This document summarizes the investment approach of BakerAvenue Asset Management. They practice an actively managed, prudent approach to asset allocation by considering macroeconomic factors, fundamental analysis, and technical indicators. This allows them to raise cash and reduce risk exposure when markets become overvalued or show signs of weakness. They offer multiple portfolio strategies that pursue this prudent, pragmatic approach across asset classes like equities, fixed income, and alternatives.

2. A Prudent Approach. Actively Managed.™

3. 3
There are a hundred ways to manage money.
And a hundred ways to manage money successfully.
We practice a prudent approach. By that
we mean actively managing asset allocation with
a pragmatic view to managing risk, rather than a
passive, conventional buy-and-hold method.
For example, on one end of the spectrum, if
the market moves from low risk to high risk, we
actively move to raise cash — in an attempt to
minimize capital losses. If the market moves on
the other end of the spectrum — from “risk-on” to
high-risk exuberance — we actively move to take
profits, and change the allocation.
Across all of our portfolio strategies
we pursue a point-of-view embracing three
perspectives: fundamental, technical, and macro.
These are at the heart of our actively managed mix
of prudence and pragmatism that has historically
given us solid performance while substantially
limiting downside risk.
Obviously, this is in stark contrast to those
funds or firms who actively seek the highest
returns — while assuming the accompanying
high levels of risk.
For our clients who wish to have a level of
peace of mind without moving into full-blown
conservatism, BakerAvenue has proven to be an
important performing part of their portfolio.

4. Pragmatism constantly identifies macro forces
that Prudence must consider.
Any one of which can throw us into another correction.

5. 5
What happens without QE? Soft or Hard-Landing for China?
The S&P (in green) has mirrored the rise in the Fed’s
balance sheet (in grey).
The US GDP (the grey line) has mirrored the
China GDP (the orange line) for years.
If interest rates rise too quickly they could stall
the U.S. recovery just as it’s gaining traction.
Will interest rates rise? If so, how quickly?
?
?
?
?

6. Prudence observes: The Market is Always Right —
Until it’s Wrong.

7. 7
There have been 7 market drops of 10% or more in the past 17 years. None in the last 3 years.
And none of 20% or more in the past 6 years.
1998 2015

8. Actively managing risk is at the center of our Prudent Approach.

9. 9
The BakerAvenue Prudence Indicator™
Indicator: Characterized by
investor euphoria and high
complacency on stocks by
investors.
Emotion: Overexuberance.
Goal: To reduce market
exposure by taking profits
in stocks that have had
significant appreciation and/
or stocks that are showing
weakness.
Strategy: Raise cash levels
as stocks are generally not
replaced in an overbought
market condition until we see
evidence of market stability.
Indicator: Characterized by
broad-based sell-off in equities.
Emotion: Fear.
Goal: To have significantly
reduced market exposure since
the risk of a severe market
correction is elevated. (It is
important to highlight that we
have typically already reduced
market exposure by the time
we enter a negative zone in
the market.)
Strategy: High cash levels. We do
not add to our equity exposure
while market trends are down.
Indicator: Characterized
by high emotion and
significant volatility.
Emotion: Panic.
Goal: Very unusual, but
provides an exceptional
entry point back into
equities.
Strategy: We selectively
add market exposure with
expectations of a swift
market rebound.
Indicator: Characterized by a
broad-based rally in stocks.
Emotion: Greed.
Goal: To have full market
exposure in equities that
have the most attractive
fundamental and technical
characteristics.
Strategy: Lower cash levels.
Equities are typically replaced
when they are sold to take
advantage of market growth.
Overbought
Oversold Negative PositiveNeutral Overbought
NegativeOversold Positive

10. Prudence argues that the more dynamic the market,
the more pragmatic a money manager must be.

11. 11
There is no change in allocation in the Ride-the-Cycles
Strategy. By their own charter, traditional investment firms
must remain fully invested, regardless of whether the market
has moved from low risk to high risk.
Low Risk
Market
Low Risk
Market
High Risk
Market
High Risk
Market
Fixed Income Fixed IncomeDomestic Equities Domestic EquitiesCash Cash
When the market moves from low risk to high risk,
we move to cash in an attempt to reduce capital loss.
Global Equities Global Equities
has a Pragmatic investment strategy:
The Conventional View The Prudent and Pragmatic View

