INFORMATIONAL PACKET MARCH 31, Vident Core U.S. Equity Index VCUSX
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1 INFORMATIONAL PACKET MARCH 31, 2017 Vident Core U.S. Equity Index VCUSX
2 INVESTMENT FRAMEWORK Apply time-tested principles to investment research Identify sources of wealth creation Utilize time-tested principles as a lens for investment research and decision-making Establish rules-based processes which may help limit stockpicker bias and emotional decision-making 2
3 FOUNDED ON PRINCIPLES An investment decision-making framework that combines time-tested principles, rigorous global research, and an in-depth evaluation of risk dynamics. Principle of Applied Wisdom How We Seek to Build a Resilient Investment Strategy Principle of Inherent Value How to Find Opportunities The world is uncertain but not chaotic. Reasonable decisions can reduce exposure to high-risk environments. Applying wisdom principles may not eliminate risk, but it can improve the chance of successful outcomes. Investors and markets are not always rational. Eagerness for gain, or fear of loss, can drive investors into bubbles and crashes. Opportunities or risks can be identified when a disciplined valuation process is used to determine the inherent value of an investment. Principle of Human Productivity How Wealth is Created Principle of Uncertainty Why We Plan, Save and Invest Productivity is the combination of human creativity and natural resources. Wealth is created as a result of human productivity. Companies with higher productivity levels (work environments with higher integrity, favorable demographics, etc.) environments more conducive to human flourishing The future is uncertain. Provision against uncertainty is a reason to plan, save and invest. Well-diversified solutions for long-term investment planning Principle of Leadership & Governance Where Wealth is Created Principle of Instability How to Manage Risk The manner in which leaders govern (governments, corporations, etc.) significantly influences the productivity of the people they lead. Environments with greater civil and economic freedom tend to provide more fertile ground for investment due to increased human productivity. Markets and economies are not stable. Due to instability, provisions against uncertainty may fail. Risk needs to be managed through diversification and an appropriate allocation of wealth and risk. 3
4 PRINCIPLES IN THE PORTFOLIOS UNCERTAINTY AND INSTABILITY Well diversified solutions for long-term investment planning Broadly diversified company exposures within and across sectors helps to enhance the resilience of the portfolio. HUMAN PRODUCTIVITY Investment is focused toward environments more conducive to human flourishing The strategy favors countries with better demographics and higher productivity. LEADERSHIP AND GOVERNANCE Capital is directed toward countries and companies with leadership & governance that allows it to be most productive Companies with poor leadership & governance scores are removed from the investment universe. VALUATION A disciplined valuation methodology in order to avoid chasing returns Incorporates relative valuation in assessing and weighting companies, seeking to acquire principles at favorable prices. 4
5 VCUSX: OVERVIEW The Vident Core U.S. Stock Index strategy seeks to apply time-tested investment principles to address the risks and opportunities of U.S. equity investing. STRATEGY HIGHLIGHTS PRINCIPLES AT A REASONABLE PRICE Utilizes time-tested economic and investment principles to screen for companies with better revenue & expense recognition and corporate governance, and identify higher quality companies trading at attractive valuations DIVERSFIED PORTFOLIO Companies are well-diversified within each sector, enhancing the resilience of the portfolio. Further, while capitalization-weighted portfolios concentrate capital in the largest mega-cap companies, VCUSX reduces this concentration and allocates capital more broadly. COMBINED RISK PREMIA FACTORS Optimal combination of risk premia factors seeks to result in a portfolio of companies with strong governance, higher relative quality, positive momentum, and favorable valuations 5
6 INVESTMENT PROCESS Beginning Universe: ~3000 largest U.S. companies Investable Universe: Apply rigorous liquidity and market capitalization screens Eliminate ~20% weakest companies within each sector based on: Corporate Governance, Forensic Accounting and other Extreme Risks Select the most attractive stocks within each sector based on: Valuation (50%) Quality (30%) Momentum (20%) Capital is allocated to most attractive stocks within each sector with individual company allocations capped at 0.5% Core portfolio of U.S. equities, cut from a universe of companies with higher governance / quality, positive momentum, and trading at attractive relative valuations Investable Universe (~1600 Companies) Liquidity minimums Market Cap > $1 Bn Principles-Based Screen (~1300 Companies) Factor-Based Security Selection (~225 Companies) Diversified Allocations within Sectors Vident Core U.S. Stock Index *Risk-balanced weightings adjusted for liquidity and other frictional costs. Reconstituted and rebalanced twice annually. Please see disclosures for further notes. 6
