In his latest quarterly commentary, Max Bublitz, chief strategist and portfolio manager at SCM Advisors LLC, an affiliated investment manager of Virtus Investment Partners (Nasdaq: VRTS), likens the recent financial tumult to a critical moment in the 1975 thriller "Jaws" when Police Chief Martin Brody first realizes the enormity of the great white shark terrorizing the beaches of Amity.  "You're gonna need a bigger boat," a wide-eyed Brody tells the captain of the ship that's hunting the shark.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20090105/NEM020LOGO )

(Logo:  http://photos.prnewswire.com/prnh/20090105/NEM020LOGO )

"We get the distinct impression that many policymakers today are staggering around with their Chief Brody face on, realizing that a bigger boat may indeed be needed," Bublitz writes.

He notes that while there has been both an economic and market bounce from government efforts to respond to the 2008-2009 recession, the recovery has been extremely fragile and significantly weaker than what many expect.  Money and credit growth is nonexistent, the labor markets have been slow to respond, and most important, debt – the root cause of the crisis – has not been meaningfully reduced," says Bublitz.

Now, we must hope for a successful handoff from the government to the private sector.  That will be the point when the economic recovery is sustained enough for private sector earnings to help offset the effects of deleveraging, leaving the government to go about the business of putting its fiscal house in order.

Bublitz doesn't expect any Fed rate hikes until well into 2011, and is actually expecting to see another round of easing from the Fed. "(Fed Chairman Ben) Bernanke can't and won't tolerate a double-dip recession out of fear of creating a cut and paste version of the 1930s. Like Amity's mayor, he knows full well the impact of closing the economic beaches."

Economic growth for this cycle has likely peaked, both in the U.S. and abroad, and Bublitz forecasts slower growth in the second half of 2010 with domestic GDP falling below 2 percent. He also believes that neither the housing nor labor market has hit the bottom of their cycles.  On the positive side, while inflation is nearing its trough, the timeframe for it to become a concern for the economy can now be measured in years, not months.

The financial system now finds itself in the next phase of the crisis, an "echo crisis," which, Bublitz says, has led to an echo in volatility.  "We continue to view the rally off the March 2009 lows as a cyclical bounce within the secular bear market that began in 2000. The major indexes are retesting their lows for the year for the fourth time, and we're left with many more questions than we have answers."

Policymakers will need to keep their eye on a number of trends – such as consumer and business confidence, money and credit trends, the jobs picture, and the direction of the dollar – to help them decide on a course of action. "But however they respond, we're definitely in the middle of one hell of a lab experiment," Bublitz says. "No doubt, these are highly uncertain and likely very volatile times."

About SCM Advisors LLC

SCM Advisors LLC, an affiliated investment manager of Virtus Investment Partners, is an independently-managed investment firm, based in San Francisco, CA, that provides asset management services to corporate, government and multi-employer pension funds, as well as foundations, endowments and high net worth private clients. SCM Advisors specializes in fixed income and equity strategies for its diversified client base. Visit SCM Advisors at www.scmadv.com.

About Virtus Investment Partners, Inc.

Virtus Investment Partners (Nasdaq: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Additional information can be found at www.virtus.com.

Virtus Investment Partners provides this communication as a matter of general information. The opinions stated herein are those of the author and not necessarily the opinions of Virtus, its affiliates or its subadvisers. Portfolio managers at Virtus make investment decisions in accordance with specific client guidelines and restrictions. As a result, client accounts may differ in strategy and composition from the information presented herein. Any facts and statistics quoted are from sources believed to be reliable, but they may be incomplete or condensed, and we do not guarantee their accuracy. This communication is not an offer or solicitation to purchase or sell any security, and it is not a research report. Individuals should consult with a qualified financial professional before making any investment decisions.

SOURCE Virtus Investment Partners, Inc.

Back to top

RELATED LINKS
http://www.virtus.com

SmartGrowth® Mutual Funds, a family of mutual funds designed to address the diverse objectives, time horizons and risk profiles of investors across the risk/reward spectrum, is pleased to announce that two of its mutual funds rank in the top 2 percent of their category for three-year returns as of June 30, 2010, according to Lipper. The Funds, which incorporate exchange-traded funds (ETFs) and asset allocation, seek to produce superior risk-adjusted returns for long-term investors.

