The performance returns illustrated do not represent actual client accounts and are net of the highest management fee and trading costs which is 0.80%. Returns reflect since inception, one, five and ten‐year periods, and are reflected in U.S. dollars and assume that dividends are reinvested.

The strategies employed may involve technical trading techniques such as trend analysis, relative strength, moving averages, various momentum and related strategies. Technical trading models utilize mathematical algorithms to attempt to identify when markets are likely to increase or decrease and identify appropriate entry and exit points. The primary risk of technical trading models is that historical trends and past performance cannot predict future trends and there is no assurance that the mathematical algorithms employed are designed properly, new data is accurately incorporated, or the software can accurately predict future market, industry and sector performance.