7 PRINCIPLES BASED SCREEN Can we avoid companies with questionable accounting? Revenue Recognition - Revenue can be heavily manipulated at times, impacting the top & bottom line Earnings Quality - Firms have ways of manipulating or smoothing earnings (accruals, reserve accounts, depreciation policy, etc.) Cash Flows - Earnings without corresponding cash flows is a red flag Use of cash - A company using cash to pay dividends is less likely to be manipulating financial ratios Expectations - Are companies being rewarded for earnings surprises based on low quality earnings beats? Can we steer clear of companies with weaker governance policies? Board Composition - Is the board populated & structured in a way that maximizes action taken in the best interests of shareholders? Is the chairman also the CEO? Is the board entrenched? Are members overboarded? Are women on the board? Is CEO pay excessive relative to other executives? Incentives Alignment - Are top managers incentivized to perform in shareholders interests Is CEO pay tied to the share price? Is management receiving excessive perks? Has the company received >10% votes against its pay policies? Control & Ownership - Are board elections democratic, giving shareholders opportunity to press change? Do shareholders have equal voting rights? Are boards staggered? Can the company unilaterally change company articles, constitution or bylaws? Are there companies undergoing severe challenges that we should stay away from? Executives dismissed or facing prosecution Late SEC filings Difficulties obtaining needed financing or refinancing Worst ~20% of companies within each sector are removed 7
8 STOCK SELECTION BASED ON PRINCIPLES INHERENT VALUE LEADERSHIP & GOVERNANCE QUALITY APPLIED WISDOM INSTABILITY & UNCERTAINTY How best to identify value in a stock? What determines a well managed company worth paying for? How can we reduce risk and further improve the chances of success? Measure value a variety of ways and combine: Compare: Earnings, cash flows, dividends, sales - what shareholders hope to receive...to: Stock price, firm enterprise value - the price investors must pay Shareholder-centric stewardship of capital Capital preserved not diluted Lower Risk Lower leverage Less default risk Profitability & Profitability Growth Management demonstrates ability to generate profits and grow business Diversification Max stock allocation = 0.5 Liquidity Allocations also constrained as a % of daily trading volume Momentum Avoid value traps 8
9 PRINCIPLES IN PERSPECTIVE UNCERTAINTY & INSTABILITY Greater diversification across stocks can reduce concentration risks relative to cap-weighted indices 4% Top 50 Index Stock Exposure Comparison MSCI IMI s Top Ten Stock Allocation = 15.2% VCUSX s Top Ten Stock Allocation 6.0% Allocations (%) 3% 3% 2% 2% 1% 1% 0% MSCI USA IMI VCUSX *This data does not include historical performance from any fund. These are simply some of the characteristics within the composition of the VCUSX as of 3/31/2017. Please see disclosures for further notes. Source data provided by Bloomberg and MSCI. 9
10 TOP TEN POSITIONS UNCERTAINTY & INSTABILITY Greater diversification across stocks can reduce concentration risks relative to cap-weighted indices VCUSX Cooper Tire & Rubber Co 0.62% Micron Technology Inc 0.62% The Children s Place Inc 0.61% Jabil Circuit Inc 0.61% Darling Ingredients Inc 0.61% HP Inc 0.61% Myriad Genetics Inc 0.60% Amkor Technology Inc 0.60% Apple Inc 0.59% Bungle Ltd 0.58% Top % MSCI USA IMI Apple Inc 3.13% Microsoft Corp 1.99% Amazon.com Inc 1.46% Exxon Mobil Corp 1.39% Johnson & Johnson 1.38% Facebook Inc-A 1.36% JP Morgan Chase & Co 1.28% Wells Fargo & Co 1.08% General Electric Co 1.08% Alphabet Inc - CL C 1.05% Top % *This data does not include historical performance from any fund. These are simply some of the characteristics within the composition of the VCUSX as of 3/31/2017. Please see disclosures for further notes. Source data provided by Bloomberg and MSCI. 10
11 PRINCIPLES IN PERSPECTIVE INHERENT VALUE The Vident Core International Equity Index actively seeks to identify and allocate to stocks trading at attractive valuations MSCI USA IMI VCUSX MSCI USA IMI VCUSX Dividend Yield 2.09% 2.30% Price/Earnings Forward Price/Earnings (12 Mo.) Price/Book Price/Sales Price/Cash Flow Price/Earnings Forward P/E (12 Mo.) Price/Book Price/Sales Price/Cash Flow *This data does not include historical performance from any fund. These are simply some of the characteristics within the composition of the VCUSX as of 3/31/2017. Please see disclosures for further notes. Source data provided by Bloomberg and MSCI as of 3/31/
