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Microsoft 401(k) Plan

 

         for participants in the Microsoft Corporation 401(k) Plan
 
DISCLAIMERS
No Plan Provider Liability All information and material in this newsletter and on our company's website is provided as a service to Pariveda clients and prospective clients. Pariveda has neither relationships with, nor endorsements from, the companies whose 401(k) plans we monitor and evaluate. Pariveda, Inc. retains sole responsibility for, and right to, all content appearing in this newsletter and on the Pariveda website.

Company Stock Recommendations Pariveda may provide opinions, advice and recommendations on a company's stock if the retirement plan includes it as an investment option for plan participants. Investors considering Parivea's stock-specific advice are advised that our views may differ significantly from those expressed by other advisors or the company itself. It is the investor's responsibility to evaluate Pariveda's advice, as well as alternative sources of information and opinion, in the context of their personal financial situation before coming to an independent decision on whether the company's stock merits investement at any time.

Inside Information Plan participants are further advised that they cannot purchase or sell company stock on the basis of material, non-public inside information. Futhermore, as set forth in our "Insider Trading Policy" if Pariveda employees or anyone affiliated with our company comes into possession of inside information through relationships with individuals affiliated with companies whose retirement palns we cover, we are restricted from using that information on behalf of anyone, including Pariveda clients.

No Implied Guarantees While we continually strive to add value through our recommendations, historical model performance numbers noted in this newsletter and on the company's website are not guarantees of future results and should not be interpreted as such.

MODEL PERFORMANCE

Perfomance Disclosures

 

Gross Returns  The returns an individual following Pariveda's 401k Advisor recommendations would have achieved independently.

 

Net-of-Fee Returns    The returns an individual would have achieved if Pariveda had managed their account following the 401k

Advisor model recommendations, net of advisory fees of 0.60% per year (our highest standard fee).
CURRENT MODEL PORTFOLIOS
Microsoft 401(k) Blog:
Model Portfolios - as of January 1, 2010 Model Portfolios - as of January 1, 2010
Submitted by bmurphy. on 01-16-2010.

We're making only minimal changes to the 401(k) Advisor model portfolios for Microsoft plan participants – keeping market sensitivities for each at about 80-85% of their respective benchmarks. We were in most of the right funds during 2009 and many remain amongst our favorites as we enter 2010, so there’s really no need to make many alterations.
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INVESTMENT OPTIONS COMMENTARY
Microsoft 401(k) Blog:
Model Portfolios - as of January 1, 2010 Model Portfolios - as of January 1, 2010
Submitted by bmurphy. on 01-16-2010.

We're making only minimal changes to the 401(k) Advisor model portfolios for Microsoft plan participants – keeping market sensitivities for each at about 80-85% of their respective benchmarks. We were in most of the right funds during 2009 and many remain amongst our favorites as we enter 2010, so there’s really no need to make many alterations.
Model Trades - December 31, 2009 Model Trades - December 31, 2009
Submitted by bmurphy. on 01-16-2010.

Specific trades needed to get from last quarter’s to our current model portfolios are here.
Fund Reviews - as of January 1, 2010 Fund Reviews - as of January 1, 2010
Submitted by bmurphy. on 01-16-2010.

In a "glass half full" environment, we offer a handful of fund upgrades and downgrades this quarter. Contrafund's starting to look interesting again.
Performance Summary - December 31, 2009 Performance Summary - December 31, 2009
Submitted by bmurphy. on 01-16-2010.

Quarterly Performance Review - December 31, 2009 Quarterly Performance Review - December 31, 2009
Submitted by bmurphy. on 01-16-2010.

Continuing the trend of the past few quarters, the financial markets scampered ahead in the year's final period. Returns were positve across the board, led by technology and natural resource companies. Our positions in Microsoft Stock and Fidelity Growth Company - K benefited, while our defensive posturing cost, our models.
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MARKET COMMENTARY & THOUGHTS
Microsoft 401(k) Blog:
A Tough Time to Get Aggressive A Tough Time to Get Aggressive
Submitted by bmurphy. on 01-16-2010.

While markets have vaulted higher over the last nine months, it's tough to make the case they're now cheap, or even modestly attractively valued. Growth in earnings has got to come through - either driven by an expansion in top-line sales, or further cost-cutting.
Bullish Sentiment Remains but Correlations a Concern Bullish Sentiment Remains but Correlations a Concern
Submitted by bmurphy. on 01-13-2010.

In an over-valued market technical trading takes hold. We're back in the same pattern as 2007.
S&P 500 Fair Value Estimate - September 30, 2009 S&P 500 Fair Value Estimate - September 30, 2009
Submitted by bmurphy. on 10-10-2009.

Well my friends, after six and a half long years and a lot of nail-biting along the way, the time has come for a major change of positioning based on our operating earnings model for the S&P 500 index. This quarter we’re initiating a “sell” rating on the broad market with a buy target of 724, a full 30% lower than current levels.
S&P Fair Value Estimate - July 1, 2009 S&P Fair Value Estimate - July 1, 2009
Submitted by bmurphy. on 07-12-2009.

Thoughts on the Public Private Partnership Investment Program Thoughts on the Public Private Partnership Investment Program
Submitted by bmurphy. on 04-09-2009.

Regardless of the spin, the recently unveiled Publich Private Partnership Investment Program will have one definite outcome - putting up to another $830 billion of obligations on U.S. taxpayer's shoulders.
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If you have any questions on the above analysis, or would like Pariveda to review your personal situation in more detail, feel free to contact us at MSFT401k@pariveda.com

Until next quarter, best wishes for continued success!
 
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