Large Cap Equity Strategy: Performance

ANNUALIZED RETURNS AS OF 6/30/10
Click chart to enlarge.



Performance is stated gross of fees.
Source: Interactive Data Corp. All Rights Reserved. Standard & Poor’s and Russell Web sites.

PERFORMANCE AS OF 6/30/10

		Annualized Returns (%)
	QUARTER	1 YEAR	2 YEARS	3 YEARS	5 YEARS	10 YEARS	15 YEARS
Stralem LCES (gross)	-8.86%	16.13%	-6.06%	-4.36%	2.54%	3.60%	10.96%
Stralem LCES (net)	-9.02%	15.33%	-6.72%	-5.04%	1.74%	2.43%	9.74%
S&P 500	-11.43%	14.43%	-8.12%	-9.82%	-0.80%	-1.59%	6.24%
Russell 1000 Growth	-11.74%	13.62%	-7.38%	-6.91%	0.38%	-5.14%	5.01%

CALENDAR YEAR PERFORMANCE

		Calendar Year Total Returns (%)
	YTD	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
Stralem LCES (gross)	-5.70%	21.49	-27.41	13.59	10.68	13.51	17.42	23.30	-19.70	0.95	5.93
Stralem LCES (net)	-6.03%	20.65	-27.93	12.74	9.88	11.85	15.72	21.50	-20.91	-0.54	4.38
S&P 500	-6.65%	26.46	-37.00	5.49	15.79	4.91	10.88	28.69	-22.10	-11.89	-9.10
Russell 1000 Growth	-7.65%	37.21	-38.44	11.81	9.07	5.26	6.30	29.75	-27.88	-20.42	-22.42

CUMULATIVE PERFORMANCE AS OF 6/30/10

NOTES TO PERFORMANCE

Large Cap Equity Strategy™ (LCES) Composite consists of fully discretionary large capitalization equity accounts. The composite is measured against the S&P 500 and Russell 1000 Growth indices. 

Stralem & Company Incorporated ("Stralem") is an independent, SEC registered investment adviser established in 1966.   

Stralem has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The firm has been verified firm wide for the periods January 1, 1992 through March 31, 2010 by an independent third party verifier (Ashland Partners & Company LLP).  The Large Cap Equity Strategy Composite was created July 1, 2002.  In addition, a performance examination was conducted on the Large Cap Equity Strategy Composite beginning January 1, 1992.  A copy of the verification report is available upon request.

Past performance is not indicative of future results.  The U.S. Dollar is the currency used to express performance. Returns are presented both gross and net of management fees and include the reinvestment of all income. There are portfolios included in the composite which have directed brokerage arrangements and are not charged trading commissions by their broker. These portfolios represent approximately 2% of composite assets. Performance for these accounts do not include transaction costs, and it has been determined that there is no material impact on composite performance. 

Gross returns will be reduced by investment Advisory fees and other expenses that may be incurred in the management of the account.  Actual investment Advisory fees incurred by clients may vary. Fees are charged quarterly in arrears. From 2006-2010, net of fee performance is calculated using the composite actual net performance during the period. In 2005 and prior, net performance is calculated using the highest client's management fee in the composite. From 2000 - 2005 the highest fee was 1.50%. Prior to 2000 the highest fee was 1.00%. The collection of fees produces a compounding effect on the total rate of return net of management fees. A fee schedule is an integral part of a complete presentation and is described in Part II of the firm’s ADV, which is available upon request. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding policies for calculating and reporting returns is available upon request. 

To receive a complete list and description of Stralem's composites and/or a presentation that adheres to the GIPS® standards, contact Andrew Eras, CFA at 212-888-8123.

All rights reserved.  © Stralem & Company Incorporated 2010.