All Trading Ranking: Investment Manager - Full Day VWAP
International Equity Investment Manager
Full Day VWAP + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Investment Manager with greater than $1.5 billion in principle traded)
| Rank | Manager | # of Countries Traded | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Dimensional Fund Advisors | 38 | -30.87 |
| 2 | Genesis Investment Group LTD | 19 | -30.55 |
| 3 | Acadian Asset Management LLC | 32 | -25.24 |
| 4 | GMO LLC | 40 | -17.74 |
| 5 | Mondrian Investment Partners Ltd | 20 | -17.29 |
| 6 | Capital Guardian, LLC | 30 | -17.21 |
| 7 | Marathon Asset Management | 23 | -16.85 |
| 8 | William Blair & Company, LLC | 34 | -15.33 |
| 9 | Arrowstreet Capital | 33 | -14.82 |
| 10 | Baillie Gifford | 38 | -13.67 |
| 11 | Batterymarch Financial Management, Inc. | 31 | -12.81 |
| 12 | AllianceBernstein L.P. | 36 | -12.62 |
| 13 | Pyramis Global Advisors | 21 | -12.61 |
| 14 | State Street Global Advisors (SSGA) | 37 | -8.82 |
| 15 | BlackRock, Inc. | 35 | -7.23 |
| 16 | Manning & Napier Advisors, LLC | 28 | -6.88 |
| 17 | Henderson Global Investors | 22 | -3.96 |
| 18 | Fidelity Investments | 26 | -3.68 |
| 19 | Oechsle International Advisors, LLC | 16 | -1.82 |
| 20 | Marsico Capital Management, LLC | 17 | -1.80 |
U.S. Equity Investment Manager
Full Day VWAP + Commission +Fees: 2Q-2011 to Q3-2010
U.S. Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Investment Manager with greater than $1.5 billion in principle traded
| Rank | Manager | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | CGM | -23.35 |
| 2 | BlackRock, Inc. | -13.76 |
| 3 | Jennison Associates LLC | -12.82 |
| 4 | Jacobs Levy Equity Management | -12.58 |
| 5 | Robeco Investment Management | -12.13 |
| 6 | GMO LLC | -11.81 |
| 7 | INTECH | -11.34 |
| 8 | Deutsche Asset Management | -11.26 |
| 9 | Brandywine Global Investment Management | -10.90 |
| 10 | QS Investors, LLC | -10.70 |
| 11 | New Amsterdam Partners LLC | -10.66 |
| 12 | NUMERIC Investors, LLC | -10.56 |
| 13 | Hotchkis and Wile Capital Management | -9.56 |
| 14 | AllianceBernstein LP | -9.42 |
| 15 | First Eagle Investment Management, LLC | -8.55 |
| 16 | Lord, Abbett & Co LLC | -7.92 |
| 17 | Pzena Investment Management | -4.33 |
| 18 | Loomis, Sayles & Company LP | -3.29 |
| 19 | Delaware Investments | -1.48 |
| 20 | T. Rowe Price Investment Services, Inc | -0.62 |
Full Day VWAP: Calculated by adding up the dollars traded for every transaction (price times shares traded) and then divided by the total shares traded for the day
Total Cost Universe International Trading: Commissions + Fees + Market Impact [VWAP]
Total Cost Universe U.S. Trading: Commissions + Market Impact [VWAP]
Savings vs. Universe: = (-)
