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December 31, 2014
Firm Overview
CastleArk Philosophy - The Importance of Distribution Growth
CastleArk Management, LLC is an
employee-owned, registered investment adviser founded in 1999. Based
in Chicago, CastleArk currently has
five major product offerings: Large
Cap
Growth,
Small
Company
Growth, Global Energy, Small/Mid
Cap Growth and Master Limited
Partnerships.
Portfolio Manager
• Jerome A. Castellini
President & Chief Investment Officer
Years of Experience:
36
Production and Cash Flow Growth are the primary drivers of return in energy stocks over the
long term. Excess returns can be achieved by investing in those companies with improving
market fundamentals and execution capabilities.
• Increasing value supported by sustainable resource and production growth,
• Less volatility and greater downside protection in commodity price cycles,.
The CastleArk Advantage
• Proven institutional money manager with a long-term record of successful growth
investing.
• Over 50 combined years of investing experience within the Energy sector.
• Over 35 years in Global Currency markets.
• Since inception, CastleArk ranks among the top quartile of Global Energy managers
on both an absolute and risk-adjusted basis.
Gross Returns vs. Global Energy Style* for Periods Ended December 31, 2014
Objective
20.0
To maximize total return by investing
in high-quality Global Energy companies with peer-leading resource
growth.
10.0
A (20)
A (51)
B (62)
0.0
(10.0)
December 31, 2014
# of Holdings
MSCI All
Country
Energy
Index
(20.0)
CastleArk
Global
Energy
40
166
(40.0)
(30.0)
Last Quarter
Median Market
Capitalization
$ 34,827
Average Market
Capitalization
$ 105,500
A (33)
B (73)
B (49)
A (50)
B (24)
A (33)
Portfolio Characteristics (millions)
Last Year
Last 3 Years Last 5 Years
$ 8,789
Annualized
CastleArk Global Energy
$ 109,179 MSCI AC World Energy Index
A
B
(16.44)
(15.46)
(13.87)
(13.47)
2.21
0.24
4.93
1.73
Since Inception
Since
06/30/09
Inception
7/1/09
9.76
4.95
Up-Market / Down-Market Capture CastleArk Global Energy for 5 Years Ended December 31, 2014
Top Ten Holdings (% of Portfolio)
12.0
Chevron Corp.
10.3%
Exxon Mobil Corp.
9.2%
10.0
ConocoPhillips
4.9%
8.0
Valero Energy Corp.
4.7%
Dow Chemical Corp.
4.6%
Cheniere Energy Inc.
4.3%
Tesoro Corp
4.2%
Phillips 66
4.1%
DownMarket Capture
GLOBAL ENERGY FACT SHEET
Global Energy
6.0
4.0
2.0
Lipper:Natural Resources
0.0
Enbridge Inc.
3.7%
Marathon Petroleum Co Inc.
3.6%
CastleArk:Global Energy
MSCI:AC World Energy Ix
(2.0)
(4.0)
20.0
22.0
24.0
26.0
28.0
30.0
32.0
34.0
Up Market Capture
* Global Energy Style: Major Consulting Database
Benchmark: MSCI: AC World Energy Index
For Institutional Investors Only
Page 1
December 31, 2014
Investment Terms &
Index Definitions
Global Energy Style* Risk-Adjusted Gross Returns as of December 31, 2014
7.5
Alpha measures a fund’s risk-adjusted
performance
and
represents
the
difference between a fund’s actual
performance
and
its
expected
performance, given its level of risk as
measured by beta.
5.0
A (39)
2.5
Information Ratio measures a fund’s
risk-adjusted
performance
and
represents the ratio of the fund’s active
return, defined as the difference between
the return of the fund and the return of
the selected benchmark index, divided by
the tracking error, defined as the
standard deviation of the active return.
B (84)
(2.5)
Alpha
CastleArk Global Energy
A
Information Ratio
3.32
0.80
* Global Energy Style: Major Consulting Database
21.9%
17.1%
2.2%
8.4%
10.5%
2.2%
10%
MSCI All Country World Energy Index
is a free-float weighted equity index
which allows for meaningful global views
and cross regional comparisons across
all market capitalization size, sector and
style segments and combinations
4.0%
20%
1.5%
30%
12.9%
Down-Market Capture measures how
well and investment manager performed
relative to an index during periods when
that index has fallen. Values below 100
indicate outperformance of the index in
down-markets. Values above 100
indicate underperformance in downmarkets.
