Newsletters 2012 Newsletters 2011 Core Equity Review
Friday, 13 January 2012 12:48
While the Dow Jones Industrial Average turned in a 5.53% gain last year, both the S&P 500 Composite and NASDAQ Composite were negative, with respective losses of -0.09% and -1.80% for 2011. The composite of all Osher Van de Voorde equities under management gained 2.68% for the year. The table below ranks our core equities owned in 2011 by year-to-date performance:
| Company | Ticker | YTD Performance | QTD Performance |
| Visa Inc. | V | 41.6%** | 18.4% |
| L-3 Communications | LLL | 19.1%* | NA |
| Canadian National Railway | CNI | 17.5%** | 18.0% |
| Abbott Laboratories | ABT | 17.4% | 10.0% |
| Automatic Data Processing | ADP | 16.7% | 14.5% |
| Chevron Corp. | CVX | 16.6% | 14.9% |
| Exxon Mobil Corp. | XOM | 15.9% | 16.7% |
| Colgate Palmolive | CL | 15.0% | 4.2% |
| NYSE Euronext | NYX | 12.9%* | NA |
| McDonald’s | MCD | 10.7%* | NA |
| Qualcomm Inc. | QCOM | 10.5% | 12.5% |
| Air Products & Chemicals | APD | 9.8%** | 11.5% |
| Johnson & Johnson | JNJ | 6.0% | 3.0% |
| Vodafone Group | VOD | 6.0% | 9.2% |
| Oracle Corp. | ORCL | 5.5%* | NA |
| Pepsico Inc. | PEP | 1.6% | 7.2% |
| Novartis | NVS | -3.0% | 2.5% |
| Wal-Mart Stores | WMT | -3.8%* | NA |
| Berkshire Hathaway Class B | BRK-B | -4.8% | 7.4% |
| 3M Company | MMM | -5.3% | 13.8% |
| L’Oreal | LRLCY | -6.0%** | 6.4% |
| United Technologies | UTX | -7.2% | 3.9% |
| Cisco Systems | CSCO | -10.6% | 16.6% |
| Becton Dickinson | BDX | -11.6% | 1.9% |
| Linear Technology | LLTC | -13.2% | 8.6% |
| Johnson Controls | JCI | -18.2% | 18.5% |
| Emerson Electric | EMR | -18.5% | 12.8% |
| Vanguard Emerging Markets | VWO | -20.6% | 6.6% |
| Teva Pharmaceuticals | TEVA | -22.6% | 8.4% |
| WisdomTree Emerging Markets | DGS | -24.1% | 6.9% |
| Charles Schwab Corp. | SCHW | -34.2% | -0.10% |
| *Position eliminated in 2011; YTD performance through date of sale. | |||
| **Position initiated in 2011; YTD performance from date of purchase. | |||
The extraordinary volatility of 2011 provided us ample opportunity to improve performance relative to our benchmark. In particular, selling Oracle near an all-time high and buying Visa with the proceeds worked out very well, with Visa our top performer for the year and Oracle down 25% since we sold it.
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