EX-99.1 2 dex991.htm SLIDES ACCOMPANYING COMPANY'S INVESTOR MEETINGS TO BE HELD ON MARCH 30, 2009 Slides accompanying Company's investor meetings to be held on March 30, 2009
Westwood Holdings Group, Inc.
Spring 2009 Investor Presentation
Brian O. Casey
President,
Chief Executive Officer
William R. Hardcastle, Jr.
Vice President,
Chief Financial Officer
Exhibit 99.1

Forward –
Looking Statements
Statements in this presentation that are not purely historical facts, including statements about our expected future financial position,
results
of
operations
or
cash
flows,
as
well
as
other
statements
including
words
such
as
“anticipate,”
“believe,”
“plan,”
“estimate,”
“expect,”
“intend,”
“should,”
“could,”
“goal,”
“target,”
“designed,”
“on track,”
“comfortable with,”
“optimistic”
and other similar
expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section
21E
of
the
Securities
Exchange
Act
of
1934,
as
amended.
Actual
results
and
the
timing
of
some
events
could
differ
materially
from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation,
those set forth below:
•
our ability to identify and successfully market services that appeal to our customers;
•
the significant concentration of our revenues in four of our customers;
•
our relationships with investment consulting firms;
•
our relationships with current and potential customers;
•
our ability to retain qualified personnel;
•
our ability to successfully develop and market new asset classes;
•
our ability to maintain our fee structure in light of competitive fee pressures;
•
competition in the marketplace;
•
downturn in the financial markets;
•
the passage of legislation adversely affecting the financial services industries;
•
interest rates;
•
changes in our effective tax rate;
•
our ability to maintain an effective system of internal controls; and
•
the other risks detailed from time to time in our SEC reports.
Additional
factors
that
could
cause
our
actual
results
to
differ
materially
from
our
expectations
are
discussed
under
the
section
entitled “Risk Factors”
in our Form 10-K for the year ended December 31, 2008, which together with our other filings can be viewed at
www.sec.gov. You should not unduly rely on these forward-looking statements. Except as required by law, we are not obligated to
publicly release any revisions to these forward-looking statements.
Page 1

Agenda
Page 2
I.
Firm Overview
II.
Investment Process & Products
III.
Financial Highlights
IV.
Summary

Firm Overview
•
Well-established asset management firm
•
Clear focus on investment management and client service since 1983
•
Strong long-term performance
•
Strict adherence to our process has resulted in strong risk-adjusted returns for our clients
•
Growing asset base
•
$7.2 billion in assets under management as of December 31, 2008
•
Four-year compound annual growth rate over 15%, compared to -7% for the S&P 500
•
Solid financial condition
•
No debt; strong cash generation; currently maintain over one year’s cash expenses in T-Bills
•
Independent with equity-based incentives
•
Publicly traded company (NYSE:  WHG) since 2002
•
36% of company stock held by senior management, employees and directors
•
Effective tool to attract and retain talented professionals
•
Strong and committed team of professionals
•
Senior members of the firm have worked together for over a decade
•
Client-centered culture
•
Culture of integrity, ethics, solid corporate governance and internal controls
Page 3

Westwood History
Westwood Funds
Westwood
Management Corp.
Acquired by Southwest
Securities (SWS)
Westwood Trust
Westwood Holdings
Group, Inc.
•
Registered Investment Advisor
•
Institutional focus
1983
1993
1994
1996
2002
SWS Provided:
•
Capital
•
Autonomy
•
Technology
•
Distribution
•
Distributed by Gabelli
•
Sub-advised by Westwood
•
Commingled funds
•
New product platform
•
Spin-off
•
Independent public company
WHG Funds
2005
•
Targeted to institutional, defined contribution market
•
Advised by Westwood; distributed by SEI
Page 4
WHG Commingled
Funds
2008
•
Targeted to major institutional plan sponsors
•
Advised by Westwood; distributed by SEI

Westwood Value Proposition
Page 5
•
At our spin-off in 2002 we said we would:
•
Build out our research team
•
Expand our product offerings
•
Deliver excellent performance for our clients
•
Operate the firm in a stockholder-friendly manner
•
Energize our employees
•
Since that time we have:
•
Developed a talented, team-based research process, adding 10 CFAs to the team
•
Launched six additional products
•
Generated
strong
investment
performance
–
LargeCap,
SMidCap,
SmallCap,
AllCap
and
Balanced
ranked
in
the
top
quartile
in
their
peer
group
for
the
five-year
trailing period as of December 30, 2008
•
Declared $46 million in dividends to stockholders
•
Experienced very low employee turnover
•
Built the platform for a much larger business

Product Distribution
Westwood Management Corp.
•
Separately
managed
portfolios
–
large
institutions
•
Subadvisory
•
Collective
funds
–
large
defined
contribution
marketplace
•
Managed
accounts
(“SMA”)
–
select
platforms
•
Institutional consultants
Account minimum –
$25,000,000
Westwood Trust
•
Commingled
Funds
–
small
to
mid-size
institutions,
high
net worth
•
Enhanced
Balanced
asset
allocation
model
•
Separately
managed
portfolios
–
tax-sensitive
accounts,
IRA
rollover
market
•
Institutional consultants, client referrals, centers of influence
Account minimum –
$5,000,000
WHG Funds
•
Institutional
share
class
–
institutions,
small
to
mid-size
defined
contribution
plans,
direct
retail
•
A share class –
mutual fund supermarket platforms
•
Institutional consultants, financial intermediaries, media coverage
Account minimum –
$5,000
Page 6
TM

