Quarter and YTD returns not annualized. Lifetime performance is not examined.
1 Results are presented net of actual fees until December 31, 2005; from January 1, 2006 through the present, net composite results are presented net of highest fee.
2 The information provided is supplemental and complements the MAP U.S. Multi-Cap Value Composite Annual Disclosure Presentation. Risk Statistics are presented gross-of-fees. 3 Descriptive statistics derived from holdings based on the aggregate of individual portfolios in the composite. Holdings of individual client portfolios in the composite may differ, sometimes significantly, from those shown. 4 Based on the annualized quarterly returns of the U.S. Multi-Cap Value Composite compared to the annualized quarterly total returns of the MSCI USA Index since inception. 5 Based on the cumulative performance for the MSCI USA Index’s 58 positive quarters and 20 negative quarters between January 1, 2003 and June 30, 2021.
All investments are subject to risk, including the loss of principal.
The continued impact of the novel coronavirus COVID-19 could extend for an undetermined amount of time resulting in a substantial economic downturn and negatively affect worldwide economic conditions. The full extent of COVID-19’s impact remains uncertain and difficult to predict. Any such impact could adversely affect the future investment performance of the composite.
Past performance is no guarantee of future results.
The Global Investment Performance Standards are a trademark of CFA Institute. CFA Institute has not been involved in the preparation or review of this report/advertisement.
* The information provided is supplemental and complements the MAP U.S. Multi-Cap Value Composite presentation.
1 Descriptive statistics derived from holdings based on the aggregate of individual client portfolios in the Composite. Holdings of individual client portfolios in the Composite may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.
Definitions: Yield to Maturity: annualized rate of return an investor will receive if a debt instrument, such as a bond, is held to maturity. Maturity: date at which a debt instrument is due and payable. Duration: the approximate percentage change in price for a 100-basis point change in yield. A duration of 5 means that bond’s price will change by 5% for a 100-basis point change in yield. Duration is valid only for small changes in yield. S&P Rating: evaluation of a company’s credit history and ability to repay its obligations performed by S&P. An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Market Capitalization: total value of all the issued and outstanding common stock of a corporation. Dividend Yield: the annual percentage of return earned by an equity investor from the payment of dividends on common or preferred stock. Price to Earnings Ratio (PE): price of a stock divided by the trailing twelve months earnings per share. Price to Sales Ratio: price of a stock divided by the trailing twelve months sales per share. Price to Book Ratio: the ratio of market price of a company’s shares (share price) over its book value of equity. Turnover: the volume of the composite’s holdings that is sold and replaced with new securities annually, expressed as a percentage of the composite’s total assets. Beta: measures the composite’s covariance relative to its benchmark. Sharpe Ratio: the ratio of the return earned over the risk-free rate divided by the variability of the composite. It indicates the risk premium return earned per unit of total risk. Alpha: measures how much of the rate of return on the composite is attributable to the manager’s ability to derive above average returns adjusted for risk. R2: measures the strength of the linear relationship between the composite and its benchmark. Upside Capture Ratio: measures the manager’s overall performance to the benchmark’s overall performance, considering only the quarters that are positive in the benchmark. An Upside Capture Ratio of more than 100% indicates a manager that is able to outperform the benchmark during up markets. Downside Capture Ratio: measures the manager’s overall performance to the benchmark’s overall performance, considering only quarters that are negative in the benchmark. A Downside Capture Ratio of less than 100% indicates a manager that is able to outperform the relative benchmark during down markets.
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
1 For the periods prior to 2017 composite assets are calculated based on composite membership as of 12/31. Composite assets include accounts that enter the composite on 12/31.
MAP U.S. Multi-Cap Value Composite seeks to generate long-term growth of capital by investing in a diversified portfolio of securities issued by U.S. companies. The benchmark is the MSCI USA Index. The MSCI USA Index measures the performance of the large and mid-cap segments of the U.S. market. The index covers approximately 85% of the free float adjusted market capitalization in the U.S. market. The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology – a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. It aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated. Material risks of the composite include market risk, issuer risk, style risk, regulatory risk, and concentration risk (to the extent the adviser emphasizes a particular industry or group of related industries). Investing in securities involves risk of loss of principal that they should be prepared to bear. Illiquid investments are nota material part of the composite. Leverage, derivatives, and short positions are not utilized.
Managed Asset Portfolios, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Managed Asset Portfolios, LLC has been independently verified for the periods March 31, 2001 through June 30,2020. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The MAP U.S. Multi-Cap Value Composite has had a performance examination for the periods January 1, 2013 through June 30,2020. The verification and performance examination reports are available upon request.
Managed Asset Portfolios, LLC is a registered investment adviser. A list of composite descriptions, a list of broad distribution pooled funds and performance results are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest management fee of 1.00%, applied monthly. Wrap/bundled fee accounts represent the following percentages of composite assets: 2018: 2.46%, 2019: 9.96%, 2020: 25.59%. Wrap/bundled fee accounts pay a fee based on a percentage of assets under management. Wrap fees may include but are not limited to custody fees, trading and execution fees, and performance reporting fees. A significant percentage of assets in the composite are custodied with a broker that does not charge trading expenses. Accounts custodied with other brokers may incur trading expenses which may reduce returns. Gross returns are shown as supplemental information and may not include transaction costs. The annual composite dispersion presented is an asset-weighted standard deviation calculated using gross returns of accounts in the composite the entire year. The 3-YearStandard Deviation represents the annualized standard deviation of actual gross composite and benchmark returns, using the rolling 36-months ended each year-end. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
The management fee is generally 1.25% for the first $5,000,000. The fee is negotiable for accounts over $5,000,000. Actual investment advisory fees incurred by clients may vary.
The MAP U.S. Multi-Cap Value Composite was created on March 31, 2008 and incepted on December 31, 2001.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.