"We are proud to reach the three-year milestone with a record of relative outperformance in one of the most difficult market periods in our country's history," said Kevin Mahn, Portfolio Manager for the SmartGrowth Mutual Funds. "Our funds deliver diversification and risk-return profiles that are distinctive among current investment opportunities and we look forward to their continued success."

The SmartGrowth family of funds consists of a series of three target-risk mutual funds. SmartGrowth® Lipper Optimal Conservative Index Fund (LPCAX) and SmartGrowth® Lipper Optimal Moderate Index Fund (LPMAX) both rank in the top 2% of their category, out of 714 funds, according to Lipper. In addition, SmartGrowth® Lipper Optimal Growth Index Fund (LPGAX) reached its three-year anniversary ranking in the top 5% of its category, out of 714 funds. Three year returns for the funds are: -2.18% (LPCAX); -4.24% (LPGAX) and -2.52% (LPMAX).  The three year return for the S&P 500 is -9.81%.  

Launched June 1, 2007, each target risk fund is benchmarked to one of Lipper's proprietary Optimal Target Risk Indices and offers investors three risk/reward options ranging from conservative to growth portfolios. Designed to provide investors with an investment solution that helps take the guesswork out of choosing the right blend of ETFs and exchange-traded notes (ETNs), the SmartGrowth Mutual Funds attempt to track the Target Risk Indices' carefully selected ETFs and ETNs whose historical returns, liquidity, correlations and expenses are analyzed to identify the appropriate mix for each index's risk/reward profile.

"The SmarthGrowth Funds were born out of the difficulty in building a properly allocated portfolio," said Bill Walsh, Partner of Hennion & Walsh, which serves as the investment advisor to SmartGrowth Mutual Funds.

"Our mission is to help individuals invest in accordance with their unique risk-return needs and objectives, with disciplined strategies that have the potential to provide superior long-term results," said Rich Hennion, Partner of Hennion & Walsh.  

To request more information or to speak to Mssrs. Mahn and Walsh, please contact Katrine Winther-Olesen at 973-400-1341 or katrine@jcprinc.com.

About SmartGrowth Mutual Funds

Hennion and Walsh Asset Management serves as the Investment Advisor for the SmartGrowth® Mutual Funds.

The Adviser is an affiliate of full-service broker/dealer Hennion & Walsh, Inc. Founded by Richard Hennion and William Walsh, Hennion & Walsh, Inc. has been serving clients as a full-service securities firm, specializing in municipal bonds since 1990. The firm has built its reputation on developing strong, mutually beneficial relationships designed to last a lifetime. The firm currently offers 11 unit investment trust ("UITs") under the SmartTrust® brand, as well as managed money portfolios to both individuals and retirement plans. As of March 31, 2010, the adviser had $218 million in assets under management or supervision.

Additional information about the SmartGrowth® Mutual Funds is available at www.smartgrowthfunds.com.

Mutual fund investing involves risk, including loss of principal. There is no guarantee that a Fund will meet its objective.

Please carefully consider a Fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund's prospectus, which may be obtained by calling 1-888-465-5722. Read carefully before investing.

Performance through 6/30/2010 is: LPGAX: 4.16% (one year) and -4.70% (since inception); LPMAX: 1.21% (one year) and -3.22% (since inception); LPCAX: 0.19% (one year) and -2.99% (since inception).  Inception date is 6/1/2007.  The performance data quoted represents past performance.  Past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.  For performance data current to most recent month end, call 1-888-465-5722 or visit the website at www.smartgrowthfunds.com.

Performance for the S&P 500 Index through 6/30/2010 is: 14.43% (one year); -9.81% (three years) and -10.16% (since inception, 6/1/2007).  Index returns are for illustrative purposes only. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.  You cannot invest directly in an index.

Net expense ratio for each fund is 1.50%.  The advisor has contractually agreed to waive fees and reimburse expenses until May 31, 2011.  In the absence of current fee waivers, total return would be reduced.  The funds impose a 4.75% sales charge on purchases, and impose a 2% redemption fee on redemptions of shares held less than 7 days.

For the one year ending 6/30/2010, Lipper rankings for the funds in the Multi-Cap Core Funds category are:  LPCAX: 828/830; LPGAX: 814/830 and LPMAX: 826/830.

The SmartGrowth® Mutual Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Hennion & Walsh Asset Management or Lipper (a ThomsonReuters Company).

