philosophy: "independent judgement, intellectual consistency and a disciplined approach to original research"

At ValueWorks we define value investing as buying the best-quality assets at the best possible prices . We like to think of ourselves as bargain hunters: it is our goal to pay only $0.50 to $0.75 for $1.00 worth of assets. We evaluate the component parts of a company, assigning each of its assets a dollar value that, when added together, comprises the underlying value of the company; if this is higher than the company's stock price, we consider it an investment opportunity.

Converting these principles into practice requires a sophisticated and consistent process. It entails extensive independent research, a high level of expertise—in appraising both assets and claims—and the discipline not to be led by emotions when market conditions are volatile.

At ValueWorks, the consistency of what we do makes us an excellent investment choice for a core portfolio manager or as a diversification vehicle. ValueWorks is founded on independent judgment, intellectual consistency and a disciplined approach to original research. Our investment style is both time-tested and logical—simply put, we believe controlling quality assets at compelling valuations creates attractive returns over time.

 

 

The above benchmark indices are unmanaged indices. The benchmark performance numbers reflect the reinvestment of dividends and interest but do not reflect the deduction of any fees or expenses. ValueWorks' value investing style is not limited to the securities in any of the above indices and utilizes specific investment techniques which are not utilized in the above indices and which may or may not increase volatility. Returns include all dividends, interest, accrued interest and other cash flows received as they may result from the implementation of a particular investment strategy. Trade date accounting has been used. Results for the full period are time weighted. Accounts are included in composite at the start of the first full month under management. Exiting accounts are included through the last full month under management.

“Top 10 Holdings” are complied from the aggregate holdings of the ValueWorks' Capital Appreciation Composite. Neither this nor any other reference to specific securities in this publication is intended to be a recommendation to purchase or sell these or any other securities.

As of 12/31/2004 the Capital Appreciation composite consisted of 159 accounts and $78,397,185 in assets; while the Balanced Composite consisted of 104 accounts and $64,994,671 in assets. Together this represents 99.25% of total accounts and 89.59% of total assets. Combined, these represent over 99% of the accounts, and approximately 90% of the assets managed by ValueWorks LLC. These results were generated at other firms prior to the fourth quarter of 2001. Results for other composites are available upon request.

Past performance is not a guarantee of future results.

 

 

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