GIS Strategic 10 Dividend Select UMA Global Investment Solutions - Strategic Portfolios

Size: px
Start display at page:

Download "GIS Strategic 10 Dividend Select UMA Global Investment Solutions - Strategic Portfolios"

Transcription

1 Global Invsmn Soluions - Sragic Porfolios 2000 Wschsr Av. Purchas, Nw York Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu $137.0 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: 2004 No Applicabl Morgan Sanly Smih Barny, LLC. 6 PODUCT OVEVIEW Th GIS Sragic 10 Dividnd Sragy sks long rm capial apprciaion by invsing in n "blu chip" companis, using dividnd yild as h primary invsmn cririon. Accouns ar gnrally rsrucurd and rbalancd annually, on or around h bginning of ach calndar yar. Thr may b circumsancs whn Morgan Sanly will dvia from h disciplin and mak adjusmns o h porfolios. TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 9 o 11 Avrag dividnd yild: Abov h S&P 500 P/E raio: Blow h S&P 500 Cash lvl ovr mark cycl: 1 o 2% isk (sandard dviaion): Similar o/blow h S&P 500 Avrag urnovr ra: 20 o 50% Us ADs: No Capializaion: Mga and Larg companis POTFOLIO STATISTICS / /17 GIS Indx*** GIS Numbr of sock holdings Wd avg dividnd yild 3.2% 3.5% Wd avg P/E raio ¹ 25.19x 24.50x Wd avg porfolio ba 0.81 Mga capializaion % 0.0% 0.0% Larg capializaion % 0.0% 0.0% Mdium capializaion + 0.0% 0.0% 0.0% Small capializaion + 0.0% 0.0% 0.0% Micro capializaion + 0.0% 0.0% 0.0% MANAGE'S INVESTMENT STATEGY Top-down / porfolio srucurs basd on conomic rnds Boom-up / porfolio srucur basd on individual scuriis POTFOLIO'S EQUITY SECTO WEIGHTINGS / /17 Scor GIS Indx*** GIS Enrgy Marials Indusrials Consumr Discrionary Consumr Sapls Halh Car Financials Informaion Tchnology Tlcomm Srvics Uiliis Miscllanous Cash/Cash Equivalns POTFOLIO'S TOP FIVE EQUITY HOLDINGS Boing Company 14.3 Carpillar Inc Cisco Sysms, Inc. 9.7 Pfizr Inc. 9.5 Coca-Cola Company 9.5 % POCESS BASED ON 0 Ass allocaion - cash vs. sock 0 Indusry or scor wighing 100 Sock Slcion % ^As of 03/31/2014. Informaion as of 09/30/2017 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : DJ Indusrial Avg rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 8

2 MANAGE'S INVESTMENT POCESS Sysmaic invsmn approach, using a quaniaiv rank of h univrs basd on dividnd yild Gnrally compris h porfolio of h 10 highs yilding socks of h univrs balancd annually basd on h quaniaiv scrn ISK CONSIDEATIONS Equiy scuriis prics may flucua in rspons o spcific siuaions for ach company, indusry, mark condiions and gnral conomic nvironmn. Companis paying dividnds can rduc or cu payous a any im. Sragis ha invs a larg prcnag of asss in only on indusry scor (or in only a fw scors) ar mor vulnrabl o pric flucuaion han porfolios ha divrsify among a broad rang of scors. Invsing in scuriis nails risks, including: Whn invsing in valu scuriis, h mark may no ncssarily hav h sam valu assssmn as h managr, and, hrfor, h prformanc of h scuriis may dclin. Valu invsing involvs h risk ha h mark may no rcogniz ha scuriis ar undrvalud and hy may no apprcia as anicipad. Growh invsing dos no guaran a profi or limina risk. Th socks of hs companis can hav rlaivly high valuaions. Bcaus of hs high valuaions, an invsmn in a growh sock can b mor risky han an invsmn in a company wih mor mods growh xpcaions. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. GIS Sragic 10 Dividnd POTFOLIO'S ALLOCATION HISTOY (%) + 09/17 06/17 03/17 12/16 U.S. Socks Cash/Cash Equivalns ^As of 03/31/2014. Informaion as of 09/30/2017 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : DJ Indusrial Avg rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 8

3 ISK/ETUN ANALYSIS - 5 YEAS ENDING 09/30/17 a o f u r n s Sandard Dviaion STD O GIS (Gross) GIS (N) DJ Indusrial Avg Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 09/30/17 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 09/30/ Annual Sd. Dv. GIS (Gross) GIS (N) DJ Indusrial Avg ISK VOLATALITY (%) a o f u r n s POTFOLIO'S QUATELY ETUNS (%) Quarr1 Quarr2 Quarr3 Quarr4 Gross N Gross N Gross N Gross N lad POTFOLIO'S ISK STATISTICS - PEIODS ENDING 09/30/17 ¹ ² 3 Yar 5 Yar Sandard Dviaion 10.01% 11.39% Sandard Dviaion of Primary 8.32% 8.64% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha 1.23% -0.49% Ba Downsid isk 5.64% 4.80% -Squard Tracking Error 7.58% 6.73% Informaion aio *10/01/12-12/31/12 **01/01/17-09/30/17 Numbr Of Up Qrs. GIS (Gross) GIS (N) DJ Indusrial Avg Down Qrs POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² GIS vs. DJ Indusrial Avg Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only. 2. DJ Indusrial Avg was usd as h primary bnchmark and h 90-Day T-Bills Indx as h risk-fr bnchmark. S imporan nos and disclosurs pags for a discussion of h sourcs of h prformanc daa usd o calcula h prformanc rsuls and rlad analyss shown abov. rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 8

4 COMPOSITE DISCLOSUES Pas prformanc is no guaran of fuur rsuls. Acual individual accoun rsuls may diffr from h prformanc shown in his profil. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Do no us his profil as h sol basis for your invsmn dcisions. Prformanc rsuls in his profil ar calculad assuming rinvsmn of dividnds and incom. urns for mor han on yar ar annualizd and basd on quarrly daa. urns for priods of lss han a calndar yar show h oal rurn for h priod and ar no annualizd. Sourcs of Prformanc suls and Ohr Daa: Th prformanc daa and crain ohr informaion for his sragy (including h daa on pag 1 of his profil) rflc h invsmn managr's rsuls in managing Morgan Sanly program accouns, or h invsmn managr's rsuls in managing accouns and invsmn producs, in h sam or a subsanially similar invsmn disciplin. (For priods hrough Jun 2012, h Fiduciary Srvics program oprad hrough wo channls - Morgan Sanly channl and h Smih Barny channl - and any prformanc and ohr daa rlaing o Fiduciary Srvics accouns shown hr for hs priods is calculad using accouns in only on of h hs channls.) This informaion for h invsmn managr is prsnd solly o provid informaion abou accouns ha wr managd according o invsmn objcivs and sragis h sam or subsanially similar o h corrsponding invsmn disciplin in h Slc UMA program. Alhough h Fiduciary Srvics and programs ar boh Morgan Sanly managd accoun programs, h prformanc rsuls and ohr faurs of similar invsmn disciplins in h wo programs may diffr du o invsmn and opraional diffrncs. For xampl, h individual invsmn disciplins in h accouns may conain fwr scuriis, which would lad o a mor concnrad porfolio. Th auomaic rbalancing, wash sal loss and ax-harvsing faurs of h program, which ar no availabl in Fiduciary Srvics, also could caus diffrncs in prformanc. Accordingly, h prformanc of h accouns in h Fiduciary Srvics program is no, and may diffr significanly from, h prformanc of h accouns in h program and should no b considrd indicaiv of or a subsiu for prformanc. Similarly, prformanc rsuls of h invsmn managr's composis may diffr from hos of accouns managd in h sam or a subsanially similar invsmn disciplin. lad Prformanc: GIS Sragic 10 Dividnd Sragy This Sragy sks as is primary invsmn objciv long-rm capial apprciaion. Th porfolios ar individually managd using a disciplind approach (h "Disciplin") o idnify and mainain a slc porfolio of socks from h 30 componns of h Dow Jons Indusrial Avrag (h "Indx"). Th Disciplin uss dividnd yild as h primary cririon for porfolio slcion. Gnrally, h Disciplin invss in h n highs-yilding socks in h Indx. Individual accouns ar invsd on a daily basis (as clins slc h Sragic 10 Dividnd Sragy for hir accouns), purchasing h n highs-yilding socks in h Indx as of h im of h immdialy prvious r-balanc for h Sragy (i.., on or around h bginning of ha calndar yar). Accouns ar gnrally rsrucurd and rbalancd annually, on or around h bginning of ach calndar yar. Gnrally, h Porfolio Managr will allow a full yar o laps bfor h nx rbalancing (o allow for long rm capial gain ramn). Thr may b som circumsancs whn Morgan Sanly Smih Barny LLC ("Morgan Sanly") will dvia from h Disciplin and mak adjusmns o h porfolios. Applicabl law or rgulaion may prohibi Morgan Sanly from purchasing h sock of Morgan Sanly or affilias, or scuriis whr Morgan Sanly affilias ar prforming invsmn banking or ohr srvics, for porfolios if such scuriis wr o m h slcion criria dscribd abov. In such vn, Morgan Sanly may subsiu on or mor ohr socks (for xampl, h 11h highs-yilding sock in h Indx) for h sock(s) ha i is unabl o purchas, and/or incras h wighings of h rmaining socks ha fi h Disciplin s slcion criria. Considr Your Own Invsmn Nds This profil is no inndd o b a clin-spcific suiabiliy analysis or rcommndaion, an offr o paricipa in any invsmn, or a rcommndaion o buy, hold or sll scuriis (including scuriis of Morgan Sanly, and/or is affilias if shown in his profil). Do no us his profil as h sol basis for invsmn dcisions. Do no slc an invsmn sragy basd on prformanc alon. Considr all rlvan informaion, including your xising porfolio, invsmn objcivs, risk olranc, liquidiy nds and invsmn im horizon. Prformanc and Ohr Porfolio Informaion Gnral: Th incpion da of his Sragy in h Morgan Sanly Global Invsmn Soluions program (as availabl as an Invsmn Produc in h Morgan Sanly program) is Spmbr 25, Prformanc and Ky Saisics (including Asss and Incpion) ar for h Morgan Sanly Sragic Porfolios program, which uilizs a subsanially similar sragy and is currnly closd o nw businss. Plas s h Morgan Sanly Smih Barny LLC Sragic Porfolios Wrap F Brochur, for mor informaion. Th Morgan Sanly ADVs ar availabl from your Financial Advisor or on lin a Th invsmn rsuls dpicd hrin rprsn hisorical prformanc of h Sragic Porfolios program. As a rsul of rcn mark aciviy, currn prformanc may vary from h figurs shown. Plas conac your Financial Advisor for up o da prformanc informaion. Pas prformanc dos no guaran fuur rsuls. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Prformanc rsuls includ all cash and cash quivalns, ar annualizd for im priods grar han on yar and includ ralizd and unralizd capial gains and losss and rinvsmn of dividnds, inrs and ohr incom. Toals ar roundd o h nars dollar and, as such, may no qual h sum of h dail. Prformanc rsuls dpicd as "gross-" of-fs do no rflc h dducion of any wrap f or invsmn managmn fs. Acual rurns will b rducd by wrap fs and invsmn managmn fs and any ohr xpnss. Th clin is rfrrd o h Morgan Sanly Smih Barny LLC Form ADV Par 2 or comparabl applicabl disclosur brochur, for a full disclosur of h applicabl f schdul. Your Financial Advisor will provid hos documns o you upon rqus. rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 8