12 PRINCIPLES IN PERSPECTIVE Sector Weightings Remain in Line With Benchmark Norms 12.8% 15.3% 8.4% 8.4% 6.2% 6.1% 14.5% 17.2% 13.5% 10.1% 10.4% 11.6% 21.4% 18.7% 3.4% 4.4% 4.1% 3.0% 2.2% 2.4% 3.2% 3.0% Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Telecommunication Services Utilities MSCI USA IMI VCUSX Please see disclosures for further notes. Source data provided by US Bancorp and MSCI as of 3/31/
13 PRINCIPLES IN PERSPECTIVE VCUSX allocations are spread more broadly across the market capitalization spectrum than either large or small cap alone: VCUSX MSCI USA IMI MSCI USA Small Cap 1750 >$100 Bn 4.2% 37.2% 0.0% $20 Bn - $100 Bn 18.7% 34.2% 0.0% $10 Bn - $20 Bn 12.3% 10.3% 0.3% $2 Bn - $10 Bn 46.5% 14.6% 72.0% $1 Bn - $2 Bn 16.6% 2.3% 17.4% <$1 Bn 1.7% 1.4% 10.3% Weighted Average 24 Bn Bn 3.5 Bn Median ($Bn) 4.4 Bn 2.3 Bn 1.5 Bn Please see disclosures for further notes. Source data provided by US Bancorp and MSCI as of 3/31/
14 PRINCIPLES IN PERSPECTIVE LEADERSHIP & GOVERNANCE VCUSX Seeks Higher Quality Leadership and Governance Extreme Risk Factors % of Companies in the Index that are Flagged Staggered Boards One Share/One Vote Poison Pills Classified Board Over boarded Directors Entrenched Board Gender Diversity Pay/Performance Link CEO Equity Policy VCUSX 0.00% MSCI USA IMI 4.60% The index seeks to eliminate stocks in the portfolio that are flagged for extreme risk. Some extreme risks that VUSE accounts for: Ownership & Control Board Composition Incentives Alignment Late Filings Securities Fraud and Investor Protection Executive Misconduct MSCI USA IMI VCUSX *This data does not include historical performance from any fund. These are simply some of the characteristics within the composition of the VCUSX as of 3/31/2017. Please see disclosures for further notes. Source data provided by Bloomberg and MSCI. 14
15 A MORE PRINCIPLED INDEX - VCUSX The VCUSX index has historically delivered a higher return at similar volatility to MSCI USA IMI Excess returns of the VCUSX index are derived from a blend of value, quality, momentum and size style factors The VCUSX index considers trading costs and turnover in its portfolio construction process % 40% 20% 0% -20% -40% -60% CUMULATIVE PERFORMANCE VCUSX MSCI USA IMI MSCI USA Equal Weighted ANNUAL PERFORMANCE MSCI USA Data from 12/31/ MSCI USA Equal 3/31/2017 IMI Weighted VCUSX Cumulative Return 172% 286% 682% Annual Return 5.4% 7.4% 11.5% Volatility 15.2% 17.1% 15.9% Sharpe Ratio % Positive 1 Yr Returns 78% 72% 83% % Positive 3 Yr Returns 63% 81% 88% % Years Outperformed Cap Weighted 61% 72% VCUSX MSCI USA IMI MSCI USA Equal Weighted 15
16 DISCLOSURE It is not possible to invest directly in an Index. Past performance of an index is not an indication of future results. Prospective application of the index methodology for an index as well as revisions to economic data, where applicable, used to construct an index may not result in performance commensurate with the back-tested returns shown for the index. The back-tested period does not necessarily correspond to the entire available history of the index. All data described is reported using semiannual rebalancing and the assumed re-investment of dividends. Complete index methodology details for the Vident Indexes and other Vident Indices (if any), including the manner in which it/they is/are rebalanced, the timing of such rebalancing, criteria for additions and deletions, as well as all index calculations, please visit Any charts and graphs are provided for illustrative purposes only. Past performance is no guarantee of future results. Charts and graphs reflect hypothetical historical performance. All information presented prior to an index s inception date is back-tested. Back-tested performance is not actual performance; instead, it is hypothetical performance. Back-tested performance calculations (if provided) are based on the same methodology that was in effect when the index was officially launched. Another limitation of back-tested hypothetical information is that generally the back-tested calculation is prepared with the benefit of hindsight. Back-tested data reflect the application of the index methodology and selection of index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk on an actual product. For example, there are numerous factors related to the equities (or fixed income, or commodities) markets in general which cannot be, and have not been, accounted for in the preparation of the index information set forth, all of which can affect actual performance. Index returns shown do not represent the results of actual trading of investable assets/securities. Vident maintains the Vident Index and other Vident Indices (if any) and calculates (either itself or through an Index Calculation Agent and/or another third party selected by Vident in its sole discretion from time to time) the index levels and performance shown or discussed, but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the index or investment funds that are intended to track the performance of the index. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the index performance shown.
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