Clark Capital Management Group, Inc.
Philadelphia FPA
1
Embracing Volatility
Managing Risk in a Rising Rate Environment
Overview
$2.6 Billion* in AUM
Family and Employee Owned
Institutional Asset Management Firm (Institutional
Solutions to Everyday Affluent)
52 dedicated and experienced employees
8 Investment Professionals

4 CFAs on Staff

Average 25+ Years Industry Experience
* As of 3/31/11
* As of 2/28/2011
3
Investment Philosophy
Provide superior risk adjusted returns through a
disciplined process focused on

Meaningful diversification

Opportunistic asset allocation

Systematic risk management
* As of 2/28/2011
4
Investor’s & Advisor’s Dilemma
5
Loss on Investment
When do you begin to get nervous about your investment performance?
Source: Lippincott – Natixis June 2010
6
Attitudes toward Risk
While risk appears to continue to play a strong role within investing,
investors are paying more attention to risk than ever before.
Having different types of investments lowers my…
74%
The more I risk I take, the more I could lose
73%
I pay attention to the overall risk of my portfolio
70%
I seek a balance between risk and return when…
I pay more attenionto risk now than I have ever…
The more risk I take, the more I can make
I try to measure the risk of my investments
My portfolio is built around managing my risk
67%
61%
59%
54%
51%
Source: Lippincott – Natixis June 2010
7
The Meaning of Risk
The relationship between risk and reward. “Risk Budgeting”
Which of the following
terms best describes “risk”
for you?
Loss
28%
Uncertainty
48%
Opportunity
Thrill
How do you measure risk
of your portfolio?
24%
0%
Source: Lippincott – Natixis June 2010
8
Investor’s & Advisor’s Dilemma
How do you measure the success of your portfolio?
Source: Lippincott – Natixis June 2010
9
Investor’s & Advisor’s Dilemma
…with stability and security in the forefront of the minds
Source: Lippincott – Natixis June 2010
10
What Are Investors Searching for?
Risk Management
Less Volatility
Certainty
11
How Do You Manage Risk?
What is Your Plan?
12
How Do You Manage Risk?
Asset Allocation

Fixed Income

Alternative Asset Classes
Tactical Asset Allocation (Market Timing)
13
Problems with Efficient Frontier
Efficient Frontier Is Based upon Historical Inputs That
Are by Definition Not Stable:

