arrFiles=new Array();arrFiles[0]=new Array("aboutus.htm","CMA- About us","About Us Meet the Advisory Team The CMA investment team responsible for account portfolios has over 90 years of combined investment expertise, as well as serving a variety of client relationships since 1978. Our experience has provided us with in-depth knowledge of public fund, Taft-Hartley and ERISA legislation that governs most retirement plans. Additionally, we are long-standing sponsors and members of MAPERS, FPTTA, and IPPFA. David A. Russo, CIMA Chief Investment Officer - Principal Chairman Investment Committee A founding principal of CMA. Dave began his career at Merril Lynch in 1964 while attending Wayne State University. After graduation he held several management positions during his 16 year tenure with the firm, including floor manager on the Chicago Board Options Exchange. In 1980 he joined Detroit based Roney & Company as Director of Investment Consultant Services; he was also a General Partner of the firm. In 1991 he left the brokerage community to join an investment advisory firm, where he spent the next five years. A Michigan native, Mr. Russo is based in our Windermere, Florida headquarters. He holds the following securities licenses: Series # \'s 4, 7, 12, 41, 53, 63 and 65. Beth A. Lang Director of Client Administration and Trading - Principal Investment Committee Member Before forming CMA, Beth held the post of Vice President of Client Services at several investment advisory organizations since 1988. She began her career in the capital markets in 1983, at Glendale Federal Savings. In 1986, she joined Liden Cogan & Associates where she was responsible for pension plan trust accounting. Beth is based in our Windermere, Florida headquarters. Click Here to learn more about our philosophy. Leonard D. Davenport, CFA Investment Policy Committee – Principal Investment Committee Member Before affiliating with Capital Management Associates in 2002, Len was employed at Royal & Sun Alliance from 1991 to 2001. Len began his investment career in 1986. He has held the position of Director of Fixed Income and Chairman of the Investment Policy Committee. He has served the firm in Detroit, Charlotte and London managing over $7 billion in firm assets, as well as participating in the International Development Program in Amsterdam, NV and the Leadership in Action Conference in Hong Kong, China. Len is based in Kiawah Island, South Carolina. Randi L. Chapman Analyst Investment Committee Member Prior to joining Capital Management Associates in 2003, Randi had enjoyed a successful finance and marketing/client-servicing career with The Woodbridge Group, a leading auto supply manufacturer. Her tenure encompasses over 8 years of finance and accounting experience. Randi is based in our Windermere, Florida headquarters. Erez Zadak International Investment Strategist Investment Committee Member Prior to joining CMA as international investment officer; Erez was portfolio manager and investment strategist for Dean Reach Investment LTD. Erez has served in capital markets since 1993. Erez developed an award-winning global investment model as a result of his thesis on \"The Influence of Economic Indicators on Stock Market Behavior \". Erez received his BA in accounting and finance from the College of Management, Israel and has completed his graduate studies at Derby University, United Kingdom. He has recently published an Investment primer titled \"International Investing for the Israeli Investor \" Erez is based in Tel-Aviv, Israel. Ezra Sadan International Investment Strategist Investment Committee Member Professor Sadan is associate professor at the Hebrew University in Jerusalem. He has served as the Director General of the Ministry of Finance and Director General of the Ministry of Agriculture for the State of Israel. He has also held positions in the private sector as Board of Director for the Israeli Electric Company, El Al Israeli Airlines as well as the Atomic Energy Commission. He holds his Doctorate in Economics. Dr. Sadan is based in Jerusalem, Israel. Click Here to contact us Click Here to read some customer testimonials Back to top","null","null","");arrFiles[1]=new Array("access_account.htm","CMA - Access Account","Access Account This page will allow you access to your account, review your statement, transaction history, and receive important messages. 