SOURCE SmartGrowth Mutual Funds

Back to top

RELATED LINKS
http://www.smartgrowthfunds.com

Calvert Asset Management Company, Inc. and the Connecticut Retirement Plans and Trust Funds (CRPTF) today announced the successful resolution of their joint shareholder proposal on board diversity filed with Netflix (NFLX), the world's largest subscription entertainment service.  The company has named its first female director Ann Mathers, an entertainment industry veteran who has served in senior finance roles at Pixar Animation Studios, The Walt Disney Company and Paramount Pictures.  Ms. Mathers joined the Netflix Board on July 1, 2010.

Calvert and the CRPTF filed their resolution on December 1, 2009, asking Netflix to take every reasonable step to ensure that women and minority candidates are in the pool from which Board nominees are chosen and to publicly commit itself to a policy of board inclusiveness. In March 2010, Netflix incorporated language in its corporate governance and nominating committee charter making gender and race a factor in considering board candidates.  The firm announced it would add Ms. Mathers to the board on June 16th.  

"We applaud Netflix's decision to increase the diversity of its board and its discernment in naming such a strong, experienced director," said Barbara J. Krumsiek, President & CEO of Calvert Group, Ltd.  "Netflix has affirmed Calvert's belief that shareholder value and corporate bottom lines are enhanced by an independent and diverse board."

Connecticut State Treasurer Denise L. Nappier, principal fiduciary of the $23 billion CRPTF, said, "In this economic climate, boards should take every reasonable step to preserve and enhance long-term financial performance. Given the compelling business case for board diversity, the addition of a woman to Netflix's board of directors is an important and strategically sound step in the right direction."

Both Calvert and the CRPTF have made significant commitments to shareholder advocacy on the issue of board diversity.  

Calvert began its board diversity initiative in 2002, after new listing requirements mandated an increased number of independent directors.  In 2003, Calvert introduced a model nominating committee charter for corporate boards as a means to institutionalize their commitment to a diverse and inclusive board. In December 2009, Calvert commented on and contributed to the Securities and Exchange Commission (SEC)'s new requirements for disclosing board diversity guidelines and procedures.   Since 2002, Calvert has filed 51 shareholder resolutions related to diversity and successfully withdrawn 43 of them.  

On behalf of the CRPTF, Connecticut State Treasurer Denise L. Nappier has spearheaded Connecticut's initiative to increase the participation of women and minorities as members of Boards of Directors of corporations in which the pension fund invests.  Since 2001, Treasurer Nappier has filed over a dozen shareholder resolutions on corporate board diversity at a number of companies, including Danaher Corporation and Apple.  In accordance with the State of Connecticut's investment policy and the recognition that companies and firms that demonstrate a commitment to diversity are more likely to succeed in an increasingly global marketplace, Treasurer Nappier also continues to support firms that demonstrate a commitment to diversity in the workplace and encourages providers of investment advisory services to utilize Connecticut-based, minority, women and emerging broker-dealers in trading of CRPTF's securities.

About Connecticut Retirement Plans and Trust Funds

As principal fiduciary for $23 billion Connecticut Retirement Plans and Trust Funds (CRPTF), which consists of six State pension plans and eight trust funds, Connecticut State Treasurer Denise L. Nappier is responsible for prudently managing the retirement funds for approximately 160,000 teachers, state, and municipal employees who are pension plan participants and beneficiaries. More information about the CRPTF can be found at www.state.ct.us/ott.

About Calvert

Calvert Investments is an investment management company that offers mutual funds and separate account strategies to institutional and retail investors, retirement plans, financial intermediaries and their clients. By combining rigorous analysis with independent thinking, our disciplined approach to money management goes beyond traditional factors in order to manage risk and to identify investment opportunities with greater long-term potential. We offer more than 50 equity, bond, cash, and asset allocation investment strategies, a number of which feature integrated corporate sustainability and responsibility research. Founded in 1976 and based in Bethesda, Maryland, Calvert Investments managed assets of more than $14 billion as of July 14, 2010.

