Athena Capital Management value invest colorado springs

Athena Capital Management

Private investment management for

individuals, families and institutions

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To see the portfolio manager's personal performance from 1996-present, click here

Please see the note below on Athena Capital's performance presentation below

Athena Capital Cumulative Growth Performance
Performance as of 7/31/10	Year to date	1 year	3 years	5 years	Since inception (4/30/05)
ACM Growth	2.86%	13.62%	-5.86%	11.50%	18.16%
S&P 500	-0.11%	13.84%	-18.99%	-0.86%	6.25%
Wilshire 5000	1.19%	15.70%	-16.50%	2.58%	12.05%

Athena Capital Cumulative Equity Income Performance
Performance as of 7/31/10	Year to date	1 year	3 years	5 years	Since inception (5/31/05)
ACM Equity Income	6.20%	21.10%	-8.27%	6.81%	12.55%
S&P 500 yield plus inflation	2.08%	3.30%	12.00%	23.92%	24.90%

Notes on performance presentation:

Past performance is no guarantee of future results. As in all equity investing, there is a risk for potential loss. Performance results were calculated after deduction of all management and trading fees. Portfolios were valued daily, trade date accounting was used, accrual accounting was used for dividends. Time-weighted rates of return that adjust for significant cash flows were used. Returns from cash were included. For ACM growth accounts, the S&P 500 was used as benchmark because it was deemed the most readily available and widely known growth composite. It should be noted that ACM growth accounts were more concentrated, sometimes had higher cash investments, included international investments, and were invested in companies with different market capitalizations and characteristics than the S&P 500. Although these differences existed, the accounts shown were invested for growth and not set to achieve any particular market capitalization. ACM equity income accounts used S&P 500 yield plus inflation because this combination of the most readily available equity yield and growth with inflation was deemed the most relevant benchmark for equity income accounts. These accounts are designed to provide an equity yield for income plus growth to maintain purchasing power over the impact of inflation. Both out- and under-performance of accounts shown were due both to individual security selection and to concentration of investments. Neither market nor economic conditions contributed significantly to account performance. ACM growth and equity income portfolios include all portfolios under management during all periods of management and include portfolio performance as of the first day of management. The accounts depicted used no leverage or derivatives. The S&P 500 and S&P 500 yield plus inflation returns shown do not reflect commissions, trading expenses, or management fees, which would have reduced both results.

Please see the notes below on Performance Presentation

Summary of portfolio manager’s personal account annualized performance (after 1.5% management fees, July 31, 2000 - July 31, 2010)
Time Period	Personal Account Returns	S&P 500 Returns	Period Out/Under-Performance
1 year	8.67%	13.84%	-5.17%
3 years	-0.83%	-6.78%	5.95%
5 years	4.10%	-0.17%	4.27%
7 years	4.95%	3.59%	1.37%
10 years	5.19%	-0.76%	5.95%

Detailed review of portfolio manager’s personal account performance
Year	Rivers Return	Rivers Volatility	S&P 500 Return	S&P 500 Volatility
1996	12.06%	10.31%	22.96%	3.14%
1997	46.00%	9.87%	33.36%	4.60%
1998	1.14%	15.88%	28.58%	6.21%
1999	39.92%	5.94%	21.04%	3.78%
2000	11.92%	5.43%	-9.10%	4.95%
2001	-2.07%	5.92%	-11.89%	5.73%
2002	-7.83%	5.81%	-22.10%	5.96%
2003	34.55%	6.34%	28.68%	3.29%
2004	4.02%	2.73%	10.88%	2.11%
2005	-7.10%	3.35%	4.91%	2.29%
2006	28.38%	2.78%	15.80%	1.63%
2007	12.20%	2.53%	5.49%	2.79%
2008	-32.43%	6.61%	-37.00%	6.07%
2009	25.30%	11.56%	26.46%	6.43%

Notes on performance presentation

Past performance is no guarantee of future results. As in all equity investing, there is a potential for loss.
Performance results were calculated after deduction of all management and trading fees. Portfolios valued at least monthly. Trade date accounting used. Accrual accounting used for dividends. Total return, including realized and unrealized gains plus income used. All dividends were reinvested. Time-weighted rates of return that adjust for significant cash flows used. Returns from cash and cash equivalents included. Volatilities shown are monthly. For personal portfolio comparisons, the S&P 500 was used as the benchmark because it was deemed the most readily available and widely known growth composite. It should be noted that the personal portfolios shown were more concentrated, with higher cash investments, a short position 2003-2005, included some international investments, and were invested in companies with different market capitalizations and characteristics than the S&P 500. Although these differences existed, the accounts shown were invested for growth and not set to achieve any particular market capitalization. Neither market nor economic conditions contributed significantly to the portfolio’s performance. The personal portfolios depicted shows all of the portfolio manager’s individual equity investments during all periods he has invested. The portfolios depicted used no leverage or derivatives. Cumulative returns for the personal account were 398% versus 232% for the S&P 500. S&P 500 returns shown do not reflect commissions, trading expenses or management fees, which would have reduced both results.

Contact Athena Capital to find out how to get started

Athena Capital Management Corp.

Colorado Springs, CO

(719) 761-3148

www.athenacapital.biz

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Legal Disclaimer:

Past performance is no guarantee of future results. As in all investing, there is a risk of loss. The information on this website is subject to change and is for informational purposes only. This website does not represent an offer or solicitation to buy or sell securities. Moreover, this site is not an offer to provide investment advisory services in states where we have not filed notice, or where we do not have an exemption or exclusion from filing notice. Information throughout this site has been obtained from sources believed to be accurate and reliable. However, the accuracy of all material cannot be guaranteed. In addition, we are not responsible for information on linked websites. ACM does not offer or render investment advice through this website and nothing herein should be considered investment, financial, tax, or legal advice. Nothing on this website should be interpreted to state or imply that past investment results are a guarantee of future performance.