This section and the next contain the actual results of the four portfolios that we have managed. One for fifteen years, one for twelve years, and two for seven years. The accounts selected for this sample are typical and neither better nor worse than those not listed.

Each section includes a table that shows a summary of the results for the period that this company has managed the portfolio. This summary is followed by a copy of the client's portfolio statement from December 31 for each year that the account has been managed. While this table does not include all the accounts that we manage, we feel the accounts are representative of our composite results. For the seven-year period the accounts shown are (1.) the account with the best record and (2.) the account with the worst record for the seven year period.

These are real accounts and the positions shown are exactly what the client owned on the dates of the statements. In some cases clients owned securities that were not managed by Losch Management Company. The statements show only the positions that were managed by our company and for which the clients were paying us a fee.

These statements are included here to demonstrate management philosophy, to provide insight into the types of securities purchased, and portfolio turnover. A review of the year-end statements on a year by year basis will reveal a good deal about our investment philosophy, stock selection, and management style.

(Click on the date to see a statement)