Fresno County Employees' Retirement Association · ULTRA PETROLEUM CORPORATION 1,096,908 1.94...

Last QuarterReturn Rank One YearReturn Rank

Three YearsReturn Rank

Five YearsReturn Rank

Two QuartersReturn Rank

Three QuartersReturn Rank

Two YearsReturn Rank

Four YearsReturn Rank

Equity Style - Small Growth Date

5th Percentile 3.0 -1.8 10.7 14.1 20.0 20.2 25.8 18.625th Percentile 0.3 -4.5 6.9 9.6 15.6 17.3 21.4 15.550th Percentile -1.3 -7.0 4.5 6.6 13.6 15.1 19.3 13.575th Percentile -2.8 -9.8 2.7 4.0 11.2 11.7 17.1 10.795th Percentile -6.8 -15.2 -2.9 -2.9 8.2 7.8 15.2 6.2KALMAR MANAGEMENT 0.5 -7.6 3.0 4.624 55 72 69RUSSELL 2000 GROWTH -1.7 -8.9 4.2 5.9 11.8 11.8 18.6 10.157 67 54 57 69 74 58 78

Fresno County Employees' Retirement AssociationCumulative Performance Comparisons Period Ending: September 30, 2006

Wurts & Associates Performance Measurement System 1

KALMAR MANAGEMENTPortfolio

Total Number of SecuritiesTotal Market Value Average Market Capitalization (000's)Equity Segment YieldEquity Segment Price/Earnings RatioEquity Segment BetaPrice/Book Ratio5 Year Earnings Growth

93 129456,572,370

1,863,886 1,100,0000.98 0.52

31.24 20.361.31 1.293.86 3.89

17.5% 16.0%

RUSSELL 2000 GROWTH

Ten Worst PerformersSecurity Return Weight

COSTAR GROUP, INC. -30.9 0.25SONOSITE, INC. -27.3 0.85UNION DRILLING, INC. -26.0 0.24MARTEK BIOSCIENCES CORPORATION -25.7 0.33ULTRA PETROLEUM CORPORATION -18.8 1.94PARALLEL PETROLEUM INC -18.8 1.59UNITED SURGICAL PARTNERS INTERNATIONAL, -17.4 1.30AARON RENTS, INC. -14.5 0.66CHOICEPOINT INCORPORATED -14.3 0.90RESMED INCORPORATED -14.3 1.37

Ten Best PerformersSecurity Return Weight

DELTA PETROLEUM CORPORATION 31.5 1.12TESSERA TECHNOLOGIES INC 26.5 1.42CBEYOND COMMUNICATIONS INC 25.9 0.36CORRECTIONS CORPORATION OF AMERICA 22.5 2.13COOPER COMPANIES INCORPORATED 20.8 1.75VALUECLICK INCORPORATED 20.8 0.97ONLINE RESOURCES CORPORATION 18.5 0.40ATMI INCORPORATED 18.1 1.01RUBY TUESDAY INCORPORATED 16.8 1.02INTERMEC 14.9 1.12

Ten Largest HoldingsSecurity Market Value Weight

INSIGHT ENTERPRISES 1,370,565 2.42AVOCENT CORPORATION 1,286,124 2.27PSS WORLD MEDICAL INCORPORATED 1,206,896 2.13CORRECTIONS CORPORATION OF AMERICA 1,205,053 2.13ALBEMARLE CO. 1,193,769 2.11ROGERS CORP 1,143,919 2.02RESPIRONICS, INC. 1,139,960 2.02COLDWATER CREEK INC 1,132,943 2.00ULTRA PETROLEUM CORPORATION 1,096,908 1.94COVANCE INCORPORATED 1,010,967 1.79

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: September 30, 2006


Price/Earnings Ratio 5 Year EarningsCapitalizationDividend Yield Price/Book RatioBetaValue Rank Value Rank Value Rank Value Rank Value Rank Value Rank

