Active Management Since 2001
|
|
- Ralf Richard
- 5 years ago
- Views:
Transcription
1 Active Management Since 2001 PRESENTED BY John L. Smallwood, CFP Senior Wealth Advisor Smallwood Capital Management Commonwealth Financial Network Providing Investment Management of: Fee Based Brokerage Accounts Variable Annuities Retirement Platforms and Participant Accounts If the industry professional presenting this material is associated with a broker dealer please know that Hanlon is unaffiliated with that broker dealer and it is that broker dealer s responsibility to make sure their associated person presents proper identification of that broker dealer.
2 There are problems in the world of managing investments... Have your investments, managed by a buy & hold strategy, suffered because of market conditions? How do you protect your capital and maximize your potential returns with all the conflicting information in the marketplace?
3 -5.36 Percent 20 Year Annual Underperformance The average fixed income investor underperformed the Barclay s Aggregate Bond Index for the last 3, 5, 10 and 20 years. Average Fixed Income Investor Returns Source: Dalbar Quantitative Analysis of Investor Behavior, April The Barclay s Aggregate Bond Index is an unmanaged index that tracks the broader US Investmentgrade, fixed-rate, and taxable areas of the bond market. It cannot be invested in directly. Average Fixed Income Investor Barclay s Aggregate Bond Index Difference 20 Years 0.98% 6.34% -5.36% 10 Years 1.17% 5.18% -4.01% 5 Years 1.64% 5.95% -4.31% 3 Years 2.85% 6.19% -3.34% % 4.21% 0.47% Past performance is no guarantee of future results.
4 -3.96 Percent 20 Year Annual Underperformance The average equity investor underperformed the S&P 500 Index for the last 1, 3, 5, 10 and 20 years. Average Equity Investor Returns Source: Dalbar Quantitative Analysis of Investor Behavior, April Average Equity Investor S&P 500 Index Difference 20 Years 4.25% 8.21% -3.96% 10 Years 6.05% 7.10% -1.05% 5 Years -0.84% 1.66% -2.50% 3 Years 7.63% 10.87% -3.24% % 15.98% -0.42% Past performance is no guarantee of future results.
5 Source: Calculated by Guggenheim Investments using data from dowjones.com % Cumulative Return 9 yrs % Cumulative Return 18 yrs % Cumulative Return 5 yrs. Dow Jones Historical Trends 1.69% Cumulative Return 25 yrs % Cumulative Return 11 yrs (Without Dividends) as of 12/31/ % Cumulative Return 17 yrs % Cumulative Return 17 yrs % Cumulative Return 13 yrs. 13, ,000 1, Performance displayed represents past performance, which is no guarantee of future results. This information is for illustrative purposes only and should not be construed as a recommendation of any particular security or strategy. Index performance is for illustration purposes only and is not meant to represent any particular fund. Returns do not reflect any management fees, transaction costs or expenses. The index is unmanaged and not available for direct investment. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. Returns do not reflect dividends, management fees, transaction costs or expenses. There is no guarantee that prior markets will be duplicated. *Diversification neither assures a profit nor eliminates the risk of experiencing investment losses. No investment strategy can guarantee returns in a declining market. 10
6 S&P 500 Index (Without Dividends) as of 12/31/2013 1,800 Past performance is not indicative of future results. 1,600 1,400 1,200 1, What would have happened if... you were able to be defensive and offensive at the right times? Please review disclosures (a) and (c) on the Important Disclosure Information slides.
