Long-Term Value Portfolio Update for Week Ending 2/8

The Long-Term Value Portfolio lost some ground relative to the market this week, primarily due to losses in portfolio holdings outnumbering gains. The largest contributor to portfolio losses was Nortel Inversora (ticker NTL), down more than 4% for the week. Similar negative contributions were had by US Mobility (ticker USMO) and to a lesser extent Nash Finch (ticker NAFC), Invacare (ticker IVC) and Peabody Energy (ticker BTU). These losses were only partially made up in gains in names like Flir Systems (ticker FLIR) and Key Energy Services (ticker KEG).

For the week, the portfolio lost 60 basis points versus a 33 basis point gain on the S&P 500. Since the beginning of the year, portfolio is up 5.6% or 80 basis points less than the market. Since inception, the portfolio has gained 13% and is 160 basis points ahead of the market.