12. Prudence, Pragmatism, and Performance.

13. 13
The Blended Index (80%
S&P 500 / 20% Barclays
Aggregate) illustrates a
similar portfolio which
remains fully invested.
Blended Index
107.2%
115.1%
BakerAvenue’s Balanced Dynamic Growth Model
CumulativeDifference
The cumulative
difference between the
Balanced Dynamic
Growth Portfolio and the
Blended Index from Jan.
2005 to Feb. 2009 was
50%.
50%
$500,000
$1,500,000
BakerAvenue’s Balanced Dynamic Growth Model
reflects elevated cash levels BEFORE the fall of 2008.
Performance portrayed does not represent the results of actual trading but was achieved solely by means of retroactive application of a model designed with the benefit of
hindsight and modification (based on our initial design and assessment). Asset allocation, including cash holdings, were a part of the model design and benefited from hindsight.
The results may not reflect that material economic and market factors may have had an effect on our decision making at the time of the event had we actually been managing
client assets under this model. Past model performance is not indicative of future results. Performance returns are presented net of all applied management fees. Performance
results include reinvestment of all dividends, interest, and other income. The disclosures on the final page are an integral part of this presentation.
Blended Index
$1,000,000
$2,000,000
12.7%
2005
2007
2009
2011
2013
2015
4.4% 5.8% 28.6%
8.6%
22.4%
22.5%
13.4%
4.5%
3.3%
3.4%
13.6%
4.2%
25.5%
16.3%
12.1%
2.4%
1.0%
1.4%

14. Most investment managers construct portfolios solely
around Fundamentals. Or Technical Analysis. Or the Macro environment.
Prudence demands we understand and bring together all three.

15. 15
Macro Analysis
Fundamental Analysis
Macro
Fundamental Technical
Technical Analysis
Monetary Policy
Fiscal Policy
Interest-Rate Analysis
Currency Moves
Revenue & Cost Drivers
Competitive Positioning
Identifiable Catalysts
Forecasts versus Expectations
Free Cash Flow
Valuation
Relative Strength
Intermarket Analysis
Market Trends
Moving Averages
Support & Resistance Levels
Seasonal Patterns
Risk Exposure
Portfolio Characteristics Review
Thesis Challenges
New Securities Selection
Geopolitical Issues
Business Cycle Analysis
Inflation Direction
Credit Cycle Analysis

16. Multiple Prudent Approaches. All Actively Managed.

17. 17
Equities Alternatives
Fixed Income
The All Cap Core strategy seeks to
preserve and grow capital by investing
in fundamentally and technically
strong stocks and ETFs across all
market capitalizations in low risk
markets and protecting portfolio
principal by allocating up to 100% to
cash in high risk markets. The strategy
utilizes a quantitative and fundamental
approach supplemented by macro
analysis with prudent risk management
controls in an attempt to control
downside losses and protect capital.
All Cap Core
The Tactical Fixed Income strategy
seeks to provide current income,
capital appreciation and preservation
by investing in a broadly diversified
portfolio of bonds. The strategy
employs a quantitative approach to
opportunistically rotate between
multiple bond sectors in an attempt to
adjust the portfolio through shifting
interest rate and credit cycles.
Tactical Fixed Income
The Global Multi-Asset Class Income
strategy seeks to deliver above-average
market yields while maintaining
below-average market volatility by
investing in multiple asset classes of
income-producing securities. The
strategy employs a quantitative
approach to opportunistically rotate
between equity income and fixed
income securities in an attempt to
protect capital yet provide for income
in high risk markets.
Global Multi-Asset Class Income
Tactical Commodities
The objective of the Tactical
Commodities strategy is to tactically
represent commodities by using
a macro overlay coupled with the
concepts of relative strength to choose
among different commodity asset
classes for inclusion in the portfolio.
The Blue Chip Impact strategy seeks
capital appreciation with downside
protection by investing in a diversified
portfolio of Blue Chip stocks and ETFs
in low risk markets and protecting
principal in high risk markets by
moving up to 100% in cash. The
strategy considers both financial return
and social integrity by using a socially
responsible and impact-aware overlay.
Blue Chip Impact
The Global Tactical strategy seeks
long term capital appreciation with
downside protection by investing in
global asset classes and preserving
capital in severe down markets by
moving up to 100% in cash. The
strategy employs a quantitative
approach to opportunistically rotate
between investments in global asset
classes and cash in an attempt to
protect capital in high risk markets.
Global Tactical
The Blue Chip Income strategy seeks
long term capital appreciation with
downside protection by investing in
a diversified portfolio of high quality
Blue Chip stocks and ETFs in low
risk markets and protecting principal
in high risk markets by moving up
to 100% in cash. Market exposure
is adjusted by monitoring long term
market trends to evaluate the risk
and reward of owning equities versus
protecting capital.
Blue Chip Income