7 Impact of Losses Past performance is not indicative of future results. How One Large Negative Year Can Impact Your Portfolio Portfolio A Portfolio B Starting Value $100,000 $100,000 Year 1 Return -35% -2% Year 2 Return +25% +25% Year 3 Return +15% +9% Ending Value $93,438 $133,525 Potential Portfolio Investment Loss Gain Required to Get Back to Even -10% +11% -20% +25% -30% +43% -40% +67% -50% +100%
8 Active Management Strategy Goal Past performance is not indicative of future results. Hanlon provides Tactical Asset Allocation
9 Major High Yield Bond Tactical Research Signals Merrill Lynch U.S. High Yield Master II Index Buy Sell Hanlon s Strategy: Green arrows represent OFFENSIVE Red arrows represent DEFENSIVE 1/30 4/21 Past performance is not indicative of future results. 5/23 9/23 3/21 7/12 11/ /25 5/ /30 12/12 2/8 7/26 1/3 3/7 10/24 6/7 9/24 8/22 10/21 1/29 2/26 8/22 2/18 7/1 IMPORTANT DISCLOSURE This chart represents the dates that our research department identified changes in the market trend using our proprietary combination of technical, quantitative, and volume analyses. Hanlon Investment Management then identifies the asset class with the best risk-adjusted return potential in the current market and selects funds from the universe of mutual funds for our client accounts. Buys and Sells may or may not have occurred on the exact dates shown. These dates do not necessarily reflect transactions applied to every individual account. An indication of a green or red arrow on the chart indicates a decision by Hanlon to increase or decrease, by at least 20% of portfolio assets the holdings in high yield bonds in those accounts comprising the Hanlon Brokerage Managed Income Composite. The Merrill Lynch U.S. High Yield Master II Index cannot be invested in directly. The Merrill Lynch U.S. High Yield Master II Index is composed of many high yield bonds. High yield bonds typically have credit ratings of less than BBB, or below investment grade. Actual trading started in July of
10 Major High Yield Bond Tactical Research Signals Merrill Lynch U.S. High Yield Master II Index Buy Sell Hanlon s Goal: Participate in 80% of up-markets Avoid 80% of down-markets 6/8 11/8 8/24 12/17 5/8 5/23 6/11 5/16 12/7 4/18 As of 12/31/ /24 3/2 1/28 3/27 5/5 2/10 3/25 5/ /15 Past performance is not indicative of future results. 6/17 8/8 10/20 6/4 7/3 6/5 7/18 6/21 IMPORTANT DISCLOSURE This chart represents the dates that our research department identified changes in the market trend using our proprietary combination of technical, quantitative, and volume analyses. Hanlon Investment Management then identifies the asset class with the best risk-adjusted return potential in the current market and selects funds from the universe of mutual funds for our client accounts. Buys and Sells may or may not have occurred on the exact dates shown. These dates do not necessarily reflect transactions applied to every individual account. An indication of a green or red arrow on the chart indicates a decision by Hanlon to increase or decrease, by at least 20% of portfolio assets the holdings in high yield bonds in those accounts comprising the Hanlon Brokerage Managed Income Composite. The Merrill Lynch U.S. High Yield Master II Index cannot be invested in directly. The Merrill Lynch U.S. High Yield Master II Index is composed of many high yield bonds. High yield bonds typically have credit ratings of less than BBB, or below investment grade. Actual trading started in July of 2001.
11 Major Equity Tactical Research Signals S&P 500 Index Past performance is not indicative of future results /26 7/9 Hanlon s Strategy: Green arrows represent OFFENSIVE Red arrows represent DEFENSIVE 1/7 4/12 10/11 5/15 8/ /29 5/18 1/23 4/4 5/10 7/25 9/29 3/16 8/6 3/8 6/1 11/4 9/13 8/ /7 6/8 10/26 12/18 5/3 9/18 1/24 10/10 8/21 1/10 Buy 8/20 10/21 Sell 3/ /3 IMPORTANT DISCLOSURE This chart represents the dates that our research department identified changes in the market trend using our proprietary combination of technical, quantitative, and volume analyses. Hanlon Investment Management then identifies the asset class with the best risk-adjusted return potential in the current market and selects funds from the universe of mutual funds for our client accounts. Buys and Sells may or may not have occurred on the exact dates shown. These dates do not necessarily reflect transactions applied to every individual account. An indication of a green or red arrow on the chart indicates a decision by Hanlon to increase or decrease, by at least 20% of portfolio assets the holdings in high yield bonds in those accounts comprising the Hanlon Brokerage Managed Income Composite. The Merrill Lynch U.S. High Yield Master II Index cannot be invested in directly. The Merrill Lynch U.S. High Yield Master II Index is composed of many high yield bonds. High yield bonds typically have credit ratings of less than BBB, or below investment grade. Actual trading started in July of