5th Percentile25th Percentile50th Percentile75th Percentile95th Percentile

24.4820.3216.8815.1712.99

2.441.861.250.810.21

102.5677.7841.04

2.221.08

24.9019.0716.2713.75

8.64

1.581.341.151.040.93

4.963.993.282.682.11

Equity Funds - Equity Only

KALMAR MANAGEMENT 31.24 0.98 1.86 17.45 1.311 65 81 39 29 3.86 30RUSSELL 2000 GROWTH 20.36 0.52 1.10 15.97 1.2925 85 95 53 32 3.89 29

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: September 30, 2006


As Of 3/31/056.7%ISHARES RUSSELL 20002.6%COVANCE INCORPORATED2.3%BARR LABORATORIES2.3%INSIGHT ENTERPRISES2.3%ULTRA PETROLEUM CORPORATION2.2%ACXIOM CORP.2.0%RESPIRONICS, INC.1.9%GAMESTOP CORPORATION CLASS A1.8%RED ROBIN GOURMET BURGERS1.8%ELK CORP

Top Ten Total: 25.8%

As Of 6/30/052.7%ULTRA PETROLEUM CORPORATION2.6%INSIGHT ENTERPRISES2.4%COVANCE INCORPORATED2.2%ACXIOM CORP.2.2%RED ROBIN GOURMET BURGERS2.1%RESPIRONICS, INC.2.0%COLDWATER CREEK INC2.0%UNITED SURGICAL PARTNERS1.9%LAUREATE EDUCATION INC1.8%GAMESTOP CORPORATION CLASS A


As Of 9/30/054.3%ULTRA PETROLEUM CORPORATION2.5%RESPIRONICS, INC.2.4%INSIGHT ENTERPRISES2.3%UNITED SURGICAL PARTNERS2.1%RESMED INCORPORATED2.1%COLDWATER CREEK INC2.1%AVOCENT CORPORATION2.0%LAUREATE EDUCATION INC2.0%COVANCE INCORPORATED2.0%ACXIOM CORP.


As Of 12/31/0411.8%ISHARES RUSSELL 20002.7%ACXIOM CORP.2.6%INSIGHT ENTERPRISES2.6%AVOCENT CORPORATION2.2%LAUREATE EDUCATION INC2.2%PETSMART INC2.2%BARR LABORATORIES2.1%COVANCE INCORPORATED2.0%PENTAIR INCORPORATED1.9%GAMESTOP CORPORATION CLASS A


As Of 3/31/062.3%INSIGHT ENTERPRISES2.3%ULTRA PETROLEUM CORPORATION2.2%MOBILE MINI INC.2.0%COVANCE INCORPORATED1.9%RESMED INCORPORATED1.9%MSC INDUSTRIAL DIRECT COMPANY1.9%PSS WORLD MEDICAL INCORPORATED1.8%RESPIRONICS, INC.1.8%LAUREATE EDUCATION INC1.8%COLDWATER CREEK INC


As Of 6/30/062.3%ULTRA PETROLEUM CORPORATION2.3%COVANCE INCORPORATED2.2%RESMED INCORPORATED2.2%INSIGHT ENTERPRISES1.9%AVOCENT CORPORATION1.9%TRACTOR SUPPLY COMPANY1.9%PARALLEL PETROLEUM INC1.8%PSS WORLD MEDICAL INCORPORATED1.8%ALLIANCE DATA SERVICES1.8%COLDWATER CREEK INC


As Of 9/30/062.4%INSIGHT ENTERPRISES2.3%AVOCENT CORPORATION2.1%PSS WORLD MEDICAL INCORPORATED2.1%CORRECTIONS CORPORATION OF2.1%ALBEMARLE CO.2.0%ROGERS CORP2.0%RESPIRONICS, INC.2.0%COLDWATER CREEK INC1.9%ULTRA PETROLEUM CORPORATION1.8%COVANCE INCORPORATED


As Of 12/31/052.7%ULTRA PETROLEUM CORPORATION2.4%INSIGHT ENTERPRISES2.3%COLDWATER CREEK INC2.0%LAUREATE EDUCATION INC2.0%RESPIRONICS, INC.1.9%RESMED INCORPORATED1.9%COVANCE INCORPORATED1.9%MOBILE MINI INC.1.8%CERIDIAN CORP1.8%TRACTOR SUPPLY COMPANY