Subadvisory
Page 7
•
Subadvisory
opportunities
–
attractive
means
for
enhanced
distribution
of
scalable products –
LargeCap
and MidCap
•
Access to established distribution channels
•
Generally lower average fee, but high profitability due to low incremental costs
•
Current
Westwood
subadvisory
mandates
•
UBS Pace
•
Wilmington Trust Co.
•
Principal Financial
•
State Farm
•
LPL Financial
•
Goodman Institutional Investors
•
Phoenix Insurance Company
•
Timothy Plan
•
GAMCO Westwood Funds
•
Westwood Trust

Overview of Investment Process
Qualities that Westwood analysts look for in securities:
•
Strong free cash flow characteristics
•
Stable to improving return on equity
•
Improving balance sheet
•
Upside earnings surprise without corresponding change in consensus estimates
Portfolio
Teams
Research
Analysts
•
Idea generation
•
Proprietary fundamental research
•
Make buy & sell recommendations
4 Research
Groups
•
Led by senior analysts
•
Weekly due diligence meetings to review analyst recommendations
•
Approved securities move to list of portfolio candidates
•
At least one member from each Research Group
•
Weekly meetings to review portfolio and new names
•
Makes buy and sell decisions and manages portfolio risk
Page 8

Peer Group Product Comparisons
Trailing 3-Years as of 12/31/08
LargeCap
SMidCap
SmallCap
AllCap
$43 Billion
$2 Billion
$1 Billion
$18 Billion
Portfolio
Median
Market Cap
eA Small-Mid Cap Value Equity Universe
Trailing 3-Years (Ending 12/31/08)
eA Large Cap Value Equity Universe
Trailing 3-Years (Ending 12/31/08)
eA All Cap Value Equity Universe
Trailing 3-Years (Ending 12/31/08)
eA Small Cap Value Equity Universe
Trailing 3-Years (Ending 12/31/08)
Westwood LargeCap Value
Russell 1000 Value
Westwood SMidCap Value
Russell 2500
Westwood SmallCap Value
Russell 2000 Value
Westwood AllCap Value
Russell 3000 Value
Page 9
Past performance is not a guarantee of future results.
Performance results are calculated gross of fees.
Please
see full performance
disclosures at end of presentation.

Peer Group Performance Comparison
Source: eVestment
Alliance
Returns for
1 Year
Trailing
Returns for
3 Years
Trailing
Returns for
5 Years
Trailing
Returns for
10 Years
Trailing
Returns for
20 Years
Trailing
LargeCap
21
7
5
21
3
SMidCap
7
2
1
8
N/A
SmallCap
45
27
11
N/A
N/A
AllCap
41
27
12
N/A
N/A
Balanced
24
13
8
17
4
Percentile Ranking as of December 31, 2008
Page 10
The eVestment
Alliance Universes contain the following number of return sets:
LargeCap
Value Equity (355), Small-MidCap
Value Equity (74),
SmallCap
Value Equity (220), AllCap
Value Equity (91), and US Balanced/TAA (106).
Past performance does not guarantee future results.
Stock market conditions vary from year to year and can result in a decline in market value.
This is not an offer or recommendation to buy or sell  a security or an economic sector.

Significant Product Capacity Remains
Page 11
Seasoned Products
(>3 year track record &
>$100 Million in assets)
Assets Under
Management
As of 12/31/08
Estimated
Maximum Capacity
AUM
Asset Growth
Potential
Product
Inception
LargeCap Value
$4.0 billion
$25 billion
$21.0 billion
1987
SMidCap Value
$1.4 billion
$3 billion
$1.6 billion
1997
SmallCap Value
$180 million
$1.5 billion
$1.3 billion
2004
AllCap Value
$90 million
$10 billion
$9.9 billion
2002
Income Opportunity
$240 million
$2 billion
$1.8 billion
2003
MLP
$140 million
$1.5 billion
$1.4 billion
2003
Total Seasoned
$6 billion
$43 billion
$37 billion
Unseasoned (R&D) Products
(<3 year track record &
<$100 Million in assets)
MidCap Value
$20 million
$15 billion
$15 billion
2007
LargeCap Enhanced 130/30
$7 million
$10 billion
$10 billion
2007
Total Unseasoned
$27 million
$25 billion
$25 billion
Total Seasoned & Unseasoned
$6 billion
$68 billion
$62 billion
Legacy Products
Balanced / Fixed Income / REIT
$500 million
N/A
N/A
1987 / 1985 / 1995
Note:
Table reflects Westwood Management assets under management as of 12/31/08
(including Westwood Trust commingled funds)