12 Major Equity Tactical Research Signals S&P 500 Index /8 3/1 2/5 4/16 Buy Sell 7/26 11/12 9/20 12/7 12/17 5/2 6/11 As of 12/31/2013 Hanlon s Goal: Participate in 80% of up-markets Avoid 80% of down-markets 8/23 Past performance is not indicative of future results. 6/17 8/8 12/6 10/25 5/14 7/24 8/3 IMPORTANT DISCLOSURE This chart represents the dates that our research department identified changes in the market trend using our proprietary combination of technical, quantitative, and volume analyses. Hanlon Investment Management then identifies the asset class with the best risk-adjusted return potential in the current market and selects funds from the universe of mutual funds for our client accounts. Buys and Sells may or may not have occurred on the exact dates shown. These dates do not necessarily reflect transactions applied to every individual account. An indication of a green or red arrow on the chart indicates a decision by Hanlon to increase or decrease, by at least 20% of portfolio assets the holdings in high yield bonds in those accounts comprising the Hanlon Brokerage Managed Income Composite. The Merrill Lynch U.S. High Yield Master II Index cannot be invested in directly. The Merrill Lynch U.S. High Yield Master II Index is composed of many high yield bonds. High yield bonds typically have credit ratings of less than BBB, or below investment grade. Actual trading started in July of /10 8/14 11/15 1/3 4/11 6/21 8/5
13 2001 Through 2013 Performance & Risk Management Brokerage Composite Average Annual Returns Sources: Bureau of Labor Statistics, Consumer Price Index (CPI-U) As of 12/31/ % Hanlon Growth 5.51% Hanlon Growth & Income 6.71% Hanlon Balanced 9.34% Hanlon Managed Income 4.59% S&P % Inflation (Performance Net of Fees) Investors should understand that the performance data presented comparing the four managed composites to the S&P 500 varies greatly and that depending upon the holdings within each composite, the volatility of the composites may be higher or lower than that of the S&P 500. Past performance is no guarantee of future results. All returns are net after fees.. Please review disclosures (a) and (c) on the Important Disclosure Information slides.
14 2001 Through 2013 Risk & Volatility As Measured By Beta Past performance is not indicative of future results. All returns are net after fees. As of 12/31/2013 S&P 500 Index 1.00 Hanlon Growth Hanlon Growth & Income Hanlon Balanced Hanlon Managed Income % Less 69% Less 72% Less 82% Less The beta coefficient, is a number that describes the relationship between an investment's return and the overall market's return. A beta greater than 1 implies a portfolio would be above the S&P 500 Index when the market is up, and would be lower than the S&P 500 Index when the market goes down. Small values of beta mean the portfolio's return is relatively unaffected by the swings in the overall market's return. Beta depends on two factors, multiplied together: the relative volatility of a portfolio's returns compared to the market's returns, and the correlation of the portfolio's returns to the market's returns. Please review disclosures (a) and (c) on the Important Disclosure Information slides.
15 2001 Through 2013 Performance vs. S&P 500 Index Past performance is not indicative of future results. All returns are net after fees. As of 12/31/2013 Performance stated is Hanlon Composite Brokerage.
16 2001 Through 2013 Performance vs. S&P 500 Index Past performance is not indicative of of future results. All returns are net after fees. As of 12/31/2013
17 2001 Through 2013 With Income Distribution Past performance is not indicative of future results. All returns are net after fees. Table includes 6% annual distributions.
18 2001 Through 2013 With Income Distribution Past performance is not indicative of future results. All returns are net after fees. Table includes 6% annual distributions.
