2003 Q1 Dutton Research Performance

continued

The Dutton universe of covered stocks on average outperformed the Russell 2000, and in particular, the Strong Buy Rated covered companies exhibited substantial performance over the Russell 2000.


Through 3/31/03              
JM Dutton & Associates Coverage Results
               
Days After
All Companies/All Ratings
Strong Buy Ratings Only
Initiating Coverage
Price
Rus 2000
No. Co's
Price
Rus 2000
No. Co's
30
8.60%
-0.80%
35
12.50%
-1.20%
12
90
5.30%
-3.00%
29
19.50%
-5.10%
10
120
-3.60%
-5.80%
29
14.20%
-6.80%
10
150
-2.50%
-9.10%
26
18.00%
-8.00%
10
180
-6.30%
-13.00%
23
19.20%
-12.70%
9
270
-6.50%
-22.70%
15
16.90%
-21.30%
7
300
-5.90%
-23.60%
15
15.90%
-24.30%
7
330
-4.80%
-23.20%
13
35.10%
-24.00%
6
360
-3.90%
-22.20%
9
52.90%
-21.60%
4

Performance for each covered stock is calculated as the percentage change in price for subsequent periods from the initial report price. Performance for all stocks or a subcategory of rating is an arithmetic mean of each company in the group and is not weighted by market capitalization or any other factor. Comparable performance for the Russell 2000 is calculated for each stock period and overall performance for a group is an arithmetic mean.

Our universe of companies by current rating can be found by clicking here. The cost of enrollment in the Dutton & Associates one-year continuing research program is US $25,000 prepaid before commencement of its research activities. The prepaid amount Dutton & Associates received for coverage for the year and the source of the annual payment is noted on each company report and research note. Please read full disclosures and rating history for each company at www.jmdutton.com before investing.