Strategic Value Investing is managed by Murray Stahl, Chairman and Cofounder of Horizon Asset Manage

1
Horizon Asset Management, Inc.
Strategic Value Portfolio

• Strategic Value Investing is managed by Murray
  Stahl, Chairman and Co-founder of Horizon Asset
  Management, Inc. This all capitalization
  strategy encompasses multi-asset classes and is
  designed to provide investors with an
  amalgamation of all of Horizons ideas. By
  incorporating the investment ideas from many
  other Horizon portfolios, the strategy strives to
  achieve a sustainable above-average return. By
  this virtue the portfolio often invests in more
  securities then Horizons other strategies,
  averaging 40 individual issues.
• Annualized Returns Net of All Costs
• Qtr. 1 Year 3 Years 5 Years Since
  Inception
• Total Returns (Period) Jan 07/ Mar 06/ Mar
  04/ Mar 02/ Jan 00/ Volatility
• Mar 07 Mar 07 Mar 07 Mar 07
  Mar 07 Risk
• Strategic Value Investing 3.9 21.0 20.1 18.6 13.6
  11.1
• Environment Benchmarks
• Standard Poors 500 Index 0.7 11.9 10.1
  6.3 1.9 13.7
• Russell 3000 Index 1.3 11.3 10.9 7.3 2.8
  14.3

Growth of 1 Million
Strategy Details Inception Date January
2000 Beta (inception) .58 Benchmark Russell
3000 Index Alpha (inception) 11.63 Average
Number of Holdings 35-40 Issues Sharpe Ratio
(inception) .96