19 Important Disclosure Information Brokerage Composites Annual Performance Total Firm Growth Composite Assets Annual Performance Results Year Assets U.S. Dollars % of Firm Number of Net Blended 3 Year Standard Deviation Composite End (millions) (millions) Assets Accounts Composite Benchmark Composite Benchmark Dispersion % % 12.17% 7.70% 11.63% 0.66% % % 1.69% 8.42% 14.34% 0.55% % % 11.61% 7.94% 16.63% 0.55% % % 20.28% 10.64% 14.87% 4.4% % 266 (3.63%) (28.65%) 11.57% 11.44% 0.6% % 386 (11.96%) 5.39% 13.42% 5.94% 0.7% % % 13.21% 13.58% 5.26% 1.8% % 271 (7.10%) 4.50% 13.82% 6.94% 1.4% % % 8.69% 12.79% 11.30% 2.8% % % 22.03% 14.49% 13.71% 3.3% Total Firm Growth & Income Composite Assets Annual Performance Results Year Assets U.S. Dollars % of Firm Number of Net Blended 3 Year Standard Deviation Composite End (millions) (millions) Assets Accounts Composite Benchmark Composite Benchmark Dispersion % % 12.29% 7.08% 9.48% 0.67% % % 2.08% 8.05% 11.90% 0.56% % % 11.49% 7.44% 14.71% 0.58% % % 24.31% 9.18% 13.60% 4.0% % 538 (2.96%) (26.32%) 8.76% 10.71% 0.7% % 780 (8.16%) 4.11% 9.92% 5.01% 1.4% % % 12.21% 9.39% 4.25% 1.1% % 559 (3.54%) 3.88% 9.76% 5.60% 0.9% % % 8.61% 9.44% 9.18% 0.9% % % 21.73% 10.42% 11.19% 0.7% Past performance is not indicative of future results. Dispersion: A measure of the average difference in annual performance between the composite return and the returns of the individual accounts making up the composite. 3 year Standard Deviation: The mathematical calculation that measures the variance over time of a set of data around its average.
20 Important Disclosure Information Brokerage Composites Annual Performance Total Firm Balanced Composite Assets Annual Performance Results Year Assets U.S. Dollars % of Firm Number of Net Blended 3 Year Standard Deviation Composite End (millions) (millions) Assets Accounts Composite Benchmark Composite Benchmark Dispersion % % 12.56% 6.45% 8.23% 0.96% % % 2.44% 7.75% 10.68% 0.66% % % 11.45% 7.10% 13.95% 0.87% % % 27.65% 7.90% 13.22% 3.5% % 308 (2.27%) (25.06%) 6.27% 10.48% 1.2% % 398 (3.88%) 3.17% 7.13% 4.50% 1.3% % % 11.60% 6.77% 3.72% 0.9% % 295 (0.60%) 3.44% 7.33% 4.93% 1.4% % % 8.68% 7.74% 8.11% 1.4% % % 21.87% N.A. N.A. 3.8% Total Firm Managed Income Composite Assets Annual Performance Results Year Assets U.S. Dollars % of Firm Number of Net Blended 3 Year Standard Deviation Composite End (millions) (millions) Assets Accounts Composite Benchmark Composite Benchmark Dispersion % % 11.62% 4.92% 5.11% 0.67% % % 3.00% 7.24% 8.20% 0.78% % % 9.74% 6.94% 11.90% 0.73% % % 31.70% 6.26% 11.83% 3.9% % 819 (0.95%) (18.87%) 2.50% 9.13% 0.8% % % 1.21% 2.49% 3.28% 1.5% % % 9.37% 2.76% 2.83% 1.1% % % 2.35% 4.72% 4.04% 2.6% % % 7.90% 6.15% 6.27% 3.9% % % 19.45% N.A. N.A. 6.9% Past performance is not indicative of future results. Dispersion: A measure of the average difference in annual performance between the composite return and the returns of the individual accounts making up the composite. 3 year Standard Deviation: The mathematical calculation that measures the variance over time of a set of data around its average.