Returns Change

Standard Deviations (risk) Change

Correlation Change
You Need Stable Inputs to Create A Future Efficient
Frontier to Manage Risk!
14
Correlation
Bull
Correlation
1990s
Bear
Correlation
1990s
Bull
Correlation
2000s
Bear
Correlation
2000s
Correlation
2007-10-01 to
2009-02-28
S&P 500
1.00
1.00
1.00
1.00
1.00
Russell 1000 Value
0.80
0.92
0.86
0.85
0.98
Russell 2000
0.51
0.66
0.43
0.67
0.96
MSCI EAFE
0.37
0.55
0.63
0.83
0.91
MSCI World Ex US
0.38
0.57
0.65
0.83
0.91
MSCI Emerging Markets
0.31
0.68
0.47
0.66
0.80
0.09
0.41
0.58
DJ Credit Suisse Hedge Fund
S&P GS Commodity Index
-0.14
-0.12
0.08
0.39
0.56
NAREIT US Real Estate
0.18
0.47
0.25
0.55
0.83
BC US Corporate High Yield
0.15
0.57
0.31
0.56
0.71
BC US Agg Bond TR USD
0.27
0.13
0.00
0.15
0.36
CBOE Market Volatility
-0.11
-0.66
-0.32
-0.46
-0.71
Source: Morningstar Direct
15
Correlation
Source: Ned Davis Research
16
Modern Portfolio Theory’s Cruel Joke
Good Times
Bad Times
Low Correlation
High Correlations
Low Volatility
High Volatility
High Returns
Low Returns
“Any plan conceived in moderation, must
fail when circumstances are set in
extremes.”
Prince Metternick
17
Is inflation keeping your clients up at night?
18
Changing Conditions May Call For a Broader Toolset
For illustrative purposes only. The information is not intended to be a recommendation to purchase or sell a security. Past performance is no guarantee of future
results. Returns reflect reinvestment of capital gains and dividends, if any. Indices are unmanaged and do not incur fees. It is not possible to invest in an index. Stocks
are represented by the S&P 500 Index. Bonds are represented by the Ibbotson Associates U.S. Long Term Government Index. Inflation-adjusted returns are based on
the average Consumer Price Index (CPI) through the referenced period (5% from 1954 to 1981 and 3% from 1981 to 2009).
Source: St. Louis Federal Reserve Bank, Morningstar
19
S&P 500 vs. Inflation
S&P 500 Total Return Gain/Annum When:
When Yr/Yr Charge in CPI is:
Gain/Annum
% of Time
Above 4
4.5
32.8
4 and Below
13.9
67..2
Source: Ned Davis Research – 1/1/1950 to 9/30/2010
20
Managing Fixed Income in a Rising Rate Environment?
21
Fixed Income Total Return
High-Yield Bond
Portfolio Objective: The Fixed Income Total Return
strategy is designed to deliver excess alpha over a full
market cycle measured against Barclays Capital U.S.
High Yield Bond Index and Barclays Capital U.S.
Aggregate Bond Index. The strategy seeks total return
with a secondary goal of current income.
Fixed Income
Total Return
U.S. Short-Term
Treasuries
U.S. Government/
Corporate Bond
22
Portfolio Characteristics & Allocation History as of 3/31/11
Holdings
Portfolio Characteristics
Total Holdings Exposure
666
Estimated Current Yield
8.14%
Average Coupon
8.43%
Average Duration
4.36 Yrs.
Average Credit Quality
SPDR Barclays Capital
High Yield
iShares iBoxx $ High Yield
Corp Bond
Ticker
%
# of
Positions
Current
Yield
JNK
49%
220
8.28%
HYG
48%
446
8.00%
Cash
3%
B
Source: Morningstar Direct
23
Source: Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure and net of fees presentation.
24
Source: Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure and net of fees presentation.
25
Frequency of Declines
S&P 500
Declines
Occurrences
Per Year
Frequency
Average
Probability of
Decline Moving to
Next Stage
-5% or more
3.4
Every 14 weeks
34%
-10% or more
1.1
Every Year
44%
-15% or more
0.5
Every 2 years
61%
-20% or more
0.3
Every 3 years
N/A
Source: Ned Davis Research – The Anatomy of Standard & Poor’s 500 Stock Index Declines 1/03/1928 to 6/29/2010
26
Winning by Not Losing
Years Needed to Break Even
at These Rates of Return