A leader in Sustainable and Responsible Investments (SRI), Calvert Investments offers investors among the widest choice of SRI strategies of any investment management company in the United States. Each SRI strategy employs one of three proprietary approaches. Calvert Signature™ Strategies integrate two distinct research frameworks: a rigorous review of financial performance plus a thorough assessment of environmental, social and governance performance. Only when a company meets Calvert standards for both frameworks will we consider investing. Calvert Solution™ Strategies selectively invest in companies that produce products and services designed to solve some of today's most pressing sustainability challenges. Calvert SAGE™ Strategies emphasize strategic engagement to advance environmental, social and governance performance in companies that may not meet Calvert standards today, but have the potential to improve. More information on Calvert SRI strategies is available at www.Calvert.com/SRI.

For more information on any Calvert fund, please contact your financial advisor, call Calvert at 800.368.2748 or visit www.calvert.com for a free summary prospectus and/or prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Calvert mutual funds are underwritten and distributed by Calvert Distributors, Inc., member FINRA, a subsidiary of Calvert Group, Ltd. (#10278,7/10)

SOURCE Calvert, Bethesda, MD

Back to top

RELATED LINKS
http://www.state.ct.us/ott
http://www.calvert.com

American Capital Ltd. (Nasdaq: ACAS) announced today it will report second quarter 2010 earnings after market close on August 3, 2010.  Shareholders, prospective shareholders and analysts may listen to the shareholder call on August 4, 2010 at 11:00 am ET.  The call can be accessed through a live webcast, free of charge, at www.AmericanCapital.com or by dialing (877) 569-8701(U.S. domestic) or (574) 941-7382 (international). Please provide the operator with the conference ID number 88487445.  If you do not plan on asking a question on the call and have access to the internet, please take advantage of the webcast.  

A slide presentation will accompany the shareholder call and will be available at www.AmericanCapital.com.  Select the Q2 2010 Earnings Presentation link to download and print the presentation in advance of the shareholder call.

An archived audio of the call combined with the slide presentation will be made available on our website after the call on August 4.  In addition, there will be a phone recording available from 4:00 pm August 4 until 11:59 pm August 18.  If you are interested in hearing the recording of the presentation, please access it for free on our website or dial (800) 642-1687 (U.S. domestic) or (706) 645-9291 (international).  The access code for both domestic and international callers is 88487445.

For further information, please contact Investor Relations at (301) 951-5917 or IR@AmericanCapital.com.

ABOUT AMERICAN CAPITAL

American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $14 billion in capital resources under management and eight offices in the U.S., Europe and Asia. American Capital and its affiliates will consider investment opportunities from $5 million to $100 million. For further information, please refer to www.AmericanCapital.com.

This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions or changes in the conditions of the industries in which American Capital has made investments.

SOURCE American Capital Ltd.

Back to top

RELATED LINKS
http://www.americancapital.com

Investment Technology Group, Inc. (NYSE: ITG), a leading agency broker and financial technology firm, today announced the hiring of Jamie Selway as a Managing Director in its New York office.  Mr. Selway will contribute to ITG's business strategy and provide ITG clients with analysis of market structure and potential developments in the regulatory environment.

Prior to joining ITG, Mr. Selway was Managing Director at White Cap Trading, an institutional agency brokerage that he co-founded in 2003.  He previously served as Chief Economist at Archipelago and worked in equity derivatives research at Goldman Sachs.  Mr. Selway holds a B.A. from Washington & Lee University and an M.S. from the University of Chicago.

ITG today also announced the hiring of Mr. Selway's three partners at White Cap Trading: William D'Arbanville, Jamie Petraglia and Tim Love.  Mr. D'Arbanville and Mr. Petraglia will join ITG's New York trading desk while Mr. Love will join the Boston trading desk.

Commenting on the hires, ITG's CEO and President, Bob Gasser, said, "Jamie Selway is universally recognized as a key player in the evolution of US market structure.  Over the past several years he has become a valued advisor to the buy side trading community and a respected industry voice on regulatory issues that directly affect our business.  The addition of Jamie and his White Cap colleagues to our team affirms ITG's commitment to developing a differentiated portfolio of content offerings to complement our world-class trading analytics and execution capabilities."

"ITG has a storied past of innovation and is respected throughout the marketplace for its deep client relationships and expert knowledge of the trading process," said Mr. Selway. "My partners and I look forward to contributing to ITG's future."

About ITG

Investment Technology Group, Inc., is an independent agency broker and financial technology firm that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity and market-leading execution services, measurement tools, and proprietary data. Asset managers rely on ITG's independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit www.itg.com.

SOURCE Investment Technology Group, Inc.

Back to top

RELATED LINKS
http://www.itg.com