Seasoned Products & Capacity Available
Estimated
Capacity ($ millions)
Page 12

Westwood Trust
•
Consistent asset growth
–
11% compound annual growth rate of assets over the last five years
•
Enhanced
Balanced
–
Asset allocation model –
7 asset classes managed by Westwood Management
5 asset classes managed by subadvisors
–
Consultative approach
–
Low cost, efficient solution
–
Asset gathering platform
–
Private Client
–
“Best Ideas”
•
Subadvisors:
Page 13
International Growth
High
Yield
AllCap
Growth &
SmallCap
Growth
iShares
(active subadvisor
search in progress)
International Value
TM

WHG
SMidCap
(WHGMX)
WHG Income Opportunity (WHGIX)
WHG
LargeCap
Value
(WHGLX)
To be rated 7/1/09
WHG Balanced (WHGBX)
To be rated 9/8/09
WHG SmallCap
Value (WHGSX)
To be rated 4/1/10
Source: Morningstar as of December 31, 2008
* TPLNX has a four star rating for the 3-year period under Westwood’s management of the Fund
Mutual Funds
GAMCO Westwood Equity (WESWX)
GAMCO Westwood Balanced (WEBAX)
GAMCO Westwood Intermediate Bond (WEIBX)
Timothy Plan Large/MidCap
Value (TLVAX)
Timothy Plan SmallCap
Value (TPLNX)*
WHG
Funds
–
Advised
by
Westwood
Management
Other
Funds
–
Subadvised
by
Westwood
Management
Page 14
©2009
Morningstar,
Inc.
All
Rights
Reserved.
The
information
contained
herein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers;
(2) may
not
be
copied
or
distributed;
and
(3)
is
not
warranted
to
be
accurate,
complete
or
timely.
Neither
Morningstar
nor
its
content
providers
are responsible
for
any
damages
or
losses
arising
from
any
use
of
this
information.
Past
performance
is
no
guarantee
of
future
results.
Please
see
appendix
for
a
full
explanation of the Morningstar rating system and how these ratings are determined.

Financial Highlights –
2008
Page 15
•
Strong asset inflows and performance fees offset difficult market environment
Year-over-year
Metric
2008 Result
Change
•
Assets under management
$7.2 billion
-9% (vs. -37% for S&P 500)
•
Revenue
$46.5 million
+28%
•
GAAP net income
$10.5 million
+33%
•
Cash earnings
$17.3 million
+30%
•
GAAP earnings per share
$1.63
+28%
•
Cash earnings per share
$2.68
+25%
•
Performance fees recognized in 2008 were $8.7 million vs. $3.0 million in 2007

Growth in Assets Under Management
Page 16
Quarterly AUM Growth
•
From Q1 2004 –
Q4 2008, Westwood’s AUM has increased by 85%, or a compound
annual growth rate of 14%
•
Over this same period, the level of the S&P 500 index has declined by 20%
•
Westwood achieved the highest level of net asset inflows in its history in 2008
AUM Growth in a Challenging Environment

Change in AUM vs. Product Performance & Benchmarks
Westwood Management
Westwood Trust
•
Westwood’s
strong
asset
inflows
and
relative
outperformance
mitigated
the
impact
of
the
2008
market
decline on assets under management
Page 17

Westwood AUM vs. Peers
•
Westwood’s AUM held up better than peers due to strong inflows and relative
investment performance
•
Many asset management firms significantly cut or eliminated their dividends in 2008
Page 18
2008
Quarterly Dividend
AUM Change
Action
Westwood Holdings Group, Inc. (WHG)
-8.5%
no change
Blackrock (BLK)
-3.6%
no change
Epoch Holding Corp. (EPHC)
-20.9%
no change
Eaton Vance (EV)
-21.2%
3% increase Q4
Boston Private Financial Holdings (BPFH)
-24.6%
90% cut Q3 '08
Waddell & Reed (WDR)
-26.8%
no change
Invesco (IVZ)
-28.6%
55% cut Q2 '08
T. Rowe Price (TROW)
-30.4%
4% increase Q1 '09
Franklin Resources (BEN)
-35.3%
no change
Affiliated Managers Group (AMG)
-38.1%
does not pay div.
Janus Capital (JNS)
-40.3%
no change
Alliance Bernstein (AB)
-42.3%
52% cut Q1 '09
Calamos Asset Management (CLMS)
-48.1%
50% cut Q4 '08
Cohen & Steers (CNS)
-49.3%
77% cut Q4 '08/Q1 '09
Pzena Investment Management (PZN)
-54.9%
100% cut Q4 '08
Peer group average
-33.2%
S&P
500
-
price
change
-38.5%

Revenue, Earnings and Dividend Growth
Page 19
Revenue Growth
Dividend Growth
Cash Earnings Growth
•
Compound annual growth rate from 2004 –
2008
•
Revenue
23%
•
Cash earnings
35%
•
Performance-based fees
•
2007
$3.0 million
•
2008
$8.7 million
•
Dividend yield of 3.2% as of March 24, 2009

WHG Stock Performance
•
Cumulative total return from December 31, 2002 to December 31, 2008 of 105%, compared to 4% for
the SNL Asset Manager Index and -5% for the Russell 2000 Index
•
Outperformed SNL Asset Manager Index by 56% in 2007 and 31% in 2008
•
Added to Russell 3000 and related indexes in 2008
Page 20

