Updated 12/15/2022.
References to market or composite indices, benchmarks, or other measures of relative market performance over a specified period of time are provided for information only. Reference or comparison to an index does not imply that the portfolio will be constructed in the same way as the index or achieve returns, volatility, or other results similar to the index.
Performance results are presented for information purposes only and reflect the impact that material economic and market factors had on the manager’s decision-making process. Results are net of all standard fees calculated at the highest rate charged, expenses and estimated incentive allocation. Returns are inclusive of the reinvestment of dividends and other earnings, including income from new issues. Returns may vary for investors.
The holdings identified do not represent all of the securities purchased, sold, or recommended for the funds. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities mentioned. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the account’s performance during the period will be provided upon request.
Not all acquisitions are profitable. The positions can be acquired at a price that is less than the price at which the Firm purchased its interest for the funds it manages. Not all acquired companies were purchased by the Firm for any specific fund. The information is being presented to reflect the manager’s ability to select investments that are likely to be acquisition targets and not to reflect any positive investment experience.
The holdings identified do not represent all of the securities purchased, sold, or recommended for the funds. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities mentioned. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the account’s performance during the period will be provided upon request.
Russell 2000 Growth Index: Results for the Lake Geneva Strategy as compared to the performance of the Russell 2000 Growth Index (“Russell 2000 Growth”) are provided for informational purposes only. Russell 2000 Growth is an unmanaged index of 2000 small cap companies located in the U.S. that also exhibit a growth probability. The investment program does not mirror this index and the volatility may be materially different than the volatility of the Indices.
S&P 500 Comparison: Results for the Lake Geneva Strategy as compared to the performance of the Standard & Poor’s 500 Index (the “S&P 500”) is for informational purposes only. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity,
and industry group representation to represent U.S. equity performance. The investment program does not mirror this index and the volatility may be materially different than the volatility of the S&P 500.
These materials are not intended to constitute investment advice or a recommendation within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or the Department of Labor regulations at 29 CFR 2510.3-21. If you are, or are using any assets of, or are acting on behalf of, an employee benefit plan subject to ERISA or a plan or account subject to Section 4975 of the Code (including, without limitation, an individual retirement account) (any of such entities, a “Plan”), you will be required prior to any new or additional investment in one of our funds or accounts to represent and warrant that: (i) the person or entity making the investment decision on behalf of the such Plan (the “Plan Fiduciary”) is independent of us and constitutes an independent fiduciary with financial expertise within the meaning of 29 CFR 2510.3-21; (ii) the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with regard to particular transactions and strategies; (iii) the Plan Fiduciary is a fiduciary under ERISA, the Code, and 29 CFR 2510.3-21with respect to the investment in such fund or account and is responsible for exercising independent judgment in evaluating such transaction; and (iv) no fee or other compensation is being paid directly to us or to any of our affiliates in connection with such transaction. The Plan Fiduciary also will be required to acknowledge that we are not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the investment in any such fund or account, and that we have financial interests in the operation of such funds and accounts, which will be described in constituent documents of the funds and accounts.
