Karpus Investment Management Inc.’s 2001 performance beat popular benchmarks.
The results led the Pittsford-based firm to post a 15 percent gain in assets under management from $495 million in 2000 to $570 million in 2001.
“Passing the half-billion (dollar) mark is something I have looked forward to since Jo Ann Van Degriff and I founded the firm in 1986,” said George Karpus, CEO and president.
Over the past 15 years, Karpus Investment has experienced an average annual growth in assets of 28 percent.
The firm also has added six employees to its staff of 25 since 2000. In addition, the firm recently more than doubled its office space, relocating in October to a new 10,000-square-foot office building in Perinton.
Overall, Karpus Investment earned a 4 percent rate of return on all assets under management for 2001, performing better than comparable benchmarks.
Breaking down the firm’s performance, the equity composite dropped 4 percent while the Standard & Poor’s 500-stock index was down 11 percent.
Its three hedge-fund partnerships returned 5 percent to 6 percent last year. All invest exclusively in international equities that performed better than the Europe, Australia and Far East index’s decline of 22 percent.
In addition, Karpus Investment’s municipal bond accounts earned 9 percent, compared with 5 percent for the Lehman Municipal Bond index.
“Our investment philosophy is to control risk and exploit market inefficiencies,” Karpus said. “The payoff for our clients becomes even more apparent in challenging years like 2001.”
([email protected] / 585-546-8303)
01/25/02 (C) Rochester Business Journal