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: September 30, 2006


Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

KALMAR MANAGEMENT

RUSSELL 2000 GROWTH

Total Number of Securities Average Market Capitalization ($Bill)

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Charts Period Ending: September 30, 2006


Consumer Discretionary - Weightings Consumer Discretionary - Returns

Consumer Staples - Weightings Consumer Staples - Returns

Energy - Weightings Energy - Returns

Fresno County Employees' Retirement AssociationEquity Only Sector Analysis Quarterly Period Ending: September 30, 2006


KALMAR MANAGEMENT RUSSELL 2000 GROWTH


Financials - Weightings Financials - Returns

Health Care - Weightings Health Care - Returns

Industrials - Weightings Industrials - Returns




Information Technology - Weightings Information Technology - Returns

Materials - Weightings Materials - Returns

Miscellaneous - Weightings Miscellaneous - Returns




Telecommunications Services - Weightings Telecommunications Services - Returns

Utilities - Weightings Utilities - Returns



PortfolioMarket Value Return

SelectionStock IndustryMarket Value Return Total

A GFEDCB


Consumer Discretionary 26.1 0.6 14.2 1.5 -0.2 0.4 0.1Consumer Staples 8.6 -1.7 2.3 2.5 -0.4 0.3 -0.1Energy 11.3 -6.9 6.5 -9.3 0.3 -0.4 -0.1Financials 3.2 0.1 8.7 3.4 -0.1 -0.3 -0.4Health Care 15.0 -0.1 20.1 -0.4 0.0 -0.1 0.0Industrials 10.9 -2.6 19.1 -5.2 0.3 0.3 0.6Information Technology 21.1 5.7 24.1 -1.4 1.5 0.0 1.5Materials 3.6 11.7 3.8 -6.6 0.7 0.0 0.7Telecommunications Services 0.3 25.9 1.1 5.0 0.1 -0.1 0.0Utilities 0.0 0.0 0.1 0.0 0.0 0.0 0.0

Stock

Industry

100.0 100.0 2.1 0.1 2.3

Information Technology

-1.70.6

Contribution Detractors

Stock

Industry

Consumer StaplesMaterials Consumer DiscretionaryConsumer Discretionary EnergyIndustrials Financials

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: September 30, 2006


Shares PricePortfolio

Weight Market CapDividend

YieldPrice /

EarningsPrice /Book Beta

Quarterly ReturnKALMAR MANAGEMENT

Consumer Discretionary16,335 22.98 0.7 1.05 0.2 18.1 2.6 0.77 -14.5AARON RENTS, INC.12,750 50.10 1.1 1.37 0.2 17.8 5.5 1.65 0.5ACTUANT CORPORATION21,275 24.66 0.9 2.17 0.8 29.0 3.1 1.21 -1.2ACXIOM CORP.6,100 84.10 0.9 2.59 1.3 16.7 3.5 0.99 6.4CARLISLE COMPANIES INCORPORATED

19,050 26.39 0.9 1.53 30.3 3.9 1.37 -0.2CARTER'S INC40,650 22.36 1.6 3.11 21.9 2.5 1.34 -8.5CERIDIAN CORP14,275 35.80 0.9 3.04 24.4 3.0 0.77 -14.3CHOICEPOINT INCORPORATED39,393 28.76 2.0 2.66 48.5 10.4 1.78 7.5COLDWATER CREEK INC27,863 43.25 2.1 2.61 28.8 2.8 0.90 22.5CORRECTIONS CORPORATION OF AMERICA3,410 41.32 0.2 0.78 91.8 3.4 1.44 -30.9COSTAR GROUP, INC.