15.2%
40%
17.7%
34.2%
Sector Weighting as of December 31, 2014
16.4%
Up-Market Capture measures how well
an investment manager performed
relative to an index during periods when
that index has risen. Values above 100
indicate outperformance of the index in
up-markets. Values below 100 indicate
underperformance in up-markets.
A (15)
B (84)
0.0
23.3%
GLOBAL ENERGY FACT SHEET
Global Energy
0%
XLE
Service
Gas E&P
Oil E&P
CastleArk Global Energy
Contact
Integrated
Refiners
International E&P
MSCI ACWEI
Total Return as of December 31, 2014 (Net of Fees)
CastleArk Management, LLC
Annualized
1 North Wacker Drive, Suite 3950
4Q2014
Chicago, IL 60606
1 Year
2 Year
3 Year
Since
Inception*
Phone: 312.456.9682
CastleArk Global Energy (NET)
-16.63%
-14.58%
-0.05%
1.36%
8.84%
For inquiries: info@castleark.com
MSCI ACWEI
-15.46%
-13.47%
-0.85%
0.24%
4.95%
*Inception Date: 06/30/2009
Past performance is not indicative of future results
CastleArk Global Energy Composite Annual Disclosure Presentation
Year End
2014
2013
2012
2011*
2010
2009**
Total
Firm
Assets
(millions)
4,434
3,876
3,060
2,825
2,901
2,429
Composite Assets
US Dollars
(millions)
150
231
197
175
181
153
Number of
Accounts
Five or fewer
Five or fewer
Five or fewer
Five or fewer
Five or fewer
Five or fewer
3- year Annualized
Standard Deviation
Annual Performance results
Composite
Gross
(13.84%)
17.93%
5.13%
(1.20%)
20.50%
31.23%
Net
(14.58%)
16.95%
4.24%
(1.97%)
19.48%
30.67%
MSCI ACWE
Index
(13.47%)
13.54%
2.36%
(3.08%)
11.54%
19.72%
Composite
Dispersion
0.06
0.03
0.00
0.05
0.07
N/A
Composite
16.49
21.26
24.32
MSCI ACWE
Index
15.56
18.78
22.33
*The standard deviation is not presented for 2009 through 2011 because 36 monthly returns are not available and is not required for periods prior to 2011.
** Results shown for the year 2009 represent partial period performance from June 30, 2009 through December 31, 2009.
1. MSCI ALL COUNTRY WORLD ENERGY Index
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
CastleArk Global Energy Composite consists of a fully discretionary account that invests in common stocks of the global energy sector and related companies that trade on major global stock exchanges. For comparison purposes the composite is measured against the MSCI All
Country World Energy Sector Index.
The CastleArk Global Energy composite was created June 30, 2009. CastleArk Management L.L.C. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. CastleArk
Management, L.L.C. has been independently verified for the periods March 1, 1999 through December 31, 2011. The verification report(s) is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the
GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
CastleArk Management, L.L.C. is registered as an investment advisor with the Securities and Exchange Commission under the Investment Advisers Act of 1940. A list of composite descriptions is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. The composite and benchmark returns are
reported net of any foreign withholding taxes on dividends, interest and capital gains. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and
preparing compliant presentations are available upon request.
The investment management fee schedule is as follows: 1.25% on the balance. Actual investment advisory fees incurred by clients may vary.
Use of Performance Data:
Past performance should not be construed as a guarantee of future performance. The information provided in this presentation should not be construed as a recommendation to purchase or sell any particular security or an assurance that any particular security held in a portfolio
will remain in the portfolio or that a previously held security will not be repurchased. Securities discussed in this presentation may not represent a portfolio's entire holdings. It should not be assumed that any of the security transactions or holdings discussed have been or will prove
to be profitable or that future investment decisions will be profitable or will equal or exceed the investment performance of the securities discussed.
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