18. Custodians charge transaction fees for the purchases and sales of stocks and exchange
traded funds. These transaction fees vary depending upon custodian and broker but
rates are normally $7.95 for each securities transaction.
The ETF products utilized in the tactical indexing and bond strategies have low internal
expense ratios. The weighted average expense ratios in tactical indexing and bond
strategies are typically between 0.25%–0.35%.
BakerAvenue Asset Management does not share in any of the fees charged by a client’s
custodian (if any) or commissions charged to a client in relation to any security
purchased or sold for a client portfolio.
Fees
Above $10,000,000
$5,000,000 to $10,000,000
$2,500,000 to $5,000,000
First $2,500,000
.80% p.a.
.90% p.a.
1.00% p.a.
1.25% p.a.

19. 19
A Prudent Approach to Client Service. Actively Practiced.
1. It’s your money.
2. Details are not details.
They’re the foundation of serving you.
3. The Market measures our thinking every day.
Our clients measure our service every day.
4. We will communicate with you as frequently
or as infrequently as you wish. But our
immediate responsiveness will never waver.

20. Our headquarters is located in the former home
of the Federal Reserve of San Francisco,
a cornerstone of the West Coast financial district since 1924.

21. 21
The Bently Reserve features many ties to the city’s evocative history — including connections to the California Gold Rush, the 1916 World’s Fair and the architectural style of the early 20th century.

22. The BakerAvenue Team

23. 23
Simon Baker
Founder, Chief Executive Officer
Simon Baker is the founder of BakerAvenue Asset Management and chairman of the investment
committee. He oversees the investment process and leads the development of BakerAvenue’s
strategies and services. He is also responsible for overseeing the firm’s wealth management clients.
Before launching BakerAvenue in 2004, Simon was a Managing Director at Bank of America
Securities, Donaldson, Lufkin & Jenrette (DLJ) and Credit Suisse First Boston (CSFB).
He is a cast member on the CNBC Half Time show ‘Fast Money’, Yahoo ‘Breakout’ and often
quoted in the Wall Street Journal and other financial publications. Simon is an active member
of the Manhattan chapter of the Young Presidents Organization (YPO). Simon is sponsor/lecturer
of Hartwick College ‘Baker/Simpson entrepreneurial leadership program’. Simon graduated
cum laude with a B.A. in economics & French from Hartwick College, NY. Simon lives in both
New York and San Francisco.
Our office was designed by the Smith Group in 2010. As a LEED Silver certified office, we have since been recognized as a leading green firm, and have won several national awards for both architectural design and community engagement.

24. Doug Couden, CFA
Chief Investment Officer
Doug Couden is the Chief Investment Officer
(CIO) of BakerAvenue Asset Management.
Doug is responsible for managing the portfolio
team, leading the firm’s investment and research
process and overall performance of the strategies.
Previously Doug worked as the Director of
Equities at Newfleet Asset Management LLC
and Seneca Capital Management LLC in San
Francisco. Before moving to San Francisco,
Doug worked at PaineWebber and UBS in New
York. Doug graduated from SMU with a B.A.
in Finance. He is a CFA charterholder and a
member of the CFA Society of San Francisco.
Along with his wife and two daughters Doug is
active in the San Francisco community.
King Lip, CFA, CFP®, CMT®
Chief Strategist
King Lip is Chief Strategist (CS) at BakerAvenue
and serves on the investment committee.
As Chief Strategist, King is responsible for
managing, developing and communicating our
investment strategies and thought leadership,
both internally and externally. Prior to
BakerAvenue, King was a portfolio manager
at Bingham, Osborn & Scarborough. He also
served as portfolio manager at the family office
of a Forbes List ultra-high-net-worth individual.
King is one of only 11 professionals globally who
hold the Chartered Market Technician, Certified
Financial Planner and CFA charterholder
designations. King has been nominated as a Top
100 Independent Wealth Advisor in Barron’s,
named as one of the Top 10 Rising Stars of ETF
investing in 2012 and featured as a leading expert
in the book ETF Investment Strategies. King is a
regular commentator on CNBC.
Eric Jardine, CFA
Eric is a Senior Portfolio Manager and Head
Trader at BakerAvenue. In addition he
oversees our hedging strategies and serves on
the investment committee. Prior to joining
BakerAvenue, Eric was a proprietary derivatives
trader at Wells Fargo Bank in the Capital Markets
group. Eric graduated from the University of
Colorado with a B.S. in business administration.
He is a CFA charterholder and a member of the
CFA Society of San Francisco. He and his wife,
Rebecca are parents to 3 children, Josiah, Alana,
and Alexa, a set of triplets.
Senior Portfolio Manager
Managing Director, Head Trader
INVESTMENT TEAM