Near-term Objectives
•
Serve clients attentively
•
Generate competitive investment performance
•
Cultivate consultant relationships
•
Leverage referral sources at Westwood Trust  ~75% of new assets from referrals
•
Match manufacturing capability with distribution partners through subadvisory opportunities
•
Develop collective fund offerings across multiple products to serve the large defined
contribution plan market
•
Continue to grow the WHG Funds
•
Cultivate new “R&D”
products
•
Increase visibility of WHG stock
Page 21

Ownership
•
We believe owners behave differently than employees.
•
All employees participate in our equity compensation program, which represents a significant portion of total
compensation.
•
Unique
ownership
structure
aligns
the
interests
of
our
employees
with
those
of
our
clients
and
stockholders.
•
Employees and directors own approximately 35 percent of our outstanding stock, which makes our ownership
structure unique among our peers.
Results
•
Thanks
to
the
hard
work
of
our
employees
–
who
are
also
all
Westwood
stockholders
–
in
our
time
as
a
public
company we have:
•
Delivered strong product performance.
At year-end 2008, each of our products ranked in the top quartile or top
half of their respective peer groups for one-, three-, and five-year trailing performance.
•
Grown assets under management by 55%
from June 2002 to year-end 2008.  The S&P 500 Index declined by
9% over that period.
•
Increased shareholder value.
Westwood’s market value increased from $75 million at June 2002 to $198
million
at
year-end
2008
–
a
total
return
of
199%
compared
to
21%
for
the
Russell
2000
Index
over
the
same
period.
•
Returned excess cash to our stockholders through dividends.
We have declared approximately $46 million in
dividends to our stockholders since June 2002.
Ownership & Results
Our main objective:  Deliver superior returns to our clients and
our stockholders
Page 22

Summary
•
Established firm with recognized institutional presence
•
Seasoned competitive products
•
Attractive product pipeline with strong performance; solid momentum in
institutional marketplace
•
Private client growth opportunities
•
Employees are stakeholders
•
Opportunity to realize operational leverage and growth
•
Potential for significant cash generation combined with history of returning
excess cash to stockholders
Page 23

Cash to GAAP Reconciliations
Page 24
Cash Earnings Reconciliation
($ thousands)
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
GAAP net income
$     1,117
$        988
$        685
$        896
$        875
$        937
$        814
$     1,010
Add: Restricted stock expense
202
203
426
419
385
415
657
657
Add: Stock option expense
62
62
63
62
63
62
63
62
Less: Cumulative effect of change
in accounting principle
-
-
-
-
-
-
-
-
Non-GAAP cash earnings
$     1,381
$     1,253
$     1,174
$     1,377
$     1,323
$     1,414
$     1,534
$     1,729
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
GAAP net income
$     1,296
$        986
$        921
$     1,305
$     1,507
$     1,473
$     1,682
$     3,282
$     1,955
$     1,731
$     1,736
$     5,121
Add: Restricted stock expense
639
1,126
1,387
1,348
898
1,362
1,537
1,519
1,209
1,942
1,775
1,808
Add: Stock option expense
61
61
-
4
-
-
-
-
-
-
-
-
Less: Cumulative effect of change
in accounting principle
(39)
-
-
-
-
-
-
-
-
-
-
-
Non-GAAP cash earnings
$     1,957
$     2,173
$     2,308
$     2,657
$     2,405
$     2,835
$     3,219
$     4,801
$     3,164
$     3,673
$     3,511
$     6,929

