Large Cap Growth ESG Balanced 60/40 Taxable Select UMA Legg Mason
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- Oswald Clarke
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1 Lgg Mason 100 Inrnaional Driv Balimor, Maryland 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: 1899 Approvd No Firm Ownrship Slcd PODUCT OVEVIEW Th Socially Awar Invsmn (SAI) Larg Cap Growh Porfolios ar dsignd for invsors sking long-rm capial apprciaion hrough invsing in larg-capializaion companis wih h ponial for high fuur arnings growh. Th SAI rsarch am, acivly incorporas nvironmnal, social and govrnanc [ESG] issus ino h porfolio consrucion procss. SAI convrgnc paramrs includ, bu ar no limid o: innovaiv workplac policis, mploy bnfis and programs; nvironmn managmn sysm srngh, co-fficincy and lif-cycl analysis; and communiy involvmn, sragic philanhropy, and rpuaion managmn. In addiion o h ingraion of SAI susainabiliy rsarch, aciv issu ngagmn (.g., human righs, war scarciy, and rnwabl nrgy) and advocacy ffors a h company lvl ar applid o porfolio asss. Th GSM 5-Yar Porfolios acivly manag U.S. Trasury bills, nos, bonds and U.S. govrnmn agncy scuriis o sk o maximiz oal rurn. GSM 5-Yar has a maximum individual scuriy limi of 5 yars and a maximum avrag porfolio mauriy of fiv yars. MANAGE'S INVESTMENT STATEGY Top-down / porfolio srucurs basd on conomic rnds Boom-up / porfolio srucur basd on individual scuriis TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 30 o 50 Avrag dividnd yild: Blow h S&P 500 P/E raio: Similar o/blow h S&P 500 Cash lvl ovr mark cycl: 0 o 10% isk (sandard dviaion): Similar o/abov h S&P 500 Avrag urnovr ra: 0 o 11% Numbr of bond holdings: 0 Avrag mauriy: Avrag crdi qualiy: Us ADs: Capializaion: Ys. Du o our sragy, hy ofn m our sock slcion criria. Mga, Larg, Mdium and Small companis POTFOLIO'S EQUITY SECTO WEIGHTINGS / /17 Scor Lgg Indx*** Lgg Enrgy Marials Indusrials Consumr Discrionary Consumr Sapls Halh Car Financials Informaion Tchnology Tlcomm Srvics Uiliis al Esa/EITs Cash/Cash Equivalns POTFOLIO STATISTICS / /17 Lgg Indx*** Lgg Numbr of sock holdings Wd avg dividnd yild 1.1% 0.9% SEC Yild Wd avg P/E raio ¹ 31.55x 29.17x Wd avg porfolio ba Mga capializaion + 0.0% 0.0% 0.0% Larg capializaion + 0.0% 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% Numbr of bond holdings Avg mauriy Avg crdi qualiy POTFOLIO'S TOP FIVE EQUITY HOLDINGS Amazon.com Inc 6.6 Alphab Inc 5.8 Microsof Corp 4.4 UnidHalh Group Inc 3.4 Visa Inc 3.3 % POCESS BASED ON 0 Ass allocaion 10 Indusry or scor wighing 90 Sock Slcion 0 Duraion Managmn 0 Yild Curv Managmn 0 Scor Slcion 0 Bond Slcion % ^As of 03/31/2016. Informaion as of 06/30/2018 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : 60% 1000G/40% BC In Trasury Indx rms. Informaion shown is as of Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 7
2 MANAGE'S INVESTMENT POCESS Dfin an iniial invsmn univrs Apply fundamnal & businss modl analysis Uiliz ky invsmn valuaion masurs slc scuriis and consruc porfolio monior coninuously ISK CONSIDEATIONS Invsing in scuriis nails risks, including: Equiy porfolios ar subjc o h basic sock mark risk ha a paricular scuriy, or scuriis in gnral, may dcras in valu. Fixd Incom scuriis may b snsiiv o changs in prvailing inrs ras. Whn ras ris h valu gnrally dclins. Thr is no assuranc ha h priva guaranors or insurrs will m hir obligaions. 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. POTFOLIO'S ALLOCATION HISTOY (%) + 06/18 03/18 12/17 09/17 FIXED INCOME SECTO DISTIBUTION (%) + 06/18 03/18 12/17 09/17 U.S. Agncis U.S. Trasury ^As of 03/31/2016. Informaion as of 06/30/2018 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : 60% 1000G/40% BC In Trasury Indx rms. Informaion shown is as of Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 7