5 Indics: Th invsmn sragis dpicd ar no indx sragis, and ar no rsricd o scuriis in any paricular indx. Th bnchmark indx is h Dow Jons Indusrial Avrag. Dpnding on h composiion of your accoun and your invsmn objcivs, any indics shown in his profil may no b an appropria masur for comparison purposs and ar hrfor prsnd for illusraion only. Indics ar unmanagd. Thy do no rflc any managmn, cusody, ransacion or ohr xpnss. Such xpnss would rduc prformanc. Indx rurns gnrally assum rinvsmn of dividnds, accrud incom and capial gains. Pas prformanc of indics dos no guaran fuur rsuls. You canno invs dircly in an indx. Prformanc of indics may b mor or lss volail han any invsmn sragy. Th risk of loss in valu of a spcific invsmn sragy is no h sam as h risk of loss in a broad mark indx. Thrfor, h hisorical rurns of an indx will no b h sam as h hisorical rurns of a paricular invsmn sragy. Dow Jons Indusrial Avrag is a pric-wighd indx of h 30 "blu-chip" socks and srvs as a masur of h U.S. mark, covring such divrs indusris as financial srvics, chnology, rail, nrainmn and consumr goods. An invsmn canno b mad dircly in a mark indx. Scuriis holdings: Holdings ar subjc o chang, so any scuriis discussd in his profil may or may no b includd in your accoun if you invs in his invsmn sragy. Your accoun may also includ ohr scuriis in addiion o or insad of any scuriis discussd in his profil. Thr is no assuranc ha any scuriis discussd hrin will rmain in an accoun a h im you rciv his profil, or ha scuriis sold hav no bn rpurchasd. Th scuriis discussd do no rprsn all h scuriis ha will b purchasd, sold or rcommndd for advisory clins. Do no assum ha any holdings mniond wr, or will b, profiabl or ha h invsmn rcommndaions or dcisions mad in h fuur will b profiabl or will qual h invsmn prformanc of h scuriis discussd in his marial. Holdings and scor allocaion ar basd on h holdings in h accouns in h porfolio. Holdings and scor allocaion ar masurd as a prcnag of h oal porfolio in rms of ass valu as of h spcifid da. Acual accoun daa may diffr from ha shown in his profil: Th prformanc, holdings, scor wighings, porfolio rais and ohr daa for an acual accoun may diffr from ha in his rpor du o various facors including h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Th composi was crad by Morgan Sanly from is accoun rcords and was no audid or vrifid by an indpndn hird pary. As indicad abov, h composi is for h Morgan Sanly Sragic Porfolios program, which uilizs a subsanially similar sragy and is currnly closd o nw businss. Th composi incpion da for Sragic Porfolios program is Dcmbr 31s, 1999.Th composi for Sragic Porfolios consiss of 304 accouns wih a mark valu of $84.7 million as of Jun 30, 2014Th incpion da of his Sragy in h Morgan Sanly Global Invsmn Soluions program (as availabl as an Invsmn Produc in h Morgan Sanly program) is Spmbr 25, Invsmn rurns of accouns invsd in h for Sragic 10 Dividnd ar drmind on h basis of rad-da accouning (maning ha scuriis ransacions ar rcordd on h da on which h ransacion occurs, xcp inrs arnd in conncion wih a ransacion is rcordd on h da h ransacion sls). Th cash flows (i.., conribuions and wihdrawals) ar wighd basd on h acual da of ach conribuion or wihdrawal. Th ra of rurn is calculad on a im-wighd ra of rurn basis wih h porfolios bing rvalud daily. Th im-wighd ra of rurn minimizs h ffc of cash flows on h invsmn prformanc of h porfolio. Accouns ar includd in h composi on h las calndar day of h monh during which h accoun bcoms managd in accordanc wih h sragy (ha is, addd for h firs full monh). Th composi prformanc is a monhly ass-wighd rurn of all accouns ha m h criria for inclusion in h composi. Accouns ha ar rminad or frozn ar xcludd from h composi in h sam monh ha h accoun is rminad or frozn. Accouns ha hav rsricions ar xcludd from h composi. Addiionally, if upon rviw of h composis, i is drmind ha h ruls did no xclud an accoun ha should no b includd, h accoun may b manually rmovd from h composi. Th composi prformanc for accouns invsd in h Sragic 10 Dividnd Sragy is drivd by gomrically linking monhly composi oal ras of rurn. Monhly composi oal ras of rurn ar compud as h avrag of ach porfolio s monhly oal ra of rurn wihin h composi wighd by is rspciv bginning mark valu. Th prformanc of ach accoun wihin h composi is qual o h chang in h mark valu of h porfolio, including capial apprciaion, dprciaion and incom, as a prcnag of h bginning mark valu of h porfolio, adjusd for h n of all conribuions and wihdrawals (h Cash Flows ). Th cash balanc of accouns invsd in h Sragic 10 Dividnd Sragy flucuas on a daily basis as purchass or sals of scuriis occur, as dividnds ar rcivd, and as funds ar conribud o or wihdrawn from such accouns, and h yild rcivd on such balancs will b calculad daily a h prvailing ras on h paricular day. Ky Ass Class Considraions Equiy scuriis prics may flucua in rspons o spcific siuaions for ach company, indusry, mark condiions and gnral conomic nvironmn. Companis paying dividnds can rduc or cu payous a any im. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. Sragis ha invs a larg prcnag of asss in only on indusry scor (or in only a fw scors) ar mor vulnrabl o pric flucuaion han porfolios ha divrsify among a broad rang of scors. Morgan Sanly Prformanc: Th composi consiss of 240 accoun(s) wih a mark valu of $57.1 million as of 09/30/2017. In his profil, h prformanc from Ocobr 1, 2008 hrough Jun 30, 2012 consiss of accouns managd by h invsmn managr in his sragy in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvics program. From July 1, 2012 hrough Dcmbr 31, 2015, prformanc consiss of all Fiduciary Srvics (FS) accouns managd by h invsmn managr in his sragy, subjc o any ohr limiaions sad in his profil. From January 1, 2016, prformanc consiss of h prformanc of all FS accouns (as dscribd in h prvious snnc) as wll as h prformanc of all singl syl accouns managd by h invsmn managr in his sragy, subjc o any ohr limiaions sad in his profil. Prformanc composis calculad by Morgan Sanly includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd bginning wih h scond full calndar monh of prformanc. Trminad accouns ar rmovd in h monh in which hy rmina (bu prior prformanc of rminad accouns is raind). Prformanc is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 8