1. To login to your account, click the login button:","null","null","");arrFiles[2]=new Array("contact.htm","CMA - Contact us","Contact Us At Capital Management Associates, we respect your privacy. Without your consent we will not distribute, sell, rent, and/or loan any information regarding our customers to any third party. All information our customers provide is held with the utmost care and security, and will not be used in ways to which you have not expressly consented. Request Information: Name Company Address City State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Zip Phone E-mail Comments You can contact us also via e-mail at: customersupport@cmacorporation.com Address P.O. Box 2080 Windermere, Florida 34786-2080 Local: 407.909.1126 Fax: 407.909.1176 1.800.980.8949 Capital Management Associates. is open from 9AM to 5PM EST Monday through Friday (except on major holidays). The form is in PDF format, if you do not have the pdf reader software, please click in the image to get a free version.","null","null","");arrFiles[3]=new Array("index.htm","CMA - Capital Management Associates L.L.C. - an independent investment advisor located in Windermere, Florida.","Capital Management Associates L.L.C. is an independent investment advisor located in Windermere, Florida. CMA manages assets for a number of Police, Fire and General Employee pension funds as well as several union pension funds. We also manage assets for non-profit eleemosynary organizations. The largest concentration of assets, when judged by the number of relationships, is by far in the wealth management of private clients. Capital Management Associates LLC clients represent all walks of life; from educators to professional athletes, business professionals to retired military personnel. Meet Advisory Team Newsletter Signup STRATEGIC INVESTMENT PHILOSOPHY Our Investment Philosophy rests on the premises that successful investment decision-making is enhanced when sector and industry group selections are correct. Sector and industry groups weightings are the cornerstones of our investment process. Bull markets are born on pessimism: grow on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell. Sir Jon Templeton February, 1994 Click Here to read some customer testimonials Our goal is to produce superior investment performance in both positive and negative market climates, while maintaining the risk parameters stated by you, our client. Our portfolio professionals understand the most important role of a portfolio manager is to control risk. By demanding the strongest value for each dollar invested, and by adhering to a highly disciplined approach of both buy and sell decisions, we carry out this mandate. IT IS OUR MISSION TO: CONDUCT OUR DAILY OPERATIONS AT THE HIGHEST LEVEL OF ETHICAL CONDUCT. VIEW THE STEWARDSHIP OF OUR CLIENTS \' ASSETS AS OUR HIGHEST PRIORITY. PROVIDE A SECURE RETIREMENT FOR THOSE CLIENTS AND PLAN PARTICIPANTS EMPOWERING US TO MANAGE THEIR RETIREMENT ASSETS. PROVIDE FOR INCREASES IN DISTRIBUTIONS TO OFFSET HIGHER COSTS OF LIVING. HELP CLIENTS AND PLAN TRUSTEES \' TO OPERATE IN A COMFORTABLE ATMOSPHERE OF POSITIVE FUND ASSET GROWTH. MAINTAIN THE HIGHEST LEVEL OF CORPORATE GOVERNANCE AND PRUDENCE BY ADHERING TO STANDARDS AS OUTLINED IN AFL-CIO INTERNATIONAL LABOR PROXY VOTING GUIDELINES. WORK CLOSELY WITH CONSULTANTS, ATTORNEYS AND CPA \'S TO CREATE AN ATMOSPHERE OF COOPERATION TO BENEFIT OUR MUTUALLY VALUABLE CLIENTS.","null","null","");arrFiles[4]=new Array("investment.htm","Capital Management Associates","Learn About our Selection Process Investment Philosophy The value-added portion of our investments results from strategic overweighing in selected industry groups, especially those that appear particularly attractive within key economic sectors. Sector and industry group weightings are the cornerstones of our investment process. However, this process begins and ends with the all-important evaluation of stocks. Approximately 15,000 stocks that include large, mid, and small cap issues are combined to form our investment universe. Stocks are classified according to: A. Price rankings based on the price performance of all stocks within the universe, which are ranked from the most too least favorable. B. Volume rankings based on comparisons from historical volume data points to current volume data points. C. Timeliness rankings based on an arithmetic average of the timeliness ranking of the Value line universe of stocks. Our Investment Process After sector and industry groups are selected, purchase candidates are first screened by a set of company fundamental characteristics to determine if the candidate is a good company. Purchase candidates are then screened by a set of technical factors to determine if the candidate is a good stock. Capitalization weightings generally range from $ 5 billion to $ 33 billion. However, we may, on occasion, purchase smaller issues due to a lack of larger candidates available in a particular industry group. There are thousands of excellent companies available for investment. However, not all of them appreciate in value, because they are presently