25. 25
As an analyst, Tyler works on the investment
team and is responsible for trade reconciliation,
research, and performance tracking. Prior to
joining BakerAvenue, Tyler worked as a research
analyst with Portfolio Operations, a value
investing institutional advice service and
newsletter. In this role he performed due
diligence, built models, and wrote daily and
monthly research pieces across a variety of
sectors. Previously, he worked at America’s
Growth Capital and RSF Social Finance. Tyler
graduated cum laude from Tufts University with
a Bachelor of Arts in Economics and a minor
in Entrepreneurial Leadership. He was also an
analyst for the Tufts Financial Club. Tyler is
currently a Level 2 candidate in the Chartered
Financial Analyst® program.
Tyler Page
Analyst
As a Portfolio Advisory Associate, David is
responsible for constructing financial plans,
customizing asset allocation models, and
building performance reports for clients. He also
sits on BakerAvenue’s Operations & Compliance
team.Prior to joining BakerAvenue, David was
an Operations Associate at Citco Fund Services
specializing in trade operations, performance
analysis, and asset valuation for over $2.5
billion worth of alternative investment assets.
Before that, David was a Financial Advisor at
Merrill Lynch where he focused on financial
planning for high-net worth individuals. David
graduated from Boston University with a B.A.
in Economics. He was President of the water
polo team, and a member of the Economics
club. David is currently a Level 2 candidate in the
Chartered Financial Analyst® Program.
David Saxon
Portfolio Advisory Associate

26. Jared Johnson has over a decade of wealth
management experience with an expertise in
servicing affluent clients. Jared specializes
in customized portfolio management and
retirement planning and supports Peter & Scott
in the southwest market. Prior to joining the
BakerAvenue Dallas office, Jared served as a Private
Client representative at TD Ameritrade. Jared
began his career in the financial industry with Bank
of America and as a Financial Advisor with Bank
of America Investments. Jared holds a B.A. from
the University of North Dakota. He is currently
pursuing his MBA and CFP® designation from the
University of Dallas. Jared and his wife, Meg, have a
3 year old son, Charlie.
DALLAS
Associate Managing Director
Jared Johnson
Scott Stephens is a Managing Director with over
18 years of experience working in the high-net
worth wealth management industry. As a Certified
Wealth Strategist (CWS®), he oversees the Dallas
office working with clients all over the southwest
market. Before joining BakerAvenue, Scott was
Vice President for the Wealth Advisor Solutions
program at Fidelity Investments. Prior to that,
he worked as Senior Investment Consultant in
Portfolio Advisory Services (PAS) at Fidelity.
Scott holds a B.A. in Marketing from Assumption
College, MA. Scott resides in Texas with his wife
Elizabeth, son Owen and daughter Liv.
Managing Director
Scott Stephens, CWS®
Peter has made a career in financial planning and
investment management serving individuals and
institutions for 30 years. He joined BakerAvenue as
a Managing Director in Dallas in 2014. Peter started
with Dean Witter Reynolds in Palo Alto, California
with a degree in business economics from University of
California at Santa Barbara. He advanced in the firm’s
bond trading department in the World Trade Center
New York, ultimately to national sales director for
taxable fixed income investments. During the merger
with Morgan Stanley in 1997, he assumed national
sales responsibilities for the retail mortgage bank,
and later the Financial Institutions Group. In 1999
Pete moved to branch management, directing sales in
Atlanta, opening an office in Nashville, then taking
over Houston’s Greenway Plaza branch and satellites.
In 2008 he joined Charles Schwab’s Executive Services
as a consultant and founding member. He’s held FINRA
Series 7, 8, 24, 63, and 65 registrations, and is an
Accredited Asset Management Specialist (AAMS®).
Managing Director
Peter Sigal, AAMS®