Initial Investment: $100,000
If your
portfolio is
down…
Current
value
Amount
needed to
break even
Return
needed to
break even
2.00%
6.00%
10.00%
12.00%
10%
$90,000
$10,000
11.1%
5.32
1.81%
1.11
0.93
20%
$80,000
$20,000
25.0%
11.27
3.83
2.34
1.97
30%
$70,000
$30,000
42.9%
18.01
6.12
3.74
3.15
40%
$60,000
$40,000
66.7%
25.80
8.77
5.36
4.51
50%
$50,000
$50,000
100.0%
35.00
11.90
7.27
6.12
27
20-Year Annualized Returns by Asset Class (1990-2009)
Source: JPMorgan.
(1) Barclays Capital U.S. Aggregate Bond Index.
(2) Calculated using Dalbar Funds Flow Information.
28
Winning by Not Losing
Saving
Withdrawing Income
If investment
is down
Return needed
to break even
(without withdrawals)
Return needed
to break even
(withdrawing 5%
at the end of each year)
5%
5.30%
11.10%
10%
11.10%
17.60%
15%
17.60%
25.00%
20%
25.00%
33.30%
25%
33.30%
42.90%
30%
42.90%
53.80%
35%
53.80%
66.70%
40%
66.70%
81.80%
29
+100%
-50%
+100%
-50%
-55%
Source: Ned Davis Research
30
Market Performance Off the Bottom
31
Source: Bloomberg
32
Is there more risk today?
For Advisor Use Only.
33
Current Risks
the so-so U.S. recovery
U.S.’s deficit, debt ceiling impasse and dysfunctional
political process
the economic impact of deleveraging and austerity;
the over-indebtedness of peripheral eurozone
countries
the possibility of rekindled inflation and rising
interest rates
the uncertain outlook for the dollar, euro and sterling
the instability in the Middle East and resulting
uncertainty over the price of oil
For Advisor Use Only.
34
So what is your plan?
For Advisor Use Only.
35
Why Embrace Volatility to Manage Risk?
For Advisor Use Only.
36
Why Embrace Volatility?
Equity Allocation
Asset Allocation
5.00
10.00
30.00
20.00
35.00
40.00
10.00
10.00
5.00
15.00
S&P 500 - 30%
20.00
Russell 2000 - 10%
S&P 500 - 40%
MSCI EAFE - 15%
S&P MidCap 400 - 20%
MSCI Emerging Markets - 5%
Russell 2000 - 10%
BarCap US Agg Bond - 35%
MSCI EAFE - 20%
BarCap High Yield Bond - 5%
MSCI Emerging Markets -10%
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
37
Why Embrace Volatility?
As of 1/31/2011
Asset Allocation
Asset Allocation
with 5% Volatility
1 Year Return
15.61
14.20
3 Year Return
4.16
4.55
5 Year Return
5.27
6.36
10 Year Return
5.49
5.76
1 Year Standard Deviation
11.42
8.37
3 Year Standard Deviation
14.91
11.28
5 Year Standard Deviation
12.13
9.18
10 Year Standard Deviation
10.54
8.14
1 Year Beta
0.61
0.42
3 Year Beta
0.67
0.49
5 Year Beta
0.67
0.47
10 Year Beta
0.62
0.45
Source: Morningstar Direct
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
38
Embracing Volatility to Manage Risk
As of 1/31/2011
Equity Portfolio
Equity Portfolio 5%
Volatility
1 Year Return
24.09
21.71
3 Year Return
1.74
3.14
5 Year Return
3.80
5.52
10 Year Return
4.91
5.70
1 Year Standard Deviation
19.50
15.29
3 Year Standard Deviation
24.29
19.17
5 Year Standard Deviation
19.82
15.60
10 Year Standard Deviation
17.73
14.14
1 Year Beta
1.05
0.81
3 Year Beta
1.09
0.85
5 Year Beta
1.09
0.84
10 Year Beta
1.06
0.82
Source: Morningstar Direct
Hypothetical portfolio allocations. Not indicative of a actual Clark Capital client allocations.
39
How Does Clark Capital Embrace Volatility?
For Advisor Use Only.
40
How Does Clark Capital Embrace Volatility
Protective Put Option Hedge Strategy
41
How Does Clark Capital Embrace Volatility
Protective Put Option Hedge Strategy
Up Market
Down Market
S&P
500 Put
Option
S&P
500
S&P
500
S&P
500 Put
Option
Consistent Negative Correlation
42
How Does Clark Capital Embrace Volatility?
PUT OVERLAY: Portfolio Managers customize an allocation to protective S&P
500 puts, which are continuously monitored and can change when market
volatility spikes.