6 Equiy Accoun (Gross): GIS s gross rsuls do no rflc a dducion of h invsmn advisory fs chargd by GIS, or program fs, if any, bu ar n of commissions chargd on scuriis ransacions. N Prformanc for all Priods: N prformanc rsuls rflc a dducion of % quarrly. This consiss of hr componns: 0.625% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus 0.075% quarrly SMA Managr Fs (bing h f currnly chargd by GIS o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sinc you rcivd his profil. Hisorical n fs rflc h Advisory F Schdul as of March 31, Morgan Sanly program fs ar usually dducd quarrly, and hav a compounding ffc on prformanc. Th Morgan Sanly program f, which diffrs among programs and clins, is dscribd in h applicabl Morgan Sanly ADV brochur, which is availabl a or on rqus from your Financial Advisor or Priva Walh Advisor. Documn approval da Ocobr Focus Lis, Approvd Lis, and Wach Saus: Global Invsmn Managr Analysis ("GIMA") uss wo mhods o valua invsmn producs in applicabl advisory programs. In gnral, sragis ha hav passd a mor horough valuaion may b placd on h "Focus Lis", whil sragis ha hav passd hrough a diffrn and lss comprhnsiv valuaion procss may b placd on h "Approvd Lis". Somims an invsmn produc may b valuad using h Focus Lis procss bu hn placd on h Approvd Lis insad of h Focus Lis. Invsmn producs may mov from h Focus Lis o h Approvd Lis, or vic vrsa. GIMA may also drmin ha an invsmn produc no longr ms h criria undr ihr valuaion procss and will no longr b rcommndd in invsmn advisory programs (in which cas h invsmn produc is givn a "No Approvd" saus). GIMA has a "Wach" policy and may dscrib a Focus Lis or Approvd Lis invsmn produc as bing on "Wach" if GIMA idnifis spcific aras ha (a) mri furhr valuaion by GIMA and (b) may, bu ar no crain o, rsul in h invsmn produc bcoming "No Approvd". Th Wach priod dpnds on h lngh of im ndd for GIMA o conduc is valuaion and for h invsmn managr o addrss any concrns. GIMA may, bu is no obligad o, no h Wach saus in his rpor wih a "W" or "Wach" on h covr pag. For mor informaion on h Focus Lis, Approvd Lis, and Wach procsss, plas s h applicabl Morgan Sanly ADV brochur ( Your Financial Advisor or Priva Walh Advisor can provid on rqus a copy of a papr nild "GIMA: A A Glanc ". ADDITIONAL DISCLOSUES Th informaion abou a rprsnaiv accoun is for illusraiv purposs only. Acual accoun holdings, prformanc and ohr daa will vary dpnding on h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Holdings ar subjc o chang daily. Th informaion in his profil is no a rcommndaion o buy, hold or sll scuriis. Acual porfolio saisics may vary from arg porfolio characrisics. Th invsmn managr may us h sam or subsanially similar invsmn sragis, and may hold similar porfolios of invsmns, in ohr porfolios or producs i manags (including muual funds). Ths may b availabl a Morgan Sanly or lswhr, and may cos an invsor mor or lss han his sragy in Morgan Sanly's program. Th porfolio may, a ims, invs in xchang-radd funds (ETFs), which ar a form of quiy scuriy in sking o mainain coninud full xposur o h broad quiy mark. Morgan Sanly invsmn advisory programs may rquir a minimum ass lvl and, dpnding on your spcific invsmn objcivs and financial posiion, may no b suiabl for you. Invsmn advisory program accouns ar opnd pursuan o a wrin clin agrmn. Th invsmn managr acs indpndnly of, and is no an affilia of, Morgan Sanly Smih Barny LLC. Divrsificaion dos no guaran a profi or proc agains a loss. No obligaion o noify Morgan Sanly has no obligaion o noify you whn informaion in his profil changs. Sourcs of informaion Marial in his profil has bn obaind from sourcs ha w bliv o b rliabl, bu w do no guaran is accuracy, complnss or imlinss. Third pary daa providrs mak no warranis or rprsnaions rlaing o h accuracy, complnss or imlinss of h daa hy provid and ar no liabl for any damags rlaing o his daa. No ax advic Morgan Sanly and is affilias do no rndr advic on lgal, ax and/or ax accouning mars o clins. Each clin should consul his/hr prsonal ax and/or lgal advisor o larn abou any ponial ax or ohr implicaions ha may rsul from acing on a paricular rcommndaion. No an EISA fiduciary Morgan Sanly is no acing as a fiduciary undr ihr h Employ irmn Incom Scuriy Ac of 1974, as amndd, or undr scion 4975 of h Inrnal vnu Cod of 1986, as amndd, in providing h informaion in his profil Morgan Sanly Smih Barny LLC Mmbr SIPC. INDEX DESCIPTIONS rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 8

7 90-Day T-Bills Th 90-Day Trasury Bill is a shor-rm obligaion issud by h Unid Sas govrnmn. T-bills ar purchasd a a discoun o h full fac valu, and h invsor rcivs h full valu whn hy maur. Th diffrnc of discoun is h inrsd arnd. T-bills ar issud in dnominaions of $10,000 aucion and $1,000 incrmns hrafr. DJ Indusrial Avg Th Dow Jons Indusrial Avrag also calld h Indusrial Avrag, h Dow Jons, h Dow 30, or simply h Dow, is a sock mark indx, and on of svral indics crad by Wall Sr Journal dior and Dow Jons & Company co-foundr Charls Dow. I was foundd on May 26, 1896, and is now ownd by Dow Jons Indxs, which has is majoriy ownd by h CME Group. Th avrag is namd afr Dow and on of his businss associas, saisician Edward Jons. I is an indx ha shows how 30 larg publicly ownd companis basd in h Unid Sas hav radd during a sandard rading sssion in h sock mark. I is h scond olds U.S. mark indx afr h Dow Jons Transporaion Avrag, which was also crad by Dow. Th Indusrial porion of h nam is largly hisorical, as many of h modrn 30 componns hav lil or nohing o do wih radiional havy indusry. Th avrag is pric-wighd, and o compnsa for h ffcs of sock splis and ohr adjusmns, i is currnly a scald avrag. Th valu of h Dow is no h acual avrag of h prics of is componn socks, bu rahr h sum of h componn prics dividd by a divisor, which changs whnvr on of h componn socks has a sock spli or sock dividnd, so as o gnra a consisn valu for h indx. Along wih h NASDAQ Composi, h S&P 500 Indx, and h ussll 2000 Indx, h Dow is among h mos closly wachd U.S. bnchmark indics racking argd sock mark aciviy. Alhough Dow compild h indx o gaug h prformanc of h indusrial scor wihin h Amrican conomy, h indx's prformanc coninus o b influncd by no only corpora and conomic rpors, bu also by domsic and forign poliical vns such as war and rrorism, as wll as by naural disasrs ha could ponially lad o conomic harm. Componns of h Dow rad on boh h NASDAQ OMX and h NYSE Euronx, wo of h largs sock mark companis. Drivaivs of h Dow rad on h Chicago Board Opions Exchang and hrough h CME Group, h world's largs fuurs xchang company, which owns 90% of h indxing businss foundd by Dow Jons, including h Indusrial Avrag. S&P 500 Th S&P 500 Toal urn has bn widly rgardd as h bs singl gaug of h larg cap U.S. quiis mark sinc h indx was firs publishd in Th indx has ovr $5.58 rillion bnchmarkd, wih indx asss comprising approximaly $1.31 rillion of his oal. Th indx includs 500 lading companis in lading indusris of h U.S. conomy, capuring 75% covrag of U.S. quiis. This indx includs dividnd rinvsmn. Indics ar unmanagd and hav no xpnss. You canno invs dircly in an indx. GLOSSAY OF TEMS Alpha is a mahmaical sima of risk-adjusd rurn xpcd from a porfolio abov and byond h bnchmark rurn a any poin in im. Avrag Porfolio Ba is a masur of h snsiiviy of a bnchmark or porfolio's ras of rurn o changs agains a mark rurn. Th mark rurn is h S&P 500 Indx. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Ba is a masur of h snsiiviy of a porfolio's ras of rurn o changs in h mark rurn. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Boom-Up Sock Slcion Emphasis primarily on individual sock slcion. Considraions of conomic and indusry facors ar of scondary imporanc in h invsmn dcision-making procss. Capializaion is dfind as h following: Mga (Abov $100 billion), Larg ($12 o $100 billion), Mdium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (blow $.50 billion). Dividnd a porion of a company's profi paid o common and prfrrd sharholdrs. Downsid isk is a masur of h risk associad wih achiving a spcific arg rurn. This saisic sparas porfolio volailiy ino downsid risk and upsid uncrainy. Th downsid considrs all rurns blow h arg rurn, whil h upsid considrs all rurns qual o or abov h arg rurn. Duraion is a masur of pric snsiiviy xprssd in yars. High Grad Corpora Bonds corpora bonds from issurs wih crdi raings of AA or AAA. Informaion aio is a masur of h invsmn managr's skill o add aciv valu agains a givn bnchmark rlaiv o how sabl ha aciv rurn has bn. Essnially, h informaion raio xplains how significan a managr's alpha is. Thrfor, h highr h informaion raio, h mor significan h alpha. Invsmn Grad Bonds ar hos rad by Sandard & Poor's AAA (highs rad), AA, A or BBB (or quivaln raing by ohr raing agncis or, in h cas of scuriis no rad, by h invsmn managr). Pric/Book aio (P/B) wighd avrag of h socks' pric dividd by book valu pr shar. Book valu pr shar is dfind as common quiy, including inangibls, dividd by shars ousanding ims h adjusmn facor. Pric/Cash Flow aio a raio usd o compar a company's mark valu o is cash flow. I is calculad by dividing h company's mark cap by h company' opraing cash flow in h mos rcn fiscal yar (or h mos rcn four fiscal quarrs); or, quivalnly, divid h pr-shar sock pric by h pr-shar opraing cash flow. Amrican Dposiary cips (ADs) ar rcips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 7 of 8