27. 27
As our Compliance Officer, Hannah is
responsible for overseeing BakerAvenue’s
compliance program with respect to its status
as a Registered Investment Adviser, and the
firm’s policies, procedures and code of ethics.
In addition, as Relationship Team Director,
Hannah is responsible for overseeing the day to
day operations and management of the Client
Services team. Prior to joining BakerAvenue
in 2012, Hannah worked at Credit Suisse in the
Private Banking USA division as a Relationship
Associate for 6 years. Hannah attended the
University of Missouri where she earned her
Bachelor of Science degree in Psychology, with
minors in History and Religious Studies. She
and her husband Steve recently had a baby boy,
Corey, and the family currently resides in San
Francisco.
Hannah Kim
Compliance Officer
Relationship Team Director
RELATIONSHIP TEAM
Jerry Luff, CFP®
Chief Operating Officer
Managing Director
As Chief Operating Officer (COO), Jerry helps
determine and execute on the strategic and
day-to-day operations of the firm and is on
our investment committee. Prior to joining
BakerAvenue, Jerry served as vice president
in the Global Wealth Management group at
Bank of America Investments. He was also an
institutional advisor at both Bear Stearns and
Morgan Stanley. Jerry holds a B.A. in finance
from The University of Texas at Arlington and an
M.B.A. in finance from Fordham University. He
is a Certified Financial Planner (CFP®). Jerry is
husband to Alison and dad to daughters
Christina and Katie.
As a Relationship Manager, Rabia works closely
with the operations team to manage new and
existing accounts. She assists clients through
the account opening process and helps facilitate
asset transfers, quarterly reviews and overall
account maintenance. She is energetic and
enthusiastic about Baker Avenue and takes
initiative by working closely with the operations
team and the management team to ensure client
satisfaction. Rabia is currently pursuing her
degree in Public Health concentrating on Health
Education and is also an active member in her
community.
Relationship Manager
Rabia Turab

28. As a relationship manager, Jasmine works with the
operations team to help manage new and existing
accounts. She assists in the account opening
process and oversees account maintenance. She is
extremely dedicated to making clients feel taken
care of. Prior to joining Baker Ave, Jasmine worked
at Yelp as a sales and advertisement consultant
where she helped promote local businesses to
generate more revenue. Jasmine graduated from
San Francisco State with a Bachelor of Liberal Arts
in Communications.
Jasmine Barnett
Relationship Manager
Prior to joining BakerAvenue, Jessica provided
operations consulting and account opening
services at Vernal Point Advisors. Before
that, she was a Portfolio Administrator in
the Investment Operations department and a
member of client service teams at Aspiriant for
9 years serving high net worth individuals. Her
experiences there included restricted stock,
SARS transactions and 10b51 plans. Jessica also
spent over 5 years at Charles Schwab & Co., Inc.
where she was a senior transfer-of-accounts
specialist.
Jessica O’Leary
Relationship Manager
As an Operations Analyst, Michael works closely
on the business analytics at BakerAvenue. He
is responsible for maintaining the business
intelligence applications and customizing
solutions to help us track essential data.
Michael serves on both the Operations and
Financial Planning Committee. Prior to joining
BakerAvenue, Michael worked as an Operations
Director for a boutique Wealth Management RIA
firm, Haydel Biel & Associates. While at Haydel
Biel, he was responsible for portfolio trading,
performance reporting, and managing the
CRM database and website. Michael graduated
from California State University, Northridge
with a Bachelor of Arts in Business Finance &
Economics.
Michael Dely
Operations Analyst

29. 29
Contacts
San Francisco
301 Battery Street, 2nd Floor
San Francisco CA 94111
Rick Mordesovich
415.466.3336
rm@bakerave.com
Brent Johnson
415.466.3340
brent@bakerave.com
Tanya Welch
415.466.3347
tw@bakerave.com
New York
48 Lispenard Street, PH
New York NY 10013
Simon Baker
212.901.0636
sb@bakerave.com
Bill Connor
212.257.5009
bc@bakerave.com
Nadene Salzman
212.257.5599
ns@bakerave.com
Rich LoPresti
212.401.2600
rl@bakerave.com
Dallas Palm Beach
2275 E. Continental Blvd., Ste. 100
Southlake TX 76092
3801 PGA Blvd., Ste. 600
Palm Beach Gardens FL 33410
Scott Stephens
214.624.5226
ss@bakerave.com
Peter Sigal
214.624.5114
ps@bakerave.com
Jared Johnson
214.624.5113
jj@bakerave.com
John Tassone
561.962.2361
jt@bakerave.com
Domenick Macri
561.962.2362
dm@bakerave.com
Ian Rivero
561.962.2363
ir@bakerave.com

