In 2008, for the first time, the asset-capacity limits of Turner Investment Partners’ 23 primary stock portfolios were calculated in two ways: individually and collectively.

For the new collective asset limits, the portfolios are classified according to 11 groupings, based on capitalization segment and investment style (for example, large-cap growth, quantitative mid-cap, small-cap core/value, international/global). When the asset limits for a particular group of portfolios are reached, all portfolios in that group will be closed to new investors. In our judgment, the collective limits needed to be added in light of the overlap in holdings in the portfolio groups.

As a result, a portfolio is now subject to closing when either of two conditions are met: when it reaches its own individual asset limits or if the entire group of portfolios of which it is a part hits that particular group’s asset limits. Previously asset limits were established only for each individual portfolio, and portfolios were closed individually.

With the exceptions of three portfolios already closed, most of our portfolios remain able to comfortably absorb additional assets for years to come without impairing their performance; most of our portfolios -- and groups of portfolios -- are well within their asset limits.

Asset Capacity Study for 2008