not very good stocks. Previous Page","null","null","");arrFiles[5]=new Array("news.htm","CMA - in the news","CMA in the News Click Here","null","null","");arrFiles[6]=new Array("newsignup.htm","CMA - Newsletter signup","Newsletter Use this form to sign up for one or more of Capital Management Associates Online \'s newsletters, to change the e-mail address you want the newsletter sent to, or to remove your name and address from our mailing list. Sign up Now! Log In Name Company Address City State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Zip Phone E-mail Comments Click Here to learn more about our philosophy. At Capital Management Associates, we respect your privacy. Without your consent we will not distribute, sell, rent, and/or loan any information regarding our customers to any third party. All information our customers provide is held with the utmost care and security, and will not be used in ways to which you have not expressly consented.","null","null","");arrFiles[7]=new Array("pmm_or_mutualfund.htm","CMA -Professional Money Manager or Mutual Fund?","Professional Money Manager or Mutual Fund? Topics Value Equity Capital Growth and Income Growth Equity Concentrated Equity Core Equity International ADR Fixed Income Modern Portfolio Theory Professional Managed Accounts Investment Managers Construct Individually Managed Portfolios Cost Comparisons VALUE EQUITY The Value Equity portfolio is a conservative investment philosophy, characterized by the purchase of companies that are undervalued relative to the market. As a rule we hold 10 to 12 core value holdings representing five to six economic sectors. The remainder of the portfolio is invested into companies representing economic sectors or industry groups that appear particularly attractive. We typically hold 40 to 45 issues. Stocks are selected from the top half of the Russell 1000 Value and Standard & Poors 500 Barra Value universes, with particular attention paid to those companies that appear in both universes. This portfolio generally carries a lower beta than the stock market; the slightly lower volatility is a result of stock priced at a discount to the stock market. The value equity portfolio will generally outperform the stock market over a three-year stock market cycle regardless of economic conditions, but tends to do better in down stock markets. Back to top CAPITAL GROWTH AND INCOME The Capital Growth and Income portfolio combines the portfolio stability of companies, which pay cash dividends above the stock market average, with a combination of stocks of which represent above average capital growth potential. We typically hold 30 to 35 issues, to remove systematic portfolio risk. Stock issues are selected from the top half of the Russell 1000 Value and Russell 1000 Growth universes. We believe there are two reasons for selecting companies that pay dividends. FIRST: These companies demonstrate consistent and superior investment characteristics in virtually any economic environment. SECOND: Past dividend growth is the best indicator of future dividend increases. The income orientation of the portfolio helps provide below average volatility and provides a cushion of downside protection in times of unfavorable market conditions. The Capital Growth and Income portfolio is a low beta, low volatility portfolio with a lower standard deviation than that of the stock market. The Capital Growth and Income portfolio will generally outperform the stock market when conditions of economic uncertainty exist, but will under perform the stock market when conditions for dramatic economic expansion are present. Back to top GROWTH EQUITY The Growth Equity portfolio is an aggressive investment philosophy, characterized by the purchase of companies that have projected earnings growth rates greater than the stock market and pay little or no dividends. As a rule we hold 10 to 12 core growth holdings representing four to five economic sectors. The remainder of the portfolio is invested into companies representing economic sectors or industry groups that appear particularly attractive. We typically hold 40 to 45 issues. Stocks are selected from the top half of the Russell 1000 Value and Standard & Poors 500 Barra Growth universes, with particular attention paid to those companies that appear in both universes. This portfolio generally carries a higher beta than the stock market. The higher beta is a result of the significant weighting in the technology sector. The higher volatility is a result of stocks priced at a significant multiple greater than the stock market. The growth equity portfolio will generally outperform the stock market over a three to five year stock market cycle regardless of economic conditions, but tends to significantly