S&P 500 put options only

9 to 18 months of duration

5 to 10% out of the money

Consistently allocated to hedge 100% of equity portfolio

Targeting 3 to 7% allocation over market cycle

Opportunistically managed to reduce drag

Puts options are purchased with cash, margin is not utilized
43
Hedge Strategy Objectives
Reduce equity volatility
Prevent large portfolio losses through systematic
portfolio put option protection
Provide consistent negative correlation in all market
environments
Provide systematic risk management without
forecasting or market timing influence
Provide confidence in the expected outcome in all
market environments
Provide continuous protection from event driven
declines (i.e. natural disaster, terrorist attacks)
44
Hedge Strategy Implementation – 1/1/2003 to 12/31/2010
Index Source: Bloomberg
45
Historical Implementation
Average
Portfolio
Allocation*
Average %
Out of the Money
of Put Allocation
-2.27%
3.34%
4.52%
3
-2.27%
2.56%
4.25%
2006
2
-4.77%
3.46%
2.33%
2007
2
-0.02%
4.33%
3.26%
2008
5
17.43%
9.57%
-0.50%
2009
3
-2.45%
8.17%
4.49%
2010
4
-6.65%
6.19%
6.70%
Total
20
-0.40% **
5.38%
3.58%
Total Roll
Trades
Gain/Loss % *
2004
1
2005
* Based upon actual trades of one S&P 500 index put option contact applied to a hypothetical
$125,000 account value.
* * Annualized
For illustrative purposes only and not necessarily indicative of actual client results.
46
Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure and net of fees performance presentation .
47
Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure and net of fees performance presentation .
48
Source : Morningstar Direct. Gross of fees. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure and net of fees performance presentation .
49
Embracing Volatility with Clark Capital
Navigator Unified Solutions – TAMP
Direct Relationship – TAMP
Separate Accounts
Direct Relationship – TAMP
Various Platforms (sample)
401K Collective Trusts
Various Platforms (sample)
Navigator Equity Hedged Mutual Fund
50
Contact Us
Advisor Support
800-766-2264
Joe Bell - [email protected]
www.ccmg.com
For Advisor Use Only.
51
Advisor Use Only.
A
Q&
52
Net of Fees Results (Net of Maximum 1.10% Fee)
Source : Morningstar Direct. Clark Capital Management Group claims compliance with the GIPS ® Standards. See end of the presentation for full disclosure.
53
Disclosure – Navigator® Global Equity Hedged
Firm Information: Clark Capital Management Group, Inc. is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisory
Act of 1940. Clark Capital is a closely held, mostly employee owned C Corporation with all significant owners currently employed by the firm in key management
capacities. The firm specializes in managing equity and fixed income portfolios for individuals and institutions.
Clark Capital Management Group claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in
compliance with GIPS standards. Clark Capital has been independently verified for the period 12/31/2002 through 12/31/2009. Verification assess whether (1) the firm has
complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate
and present performance in compliance with the GIPS standards. The Navigator® Global Equity ETF Hedged composite has been examined for the period 7/1/2004
through 12/31/2009. The verification report and performance examination reports are available upon request.
To receive a copy of the complete list and description of Clark Capital’s composites including the firm's policies for calculating and reporting returns and/or a presentation
that adheres to the GIPS® standards, contact Joseph Bell, Executive Vice President, 215-569-2224, e-mail [email protected]. The composites are comprised of all fully
discretionary accounts managed in the strategy for one full month, including those accounts no longer with the firm. Closed accounts are included through the completion
of the last full month of eligibility.
Calculation Methodology: The composite is shown as total return, assumes reinvestment of dividends and capital gains as well as no reduction for taxes, is calculated in
U.S. dollars, and is computed on an asset weighted rate of return basis. The results before 1/1/2007 reflect a time-weighted total rate of return, calculated using the
modified Deitz method. Results after 1/1/2007 were calculated using a daily valuation method. Performance results have been presented both prior to the deduction of
investment advisory fees (“gross-of-fees”) and after the deduction of investment advisory fees (“net-of-fees”). Performance results of Clark Capital clients will be reduced
by Clark Capital’s investment advisory fees, and possibly fees retained by the wrap program sponsor and third party investment advisor. Actual client fees may be lower