8 Pric/Earnings aio (P/E aio) shows h mulipl of arnings a which a sock slls. Drmind by dividing currn sock pric by currn arnings pr shar (adjusd for sock splis). Earnings pr shar for h P/E raio ar drmind by dividing arnings for pas 12 monhs by h numbr of common shars ousanding. Th P/E raio shown hr is calculad by h harmonic man. Pric/Sals aio drmind by dividing currn sock pric by rvnu pr shar (adjusd for sock splis). vnu pr shar for h P/S raio is drmind by dividing rvnu for pas 12 monhs by numbr of shars ousanding. 2 (-Squard)/Porfolio Divrsificaion indicas h proporion of a scuriy's oal varianc ha is bnchmark-rlad or is xplaind by variaions in h bnchmark. Sharp aio masurs h fficincy, or xcss rurn pr uni of volailiy, of a managr's rurns. I valuas managrs' prformanc on a volailiy-adjusd basis. Sandard Dviaion is a saisical masur of hisorical variabiliy or sprad of rurns around a mahmaical avrag rurn ha was producd by h invsmn managr ovr a givn masurmn priod. Th highr h sandard dviaion, h grar h variabiliy in h invsmn managr's rurns rlaiv o is avrag rurn. Top-Down/Economic Analysis Emphasis primarily on macroconomic rnds as opposd o boom-up sock slcion. Tracking Error rprsns h sandard dviaion of h diffrnc bwn h prformanc of h invsmn sragy and h bnchmark. This provids a hisorical masur of h variabiliy of h invsmn sragy's rurns rlaiv o is bnchmark. U.S. Trasury Bonds a markabl, fixd inrs U.S. govrnmn db scuriy wih a mauriy of mor han 10 yars. Trasury bonds mak inrs paymns smi-annually and h incom ha holdrs rciv is only axd a h fdral lvl. Volailiy a masur of risk basd on h sandard dviaion of h ass rurn. Volailiy is a variabl ha appars in opion pricing formulas, whr i dnos h volailiy of h undrlying ass rurn from now o h xpiraion of h opion. Thr ar volailiy indxs. Such as a scal of 1-9; a highr raing mans highr risk. rms. Informaion shown is as of Spmbr 30, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 8 of 8

Parametric Tax Managed RU 3000 Select UMA Parametric Portfolio Associates

Parametric Tax Managed RU 3000 Select UMA Parametric Portfolio Associates Paramric Tax Managd U 3000 Paramric Porfolio Associas 1918 8h Avnu, Sui 3100 Sal, Washingon 98101 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $230.1 billion $8.8 billion Yar Foundd: GIMA Saus:

More information

ClearBridge Mid Cap Core Select UMA ClearBridge Investments, LLC.

ClearBridge Mid Cap Core Select UMA ClearBridge Investments, LLC. ClarBridg Invsmns, LLC. 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Blnd $147.9 billion^ $3.3 billion^^ Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Mid Cap Equity Select UMA Penn Capital Management Co., Inc.

Mid Cap Equity Select UMA Penn Capital Management Co., Inc. Pnn Capial Managmn Co., Inc. 1200 Inrpid Avnu, Sui 400 Phliadlphia, Pnnsylvania 19112 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Valu-orind $2.9 billion $61.2 million Yar Foundd: GIMA Saus: Firm

More information

Large Cap Value Select UMA HGK Asset Management Inc.

Large Cap Value Select UMA HGK Asset Management Inc. HGK Ass Managmn Inc. 525 Washingon Blvd., Sui 2601/Nwpor Towr Jrsy Ciy, Nw Jrsy 07310 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Tradiional Valu $2.6 billion^ $516.5 million Yar Foundd: GIMA Saus: Firm

More information

Mid Cap Equity Select UMA Madison Investment Advisors, LLC

Mid Cap Equity Select UMA Madison Investment Advisors, LLC Mid Cap Equiy Madison Invsmn Advisors, LLC 550 Scinc Driv Madison, Wisconsin 53711 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Growh-orind $17.0 billion $1.8 billion Yar Foundd: GIMA Saus: Firm

More information

Balanced Managed Accounts Select UMA TCW Investment Management Company

Balanced Managed Accounts Select UMA TCW Investment Management Company Balancd Managd Accouns TCW Invsmn Managmn Company 865 Souh Figuroa Sr Los Angls, California 90017 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Muli Ass Balancd Tradiional Growh $198.2 billion $248.0 million

More information

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Small Cap Growth. $4.0 billion $233.

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Small Cap Growth. $4.0 billion $233. Franklin Sparaly Managd Accouns On Franklin Parkway San Mao, California 94403-1906 PODUCT OVEVIEW Franklin Sparaly Managd Accouns' (FSMA), a division of Franklin Tmplon Invsmns, Small Cap Growh Equiy invsmn

More information

Relative Value Mid Cap Select UMA TCW Investment Management Company

Relative Value Mid Cap Select UMA TCW Investment Management Company laiv Valu Mid Cap TCW Invsmn Managmn Company 865 Souh Figuroa Sr Los Angls, California 90017 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Valu laiv Valu $198.2 billion $183.0 million Yar Foundd:

More information

Short Duration Fixed Income Select UMA Cincinnati Asset Management

Short Duration Fixed Income Select UMA Cincinnati Asset Management Cincinnai Ass Managmn 8845 Govrnor's Hill Driv Cincinnai, Ohio 45249 Syl: High Yild Fixd Incom Sub-Syl: Shor Trm High Yild FI Firm AUM: $2.6 billion Firm Sragy AUM: $42.4 million Yar Foundd: GIMA Saus:

More information

Legg Mason Balanced Income w/muni Select UMA Legg Mason

Legg Mason Balanced Income w/muni Select UMA Legg Mason Lgg Mason Balancd Incom w/muni Lgg Mason 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Muli Ass Bal laiv Val Tax Favord $637.1 million^ Yar Foundd: GIMA Saus: Firm

More information

Red Granite Large Cap Growth Equity Select UMA Ziegler Capital Management

Red Granite Large Cap Growth Equity Select UMA Ziegler Capital Management d Grani Larg Cap Growh Equiy Ziglr Capial Managmn 70 W. Madison S., Sui 2400 Chicago, Illinois 60602 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Tradiional Growh $11.9 billion $1.2 billion

More information

US Value Equity Select UMA Brandes Investment Partners, L.P.

US Value Equity Select UMA Brandes Investment Partners, L.P. Brands Invsmn Parnrs, L.P. 11988 El Camino al - Sui 600 San Digo, California 92130 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu Discoun Valu $27.9 billion $463.0 million Yar Foundd: GIMA Saus:

More information

Parametric Tax Managed RU 3000 Fiduciary Services Parametric Portfolio Associates

Parametric Tax Managed RU 3000 Fiduciary Services Parametric Portfolio Associates Paramric Tax Managd U 3000 Paramric Porfolio Associas 1918 8h Avnu, Sui 3100 Sal, Washingon 98101 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $159.3 billion $6.1 billion Yar Foundd: GIMA Saus:

More information

ClearBridge Multi Cap Growth Equity Select UMA ClearBridge Investments, LLC.

