Institutional Services

• Market Forecasting —Deferring purchases until market lows and raising cash near market highs adds to performance. Even the simplest seasonal consideration can do so. For example, Robert W. Colby, author of Encyclopedia of Technical Indicators, has demonstrated that selling the Dow Jones Industrial Average on the annual high of September 5 each year, shorting the Dow, covering shorts and then going long on the annual low of October 27 outperforms a buy and hold strategy by over 3000%. Bill Sarubbi has enhanced portfolio performance through the use of such cyclical tendencies since the 1980s.
  
  Here is another example: Buy-and-hold managers have contended that it is best to remain 100% invested because missing the best days in the market leads to underperformance. It is true that if a portfolio manager missed the 10 best days in the market, he would under perform the S&P 500. But it is also true that avoiding the 10 worst days would lead to outperformance by a greater magnitude than the underperformance realized by missing the best 10 days. Thus, these two studies demonstrate that there is value added by anticipating market shifts. This is one of the strengths of Cycles Research.
  
  
• Portfolio Screening — Tests have demonstrated that the relative strength screen, which can be used with any benchmark, adds 300 to 800 basis points to US equity portfolios that utilize the S&P 500 as a benchmark. The methodology has returned less to non-US portfolios, the minimum value added having been 50 basis points. The new annual cycle screen enhances results further if the portfolio guidelines permit the shifting required to employ this tool.
  
  
• Cashflow Relative Strength Stock Screen —The stocks generated by this quarterly screen are made available. See the description of this method in the Institutional Stock Screen section from the home page.

Fund Management

• Relative US Equity Portfolios —The Cashflow Relative Strength Method is utilized to select US equities. See the description of this method in the Institutional Stock Screen section from the home page.
  
• Total Return Portfolios — This approach operates as a hedge fund. Positions may be taken long or short in a variety of instruments that trade on the New York Stock Exchange, the NASDAQ, and the AMEX.

Contact Cycles Research for fee schedule

Updated 08/15/05 dfc