LargeCap
Disclosure Information
Year
Gross-
of-Fees
Return
Net-of-
Fees
Return
Russell
1000 Value
S&P 500
Number of
Portfolios
Dispersion
Total Assets
at End of
Period
Percentage
of Firm
Assets
Percentage
of Non-Fee
Paying
Portfolios
Total
Firm
Assets
2008
-32.4%
-32.7%
-36.9%
-37.0%
36
0.3
$3,142.0
48.1%
0.0%
$6,538.0
2007
13.3%
12.9%
-0.2%
5.5%
34
0.3
$2,921.7
41.1%
0.0%
$7,113.2
2006
19.9%
19.5%
22.3%
15.8%
32
0.1
$2,368.8
43.4%
0.0%
$5,455.9
2005
15.8%
15.3%
7.1%
4.9%
32
0.3
$2,656.2
57.7%
0.0%
$4,606.5
2004
14.2%
13.7%
16.5%
10.9%
39
0.3
$2,572.6
67.7%
0.0%
$3,797.6
2003
24.8%
24.3%
30.0%
28.7%
42
0.5
$2,341.3
61.4%
0.0%
$3,815.3
2002
-15.7%
-16.1%
-15.5%
-22.1%
38
0.5
$1,822.5
45.4%
0.0%
$4,014.6
2001
-8.2%
-8.6%
-5.6%
-11.9%
35
0.4
$1,880.7
46.8%
0.0%
$4,022.9
2000
13.5%
13.0%
7.0%
-9.2%
33
0.6
$1,637.3
46.1%
0.0%
$3,551.7
1999
13.8%
13.3%
7.4%
21.1%
26
1.6
$1,111.4
48.0%
0.0%
$2,314.8
1998
21.5%
20.7%
15.6%
28.8%
17
4.3
$536.6
26.2%
0.0%
$2,049.7
The standard fee schedule for LargeCap Equity is 0.75% on the first $25 million, negotiable thereafter.
Westwood Management has been verified for the periods January 1, 1995 through December 31, 2007 by
Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.
The LargeCap composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts invested primarily in equity
securities with market capitalizations above $7.5 billion and having comparable objectives.
The minimum portfolio size for inclusion in the LargeCap Composite is $5 million beginning 1/1/06.
PERFORMANCE RESULTS:  LARGECAP EQUITY COMPOSITE
January 1, 1995 through December 31, 2008
Reporting Currency: USD
Creation Date: January 1994
LARGECAP EQUITY
LARGECAP EQUITY
COMPOSITE RETURNS
COMPOSITE RETURNS
Gross of
Fees
Net of
Fees
S&P
500
Gross of
Fees
Net of
Fees
S&P
500
ANNUALIZED RETURNS
CALENDAR YEAR RETURNS
1 Year
-32.4
%
-32.7
%
-36.9
%
-37.0
%
2008
(32.4)
%
(32.7)
%
-36.9
%
-37.0
%
2 Years
-12.5
%
-12.8
%
-20.6
%
-18.5
%
2007
13.3
%
12.9
%
-0.2
%
5.5
%
3 Years
-2.8
%
-3.2
%
-8.3
%
-8.4
%
2006
19.9
%
19.5
%
22.3
%
15.8
%
4 Years
1.5
%
1.2
%
-4.7
%
-5.2
%
2005
15.8
%
15.3
%
7.1
%
4.9
%
5 Years
4.0
%
3.5
%
-0.8
%
-2.2
%
2004
14.2
%
13.7
%
16.5
%
10.9
%
6 Years
7.2
%
6.7
%
3.8
%
2.4
%
2003
24.8
%
24.3
%
30.0
%
28.7
%
7 Years
3.6
%
3.1
%
0.8
%
-1.5
%
2002
(15.7)
%
(16.1)
%
-15.5
%
-22.1
%
8 Years
2.0
%
1.6
%
0.0
%
-2.9
%
2001
(8.2)
%
(8.7)
%
-5.6
%
-11.9
%
9 Years
3.2
%
2.8
%
0.7
%
-3.6
%
2000
13.5
%
13.1
%
7.0
%
-9.1
%
10 Years
4.3
%
3.8
%
1.4
%
-1.4
%
1999
13.8
%
13.3
%
7.4
%
21.0
%
11 Years
5.7
%
5.2
%
2.6
%
1.0
%
1998
21.5
%
20.6
%
15.6
%
28.6
%
12 Years
7.8
%
7.3
%
5.0
%
3.4
%
1997
33.6
%
32.7
%
35.2
%
33.4
%
13 Years
9.2
%
8.7
%
6.2
%
4.8
%
1996
27.8
%
26.9
%
21.6
%
23.0
%
14 Years
11.2
%
10.6
%
8.2
%
6.8
%
1995
40.5
%
39.3
%
38.4
%
37.6
%
15 Years
10.7
%
10.1
%
7.5
%
6.5
%
1994
4.2
%
3.5
%
-2.0
%
1.3
%
16 Years
11.2
%
10.6
%
8.1
%
6.7
%
1993
19.2
%
18.5
%
18.1
%
10.1
%
17 Years
11.1
%
10.4
%
8.5
%
6.7
%
1992
9.0
%
8.3
%
13.8
%
7.6
%
18 Years
11.8
%
11.1
%
9.3
%
7.9
%
1991
24.7
%
23.9
%
24.6
%
30.5
%
19 Years
10.5
%
9.9
%
8.3
%
7.3
%
1990
(9.2)
%
(10.0)
%
-8.1
%
-3.1
%
20 Years
11.6
%
10.9
%
9.1
%
8.4
%
1989
32.5
%
31.7
%
25.2
%
31.7
%
21 Years
11.8
%
11.1
%
9.7
%
8.8
%
1988
16.6
%
15.7
%
23.2
%
16.6
%
22 Years
11.6
%
10.9
%
9.3
%
8.6
%
1987
7.8
%
6.9
%
0.5
%
5.3
%
Since Inception
(1/1/87)
11.6
%
10.9
%
9.3
%
8.6
%
Russell 1000
Value
Russell
1000 Value