3 ISK/ETUN ANALYSIS - 5 YEAS ENDING 06/30/18 a o f u r n s Sandard Dviaion STD O Lgg (Gross) Lgg (N) % 1000G/40% BC In Trasury Indx Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 06/30/18 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 06/30/ Annual Sd. Dv. Lgg (Gross) Lgg (N) % 1000G/40% BC In Trasury Indx 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 06/30/18 ¹ ² 3 Yar 5 Yar Sandard Dviaion 4.16% 4.05% Sandard Dviaion of Primary 4.62% 4.38% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha 1.91% 2.13% Ba Downsid isk 1.04% 0.88% -Squard Tracking Error 1.54% 1.48% Informaion aio *07/01/13-12/31/13 **01/01/18-06/30/18 Numbr Of Up Qrs. Lgg (Gross) Lgg (N) 60% 1000G/40% BC In Trasury Indx Down POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² Lgg vs. 60% 1000G/40% BC In Trasury Indx Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only % 1000G/40% BC In Trasury Indx 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 Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 7
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: Th ClarBridg SAI Larg Cap Growh composi consiss of fully discrionary accouns wih a minimum n ass valu of US $25,000. "Slvs" of muli-syl porfolios and sgmns of balancd accouns ar xcludd. Th SAI Larg Cap Growh porfolios acivly ingra criria inclusiv of nvironmnal, social and govrnanc issus ino h porfolio consrucion of ClarBridg Larg Cap Growh. Avoidanc scrning is applid o invsmns ha driv significan rvnus from obacco, alcohol, gaming, nuclar powr and wapons producion. Porfolios ar invsd in issurs ha dmonsra high arnings growh ras. Accouns wihin h composi ar primarily invsd in larg-capializaion U.S. quiis, wih an objciv of ouprforming h ussll 1000 Growh Indx. Th main risks for SAI LCG porfolios ar Gnral Invsmn isk and Non-U.S. Invsmn isk. Nw accouns nr h composi during h hird full monh undr managmn. Closd accouns ar includd hrough h complion of h las full monh undr managmn. Th composi mployd a 10% significan cash flow policy which was disconinud in January All accouns ar valud a calndar monh nd basd on principal mark valu plus accrud incom. urn calculaions a h porfolio lvl ar im-wighd o accoun for xrnal conribuions and wihdrawals. Th composi's monhly ras of rurn ar h ass-wighd avrags of h accoun's monhly rsuls, which ar hn linkd o drmin h annual rurns. Pur gross rurns shown do no rflc h dducion of "bundld" fs and ar prsnd as supplmnal informaion o n rurns. CBA uilizs h Equal-Wighd Sandard Dviaion masur of disprsion. Only accouns ha hav bn managd wihin h composi syl for a full yar and ar wihin +/- 3 sandard dviaions of h monhly composi rurn ar includd in h Equal-Wighd Sandard Dviaion calculaion. No alraion of composis has occurrd bcaus of changs in prsonnl or ohr rasons a any im. Any marial chang in h saus of an accoun rsuld in h rmoval of h accoun from h composi. Morgan Sanly Prformanc: Th composi consiss of 69 accoun(s) wih a mark valu of $21.3 million as of 06/30/2018. In his profil, h prformanc from Jun 1, 2015 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. Gross Prformanc: Lgg s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by Lgg or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. rms. Informaion shown is as of Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 7
5 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 0.085% quarrly SMA Managr Fs (bing h f currnly chargd by Lgg 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. 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 60% 1000G/40% BC In Trasury Indx 60% ussll 1000 Growh Indx,40% BC Inrmdia Trasury Indx 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. rms. Informaion shown is as of Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 7
6 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. Amrican Dposiary cips (ADs) ar rcips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. 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. 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. rms. Informaion shown is as of Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 7
7 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 Jun 30, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 7 of 7
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