Strategies

Value Opportunities

Long Term Composite Performance (%) Average Annual Total Returns for periods greater than one year

As of 12/31/2020
 QUARTERYTD1 YEAR3 YEAR5 YEAR10 YEARSINCE 11/01/2002
Gross of Fees29.546.426.426.6510.9511.9913.12
Net of Fees29.325.635.635.8610.1311.1612.28
Russell 3000 Value Index17.212.872.875.899.7410.369.02

Calendar Year Performance

As of 12/31/2020
 2020201920182017201620152014201320122011
GROSS6.4226.81-10.1114.7620.78-3.1911.3439.0430.98-6.01
NET5.6325.88-10.7813.9219.89-3.9110.5338.0530.03-6.72

Net of fee performance in the “Long Term Composite Performance” chart is preliminary through the latest time period.  Past performance is not a reliable indicator or a guarantee of future results.

Calendar year performance for the Value Opportunities strategy, including index performance, and other important disclosures are included in the strategy’s GIPS Report. The value disciplines used in managing the accounts in the Composite may prevent or limit investment in major stocks in the index and returns may not be correlated to the index. It is not possible to invest directly in an index. The GIPS Compliant Presentation should be reviewed as part of the performance information presented above.

Valuations and returns are stated in U.S. dollars. Investment returns include reinvestment of dividends, interest, and capital gains. Gross performance results are presented before management and custodial fees but after all trading expenses. Net performance results are presented after actual management fees and all trading expenses but before custodial fees. An account’s size, timing of transactions, and market conditions at the time of investment may lead to different performance results among accounts.

All investments contain risk and may lose value. The strategy may be viewed as non-diversified, which may concentrate its assets in fewer individual holdings. The strategy may be exposed to more individual stock volatility than a more diversified strategy and may also invest in smaller and/or medium-sized companies, foreign securities, and debt securities. Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Index definitions