ClearBridge Multi Cap Growth Equity Select UMA ClearBridge Investments, LLC. ClarBridg Muli Cap Growh Equiy ClarBridg Invsmns, LLC. 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Aggrssiv Growh $147.9 billion $18.4 billion^

More information

Managed Munis Short Maturity (MA) Select UMA Eaton Vance

Managed Munis Short Maturity (MA) Select UMA Eaton Vance Managd Munis Shor Mauriy (MA) Eaon Vanc 2 Inrnaional Plac Boson, Massachuss 02110 Syl: Shor Trm Municipals Sub-Syl: Shor Trm Municipals Firm AUM: $194.1 billion Firm Sragy AUM: $298.1 million Yar Foundd:

More information

Lyrical U.S. Value Equity - CS Select UMA Lyrical Asset Management LP

Lyrical U.S. Value Equity - CS Select UMA Lyrical Asset Management LP Lyrical U.S. Valu Equiy - CS Lyrical Ass Managmn LP 250 Ws 55h Sr, Floor 37 Nw York, Nw York 10019 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu Discoun Valu $8.7 billion $3.5 billion Yar Foundd:

More information

Low Duration Gov Only Select UMA Delaware Investments

Low Duration Gov Only Select UMA Delaware Investments Low Duraion Gov Only Dlawar Invsmns On Commrc Squar, 2005 Mark Sr Philadlphia, Pnnsylvania 19103 Syl: Shor Trm Fixd Incom Sub-Syl: Shor Trm Govrnmn Firm AUM: $247.3 billion Firm Sragy AUM: $162.6 million

More information

US Small Cap. $10.1 billion

US Small Cap. $10.1 billion Goldn Capial Managmn, LLC 10715 David Taylor Driv - Sui 150 Charlo, Norh Carolina 28262 PODUCT OVEVIEW Th ovrall objciv of h SMID Cap Cor ("SMID") sragy is o consruc an acivly managd, risk conrolld, cor

More information

US Value Equity Select UMA Brandes Investment Partners, L.P.

US Value Equity Select UMA Brandes Investment Partners, L.P. US Valu Equiy Brands Invsmn Parnrs, L.P. 11988 El Camino al - Sui 600 San Digo, California 92130 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu Discoun Valu $27.8 billion $476.0 million Yar Foundd:

More information

Mid Cap Value - MA Select UMA J.P. Morgan Asset Management

Mid Cap Value - MA Select UMA J.P. Morgan Asset Management Mid Cap Valu - MA J.P. Morgan Ass Managmn 270 Park Avnu Nw York, Nw York 10017 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Valu laiv Valu $1,716.7 billion $24.2 billion Yar Foundd: GIMA Saus: Firm

More information

Core Equity Select UMA Affinity Investment Advisors, LLC

Core Equity Select UMA Affinity Investment Advisors, LLC Cor Equiy Affiniy Invsmn Advisors, LLC 4041 MacArhur Blvd, Sui 150 Nwpor Bach, California 92660 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $1.0 billion $209.0 million Yar Foundd: GIMA Saus:

More information

Parametric Tax Managed KLD400 Select UMA Parametric Portfolio Associates

Parametric Tax Managed KLD400 Select UMA Parametric Portfolio Associates Paramric Porfolio Associas 1918 8h Avnu, Sui 3100 Sal, Washingon 98101 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $998.0 billion^ $299.9 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Behavioral Small-Cap Equity Select UMA Fuller & Thaler Asset Management, Inc.

Behavioral Small-Cap Equity Select UMA Fuller & Thaler Asset Management, Inc. Fullr & Ass Managmn, Inc. 411 Borl Av, Sui 300 San Mao, California 94402 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Small Cap Blnd $7.3 billion $936.0 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Small Mid Cap Core Select UMA The London Company

Small Mid Cap Core Select UMA The London Company Th London Company 1800 Baybrry Cour, Sui 301 ichmond, Virginia 23226 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Valu-orind $8.2 billion $591.8 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Large Cap Disciplined Growth Select UMA Neuberger Berman LLC

Large Cap Disciplined Growth Select UMA Neuberger Berman LLC Nubrgr Brman LLC 605 Third Avnu Nw York, Nw York 10158 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Tradiional Growh $237.4 billion $747.0 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

1-10 Year Municipal Ladder Select UMA Nuveen Asset Management

1-10 Year Municipal Ladder Select UMA Nuveen Asset Management 1-10 Yar Municipal Laddr Nuvn Ass Managmn 333 Ws Wackr Driv Chicago, Illinois 60606 Syl: US Tax Fr Cor Sub-Syl: Inrmdia Trm Munis FI Firm AUM: $171.7 billion Firm Sragy AUM: $969.0 million Yar Foundd:

More information

Small/Mid Cap Value Select UMA Thompson, Siegel & Walmsley LLC

Small/Mid Cap Value Select UMA Thompson, Siegel & Walmsley LLC Sragy Saus: Closd Sragy closd o nw accouns and opn o addiional asss Small/Mid Cap Valu Thompson, Sigl & Walmsly LLC 6641 Ws Broad Sr, Sui 600 ichmond, Virginia 23230 Syl: Sub-Syl: Firm AUM: Firm Sragy

More information

Large Cap Growth ESG Select UMA ClearBridge Investments, LLC.

Large Cap Growth ESG Select UMA ClearBridge Investments, LLC. Larg Cap Growh ESG ClarBridg Invsmns, LLC. 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Tradiional Growh $147.9 billion $1.3 billion^ Yar Foundd:

More information

US Mid Cap Growth. $63.6 billion $3.9 billion

US Mid Cap Growth. $63.6 billion $3.9 billion Vicory Capial Managmn 127 Public Squar Clvland, Ohio 44114 PODUCT OVEVIEW Vicory Capial Managmn Inc.'s (Vicory) mid cap growh quiy sragy sks o ouprform h ussll Mid Cap Growh Indx wihou incrasd risk and

More information

MDT All Cap Core Select UMA Federated Investors, Inc.

MDT All Cap Core Select UMA Federated Investors, Inc. Fdrad, Inc. Fdrad Towr, 1001 Libry Avnu Pisburgh, Pnnsylvania 15222 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu-orind $459.9 billion $1.1 billion Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

ClearBridge All Cap Value Select UMA ClearBridge Investments, LLC.

ClearBridge All Cap Value Select UMA ClearBridge Investments, LLC. ClarBridg Invsmns, LLC. 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu laiv Valu $147.9 billion^ $5.1 billion^^ Yar Foundd: GIMA Saus: Firm Ownrship:

More information

Western Asset GSM 3 Year Portfolio Select UMA Western Asset Management

Western Asset GSM 3 Year Portfolio Select UMA Western Asset Management Wsrn Ass GSM 3 Yar Porfolio Wsrn Ass Managmn 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Shor Trm Fixd Incom Sub-Syl: Shor Trm Govrnmn Firm AUM: $431.1 billion Firm Sragy AUM: $49.2 million^ Yar Foundd:

More information

Uniplan REIT Portfolio Select UMA Uniplan Investment Counsel, Inc.

Uniplan REIT Portfolio Select UMA Uniplan Investment Counsel, Inc. Uniplan Invsmn Counsl, Inc. 22939 W Ovrson d Union Grov, Wisconsin 53182 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: al Esa/EITs al Esa/EITs Domsic $1.1 billion $1.1 billion Yar Foundd: GIMA Saus: Firm Ownrship:

More information

Absolute Return Balanced Select UMA Sheets Smith Investment Management, LLC

Absolute Return Balanced Select UMA Sheets Smith Investment Management, LLC Absolu urn Balancd Shs Smih Invsmn Managmn, LLC 120 Club Oaks Cour, Sui 200 Winson-Salm, Norh Carolina 27104 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Muli Ass Tacical Ass Allocaion $107.5 million $68.1

More information

Small/Mid Cap Core Select UMA EARNEST Partners, LLC

Small/Mid Cap Core Select UMA EARNEST Partners, LLC Small/Mid Cap Cor EANEST Parnrs, LLC 1180 Pachr S. - Sui 2300 Alana, Gorgia 30309 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Mid Cap Blnd $22.1 billion $199.0 million Yar Foundd: GIMA Saus: Firm Ownrship:

More information

Global Balanced Value Select UMA Brandes Investment Partners, L.P.