SMidCap
Disclosure Information
Year
Gross of
Fees
Return
Net of
Fees
Return
Russell
2500
Russell
2500 Value
Number of
Portfolios
Dispersion
Total Assets
at End of
Period
Percentage
of Firm
Assets
Percentage
of Non-Fee
Paying
Portfolios
Total Firm
Assets
2008
-26.4%
-26.7%
-36.8%
-32.0%
16
0.2
$917.4
14.0%
0.0%
$6,538.0
2007
12.3%
11.7%
1.4%
-7.3%
14
0.3
$1,091.2
15.3%
0.0%
$7,113.2
2006
22.2%
21.6%
16.2%
20.2%
9
0.2
$784.5
14.4%
0.0%
$5,455.9
2005
20.8%
20.5%
8.1%
7.7%
4
0.1
$554.9
12.0%
0.0%
$4,606.5
2004
28.1%
27.6%
18.3%
21.6%
2
0.1
$77.9
2.1%
0.0%
$3,797.6
2003
34.1%
33.6%
45.5%
44.9%
2
0.3
$50.5
1.3%
0.0%
$3,815.3
2002
1.2%
0.7%
-17.8%
-9.9%
2
0.1
$32.7
0.8%
0.0%
$4,014.6
2001
-10.8%
-11.1%
1.2%
9.7%
2
1.4
$31.8
0.8%
0.0%
$4,022.9
2000
7.4%
7.0%
4.3%
20.8%
2
0.2
$35.9
1.0%
0.0%
$3,551.7
1999
30.1%
29.7%
24.2%
1.5%
2
0.5
$37.3
1.6%
0.0%
$2,314.8
1998
13.7%
13.0%
0.4%
-1.9%
2
0.1
$27.7
1.4%
0.0%
$2,049.7
The standard fee schedule for the SMidCap product is 0.85% on the first $25 million, negotiable thereafter.
Westwood Management has been verified for the periods July 1, 1997 through December 31, 2007 by
Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.
The SMidCap Composite consists of tax-exempt and taxable, fee-paying fully discretionary accounts invested primarily in equity securities
with market capitalizations between $500 million and $8.0 billion and having comparable objectives.
The minimum portfolio size for inclusion in the SMidCap Composite is $5 million beginning 1/1/06.
PERFORMANCE RESULTS: SMIDCAP COMPOSITE
January 1, 1998 through December 31, 2008
Reporting Currency: USD
Creation Date: July 1997
SMIDCAP EQUITY
COMPOSITE RETURNS
Gross of
Fees
Net of
Fees
Russell
2500
Russell
2500
Value
ANNUALIZED RETURNS
1 Year
(26.4)
%
(26.7)
%
(36.8)
%
(32.0)
%
2 Years
(9.1)
%
(9.5)
%
(20.0)
%
(20.6)
%
3 Years
0.4
%
(0.2)
%
(9.4)
%
(8.8)
%
4 Years
5.1
%
4.6
%
(5.3)
%
(4.9)
%
5 Years
9.4
%
8.9
%
(1.0)
%
(0.2)
%
6 Years
13.1
%
12.7
%
5.6
%
6.3
%
7 Years
11.3
%
10.9
%
1.9
%
3.8
%
8 Years
8.3
%
7.9
%
1.8
%
4.5
%
9 Years
8.2
%
7.8
%
2.1
%
6.2
%
10 Years
10.2
%
9.8
%
4.1
%
5.7
%
11 Years
10.5
%
10.1
%
3.7
%
5.0
%
Since Inception
(7/1/97)
11.7
%
11.2
%
4.6
%
6.1
%
CALENDAR YEARS
2008
(26.4)
%
(26.7)
%
(36.8)
%
(32.0)
%
2007
12.3
%
11.7
%
1.4
%
(7.3)
%
2006
22.2
%
21.6
%
16.2
%
20.2
%
2005
20.8
%
20.5
%
8.1
%
7.7
%
2004
28.1
%
27.6
%
18.3
%
21.6
%
2003
34.1
%
33.6
%
45.5
%
44.9
%
2002
1.2
%
0.7
%
(17.8)
%
(9.9)
%
2001
(10.8)
%
(11.1)
%
1.2
%
9.7
%
2000
7.4
%
7.0
%
4.3
%
20.8
%
1999
30.1
%
29.7
%
24.2
%
1.5
%
1998
13.7
%
13.0
%
0.4
%
(1.9)
%