than the fees used in this presentation. Internal dispersion is calculated using the average deviation of all portfolios that were included in the composite for the entire year.
Trade date accounting is used. Leverage is not used in the composite. The net of fees performance results may be reduced by fees retained by the wrap program sponsor
and third party investment advisor.
Fee Summary:
Clark Capital Sponsored Wrap Program
Advisory Fee
$100,000 to $500,000
$500,000 to $750,000
$750,000 to $1,000,000
Over $1,000,000
1.10%
1.00%
0.95%
0.85%
Non-Clark Capital Sponsored Programs
Subadvisory Fee
Up to $10,000,000 1.10%
Over $10,000,000 0.75%
Non-Clark Capital Sponsored Wrap Program Accounts may incur additional
Program Sponsor (the “third party”) fees which are based on assets under
management.
Past performance does not guarantee future results. Client account values will fluctuate and may be worth more or less than the amount invested. Clients should not rely
solely on this performance or any other performance illustrations when making investment decisions.
For Advisor Use Only.
54
Disclosure – Navigator® Global Equity Hedged
Navigator® GLOBAL EQUITY ETF HEDGED
Pure Gross
Total
Net
MSCI World
Net Index
Dispersion
Range
Number of
Total Composite
Assets as of
Percent of
Total Firm
Return
Return
Benchmark
of Returns
Portfolios
End of Period
Firm Assets
Assets
7/1/2004 - 12/31/2004
6.65%
6.07%
10.82%
*
55
$8,485,636
1.62%
$525,400,000
2005
7.26%
6.10%
9.49%
0.27%
170
$27,089,406
3.44%
$788,000,000
2006
8.61%
7.43%
20.07%
0.75%
425
$74,289,699
7.35%
$1,011,200,000
2007
13.15%
11.92%
9.04%
0.17%
473
$90,692,409
8.18%
$1,109,000,000
2008
-20.62%
-21.51%
-40.71%
2.16%
394
$56,240,893
5.45%
$1,032,300,000
2009
24.10%
22.77%
29.99%
1.01%
420
$68,852,698
4.16%
$1,655,630,000
2010
10.07%
8.87%
11.76%
1.38%
440
$75,551,561
3.28%
$2,304,270,557
1/1/2011 to 3/31/2011
0.99%
0.72%
4.80%
*
438
$75,175,270
3.04%
$2,469,651,837
Cumulative
53.94%
42.98%
43.38%
Annualized
6.60%
5.44%
5.48%
3 Year Std. Dev.
12.61%
12.61%
23.75%
Composite Description: The Navigator® Global Equity ETF Hedged composite is defined to include separately managed accounts invested in equity exchange traded
funds of U.S. market capitalizations and styles, sectors and industry groups and international countries and regions. The Navigator® Global Equity ETF Hedged utilizes
S&P 500 Index puts to hedge the portfolio. The strategy seeks to provide capital appreciation with a secondary goal of capital preservation on a consistent basis by
applying a disciplined quantitative investment approach. This composite was created July 1, 2004.
Pure gross-of-fees performance returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented as supplemental information. Therefore,
actual returns will be reduced by advisory and other expenses. Net-of-fees performance returns are calculated by deducting the highest monthly investment advisory fee
of 0.0917% (1.10% annually) from the monthly pure gross composite.
The benchmarks are the S&P 500 and the MSCI World net Indexes. The S&P 500 measures the performance of the 500 leading companies in leading industries of the
U.S. economy, capturing 75% of U.S. equities. The MSCI World Net Index is a free float-adjusted market capitalization index that is designed to measure global
developed market equity performance net of dividend withholding tax to non-resident individuals. Index returns include the reinvestment of income and dividends. The
returns for these unmanaged indexes do not include any transaction costs, management fees or other costs. It is not possible to make an investment directly in any
index.
*Not meaningful
55
Disclosure – Navigator® Global Equity
Firm Information: Clark Capital Management Group, Inc. is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisory
Act of 1940. Clark Capital is a closely held, mostly employee owned C Corporation with all significant owners currently employed by the firm in key management
capacities. The firm specializes in managing equity and fixed income portfolios for individuals and institutions.
Clark Capital Management Group claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in
compliance with GIPS standards. Clark Capital has been independently verified for the period 12/31/2002 through 12/31/2009. Verification assess whether (1) the firm has
complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate
and present performance in compliance with the GIPS standards. The Navigator® Global Equity ETF composite has been examined for the period 4/1/2004 through
12/31/2009. The verification report and performance examination reports are available upon request.
To receive a copy of the complete list and description of Clark Capital’s composites including the firm's policies for calculating and reporting returns and/or a presentation