Global Balanced Value Select UMA Brandes Investment Partners, L.P. Brands Invsmn Parnrs, L.P. 11988 El Camino al - Sui 600 San Digo, California 92130 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: Global Muli Ass Balancd Valu-Orind $24.1 billion $134.3 million Yar Foundd: GIMA

More information

Large Cap Growth ESG Balanced 60/40 Taxable Select UMA Legg Mason

Large Cap Growth ESG Balanced 60/40 Taxable Select UMA Legg Mason Lgg Mason 100 Inrnaional Driv Balimor, Maryland 21202 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Muli Ass Balancd Tradiional Growh $1.7 million^ Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Core Equity Select UMA Kovitz Investment Group Partners, LLC

Core Equity Select UMA Kovitz Investment Group Partners, LLC Cor Equiy Koviz Invsmn Group Parnrs, LLC 115 Souh LaSall Sr, 27h Floor Chicago, Illinois 60603 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $2.4 billion^ $2.0 billion Yar Foundd: GIMA Saus:

More information

SMID Dividend Income WO MLPS Select UMA Edge Asset Management

SMID Dividend Income WO MLPS Select UMA Edge Asset Management Edg Ass Managmn 601 Union Sr, Sui 2200 Sal, Washingon 98101 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Small Cap Valu Tradiional Valu $412.7 billion $2.6 billion Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Equity Income SMA Select UMA J.P. Morgan Asset Management

Equity Income SMA Select UMA J.P. Morgan Asset Management J.P. Morgan Ass Managmn 270 Park Avnu Nw York, Nw York 10017 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu Tradiional Valu $1,716.7 billion^ $2.5 billion Yar Foundd: GIMA Saus: Firm Ownrship:

More information

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Large Cap Value. $484.0 billion $81.

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Large Cap Value. $484.0 billion $81. MFS Invsmn Managmn 111 Huningon Avnu Boson, Massachuss 02177 PODUCT OVEVIEW A is mos broad, h am s invsmn univrs can bs b dscribd as h ussll 1000 companis and hir global, mulinaional prs. Invsing in companis

More information

Small Cap Growth Select UMA Congress Asset Management Company

Small Cap Growth Select UMA Congress Asset Management Company Small Cap Growh Congrss Ass Managmn Company 2 Sapor Lan, 5h Floor Boson, Massachuss 02210 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Small Cap Growh Consrvaiv Growh $10.9 billion^ $163.5 million Yar Foundd:

More information

Mid Cap Value Select UMA EARNEST Partners, LLC

Mid Cap Value Select UMA EARNEST Partners, LLC EANEST Parnrs, LLC 1180 Pachr S. - Sui 2300 Alana, Gorgia 30309 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US laiv Valu $20.0 billion $70.0 million Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Dividend Strategy ESG Select UMA ClearBridge Investments, LLC

Dividend Strategy ESG Select UMA ClearBridge Investments, LLC ClarBridg Invsmns, LLC 620 8h Avnu Nw York, Nw York 07042 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Blnd $66.1 billion^ $138.4 million^^ Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff:

More information

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Large Cap Value. $491.1 billion $68.

Strategy Status: Closed Strategy closed to new accounts and open to additional assets. US Large Cap Value. $491.1 billion $68. MFS Invsmn Managmn 111 Huningon Avnu Boson, Massachuss 02177 PODUCT OVEVIEW A is mos broad, h am s invsmn univrs can bs b dscribd as h ussll 1000 companis and hir global, mulinaional prs. Invsing in companis

More information

Global Balanced Select UMA WestEnd Advisors

Global Balanced Select UMA WestEnd Advisors Global Balancd WsEnd Advisors 4064 Colony oad, Sui 130 Charlo, Norh Carolina 28211 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: Global Muli Ass Global Tacical Ass Alloc $4.1 billion $1.4 billion Yar Foundd:

More information

Tax Advantaged Liquidity Blended - Select UMA Chilton Investment Services, LLC

Tax Advantaged Liquidity Blended - Select UMA Chilton Investment Services, LLC Tax Advanagd Liquidiy Blndd - Chilon Invsmn Srvics, LLC 300 Park Avnu Nw York, Nw York Syl: Shor Trm Municipals Sub-Syl: Firm AUM: $4.3 billion Firm Sragy AUM: $710.5 million Yar Foundd: GIMA Saus: Firm

More information

Boston Partners Large Cap Value Eq Select UMA Boston Partners

Boston Partners Large Cap Value Eq Select UMA Boston Partners Boson Parnrs Larg Cap Valu Eq Boson Parnrs 909 Third Avnu Nw York, Nw York 10022 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu Tradiional Valu $100,655,442.5 billion $35.2 billion Yar Foundd:

More information

Large Cap Value Select UMA Confluence Investment Management

Large Cap Value Select UMA Confluence Investment Management Larg Cap Valu Slc UMA Conflunc Invsmn Managmn 20 Alln Avnu Sui 300 Sain Louis, Missouri 63119 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu laiv Valu $7.1 billion^ $1.5 billion Yar Foundd: GIMA

More information

US Large Cap Growth. $5.3 billion^ $119.0 million

US Large Cap Growth. $5.3 billion^ $119.0 million naissan Invsmn Managmn 50 Eas ivrcnr Blvd., Sui 1200 Covingon, Knucky 41011 PODUCT OVEVIEW Th naissan Larg Cap Growh Sragy sks o invs in growh-orind socks slling a rasonabl valuaions. A disciplind pross

More information

Drill Bit to Burner Tip (No K-1s) Select UMA Miller/Howard Investments Inc.

Drill Bit to Burner Tip (No K-1s) Select UMA Miller/Howard Investments Inc. Drill Bi o Burnr Tip (No K-1s) Millr/How Invsmns Inc. 10 Dixon Avnu, PO Box 549 Woodsock, Nw York 12498 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Equiis Ohr Blnd $4.9 billion $101.9 million Yar Foundd:

More information

Fundamental Growth Select UMA Amundi Pioneer Asset Management

Fundamental Growth Select UMA Amundi Pioneer Asset Management Fundamnal Growh Amundi Pionr Ass Managmn 60 Sa Sr Boson, Massachuss 02109 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Consrvaiv Growh $67.2 billion^ $7.5 billion^^ Yar Foundd: GIMA Saus:

More information

International Equity Select UMA Brandes Investment Partners, L.P.

International Equity Select UMA Brandes Investment Partners, L.P. Brands Invsmn Parnrs, L.P. 11988 El Camino al - Sui 600 San Digo, California 92130 Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: Inrnaional Equiis Valu-orind $24.1 billion $2.0 billion Yar Foundd: GIMA Saus:

More information

Sponsoring Content: Motivation and Pitfalls for Content Service Providers

Sponsoring Content: Motivation and Pitfalls for Content Service Providers Sponsoring Conn: Moivaion and Pifalls for Conn Srvic Providrs Liang Zhang Dan Wang Dparmn of Compuing Th Hong Kong Polychnic Univrsiy Th Hong Kong Polychnic Univrsiy Shnzhn Rsarch Insiu Email: {cslizhang

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper March 3, 2009 2009 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion by

More information

SUMMARY Estimated Future Tax Evasion under the Income Tax System and Prospects for Tax Evasion under the FairTax: New Perspectives

SUMMARY Estimated Future Tax Evasion under the Income Tax System and Prospects for Tax Evasion under the FairTax: New Perspectives SUMMARY Estimatd Futur Tax Evasion undr th Incom Tax Systm and Prospcts for Tax Evasion undr th FairTax: Nw Prspctivs By Richard J. Cbula, Ph.D. Fiorntina AngjllariDajci, Ph.D. March 1, 2017 Purpos of

More information

ECONOMIC STATISTICS. Sponsored by a Grant TÁMOP /2/A/KMR Course Material Developed by Department of Economics,

ECONOMIC STATISTICS. Sponsored by a Grant TÁMOP /2/A/KMR Course Material Developed by Department of Economics, ECONOMIC STATISTICS Sonsord by a Gran TÁMOP-4..2-08/2/A/KMR-2009-004 Cours Marial Dvlod by Darmn of Economics, Faculy of Social Scincs, Eövös Loránd Univrsiy Budas (ELTE) Darmn of Economics, Eövös Loránd

More information

Lifecycle Funds. T. Rowe Price Target Retirement Fund. Lifecycle Asset Allocation

Lifecycle Funds. T. Rowe Price Target Retirement Fund. Lifecycle Asset Allocation Lifecycle Funds Towards a Dynamic Asse Allocaion Framework for Targe Reiremen Funds: Geing Rid of he Dogma in Lifecycle Invesing Anup K. Basu Queensland Universiy of Technology The findings of he Mercer

More information

Reconciling Economic and Biological Modeling of Migratory Fish Stocks: Optimal Management of the Atlantic Salmon Fishery in the Baltic Sea

Reconciling Economic and Biological Modeling of Migratory Fish Stocks: Optimal Management of the Atlantic Salmon Fishery in the Baltic Sea MTT Discussion Paprs 1 006 Rconciling Economic and Biological Modling of Migraory Fish Socks: Opimal Managmn of h Alanic Salmon Fishry in h Balic Sa Kulmala, S., Laukkann, M. & Michilsns, C. MTT Discussion

More information

Relationship of Five Plate Numbers in Chromatography

Relationship of Five Plate Numbers in Chromatography Availabl onlin a www.scincdirc.com Procdia Environmnal Scincs 8 (11 687 69 ICESB 11: 5-6 Novmbr 11, Maldivs Rlaionship of Fiv Pla Numbrs in Chromaograph ZHANG Dali a, KE Jiajun b, LU Lizhu b a Biochmical

More information

Appendix B. Public Life Public Space - Cycling Findings

Appendix B. Public Life Public Space - Cycling Findings Appndix B. Public Lif Public Spac - Cycling Findings No: Th cycling findings ar incorporad ino Chapr 2.3 Mulimodal Opraions: Bicycl. Th full rpor on cycling, as prpard by Ghl Archics, is providd hrin.