SmallCap
Value Disclosure Information
Year
Gross
of Fees
Return
Net of
Fees
Return
Russell
2000 Value
Number of
Portfolios
Dispersion
Total Assets
at End of
Period
Percentage
of Firm
Assets
Percentage
of Non-Fee
Paying
Portfolios
Total Firm
Assets
2008
-31.0%
-31.4%
-28.9%
9
0.4
$177.2
2.7%
0.0%
$6,538.0
2007
3.6%
3.2%
-9.8%
5
0.9
$134.5
1.9%
0.0%
$7,113.2
2006
24.1%
23.7%
23.5%
4
0.2
$125.7
2.3%
0.0%
$5,455.9
2005
10.5%
10.1%
4.7%
3
0.5
$38.0
0.8%
0.0%
$4,606.5
2004
28.4%
28.1%
22.3%
3
0.3
$37.7
1.0%
0.0%
$3,797.6
The standard fee schedule for the SmallCap Value product is 1.00% on the first $10 million, negotiable thereafter.
Westwood Management has been verified for the periods January 1, 2004 through December 31, 2007 by
Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.
The minimum portfolio size for inclusion in the SmallCap Value Composite is $5 million beginning 1/1/06.
The SmallCap Value composite consists of taxable and tax-exempt, fee-paying fully discretionary accounts whose main
objective is to invest primarily in equity securities with market capitalizations between $100 million and $2.5 billion and having
comparable objectives.
PERFORMANCE RESULTS: SMALLCAP VALUE COMPOSITE
January 1, 2004 through December 31, 2008
Reporting Currency: USD
Creation Date: January 2004
SMALLCAP VALUE
COMPOSITE RETURNS
Gross of
Fees
Net of
Fees
Russell
2000 Value
ANNUALIZED RETURNS
1 Year
(31.0)
%
(31.4)
%
(28.9)
2 Years
(15.4)
%
(15.8)
%
(19.9)
3 Years
(3.9)
%
(4.3)
%
(7.5)
4 Years
(0.5)
%
(0.9)
%
(4.6)
5 Years
4.7
%
4.3
%
0.3
Since Inception
(1/1/04)
4.7
%
4.3
%
0.3
CALENDAR YEARS
2008
(31.0)
%
(31.4)
%
(28.9)
2007
3.6
%
3.2
%
(9.8)
2006
24.1
%
23.7
%
23.5
2005
10.5
%
10.1
%
4.7
2004
28.4
%
28.1
%
22.3

AllCap
Value Disclosure Information
Year
Gross
of Fees
Return
Net of
Fees
Return
Russell
3000 Value
Number of
Portfolios
Dispersion
Total Assets
at End of
Period
Percentage
of Firm
Assets
Total Firm Assets
2008
-34.5%
-34.9%
-36.3%
2
0.28
$21.3
0.3%
$6,538.0
2007
11.5%
11.0%
-1.0%
3
0.00
$39.0
0.5%
$7,113.2
2006
20.0%
19.5%
22.3%
1
0.00
$18.5
0.3%
$5,455.9
2005
16.0%
15.7%
6.9%
1
0.00
$12.5
0.3%
$4,606.5
2004
19.5%
19.3%
16.9%
1
0.00
$2.5
0.1%
$3,797.6
2003
28.6%
28.4%
31.1%
1
0.00
$96.8
2.5%
$3,815.3
2002¹
-12.9%
-13.0%
-11.7%
1
0.00
$63.3
1.6%
$4,014.6
1.
Inception Date 7/1/02
The standard AllCap Value fee schedule is 0.80% on the first $10 million, negotiable thereafter.
Westwood Management has been verified for the periods January 1, 1995 through December 31, 2007 by
Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.
The AllCap Value Composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts generally
invested in equity securities  with market capitalizations greater than $100 million at time of purchase and having
comparable objectives.
The minimum portfolio size for inclusion in the AllCap Value Composite is $5 million beginning 1/1/06.
PERFORMANCE RESULTS: ALLCAP VALUE COMPOSITE
July 1, 2002 through December 31, 2008
Reporting Currency: USD
Creation Date: July 2002
ALLCAP VALUE
COMPOSITE RETURNS
Gross of
Fees
Net of
Fees
Russell 3000 Value
ANNUALIZED RETURNS
1 Year
(34.5)
%
(34.9)
%
(36.3)
%
2 Years
(14.5)
%
(15.0)
%
(20.6)
%
3 Years
(4.3)
%
(4.7)
%
(8.3)
%
4 Years
0.4
%
0.0
%
(4.7)
%
5 Years
4.0
%
3.6
%
(0.7)
%
6 Years
7.7
%
7.4
%
4.0
%
Since Inception
(7/1/02)
4.9
%
4.5
%
1.7
%
CALENDAR YEARS
2008
(34.5)
%
(34.9)
%
(36.3)
%
2007
11.5
%
11.0
%
(1.0)
%
2006
20.0
%
19.5
%
22.3
%
2005
16.0
%
15.7
%
6.9
%
2004
19.5
%
19.3
%
16.9
%
2003
28.6
%
28.4
%
31.1
%
2002¹
(12.9)
%
(13.0)
%
(11.7)
%
1.
Inception Date: 7/1/02

