March 12, 2010 6:45 PM ET

Norimasa Yoshida

Strategy Long-Term Growth

Category Growth

Average trade replication time 2 minutes

1,356 Views

0 Subscribers

Model risk score 3

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Fees 1.50% of invested assets p.a. Subscription Min $5,000.00*

Investment Strategy

• Summary
• Approach
• Research
• Allocation Discipline
• Sell Discipline
• Exceptions

He uses a long-term approach, focusing primarily on fundamentals and secondarily on market-timing.  He looks for trigger points to narrow his universe of securities and then reads SEC filings to determine intrinsic value.  He pays close attention to minimizing transaction costs and maximizing tax efficiency.

Using a fundamental approach, he trades lightly in order to minimize transaction costs and maximize tax efficiency. He focuses on long-term growth, looking for stable and predictable cash flow and earnings. He also focuses on the balance sheet in order to ensure that the underlying company is not overleveraged.

He will identify trigger points such as 52-week lows or insider purchases in order to narrow his universe of potential securities. He will then read through SEC filings in order to determine intrinsic value and suitable investments. Prefers to take a contrarian approach.

His portfolio will typically hold 10-15 positions. He will invest in all equally and build into positions based on performance. He minimizes trading to 1-2 trades per month.

He will sell when he finds a better investment. He does not have hard rules regarding selling securities, but will analyze each security independently.

He will sometimes purchase an ETF or an index as an alternative to holding cash.

Personal Background

• MIT graduate in computer science and economics
• Sold several technology start-ups to Microsoft and Salesforce.com
• Has managed an investment pool for 5+ years
• Technology background

Experience on Covestor.com^‡

Norimasa Yoshida's Covestor.com Profile

• Overperformed S&P 500 for 16 of their 24 months on Covestor.com^#
• Return Since Inception: 16.63% (March 2008)
• Last 3 Months Return: 7.89% (S&P 500 0.81%)
• Annualized Return: 7.91%
• Sharpe Ratio: 0.17 (S&P 500 -0.08)
• Maximum Drawdown: -55.49% (S&P 500 -56.78%)

Performance

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	S&P500
	Manager

Custom

SI

1Y

YTD

3M

1M

Inception October 27, 2009	Model Manager	S&P 500
Return Since Inception (%)	0.00	8.17
Month to Date Return (%)	0.00	4.14
Calendar 3 Month Return (%)	0.00	(0.39)
Sharpe Ratio	n/a	1.46

Monthly Performance (%)

Month	Return	S&P500	Outperformance	Risk	Performance
Feb	0.00	2.85	(2.85)
Jan	0.00	(3.70)	3.70
Dec	0.00	1.78	(1.78)
Nov	0.00	5.74	(5.74)
Oct	0.00	(1.98)	1.98

The performance of the model manager's account has been calculated by CVIM on a daily time-weighted basis including cash and broker commissions. These returns do not reflect any CVIM suitability or risk score restrictions and are exclusive of CVIM fees. Therefore, they do not represent the performance of the CVIM model available for subscription. Benchmark returns have been calculated by CVIM using a time-weighted calculation of daily valuations and do not include cash or transaction costs. Please see the additional disclosures below.

Top Holdings

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Symbol	Security	Exchange	Allocation (%)
Cash	n/a	n/a	100.00

Total Holdings  1

Data displayed is as of market close: March 11, 2010

* The Subscription Minimum is the minimum subscription required to follow a particular model. The minimum amount is determined by CVIM, based on the characteristics of the underlying model. It should not be considered as specific investment advice for your investment situation.

^‡ Covestor.com performance data has been calculated by Covestor on a daily time-weighted basis of the equity positions of the account and is exclusive of any commissions and cash in the portfolio. The member's performance on Covestor.com, based on a separate account, may not reflect the strategy employed to manage the model available for subscription on CVIM. Please see additional disclosures below.

^# Since the model manager's inception in Covestor.com

It should not be assumed that any information discussed herein will prove to be profitable or that decisions in the future will be profitable or provide similar results. The information set forth herein is not a substitution for personalized investment advice, and should not be construed as a recommendation to purchase or sell a particular security or to subscribe to a particular model.

While Covestor does provide limited investment advice to its clients, the content herein is provided as general and impersonalized investment information and is not a recommendation or solicitation to buy or sell any security. Covestor does not guarantee or certify the quality, accuracy, completeness, or timeliness of any content contained herein or on the Covestor.com website. Please take appropriate professional advice in any investment decisions.