Performance % values signal to the portfolio manager or advisor to pay attention to the possibility of further investment in that jurisdiction. We generally follow this prescription as best we can in our global search for securities. However, to date our PI2™ program has delivered all our final recommendations for portfolio investment and we have not yet overruled what its telling us to do at any particular time.

Also note that Current PGG Index and Capital Appreciation Portfolio Rank position numbers for countries shown in both parts of Pan Geo Investment Global Table change over time as will the Weighting and Net Performance values. We intend to reflect those dynamics and make changes as soon as we have updated information and analysis that warrant it.

Please note that almost all links to exchanges provided in column 2 of this table land on web pages having an English tab, link, button, letters or perhaps a flag icon of the United Kingdom somewhere on that page. Click on it if you want to go to the English language version of their website.