25,800 21.27 1.0 1.51 34.9 2.7 0.55 -3.2DEVRY, INC.20,550 5.26 0.2 0.15 105.2 1.8 2.12 -8.8FLOWERS.COM, INC.28,675 12.62 0.6 0.50 0.6 18.3 1.5 1.22 -5.3FRED'S, INC.14,640 46.28 1.2 2.10 30.6 3.0 1.13 10.2GAMESTOP CORPORATION23,800 24.26 1.0 1.77 2.0 0.48 7.9HEWITT ASSOCIATES, INC.21,100 47.86 1.8 2.46 26.2 2.4 1.65 12.3LAUREATE EDUCATION INC13,900 46.29 1.1 1.68 37.3 5.3 0.0LIFE TIME FITNESS, INC.6,300 25.45 0.3 0.48 12.9 1.6 1.54 -3.0MARINEMAX INCORPORATED

16,175 43.54 1.2 5.81 1.1 26.5 4.5 1.67 5.9MICHAELS STORES INCORPORATED27,975 20.06 1.0 1.06 20.5 2.6 1.49 -11.4NAVIGANT CONSULTING CO.5,900 58.17 0.6 1.15 18.8 2.7 1.41 9.4NCI BUILDING SYSTEMS

21,650 33.21 1.3 3.77 21.3 3.3 1.00 6.5O'REILLY AUTOMOTIVE INCORPORATED11,250 36.52 0.7 3.16 22.3 5.6 0.99 -5.8PENN NATIONAL GAMING INCORPORATED20,270 48.26 1.7 1.93 21.4 4.0 1.61 -12.7TRACTOR SUPPLY COMPANY

25.2 2.33 0.7 28.1 3.9 1.26 1.63Consumer Staples

13,500 23.62 0.6 1.82 44.6 6.1 1.76 -6.8AQUANTIVE INC13,425 22.01 0.5 0.50 55.0 3.9 1.01 -1.5BJ'S RESTAURANTS INC18,150 23.41 0.8 0.84 41.4 2.2 1.13 -7.0CENTRAL EUROPEAN DISTRIBUTION CORPORATIO22,650 16.16 0.6 0.46 14.7 1.7 0.73 -9.6ELIZABETH ARDEN INCORPORATED8,600 21.51 0.3 0.69 31.6 1.5 1.43 -25.7MARTEK BIOSCIENCES CORPORATION

30,600 28.09 1.5 0.98 26.0 1.3 0.78 -7.5PERFORMANCE FOOD GROUP COMPANY15,735 46.11 1.3 0.76 29.0 3.7 1.65 8.3RED ROBIN GOURMET BURGERS20,375 28.19 1.0 1.64 1.8 17.1 3.1 1.12 16.8RUBY TUESDAY INCORPORATED29,500 18.54 1.0 1.78 37.1 3.1 1.65 20.8VALUECLICK INCORPORATED

7.6 1.09 1.8 30.9 2.8 1.23 1.58

Fresno County Employees' Retirement AssociationPortfolio Holdings And Characteristics - Equity Period Ending: September 30, 2006




YieldPrice /



Energy10,900 44.97 0.9 1.40 20.3 3.8 1.40 -9.3ATWOOD OCEANICS, INCORPORATED6,350 63.80 0.7 1.62 42.2 1.56 4.5CORE LABORATORIES

28,250 22.52 1.1 1.19 3.4 1.05 31.5DELTA PETROLEUM CORPORATION10,250 30.32 0.5 1.59 24.9 -13.9DUVERNAY OIL CORP8,310 31.39 0.5 0.35 33.0 5.1 1.20 1.5GMX RESOURCES INC

13,925 59.90 1.5 2.42 0.2 6.2 0.96 5.5NIKO RESOURCES LTD44,800 20.06 1.6 0.70 46.7 7.8 0.76 -18.8PARALLEL PETROLEUM INC11,655 44.19 0.9 2.49 1.4 9.2 1.6 1.43 -9.9TIDEWATER, INCORPORATED22,800 48.11 1.9 7.48 30.1 13.1 1.25 -18.8ULTRA PETROLEUM CORPORATION12,375 11.00 0.2 0.23 108.9 1.8 -26.0UNION DRILLING, INC.