outperform if the cycle favors a bull market. Back to top CONCENTRATED EQUITY The Concentrated Equity portfolio is an aggressive investment philosophy, characterized by the purchase of companies that represent our portfolio managers strongest purchase recommendations. Performance attribution comes from holding a limited number of specifically attractive issues. As a rule we hold 7 to 10 core holdings representing four to five economic sectors. The remainder of the portfolio is invested into growth companies representing economic sectors or industry groups that appear particularly attractive. We typically hold 20 to 25 issues. Stocks are selected from the top half of the Russell 1000 Growth and Standard & Poors 500 Barra Growth universes, with particular attention paid to those companies that appear in both universes. This portfolio generally carries an equal or higher beta than the stock market. The higher beta is a result of the significant weighting in the technology sector. The higher volatility is a result of stocks priced at a significant multiple greater than the stock market. The growth equity portfolio will generally outperform the stock market over a three-to-five year stock market cycle regardless of economic conditions, but tends to significantly outperform if the cycle favors a bull market. Back to top CORE EQUITY The Core Equity portfolio combines the investment characteristics of both the value and growth disciplines. Core holding of both value and growth stocks comprise about half of the portfolio. The remainder of the portfolio holdings are invested into either growth stocks or value stocks, depending upon the current investment climate. We typically hold 40 to 45 issues, to remove systematic portfolio risk. Stock issues are selected from the Russell 1000 Value and Russell 1000 Growth universes with particular attention to those companies which have a blend of both value and growth characteristics. This portfolio generally carries a lower beta than the market; the slightly lower volatility is a result of the value holdings. The portfolio will comprise a much broader capitalization spectrum and will hold large, mid and small capitalization issues. The Core Equity portfolio will generally outperform the stock market over a three-year market cycle regardless of economic conditions. Back to top INTERNATIONAL ADR The International ADR portfolio invests in companies domiciled outside the United States, although many of the companies purchased may serve markets in the U.S. as well as abroad. We review economic data provided by OECD on approximately 30 countries to determine which countries offers the best economic climate for investment. We invest in only mature economies, and avoid the emerging markets. We typically hold 30 to 35 issues representing ten to twelve different countries. Country indexes are reviewed to determine which sectors or industry groups dominate a particular index, which are then screened for purchase candidates. American Depository Receipts, which represent foreign shares, are purchased from a universe provided by MSCI, the Bank of New York, and Morning star Inc. The International ADR portfolio is a low beta portfolio relative to the EAFE Index (Europe, Australia, Far East) as well as the Standard & Poors 500 Index. The international portfolio has no investment style constraints and will generally hold both value and growth issues. The style bias is dependent upon the country selection, as well as which sectors or industry groups dominate the country indices selected for investment. Back to top FIXED INCOME The Fixed Income portfolio invests in AAA fixed income instruments that are either direct obligations of the United States government or carry the full faith and credit of the US government. We can also purchase tax free municipal bonds for our taxable accounts that require tax-free income. We purchase only direct obligations (tax roll) or insured municipal bonds. Our investment philosophy is based on the lengthening and reduction of duration (price movement relative to interest rate changes). Government bonds offer the liquidity we require and encompass a full host of fixed income selections to choose from. Corporate fixed income instruments may offer higher yields. However, they also offer the smaller investor, unless held to maturity, a host of potential problems, from fixed income rating agency downgrades, to liquidity, particularly on the sell side. The Fixed Income portfolio can at times be volatile, and in recent years, has out performed the stock market. Portfolio duration targets tend to be higher than the index (LBGC) in a falling interest rate environment, and less than the index, in a rising interest rate environment. Back to top MODERN PORTFOLIO