Lumbard & Kellner, LLC

Sound investing is about reducing risks.

Lumbard Investment Counseling is a traditional investment advisory firm. located in Hollis, New Hampshire.

Click here to see every newsletter we’ve written since 2002.

 Lumbard Investment Counseling maintains an unusually low ratio of clients to investment counselors.

Lumbard Investment Counseling is engaged in the management of equity and fixed income securities on behalf of endowments and foundations.

 

For many years we’ve been tracking the performance of a real client account that we call our “Benchmark Account”. We have to meet very stringent standards when reporting performance—we have to be able to produce all the pages of every statement—so even though the account opened in 1990 we can only show you its growth since January 1, 1998.  The account pays fees based on Lumbard & Kellner, LLC’s fee schedule from the 1990s, when the top rate was 1%. The performance numbers presented below are net of fees and expenses—which means that the performance numbers you see have been reduced by the collection of our fees. Otherwise, the Benchmark Account has not had any additions or withdrawals since inception. Dividends and other earnings have been reinvested.

On June 30, 2017, the account was valued at $1,116,833;  up from $$1,027,110 at the end of 2016, and $241,129 on December 31, 1998. The compound annual growth rate from December 31, 1998 to the last day of 2016 was 8.38%.

The performance results for the Benchmark Account (abbreviated to “Bench” in the tables below) were calculated by U.S. Bank, the custodian for Lumbard & Kellner, LLC’s client accounts.  Prior to 2004 State Street was the custodian, and calculated the returns. Actual returns for individual client portfolios managed by Lumbard & Kellner, LLC may vary and will not necessarily coincide exactly with the returns for the “Benchmark Account.”

Compound Annual Growth Rate 1999-2016
 

 

 

Bench

 

Dow

Nasdaq

S&P 500

Bond Ind
Barclay

3M T-Bill

8.38%

 

6.83%

6.07%

5.36%

4.83%

1.86%

Compound Annual Growth Rate 1999-2016

 

Year

Bench

 

Dow

Nasdaq

S&P 500

Bond Ind
Barclay

3M T-Bill

1999

(9.60)

 

27.21

85.89

21.04

(0.82)

4.74

2000

6.22

 

(4.85)

(38.83)

(9.10)

11.63

5.96

2001

12.85

 

(5.44)

(20.13)

(11.89)

8.44

4.09

2002

2.92

 

(15.01)

(31.13)

(22.10)

10.25

1.70

2003

19.51

 

28.28

50.93

28.68

4.10

1.07

2004

13.94

 

5.31

9.15

10.88

4.34

1.24

2005

2.98

 

1.72

1.79

4.91

2.43

3.00

2006

15.81

 

19.05

10.40

15.79

4.33

4.76

2007

5.63

 

8.88

10.81

5.49

6.97

4.74

2008

(3.31)

 

(31.93)

(40.00)

(37.00)

5.24

1.80

2009

23.02

 

22.68

45.61

26.46

5.93

0.16

2010

13.70

 

14.06

18.16

15.06

6.54

0.13

2011

5.01

 

8.38

(0.79)

2.11

7.84

0.08

2012

12.87

 

10.24

17.74

16.00

4.21

0.07

2013

23.34

 

29.65

39.74

32.39

(2.02)

0.05

2014

4.58

 

10.04

14.75

13.69

5.97

0.03

2015

(5.64)

 

0.21

6.96

1.38

0.55

0.03

2016

14.10

 

16.50

8.87

11.96

2.08

0.27

General Disclosures
Statements within this website are the opinions of Lumbard & Kellner, LLC and are not to be construed as guarantees, warranties or predictions of future events, portfolio allocations, portfolio results, investment returns, or other outcomes. None of the material contained in this website is intended as a solicitation or offer to purchase or sell a specific investment. Viewers of this website should not assume that all recommendations will be profitable or that future investment and/or portfolio performance will be profitable or favorable.

Performance Results
The performance results presented are for our “Benchmark Account.” For performance review purposes the benchmark account uses January 1, 1999 as its date of inception. The account pays fees based on Lumbard & Kellner, LLC’s fee schedule from the 1990s (top rate of 1%) and the performance presented is net of fees and expenses—which means that the performance numbers you see have been reduced by the collection of our fees. Otherwise, the Benchmark Account has not had any additions or withdrawals since inception. The performance results for the Benchmark Account include the reinvestment of dividends and other earnings.

The performance results for the Benchmark Account are calculated by Lumbard & Kellner, LLC’s custodian, U.S. Bank (prior to 2004 State Street was the custodian). Actual returns for individual client portfolios managed by Lumbard & Kellner, LLC may vary and will not necessarily coincide exactly with the returns for the “Benchmark Account.”

Past Performance Does Not Guarantee Future Performance

Past performance of the “Benchmark Account” does not guarantee future results. No assurances or guarantees can be given or implied concerning future investment results for Lumbard & Kellner, LLC or any investment index. Future returns may differ significantly from the past due to materially different economic and market conditions and other factors. Investments within portfolios, and therefore, portfolios, involve risk and the possibility of loss, including a permanent loss of principal.
 

 

 

 

© 2017 Lumbard & Kellner, LLC • PO Box 749,  Hollis, NH 03049 • 603-465-7700 • www.lumbard.com