More information

On the decomposition of life expectancy and limits to life

On the decomposition of life expectancy and limits to life On th dcomposition of lif xpctancy and limits to lif Ls Mayhw and David Smith Faculty of Actuarial Scinc Cass Businss School ARC Confrnc 2014 Santa Barbara Som ky dmographic issus What do trnds in lif

More information

Selection Protocol BC Snowboard Provincial Freestyle Team July 15, 2015

Selection Protocol BC Snowboard Provincial Freestyle Team July 15, 2015 Slction Protocol 2015-2016 BC Snowboard Provincial Frstyl Tam July 15, 2015 Background Th BC Snowboard Provincial Frstyl Tam Slction Protocol is dsignd to outlin tam slction for th rstructurd BC Snowboard

More information

On the decomposition of life expectancy and limits to life

On the decomposition of life expectancy and limits to life On th dcomposition of lif xpctancy and limits to lif Ls Mayhw and David Smith Faculty of Actuarial Scinc Cass Businss School Longvity 10 Sptmbr 2014 Santiago Chil Som ky dmographic issus What do trnds

More information

Owner s Manual. Model Number: 73654

Owner s Manual. Model Number: 73654 Ownr s Manual Modl Numbr: 73654 Fishr-Pric, Inc., a subsidiary of Mattl, Inc., East Aurora, NY 14052 U.S.A. 2002 Mattl, Inc. All Right Rsrvd. and dsignat U.S. tradmarks of Mattl, Inc. Printd in China.

More information

Economics 487. Homework #4 Solution Key Portfolio Calculations and the Markowitz Algorithm

Economics 487. Homework #4 Solution Key Portfolio Calculations and the Markowitz Algorithm Economics 87 Homework # Soluion Key Porfolio Calculaions and he Markowiz Algorihm A. Excel Exercises: (10 poins) 1. Download he Excel file hw.xls from he class websie. This file conains monhly closing

More information

Homework 2. is unbiased if. Y is consistent if. c. in real life you typically get to sample many times.

Homework 2. is unbiased if. Y is consistent if. c. in real life you typically get to sample many times. Econ526 Mulile Choice. Homework 2 Choose he one ha bes comlees he saemen or answers he quesion. (1) An esimaor ˆ µ of he oulaion value µ is unbiased if a. ˆ µ = µ. b. has he smalles variance of all esimaors.

More information

Do Competitive Advantages Lead to Higher Future Rates of Return?

Do Competitive Advantages Lead to Higher Future Rates of Return? Do Compeiive Advanages Lead o Higher Fuure Raes of Reurn? Vicki Dickinson Universiy of Florida Greg Sommers Souhern Mehodis Universiy 2010 CARE Conference Forecasing and Indusry Fundamenals April 9, 2010

More information

Strategic Decision Making in Portfolio Management with Goal Programming Model

Strategic Decision Making in Portfolio Management with Goal Programming Model American Journal of Operaions Managemen and Informaion Sysems 06; (): 34-38 hp://www.sciencepublishinggroup.com//aomis doi: 0.648/.aomis.0600.4 Sraegic Decision Making in Porfolio Managemen wih Goal Programming

More information

Guidance Statement on Calculation Methodology

Guidance Statement on Calculation Methodology Guidance Saemen on Calculaion Mehodology Adopion Dae: 28 Sepember 200 Effecive Dae: January 20 Reroacive Applicaion: No Required www.gipssandards.org 200 CFA Insiue Guidance Saemen on Calculaion Mehodology

More information

Paul M. Sommers David U. Cha And Daniel P. Glatt. March 2010 MIDDLEBURY COLLEGE ECONOMICS DISCUSSION PAPER NO

Paul M. Sommers David U. Cha And Daniel P. Glatt. March 2010 MIDDLEBURY COLLEGE ECONOMICS DISCUSSION PAPER NO AN EMPIRICAL TEST OF BILL JAMES S PYTHAGOREAN FORMULA by Paul M. Sommers David U. Cha And Daniel P. Gla March 2010 MIDDLEBURY COLLEGE ECONOMICS DISCUSSION PAPER NO. 10-06 DEPARTMENT OF ECONOMICS MIDDLEBURY

More information

Stock Return Expectations in the Credit Market

Stock Return Expectations in the Credit Market Sock Reurn Expecaions in he Credi Marke Hans Bysröm * Sepember 016 In his paper we compue long-erm sock reurn expecaions (across he business cycle) for individual firms using informaion backed ou from

More information

Idiosyncratic Volatility, Stock Returns and Economy Conditions: The Role of Idiosyncratic Volatility in the Australian Stock Market

Idiosyncratic Volatility, Stock Returns and Economy Conditions: The Role of Idiosyncratic Volatility in the Australian Stock Market Idiosyncraic Volailiy, Sock Reurns and Economy Condiions: The Role of Idiosyncraic Volailiy in he Ausralian Sock Marke Bin Liu Amalia Di Iorio RMIT Universiy Melbourne Ausralia Absrac This sudy examines

More information

quebec open 2011 djudo competition din 2010 several countries participated: October 8th and 9th Centre Pierre-Charbonneau Montreal

quebec open 2011 djudo competition din 2010 several countries participated: October 8th and 9th Centre Pierre-Charbonneau Montreal qubc opn 2011 Octobr 8th and 9th Cntr Pirr-Charbonnau Montral djudo comptition U15, U17, U20, snior and mastrs din 2010 svral countris participatd: V rs i n ón n l vrd s int pa r n ño ior l USA, Franc,

More information

Market timing and statistical arbitrage: Which market timing opportunities arise from equity price busts coinciding with recessions?

Market timing and statistical arbitrage: Which market timing opportunities arise from equity price busts coinciding with recessions? Journal of Applied Finance & Banking, vol.1, no.1, 2011, 53-81 ISSN: 1792-6580 (prin version), 1792-6599 (online) Inernaional Scienific Press, 2011 Marke iming and saisical arbirage: Which marke iming

More information

Market Timing with GEYR in Emerging Stock Market: The Evidence from Stock Exchange of Thailand

Market Timing with GEYR in Emerging Stock Market: The Evidence from Stock Exchange of Thailand Journal of Finance and Invesmen Analysis, vol. 1, no. 4, 2012, 53-65 ISSN: 2241-0998 (prin version), 2241-0996(online) Scienpress Ld, 2012 Marke Timing wih GEYR in Emerging Sock Marke: The Evidence from

More information

Capacity Utilization Metrics Revisited: Delay Weighting vs Demand Weighting. Mark Hansen Chieh-Yu Hsiao University of California, Berkeley 01/29/04

Capacity Utilization Metrics Revisited: Delay Weighting vs Demand Weighting. Mark Hansen Chieh-Yu Hsiao University of California, Berkeley 01/29/04 Capaciy Uilizaion Merics Revisied: Delay Weighing vs Demand Weighing Mark Hansen Chieh-Yu Hsiao Universiy of California, Berkeley 01/29/04 1 Ouline Inroducion Exising merics examinaion Proposed merics

More information

Constructing Absolute Return Funds with ETFs: A Dynamic Risk-Budgeting Approach. July 2008

Constructing Absolute Return Funds with ETFs: A Dynamic Risk-Budgeting Approach. July 2008 Consrucing Absolue Reurn Funds wih ETFs: A Dynamic Risk-Budgeing Approach July 2008 Noël Amenc Direcor, EDHEC Risk & Asse Managemen Research Cenre Professor of Finance, EDHEC Business School noel.amenc@edhec-risk.com

More information

Performance Attribution for Equity Portfolios

Performance Attribution for Equity Portfolios PERFORMACE ATTRIBUTIO FOR EQUITY PORTFOLIOS Performance Aribuion for Equiy Porfolios Yang Lu and David Kane Inroducion Many porfolio managers measure performance wih reference o a benchmark. The difference