THEORY has determined that diversification among 20 to 40 issues minimize RISK and maximize RETURNS. The investment manager’s equity portfolio typically will contain between 20 and 45 stocks (depending on the specific portfolio characteristics). The average mutual fund contains 500 to 1500 positions. Portfolios with fewer holdings had in general, a greater variance from the market, and therefore a greater opportunity to outperform the market. Back to top PROFESSIONALLY MANAGED ACCOUNTS do not have “unreasonable” cash flows (money deposited or withdrawn from accounts) as is the case with mutual funds. Thus, the manager is not “handcuffed” into buying when the market is HIGH (new Mutual Fund Clients) or selling when the market is DOWN (redemption’s) due to investor demands. Back to top INVESTMENT MANAGERS CONSTRUCT new client portfolios by purchasing ONLY their best current investment ideas. Mutual funds often contain old positions that the mutual fund manager is holding, but would not purchase with “new” money. Mutual fund buyers cannot avoid the purchase of these “older” shares. Back to top INDIVIDUALLY MANAGED PORTFOLIOS realize ONLY the full appreciation of the securities being taxed. When mutual funds are purchased, the client must buy into the existing tax liability of the fund. If an investor buys a mutual fund days before a capital gain is declared, that investor is taxed on the FULL amount of the gain as if they had participated in the price appreciation of those securities. The professionally managed account can accommodate special tax gain and loss requests for clients wishing to adjust their tax liability. Mutual funds DO NOT! Back to top CMA- Consultant Mutual Fund Management Fee .75% (Maximum) .50% to 1.25% Expense Ratio 00% .25% to .50% One Time Load/Fee 00% 00% to 5.00% 12B-1 Fees 00% .25% to 1.00% Transaction Costs .75% to 1.00% .50% to 1.00% Consulting/ Monitoring Fee 00% to 1.00% 00% Total Range 1.50% to 2.75% 1.50% to 7.75% Back to top Click Here to read some customer testimonials Discriminating investors require services that are not readily available through normal mutual fund channels. At a substantial cost savings to the investor, whether private or institutional, the CMA Family of Portfolios may be the solution. Please Contact us","null","null","");arrFiles[8]=new Array("portfolios.htm","CMA - Portfolios","Portfolios Portfolio Offerings: Studies have shown that returns for professionally managed fee based accounts tend to be higher than those comparable mutual funds. Stranger’s Investment Advisor compared professionally managed fee-based programs to mutual fund returns over a ten-year period and found that fee based accounts outperformed comparable mutual funds by an average of nearly 2% PER YEAR AFTER FEES. Portfolio Offerings: The objective of the CMA Family of Portfolios is to offer investors a low cost investment strategy utilizing a proven investment methodology. This strategy has stood the test of time, including three of the worst years in market history. Portfolios outperformed their benchmark indices 99% of the time. Please Contact us","null","null","");arrFiles[9]=new Array("postinfo.html"," Web Posting Information ","Web Publishing Information The HTML comments in this page contain the configurationinformationthat allows users to edit pages in your web using the MicrosoftWeb Publishing Wizard or programs which use the Microsoft WebPublishing Wizard such as FrontPad using the same username andpassword they would use if they were authoring with MicrosoftFrontPage. Please refer to the Microsoft \'s Internet SDK for moreinformation on the Web Publishing Wizard APIs.","null","null","");arrFiles[10]=new Array("search.html","CMA- Search","Search Keyword within All text Title Keywords Descriptions using All words Any words Exact phrase Previous Page","null","null","");arrFiles[11]=new Array("testimonials.htm","CMA- Customer Testimonials","Testimonials Capital Management Associates, Inc. is involved in the management of a large Union Pension account of mine. My experience with CMA has been extremely satisfying. The service is exceptional. They are always ready to assist and are very accessible. The reports are well done and requests for information for yearly audits are handled timely and professionally. Communication on performance and maintenance of the account is outstanding. I would highly recommend Capital Management Associates, Incorporated for the management of your fund. Russ Petrizzo Senior Vice President Wachovia Securities Our Financial Consulting team adheres to the strict principle that investment return and portfolio volatility are an important measurable component in the evaluation process of investment managers. Client service can only be measured