Small Cap Value Equity
Strategy
Performance History
As of September 30, 2008
Cardinal
Gross (%)
Cardinal
Net (%)
Russell 2000
Value (%)
1-Year
-21.9
-22.4
-12.3
3-Year
-1.2
-1.9
2.0
5-Year
8.5
7.8
9.5
10-Year
9.9
9.2
10.1
Since Inception (6/30/1992)
14.3
13.2
12.2
Calendar Year
Returns
Cardinal
Gross (%)
Cardinal
Net (%)
Russell 2000
Value (%)
2nd Half 1992
15.4
14.6
17.3
1993
28.9
27.0
23.8
1994
6.9
5.3
-1.6
1995
28.3
26.5
25.8
1996
29.2
27.4
21.4
1997
36.
4
34.9
31.8
1998
4.9
3.9
-6.5
1999
-1.
2
-
2.0
-1.5
2000
13.3
12.5
22.8
2001
19.0
18.2
14.1
2002
-1.6
-2.4
-11.4
2003
34.3
33.3
46.0
2004
24.4
23.6
22.3
2005
13.0
12.3
4.7
2006
15.8
15.0
23.5
2007
-2.5
-3.1
-9.8
Notes:
Performance for the period prior
to April 1995 represents the results of clients’ assets managed by the professionals
of Cardinal Capital Management while at Deltec Asset Management by substantially the same
investment personnel employing the same investment style being used by Cardinal Capital
Management.
Net performance data reflects the
deduction of advisory fees. Cardinal’s advisory fees are described in Part II of its
Form ADV. Performance figures include the reinvestment of dividends and capital gains.
Past performance is not a guarantee of future results.
A copy of Cardinal’s Form
ADV, Part II, filed with the Securities and Exchange Commission, is available upon
request.
Historical quarterly performance
is available through the Informa PSN and Thomson Nelson databases.
The source for Russell 2000
Value Index data is Russell's website.
