Lumbard & Kellner, LLC

Sound investing is about reducing risks.

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

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.

 

We have to meet very stringent standards when reporting performance. Since 2004 our performance numbers have been calculated by a third party, U.S. Bank. Prior to that they were calculated by State Street, our previous custodian, but there was an interruption in the transfer. We ARE permitted to give you the long-term performance of one client account---an actual fee-paying client account that is managed just like our other portfolios---for which we’ve saved every statement since 1998. It pays fees based on our fee schedule from the 1990s, which assessed a fee of 1% of the first $500,000 in assets. Those fees are reflected in the performance numbers presented below, and this “Benchmark Account” has not benefited from any additions since inception.

On December 31, 2017, the account was valued at $1,237,592; 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 2017 was 8.99%.

Compound Annual Growth Rate 1999-2017

 

 

Lumbard & Kellner
Benchmark Account

 

S&P 500

Bonds
(Barclay)

3 mo. T-Bill

Nasdaq

Dow

8.99%

 

6.17%

4.69%

1.81%

7.2%

7.86%

Compound Annual Growth Rate 1999-2017

The Benchmark Account is primarily composed of stocks, bonds, and cash-equivalent investments. Its performance should be compared to a mixture of stock, bond, and cash indices.

Year

Benchmark

 

S&P 500

Bonds (Barclay)

3 mo. T-Bill

Nasdaq

Dow

1999

(9.60)

 

21.04

(0.82)

4.74

85.89

27.21

2000

6.22

 

(9.10)

11.63

5.96

(38.83)

(4.85)

2001

12.85

 

(11.89)

8.44

4.09

(20.13)

(5.44)

2002

2.92

 

(22.10)

10.25

1.70

(31.13)

(15.01)

2003

19.51

 

28.68

4.10

1.07

50.93

28.28

2004

13.94

 

10.88

4.34

1.24

9.15

5.31

2005

2.98

 

4.91

2.43

3.00

1.79

1.72

2006

15.81

 

15.79

4.33

4.76

10.40

19.05

2007

5.63

 

5.49

6.97

4.74

10.81

8.88

2008

(3.31)

 

(37.00)

5.24

1.80

(40.00)

(31.93)

2009

23.02

 

26.46

5.93

0.16

45.61

22.68

2010

13.70

 

15.06

6.54

0.13

18.16

14.06

2011

5.01

 

2.11

7.84

0.08

(0.79)

8.38

2012

12.87

 

16.00

4.21

0.07

17.74

10.24

2013

23.34

 

32.39

(2.02)

0.05

39.74

29.65

2014

4.58

 

13.69

5.97

0.03

14.75

10.04

2015

(5.64)

 

1.38

0.55

0.03

6.96

0.21

2016

14.10

 

11.96

2.08

0.27

8.87

16.50

2017

20.62

 

21.83

2.14

0.84

29.64

28.11

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.
 

 

 

 

© 2018 Lumbard & Kellner, LLC • PO Box 749,  Hollis, NH 03049 • 603-465-7700 • www.lumbard.com