Schroder Salomon Smith Barney's (SSSB) model portfolio, called Ten-plus Exceptional Names, underperformed the S&P 500 over the past 12 months.

The list of 15 largely defensive and value-orientated stocks returned a poor -10.08% for the 12 months to July 7 2000, compared with a S&P 500 return of 5.95%.