by client satisfaction. Some managers give only lip service to client servicing. CMA delivers a consistent reliable client-servicing format that includes informative newsletters and regularly scheduled client meetings. James K. Mason William H. Powell III Investment Advisory Group Port Charlotte, Florida “Preservation of capital and competitive current income above the rate of inflation are very important to me. CMA has maintained both for the last decade in good markets and bad. I am extremely pleased with the stewardship of my assets CMA has provided to my trust.” - Dolores M. Young Arlington Heights, Illinois “As a trustee on the pension board of a large municipal pension fund it is our fiduciary duty to hire the best qualified money manager available and insure that fees charged to the fund are competitive. CMA meets both requirements. CMA has a clear disciplined approach to portfolio management, and has navigated our fund through some very difficult markets.” - Officer Phillip Court Port Albert, Michigan Click Here to contact us","null","null","");arrFiles[12]=new Array("windermere.htm","CMA - Portfolio Offerings","Windermere Is the most balanced U.S. equity investment style offered. The typical core equity investor is willing to assume as much risk as the market, but expects to outperform the market. Portfolio bias will favor either growth or value depending on the outlook for the market Based on the premise that investors should have diversification between both the value and the growth investment styles. The portfolio may hold stock index securities in as many as three to five different countries as well as eleven economic sectors at any given time. Is the most conservative investment style offered. The value equity portfolio will generally outperform the market over a three to five year market cycle, but tends to outperform the market in down periods. Is the least conservative investment style offered. However we select only those industries within each sector that our analysis shows as the most attractive at any given time. A COST EFFECTIVE INVESTMENT STRATEGY The objective of the WINDERMERE FAMILY OF PORTFOLIOS is to offer investors a low cost investment strategy utilizing a proven investment methodology. The strategy has stood the test of time, over five years, including three of the worst years in market history. Portfolios out performed their benchmark index over 99% of the time. WINDERMERE investors possess all the diversification of a mutual fund with the control afforded large institutions. WINDERMERE investors control inflows and outflows of cash, unlike mutual fund holders whose portfolio managers are forced to buy when cash is invested, and forced to sell when cash is withdrawn. COMMUNICATION IS AN IMPORTANT CONSIDERATION IN THE INVESTMENT PROCESS. WINDERMERE investors are able to access their accounts online on a daily basis, or monthly in hard copy, via an online custodian statement. WINDERMERE investors are able to access information online at our web site detailing portfolio changes as they occur, or read about them in our quarterly newsletter. WINDERMERE investors receive semi-annual portfolio performance reviews graphically explaining portfolio returns versus the indices, as well as graphs detailing portfolio characteristics. The intent is to inform investors the how and why of the portfolio return as well as the numbers. WINDERMERE investors receive all services described without paying big fees. If you can find a better offer, take it, but be sure your receiving a proven investment methodology, excellent investment returns, and a communication program that is second to none. Professionally managed mutual funds have been a very important part of a prudent investment strategy for decades, and with few exceptions, mutual funds represent value. However, some more discriminating investors require services that are not readily available through normal mutual fund channels. At a substantial cost savings to the investor, \"The WINDERMERE FAMILY OF PORTFOLIOS \" may be the solution. Windermere Portfolios Mutual Fund Management Fee .40% .50% to 1.25% Expense Ratio .10% .25% to .50% One Time Load/Fee 00% 00% to 5.0% 12B-1 Fees 00% .25% to 1.0% Transaction Costs 1.00% .50% to 1.0% Monitoring Fee 00% Not Available Total Range 1.50% (Maximum Rate) 1.50% to 7.75% Click Here to read some customer testimonials Click Here to contact us","null","null","");arrFiles[13]=new Array("news/inthenews1.htm","Capital Management Associates","Next Page","null","null","");arrFiles[14]=new Array("news/inthenews1back.htm","Capital Management Associates","Previous Page","null","null","");arrFiles[15]=new Array("news/inthenews3.htm","Capital Management Associates","null","null","null","");fileNum=16;