9.9 2.66 0.6 33.5 6.8 1.15 -5.05Financials

18,025 55.19 1.8 4.42 27.1 4.8 1.15 -6.2ALLIANCE DATA SERVICES10,050 27.88 0.5 1.02 1.1 19.1 1.8 1.02 0.2BOSTON PRIVATE FINANCIAL HOLDING11,450 28.92 0.6 1.14 1.0 23.2 0.24 10.6HUB INTERNATIONAL LIMITED18,525 12.25 0.4 0.31 15.1 3.0 1.55 18.5ONLINE RESOURCES CORPORATION

3.2 2.80 1.1 23.7 4.0 1.02 0.89Health Care

11,425 51.32 1.0 0.72 0.8 1.8 0.45 10.1ANALOGIC CORPORATION9,090 31.81 0.5 1.43 2.1 33.1 3.0 0.68 -2.7ARROW INTERNATIONAL INCORPORATED

18,525 53.50 1.8 2.38 0.1 40.2 1.9 0.60 20.8COOPER COMPANIES INCORPORATED15,230 66.38 1.8 4.23 32.9 6.5 0.63 8.4COVANCE INCORPORATED9,540 28.31 0.5 1.16 50.6 6.1 0.69 -6.3HEALTHEXTRAS INCORPORATED

37,276 27.05 1.8 1.16 46.6 3.7 1.44 0.3INTERMAGNETICS GENERAL CORP.60,375 19.99 2.1 1.36 28.6 3.9 0.36 13.3PSS WORLD MEDICAL INCORPORATED19,270 40.25 1.4 3.06 34.7 4.1 1.14 -14.3RESMED INCORPORATED29,525 38.61 2.0 3.08 28.4 3.7 0.46 12.8RESPIRONICS, INC.16,850 28.40 0.8 0.46 60.4 3.0 1.61 -27.3SONOSITE, INC.29,625 24.83 1.3 1.11 23.0 2.1 0.82 -17.4UNITED SURGICAL PARTNERS INTERNATIONAL,

15.0 2.06 0.6 35.8 3.6 0.77 3.12Industrials

33,000 26.88 1.6 1.74 17.6 2.0 1.45 11.4BENCHMARK ELECTRONICS, INCORPORATED36,680 24.06 1.6 2.34 0.5 91.1 4.9 1.47 -0.3CHICAGO BRIDGE IRON-NY SHR7,930 33.01 0.5 0.61 24.1 2.9 0.60 7.0MANTECH INTERNATIONAL CORP A

34,725 28.41 1.7 1.01 27.6 3.2 1.63 -2.9MOBILE MINI INC.45,165 15.11 1.2 1.56 22.2 1.8 2.22 0.3MPS GROUP INC22,075 40.74 1.6 1.98 1.4 21.2 5.1 1.54 -14.1MSC INDUSTRIAL DIRECT COMPANY34,025 17.42 1.0 1.00 26.8 3.3 1.65 -1.8TETRA TECH INC34,000 27.97 1.7 2.70 0.2 70.5 1.02 10.9UTI WORLDWIDE INCORPORATED

10.9 1.75 0.7 40.2 3.4 1.50 0.93





YieldPrice /



Information Technology72,475 10.28 1.3 0.76 28.6 1.6 1.39 -11.9AEROFLEX, INCORPORATED19,575 29.07 1.0 1.06 32.3 2.4 2.51 18.1ATMI INCORPORATED42,700 30.12 2.3 1.33 24.1 2.1 2.36 14.7AVOCENT CORPORATION20,550 14.55 0.5 0.53 16.0 15.7 1.90 -6.0CONCUR TECHNOLOGIES INC8,787 43.17 0.7 1.11 29.7 4.8 1.89 4.2DIODES, INCORPORATED

28,125 15.59 0.8 0.33 5.0 6.9EMAGEON INC23,350 21.11 0.9 0.71 0.9 2.4 2.07 -6.7FEI COMPANY66,500 20.61 2.4 1.00 18.1 1.7 1.48 8.2INSIGHT ENTERPRISES24,055 26.36 1.1 1.68 33.8 3.5 2.08 14.9INTERMEC15,425 34.84 0.9 2.51 23.4 1.6 2.62 -10.9INTERNATIONAL RECTIFIER CORP.33,675 8.91 0.5 0.60 40.5 2.1 2.23 -1.0IXIA9,775 11.99 0.2 0.08 12.0 -8.5NCI INC-CL A