that adheres to the GIPS® standards, contact Joseph Bell, Executive Vice President, 215-569-2224, e-mail [email protected]. The composites are comprised of all fully
discretionary accounts managed in the strategy for one full month, including those accounts no longer with the firm. Closed accounts are included through the completion
of the last full month of eligibility.
Calculation Methodology: The composite is shown as total return, assumes reinvestment of dividends and capital gains as well as no reduction for taxes, is calculated in
U.S. dollars, and is computed on an asset weighted rate of return basis. The results before 1/1/2007 reflect a time-weighted total rate of return, calculated using the
modified Deitz method. Results after 1/1/2007 were calculated using a daily valuation method. Performance results have been presented both prior to the deduction of
investment advisory fees (“gross-of-fees”) and after the deduction of investment advisory fees (“net-of-fees”). Performance results of Clark Capital clients will be reduced
by Clark Capital’s investment advisory fees, and possibly fees retained by the wrap program sponsor and third party investment advisor. Actual client fees may be lower
than the fees used in this presentation. Internal dispersion is calculated using the average deviation of all portfolios that were included in the composite for the entire year.
Trade date accounting is used. Leverage is not used in the composite. The net of fees performance results may be reduced by fees retained by the wrap program sponsor
and third party investment advisor.
Fee Summary:
Clark Capital Sponsored Wrap Program
Advisory Fee
$100,000 to $500,000
$500,000 to $750,000
$750,000 to $1,000,000
Over $1,000,000
1.10%
1.00%
0.95%
0.85%
Non-Clark Capital Sponsored Programs
Subadvisory Fee
Up to $10,000,000 1.10%
Over $10,000,000 0.75%
Non-Clark Capital Sponsored Wrap Program Accounts may incur additional
Program Sponsor (the “third party”) fees which are based on assets under
management.
Past performance does not guarantee future results. Client account values will fluctuate and may be worth more or less than the amount invested. Clients should not rely
solely on this performance or any other performance illustrations when making investment decisions.
For Advisor Use Only.
56
Disclosure – Navigator® Global Equity
Navigator® GLOBAL EQUITY ETF
4/1/2004 to 12/31/2004
Pure Gross
Total
Net
MSCI World
Dispersion
Range
Number of
Total Composite Assets
as of
Percent of Firm
Return
Return
Index
of Returns
Portfolios
End of Period
Assets
Assets
8.91%
8.02%
11.79%
*
6
$304,216
0.06%
$525,400,000
Total Firm
2005
8.54%
7.36%
9.49%
*
5
$567,150
0.07%
$788,000,000
2006
14.86%
13.62%
20.07%
*
28
$2,829,210
0.28%
$1,011,200,000
2007
13.10%
11.88%
9.04%
0.27%
100
$13,306,608
1.20%
$1,109,000,000
2008
-36.08%
-36.81%
-40.71%
0.31%
144
$7,539,380
0.73%
$1,032,300,000
2009
37.40%
35.93%
29.99%
0.53%
143
$9,104,397
0.55%
$1,655,630,000
2010
17.85%
16.58%
11.76%
0.13%
230
$16,372,755
0.71%
$2,304,270,557
1/1/2011 to 3/31/2011
3.40%
3.12%
4.80%
*
230
$18,077,285
0.73%
$2,469,651,837
Cumulative
64.35%
52.22%
44.63%
Annualized
7.36%
6.19%
5.41%
3 Year Std. Dev.
22.45%
22.45%
23.75%
Composite Description: The Navigator® Global Equity ETF composite is defined to include separately managed accounts invested in equity exchange traded funds of
U.S. market capitalizations and styles, sectors and industry groups and international countries and regions. The strategy seeks to provide capital appreciation on a
consistent basis by applying a disciplined quantitative investment approach. This composite was created April 1, 2004.
Pure gross-of-fees performance returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented as supplemental information. Therefore,
actual returns will be reduced by advisory and other expenses. Net-of-fees performance returns are calculated by deducting the highest monthly investment advisory fee
of 0.0917% (1.10% annually) from the monthly pure gross composite.
The benchmarks are the S&P 500 and the MSCI World net Indexes. The S&P 500 measures the performance of the 500 leading companies in leading industries of the
U.S. economy, capturing 75% of U.S. equities. The MSCI World Net Index is a free float-adjusted market capitalization index that is designed to measure global
developed market equity performance net of dividend withholding tax to non-resident individuals. Index returns include the reinvestment of income and dividends. The
returns for these unmanaged indexes do not include any transaction costs, management fees or other costs. It is not possible to make an investment directly in any
index.
* Not meaningful
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