More information

e w o r ld ar o u n d l f New York Area Sep 25 - Oct 1, 2017 VIP Tours

e w o r ld ar o u n d l f New York Area Sep 25 - Oct 1, 2017 VIP Tours Nw York Ara Sp 25 - Oc 1, 2017 VIP Tours Wlcom o Prsidns Cup! Winss isory in making, in comfor, syl and vry bs of company. In Spmbr 2017, ys of world will b wacing as spors gras non-europan golfrs comp

More information

The t-test. What We Will Cover in This Section. A Research Situation

The t-test. What We Will Cover in This Section. A Research Situation The -es 1//008 P331 -ess 1 Wha We Will Cover in This Secion Inroducion One-sample -es. Power and effec size. Independen samples -es. Dependen samples -es. Key learning poins. 1//008 P331 -ess A Research

More information

Betting Against Beta

Betting Against Beta Being Agains Bea Andrea Frazzini and Lasse H. Pedersen * This draf: Ocober 5, 2010 Absrac. We presen a model in which some invesors are prohibied from using leverage and oher invesors leverage is limied

More information

ANALYSIS OF RELIABILITY, MAINTENANCE AND RISK BASED INSPECTION OF PRESSURE SAFETY VALVES

ANALYSIS OF RELIABILITY, MAINTENANCE AND RISK BASED INSPECTION OF PRESSURE SAFETY VALVES ANALYSIS OF RELIABILITY, MAINTENANCE AND RISK BASED INSPECTION OF PRESSURE SAFETY VALVES Venilon Forunao Francisco Machado Mechanical Engineering Dep, Insiuo Superior Técnico, Av. Rovisco Pais, 049-00,

More information

The Great Recession in the U.K. Labour Market: A Transatlantic View

The Great Recession in the U.K. Labour Market: A Transatlantic View The Grea Recession in he U.K. Labour Marke: A Transalanic View Michael W. L. Elsby (Edinburgh, Michigan, NBER) Jennifer C. Smih (Warwick) Bank of England, 25 March 2011 U.K. and U.S. unemploymen U.K. unemploymen

More information

2018 FIFA WORLD CUP RUSSIA

2018 FIFA WORLD CUP RUSSIA 2018 FIFA WORLD CUP RUSSIA GROUP MATCHES & FINAL ROUND SERIES PACKAGES Wondrful Russia will b th warm Host of th 21st dition of th FIFA World Cup for a tournamnt which promiss to b uncomparabl. From 14th

More information

Power Supply in Package (PSiP) Power Supply on Chip (PwrSoC) Update 2010

Power Supply in Package (PSiP) Power Supply on Chip (PwrSoC) Update 2010 Powr Supply in Packag (PSiP) Powr Supply on Chip (PwrSoC) Updat 2010 Controllr Protction Drivr Drivr By Arnold Aldrman, Anagnsis, Inc. And Cian O Mathuna, Tyndall National Institut Controllr Outlin 1.

More information

Bow Tie Wedding SVG Set.

Bow Tie Wedding SVG Set. Bow Ti Wdding SVG St d i u G ct Proj www.dcipollodsigns.com Introduction This wdding stationary st has a traditional and lgant dsign in th popular layrd styl, using svral layrs of your favorit pattrnd

More information

QUANTITATIVE FINANCE RESEARCH CENTRE. Optimal Time Series Momentum QUANTITATIVE FINANCE RESEARCH CENTRE QUANTITATIVE F INANCE RESEARCH CENTRE

QUANTITATIVE FINANCE RESEARCH CENTRE. Optimal Time Series Momentum QUANTITATIVE FINANCE RESEARCH CENTRE QUANTITATIVE F INANCE RESEARCH CENTRE QUANTITATIVE FINANCE RESEARCH CENTRE QUANTITATIVE F INANCE RESEARCH CENTRE QUANTITATIVE FINANCE RESEARCH CENTRE Research Paper 353 January 15 Opimal Time Series Momenum Xue-Zhong He, Kai Li and Youwei

More information

AP Physics 1 Per. Unit 2 Homework. s av

AP Physics 1 Per. Unit 2 Homework. s av Name: Dae: AP Physics Per. Uni Homework. A car is driven km wes in hour and hen 7 km eas in hour. Eas is he posiive direcion. a) Wha is he average velociy and average speed of he car in km/hr? x km 3.3km/

More information

Concepts. Materials. Subject areas. Time 45 minutes

Concepts. Materials. Subject areas. Time 45 minutes Whl invigion os bchd whls r disscd nd xmind o drmin h cus of dh. Whls: Th Insid ory This civiy focuss on informion ghrd during whl sudis. Bchd whls provid opporuniis o lrn bou whl nomy nd physiology. os

More information

Optimal Discounted Portfolio, Expected Wealth and Strategic Consumption for a Defined Contribution Pension Scheme

Optimal Discounted Portfolio, Expected Wealth and Strategic Consumption for a Defined Contribution Pension Scheme Global Journal of Scinc Fronir Rarch Mahmaic and Dciion Scinc olum 3 u 7 rion. Yar 3 yp : Doubl Blind Pr Riwd nrnaional Rarch Journal Publihr: Global Journal nc. USA Onlin SSN: 49-466 & Prin SSN: 975-5896

More information

LSU RISK ASSESSMENT FORM Please read How to Complete a Risk Assessment before completion

LSU RISK ASSESSMENT FORM Please read How to Complete a Risk Assessment before completion Please read How o Complee a Risk Assessmen before compleion EVENT OR ACTIVITY BEING RISK ASSESSED (add name of even where relevan) NAME OF DEPARTMENT Squad Training Neball DATE OF COMPLETION OF RISK ASSESSMENT

More information

DYNAMIC portfolio optimization is one of the important

DYNAMIC portfolio optimization is one of the important , July 2-4, 2014, London, U.K. A Simulaion-based Porfolio Opimizaion Approach wih Leas Squares Learning Chenming Bao, Geoffrey Lee, and Zili Zhu Absrac This paper inroduces a simulaion-based numerical

More information

Time & Distance SAKSHI If an object travels the same distance (D) with two different speeds S 1 taking different times t 1

Time & Distance SAKSHI If an object travels the same distance (D) with two different speeds S 1 taking different times t 1 www.sakshieducaion.com Time & isance The raio beween disance () ravelled by an objec and he ime () aken by ha o ravel he disance is called he speed (S) of he objec. S = = S = Generally if he disance ()

More information

Health Advice on Eating Fish You Catch

Health Advice on Eating Fish You Catch Fingr Laks Rgion Halth Advic on Eating Fish You Catch MAP INSIDE Including Allgany, Broom, Cayuga, Chmung, Cortland, Livingston, Monro, Onondaga, Ontario, Schuylr, Snca, Stubn, Tioga, Tompkins, Wayn, and

More information

Interpreting Sinusoidal Functions

Interpreting Sinusoidal Functions 6.3 Inerpreing Sinusoidal Funcions GOAL Relae deails of sinusoidal phenomena o heir graphs. LEARN ABOUT he Mah Two sudens are riding heir bikes. A pebble is suck in he ire of each bike. The wo graphs show

More information

May 7-8, GRAND HYATT WASHINGTON Washington, DC

May 7-8, GRAND HYATT WASHINGTON Washington, DC CISTS: A M R A H TION P to ATTEN f fo r t s it s and and dfic dicar S oaring M in y gun on ady b s a v m lr a ac y id hav M dica y pharm it n u m co m ucial! to sting c is cr n a d n t yo u r a t May 7-8,

More information

GETTING STARTED INSTALLATION GUIDE HID CONVERSION KIT. Please make sure all parts are included in your HID kit.

GETTING STARTED INSTALLATION GUIDE HID CONVERSION KIT. Please make sure all parts are included in your HID kit. v1.0 030718 HI ONVRSION KIT INSTLLTION UI Profssional installation is rcommndd. LL HI KITS R INSTLL T YOUR OWN RISK! OPT7 and its affiliats will not b hld liabl for any damag or cost associatd with installation

More information

Kids Sea Camp. Please see the Kids Sea Camp dive agenda attached.

Kids Sea Camp. Please see the Kids Sea Camp dive agenda attached. Wlcom to Kids Sa Camp Thank you for choosing to di with Scuba St. Lucia. Th following information is about our oprating procdurs and schdul. Bfor diving with us, plas rviw this pamphlt thoroughly. Fill

More information

Product Reliability Qualification Report

Product Reliability Qualification Report Product Rliability Rport Family : PEX8605-AB50NI G PEX8603-AB50NI G USB3382-AB50NI G USB3380-AB50NI G USB2380-AB50NI G Sptmbr 14, 2012 Prpard and Rviwd By: Thoma Huang Quality and Rliability Enginr Approvd

More information