30. 30
Performance Disclosures
BakerAvenue Asset Management (“BAAM”)
Balanced Dynamic Growth Model
BakerAvenue Asset Management (“BAAM”)
All Cap Core Equity Strategy
BakerAvenue Asset Management (“BAAM”)
Tactical Fixed Income Strategy
BakerAvenue Asset Management (“BAAM”)
Global Tactical Index Strategy
BakerAvenue Asset Management (“BAAM”)
Tactical Commodity Strategy
The Balanced Dynamic Growth Model is a
hypothetical back tested model. The Model started
January 1, 2005 with a static allocation to 37.5%
of the All Cap Core strategy, 37.5% of the Global
Tactical Index strategy, 20% of the Tactical Fixed
Income strategy, and 5% in Tactical Commodities
strategy, and has made no additions or withdrawals.
Past results, including hypothetical and back-tested
results, are not a guarantee or predictor of future
results.
Performance portrayed does not represent the results
of actual trading but was achieved solely by means
of retroactive application of a model designed with
the benefit of hindsight and modification (based on
our initial design and assessment). The results may
not reflect that material economic and market factors
may have had an effect on our decision making at
the time of the event had we actually been managing
client assets under this model. The model changed
over time as we refined and finalized the strategy. At
this time, we do not know if actual trading results
would differ materially from the hypothetical back
tested results portrayed here. The purpose of back
tested performance is to test investment ideas,
develop strategies and modify those strategies to
achieve the intended results.
The model is measured against a blended index of
80% S&P 500 / 20% Barclays Aggregate. The S&P
500 Index measures the performance of 500 leading
companies in leading industries of the U.S. economy,
which represents over 80% of the investable U.S.
equity market and as such is not a global index. The
Barclays Aggregate Index is a broad based fixed
income index that includes most US treasuries,
All Cap Core Equity Strategy is an equity composite
of fully discretionary accounts that invest in all cap
equities and cash and are designed to generate a
positive return over the medium to long term, with
a focus on capital preservation. The All Cap Core
Composite may move to all cash when the investment
team decides to do so.
The Tactical Fixed Income Strategy is a hypothetical
back tested strategy that invests in exchange-traded
funds (ETFs) that invest in the following types of
fixed income asset classes: short-term investment
grade corporate, high yield (non-investment grade),
TIPS (Treasury Inflation Protected Securities), and
international bonds denominated in foreign currencies.
The Global Tactical Index Strategy is a blend of the
Global Tactical Index Composite, representing actual
accounts, from July 1, 2011 and a hypothetical back
tested application of this strategy from January 1,
2005 through June 30, 2011. The Global Tactical
Index Composite and the Global Tactical Index
Strategy represents an investment in exchange
traded funds (ETFs) across all asset classes including
companies of all market capitalizations, foreign and
domestic markets, and inverse hedging ETFs. The
strategy is designed to generate a positive return over
the medium to long term, with a focus on capital
growth and managing downside risk.
The Tactical Commodity Strategy is a hypothetical
back tested strategy which is designed to invest in
commodity and metals related exchange-traded funds
(ETFs) and equities.
mortgage backed and agency securities, and corporate
bonds. It is the most commonly used fixed income
proxy and most US traded investment grade bonds are
represented in the Index. The indices represent a total
return of the securities included in the indices. The
Balanced Dynamic Growth Model constituents are not
restricted to the securities included in these indices,
and unlike the indices, will include commodities and
cash. The underlying components of the Balanced
Dynamic Growth Model may move to 100% cash while
the indices are always fully invested.
The constituents of the Balanced Dynamic Growth
Model are outlined below. They are a combination of
active accounts grouped into composites based upon
similar strategy and hypothetical back tested strategies.
Since inception, one or more of the underlying
components may have moved to 100% cash, which
would result in a significant dispersion between the
performance of our model and the indexes as the
indexes are unmanaged and cannot move to cash.
Additional information is available upon request
outlining the policies for composite construction
and methods used to construct the hypothetical back
tested models. No representation is made that the
performance or volatility of the strategies will track
or otherwise reflect a particular index. Back tested
strategy performance is not predictive of future results.