Balanced Disclosure Information
BALANCED
BALANCED
COMPOSITE RETURNS
COMPOSITE RETURNS
Gross of
Fees
Net of
Fees
60% S&P500 /
40% LBG/C
Gross of
Fees
Net of
Fees
60% S&P500 /
40% LBG/C
ANNUALIZED
RETURNS
CALENDAR
YEARS
1 Year
-18.5
%
-19.0
%
-21.9
%
2008
-18.5
%
-19.0
%
-21.9
%
2 Years
-5.0
%
-5.5
%
-8.9
%
2007
10.8
%
10.1
%
6.3
%
3 Years
0.8
%
0.2
%
-2.7
%
2006
13.4
%
12.7
%
10.9
%
4 Years
3.3
%
2.6
%
-1.1
%
2005
10.9
%
10.2
%
4.0
%
5 Years
4.5
%
3.8
%
0.7
%
2004
9.4
%
8.8
%
8.3
%
6 Years
6.3
%
5.6
%
3.5
%
2003
16.1
%
15.3
%
18.8
%
7 Years
4.6
%
4.0
%
1.6
%
2002
-4.8
%
-5.4
%
-9.5
%
8 Years
3.9
%
3.3
%
0.9
%
2001
-1.1
%
-1.7
%
-3.7
%
9 Years
4.9
%
4.3
%
0.7
%
2000
13.3
%
12.4
%
-0.9
%
10 Years
5.2
%
4.5
%
1.7
%
1999
7.6
%
7.0
%
11.4
%
11 Years
6.0
%
5.3
%
3.4
%
1998
14.0
%
13.2
%
21.4
%
12 Years
7.3
%
6.6
%
4.9
%
1997
23.6
%
22.8
%
23.7
%
13 Years
8.1
%
7.4
%
5.6
%
1996
17.5
%
16.8
%
14.7
%
14 Years
9.5
%
8.8
%
7.2
%
1995
30.5
%
29.4
%
30.0
%
15 Years
8.9
%
8.2
%
6.7
%
1994
0.3
%
-0.2
%
-0.6
%
16 Years
9.3
%
8.6
%
6.9
%
1993
15.7
%
14.8
%
10.5
%
17 Years
9.2
%
8.5
%
7.0
%
1992
8.0
%
7.5
%
7.7
%
18 Years
10.0
%
9.3
%
7.9
%
1991
23.2
%
22.6
%
24.8
%
19 Years
9.5
%
8.8
%
7.5
%
1990
1.1
%
0.5
%
1.6
%
20 Years
10.2
%
9.5
%
8.3
%
1989
24.7
%
24.1
%
24.6
%
21 Years
10.5
%
9.8
%
8.5
%
1988
15.9
%
15.2
%
13.0
%
22 Years
10.3
%
9.7
%
8.4
%
1987
8.0
%
7.5
%
5.5
%
Since Inception
(1/1/87)
10.3
%
9.7
%
8.4
%
Year
Gross of
Fees
Return
Net of
Fees
Return
60% S&P
500/40%
LBG/C
Number of
Portfolios
Dispersion
Total Assets
at End of
Period
Percentage
of Firm
Assets
Total Firm
Assets
2008
-18.5%
-19.0%
-21.9%
2
0.1
$28.9
0.4%
$6,538.0
2007
10.8%
10.1%
6.3%
3
0.2
$65.0
0.9%
$7,113.2
2006
13.4%
12.7%
10.9%
3
0.2
$57.6
1.1%
$5,455.9
2005
10.9%
10.2%
4.0%
3
0.2
$49.5
1.1%
$4,606.5
2004
9.4%
8.8%
8.2%
4
0.1
$73.5
1.9%
$3,797.6
2003
16.1%
15.3%
18.8%
3
0.2
$48.5
1.3%
$3,815.3
2002
-4.8%
-5.4%
-9.5%
5
0.5
$87.0
2.2%
$4,014.6
2001
-1.1%
-1.7%
-3.7%
6
0.3
$164.1
4.1%
$4,022.9
2000
13.3%
12.4%
-1.0%
5
0.2
$100.8
2.8%
$3,551.7
1999
7.6%
7.0%
11.5%
6
0.5
$96.8
4.2%
$2,314.8
1998
14.0%
13.2%
21.5%
6
0.3
$97.4
4.8%
$2,049.7
1997
23.6%
22.8%
23.7%
4
0.2
$49.5
3.0%
$1,676.4
1996
17.5%
16.8%
14.8%
5
0.1
$46.5
4.9%
$940.6
1995
30.5%
29.4%
30.0%
5
0.5
$33.4
4.7%
$716.4
Creation Date: January 1994
Reporting Currency: USD
PERFORMANCE RESULTS:  BALANCED COMPOSITE
January 1, 1995 through December 31, 2008
A composite of taxable and tax-exempt, fee-paying fully discretionary accounts invested in LargeCap Equity
and investment grade fixed income securities and having comparable objectives The typical allocation for the
composite is 60% equity and 40% fixed income.
The minimum portfolio size for inclusion in the Balanced Composite is $5 million beginning 1/1/06. 
The standard fee schedule for the Balanced product is 0.625% on the first $25 million, negotiable thereafter.
Westwood Management has been verified for the periods January 1, 1995 through
December 31, 2007 by Pricewaterhouse Coopers LLP. A copy of the verification report is
available upon request. 

©
2009
Morningstar,
Inc.
All
Rights
Reserved.
The
information
contained
herein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its
content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of
future results.  For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-
Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and
redemption
fees),
placing
more
emphasis
on
downward
variations
and
rewarding
consistent
performance.
The
top
10%
of
funds
in
each
category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%
receive 1 star.
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its
three-,
five-
and
ten-year
Morningstar
Ratings
metric.
As
of
12/31/2008,
WHGIX
was
rated
among
962
Moderate
Allocation
funds
in
the
last
three
years
and
received
an
overall
Morningstar
Rating
of
5
stars;
WHGMX
was
rated
among
423
Mid
Cap
Blend
funds
in
the
last
three
years and received an overall Morningstar Rating of 5 stars.
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www.westwoodgroup.com
200 Crescent Court
Suite 1200
Dallas, Texas 75201
(214)756-6900