24,570 27.67 1.2 1.37 3.6 27.6 2.7 1.67 -0.7NICE SYS LTD ADR19,500 13.11 0.5 0.27 65.6 2.7 2.36 1.2OPNET TECHNOLOGIES21,150 13.27 0.5 0.23 55.3 1.6 2.58 6.0PHOTON DYNAMICS, INCORPORATED32,650 24.53 1.4 2.16 40.9 2.5 1.80 11.9POLYCOM INC.23,850 26.00 1.1 1.07 24.1 2.8 1.13 11.1PROGRESS SOFTWARE COMANY11,750 21.25 0.4 0.46 31.3 2.0 2.58 -3.2RADISYS CORPORATION28,705 15.61 0.8 0.50 11.1 -6.4RIGHTNOW TECHNOLOGIES13,725 31.98 0.8 0.41 21.0 2.2 1.80 4.3SI INTERNATIONAL INCORPORATED26,985 30.06 1.4 1.25 27.8 3.8 0.46 12.9SRA INTERNATIONAL, INC.45,685 8.07 0.7 0.37 1.6 2.07 14.1SYMMETRICOM, INCORPORATED37,900 12.96 0.9 0.87 2.5 1.81 4.9TEKELEC23,175 34.78 1.4 1.62 8.7 1.31 26.5TESSERA TECHNOLOGIES INC

23.7 1.10 2.5 28.7 3.5 1.80 6.63Materials

21,900 54.33 2.1 2.58 1.3 19.3 2.7 1.12 13.9ALBEMARLE CO.18,525 61.75 2.0 1.08 28.3 3.6 1.23 9.6ROGERS CORP

4.1 1.84 1.3 23.7 3.1 1.17 11.77Telecommunications Services

7,500 27.45 0.4 0.74 41.0 9.8 25.9CBEYOND COMMUNICATIONS INC0.4 0.74 41.0 9.8 25.86

100.0 1.86 1.0 31.2 3.9 1.31 2.78KALMAR MANAGEMENT



Start from Jun 30, 2006 KALMAR MANAGEMENTDeletions

Security Name Shares Market Value EliminatedCONNETICS CORPORATION 34,125 265,553 *CORE LABORATORIES 8,850 545,496COSTAR GROUP, INC. 3,040 132,808COVANCE INCORPORATED 6,270 385,123DIGITAS INC. 45,975 418,228 *GAMESTOP CORPORATION 6,960 320,057GENTEX CORPORATION 24,125 333,484 *MAXIMUS INCORPORATED 15,825 373,364 *NEOWARE INC 13,200 155,710 *NEUSTAR INCORPORATED CLASS A 9,600 265,300 *PENTAIR 10,675 319,173 *PENTAIR INCORPORATED 9,150 272,245 *RED ROBIN GOURMET BURGERS 2,440 116,688RESMED INCORPORATED 8,130 324,897 *THE STEAK N SHAKE CO 15,775 235,845 *TIDEWATER, INCORPORATED 4,120 196,957

AdditionsSecurity Name Shares Market Value New

ARROW INTERNATIONAL INCORPORATED 9,090 293,773 *CHICAGO BDG.&IO.NV. 5,280 128,593 *CHICAGO BRIDGE IRON-NY SHR 5,280 128,593CONCUR TECHNOLOGIES INC 20,550 289,379 *COOPER COMPANIES INCORPORATED 8,100 424,035GMX RESOURCES INC 8,310 283,942 *HEALTHEXTRAS INCORPORATED 9,540 292,908 *INTERMEC 11,380 263,396MANTECH INTERNATIONAL CORP A 7,930 236,642 *MPS GROUP INC 11,890 160,824

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: September 30, 2006


Fresno County Employees' Retirement Association · ULTRA PETROLEUM CORPORATION 1,096,908 1.94...

Documents

Transcript of Fresno County Employees' Retirement Association · ULTRA PETROLEUM CORPORATION 1,096,908 1.94...