Form ADV Part II & Schedule F
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* Source: S&P beginning with 2006 year-end. Prior year-end returns sourced from Zephyr. 
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Oak Value's Value Composite ("Composite") contains fully discretionary value accounts and for comparison purposes is measured against the S&P 500 Index, adjusted for the inclusion of dividends. Comparisons to benchmarks have limitations because benchmarks have volatility and other material characteristics that may differ from the performance of the Value Composite. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison. Indices are unmanaged and do not reflect the payment of advisory fees and other expenses associated with privately managed accounts. Investors cannot directly invest in an index, though index funds designed to replicate the performance of various indices are generally available. The S&P 500 index is weighted by market value, and its performance is thought to be representative of the stock market as a whole. The S&P 500 index was created in 1957, although it has been extrapolated backwards to several decades earlier for performance comparison purposes. This index provides a broad snapshot of the overall U.S. equity market; in fact, over 70% of all U.S. equity is tracked by the S&P 500. The index selects its companies based upon their market size, liquidity, and sector. Most of the companies in the index are mid cap or large cap corporations.Oak Value's Value Composite results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Beginning January 1, 1991, the minimum account size for this Composite is $250,000. For a portion of the period from January 1, 1993 until September 30, 1994, there was one account included for which the fee was temporarily waived, which comprised 5.7% of the assets on December 31, 1993. On a selective and client specific basis, when consistent with client investment objectives, a client portfolio may include margin and/or short-against-the-box equity positions. The performance of such accounts in this Composite has been converted to an all-cash basis (thereby removing the effects of leverage from the performance of the Composite) for purposes of computing and presenting this Composite. Alternative Investments are included in Value Composite performance returns for the period of January 1, 2007 through June 30, 2007. Past performance is not indicative of future performance. You should not assume that future recommendations will be as profitable or will equal the performance of past recommendations.
The U.S. dollar is the currency used to express performance. Value Composite 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. Although minimal, as of December 31, 2006, 2.2%, and as of December 31, 2007, 2.0% of the composite was comprised of a group of accounts that may have paid a bundled fee to a broker-dealer who serves as a sponsor to a program in which the account has elected to participate. The bundled fee is in addition to Oak Value's management fee and includes such items as an asset based fee or transaction based fee which may consist of custodial fees and transaction fees among others. Gross of fee performance for these accounts is stated gross of all fees and transaction costs. Additional information regarding the policies for calculating and reporting returns is available upon request.
The standard investment management fee schedule for the Composite is 1% on the first $5,000,000, 0.75% on the next $20,000,000 and negotiable on assets over $25,000,000. Accounts in the Composite may pay a performance based fee. Actual investment advisory fees incurred by clients may vary.
This information may include statistical and other factual information obtained from third-party sources. We believe those sources to be accurate and reliable; however, we are not responsible for errors by them on which we reasonably rely. The information provided on this page is accompanied by a GIPS Value Composite full disclosure presentation.
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