Investment PartnershipsRolling Five Year Performance Table
Our goal is not to outperform the market over the short-term. Accordingly, our investment process is suitable only for investors willing and able to commit capital on a longer-term basis. Over the long term our goal is to outperform our Benchmark** and the S&P 500. As a measure of our historical success in achieving this goal, we present the table below.
For each of the Robotti Value Equity Composite*, our Benchmark and the S&P 500, the table presents the compounded annualized calendar year performance for successive rolling five-year periods ending in 1997 through 2011. It illustrates the net of fees performance that would have been realized by an investor in the Robotti Value Equity Composite and compares such results to the performance of the other indices during the same periods.
| Investment Performance Robotti Value Equity Composite* Rolling 5 Year Performance 1993-2011 |
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| Five Year Period | Robotti Value Equity Composite—NET | Benchmark** | S&P 500 |
| 1993-1997 | 25.93% | 16.41% | 20.27% |
| 1994-1998 | 15.80% | 11.87% | 24.06% |
| 1995-1999 | 11.96% | 16.70% | 28.56% |
| 1996-2000 | 8.40% | 10.32% | 18.33% |
| 1997-2001 | 7.07% | 7.52% | 10.70% |
| 1998-2002 | 1.54% | -1.36% | -0.59% |
| 1999-2003 | 10.70% | 7.13% | -0.57% |
| 2000-2004 | 16.53% | 6.61% | -2.30% |
| 2001-2005 | 17.80% | 8.22% | 0.54% |
| 2002-2006 | 19.97% | 11.39% | 6.19% |
| 2003-2007 | 23.23% | 16.24% | 12.83% |
| 2004-2008 | 6.02% | -0.93% | -2.19% |
| 2005-2009 | 7.76% | 0.51% | 0.42% |
| 2006-2010 | 8.43% | 4.47% | 2.29% |
| 2007-2011 | 0.81% | 0.25% | -0.25% |
*As of September 1, 2011, the Robotti Small Cap Value Composite has been renamed the Robotti Value Equity Composite.
**Inception through August 2011, benchmark was the Russell 2000 Index. September 2011 through present, benchmark is the Russell 2500 Value Index.
Past performance is no guarantee of future performance but this table illustrates that the Robotti Value Equity Composite has not declined over any five-year period to date. One can see that during this period the Benchmark experienced two negative five-year rolling periods, while the S&P 500 had four rolling five-year periods where it had negative results. On an absolute basis we have not experienced a down five year period. We think this is an important measure for long-term investors.
