Wednesday, January 6, 2010

US Retail Team-Morgan Stanley

2009 Summary: Beta trade hurts our underweight picks; LOW, DLTR and
DRI best performers. For the year, our underperformance was mostly
attributable to our higher beta underweight names moving against us. While
our overweight picks recovered late in the year, it was not enough to offset the
positive moves from our underweights.
Performance. The Formidable 5 / Fading 5 Portfolio is down 4.3% in the last
month, down 30.8% for the year, and up 31.7% since inception in November
2007. (See page 4 for comparative performance.)

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