Investment Strategies

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.

¹ Sources: Worldscope via FactSet, The Brandes Institute, as of 6/30/2014 “Value vs. Glamour: A Long-Term Worldwide Perspective,” using data from 1980 to 2014, the study showed that over the long term, based on price/book deciles, a value premium was evident across both large and small cap stocks in our U.S. Sample. The U.S. sample consisted of publicly traded companies domiciled in the United States (excluding the smallest 50% of companies). We grouped the largest 30% of the companies in our sample in a large-cap segment and assigned the remaining 70% to a small-cap segment. Stocks were first divided into 10 deciles based on price-to-book.  Aggregate performance of each decile was tracked over the next five years. This process was then repeated each year. Within the U.S. small-cap segment, decile 10 value stocks outperformed decile 1 glamour stocks by an average annualized rolling five-year return of 4.4%. Past performance is not a guarantee of future results.

Stocks of small companies usually experience more volatility than mid and large sized companies.

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.