21 Important Disclosure Information Please see Brokerage Composites Annual Performance Presentation. Brokerage Growth Composite contains fully discretionary equity accounts. The equity allocation can range from 0% to 100% invested, and the money market allocation will consist of all money not invested in funds. This composite, in certain instances, does contain bond funds when the risk-adjusted return potential for bond funds outweighs that of equity funds. For comparison purposes, the composite is measured against a 77/23 blend of the S&P 500 Index and the U.S. T Bill Index, which is calculated monthly and rebalanced semi-annually. Brokerage Growth & Income Composite contains fully discretionary balanced accounts. The equity and bond allocations will vary and be actively managed, ranging from 0% to 75% and from 0% to 25% respectively. The money market allocation will consist of all money not invested in either equity or bond funds. This composite, in certain instances, will overweight bond funds when the risk-adjusted return potential for bond funds outweighs that of equity funds. For comparison purposes, the composite is measured against a 55/23/22 blend of the S&P 500 Index, the Merrill Lynch US High Yield Master II Index, and the U.S. T Bill Index, respectively, which is calculated monthly and rebalanced semiannually. Brokerage Balanced Composite contains fully discretionary balanced accounts. The equity and bond allocations will vary and be actively managed, ranging from 0% to 50% invested. The money market allocation will consist of all money not invested in either equity or bond funds. This composite, in certain instances, will overweight bond funds when the riskadjusted return potential for bond funds outweighs that of equity funds and money markets. For comparison purposes, the composite is measured against a 40/40/20 blend of the S&P 500 Index, the Merrill Lynch US High Yield Master II Index, and the U.S. T Bill Index, which is calculated monthly and rebalanced semi-annually. Brokerage Managed Income Composite contains fully discretionary income accounts investing in bond funds and money market funds. The bond fund allocation will vary and be actively managed, ranging from 0% to 100%, and the money market allocation will consist of all money not invested in bond funds. From January 1, 2002 to June, 30, 2013, non-fee paying accounts represented less than 2% of composite assets at year end. Prior to January 1, 2002, 100% of the accounts in the composite were non-fee-paying. For comparison purposes, the composite is measured against a 75/25 blend of an average of the Merrill Lynch US High Yield Master II Index and the U.S. T Bill Index, which is calculated monthly and rebalanced semi-annually. Hanlon Investment Management, Inc. is a registered investment adviser. Please contact Hanlon Investment Management (609) for a complete list and description of composites. Accounts forming the composites in the year 2001 and in some cases, 2002 and 2003 were managed by the Chief Investment Officer of Hanlon at a prior investment firm. In presentations from May 31, 2008 and forward, the money market index used to calculate the blended benchmark is the U.S. T Bill Index. In presentations prior to this date, the blend was calculated using a different money market index. In presentations prior to May 31, 2008 the S&P 500 without dividends was used in our calculations. In presentations from this date going forward, the S&P 500 will be inclusive of all dividends. In presentations from January 1, 2011 and forward, the high yield bond index used to calculate the blended benchmark is the Merrill Lynch US High Yield Master II Index which is an industry standard and more easily recognized by investors. In presentations prior to this date, the blend was calculated using an average of 100 or more high yield bond funds. The performance of the Hanlon Composites in 2008 as compared to the benchmarks was attributed, in part, to being heavily invested in money market funds. Additional information regarding the benchmarks is available upon request. The S&P 500 Index is a Large Cap Blend Index which is unmanaged. The S&P is comprised of 500 widely held securities considered to be representative of the stock market in general. Investors should understand that the performance data presented comparing the four managed composites to the S&P 500 varies greatly and that depending upon the holding within each composite, the volatility of the composites may be higher or lower than that of the S&P 500. Our portfolios may contain asset classes that are dissimilar to Large Cap Blend, such as, but not limited to Large Cap Growth/Value, Mid Cap Growth/Value, Small Cap Growth/Value, Emerging Market and International. We employ different strategies than the buy and hold strategy in the S&P 500 Index. Our portfolio composition and objectives at times may be more or less aggressive than the buy and hold strategy in the S&P 500 Index. You cannot invest directly in the S&P 500 Index without incurring cost and fees. The risks associated with our assets may be higher than those associated with the S&P 500 Index..
22 Important Disclosure Information The minimum account size for our composites is $15 thousand. Results are based on fully discretionary fee paying accounts under management, including those accounts no longer with the firm. Although individual leveraged investments may be used in a composite portfolio, leverage is not part of the overall strategy of these composites. Accounts in the composite may use margin. Very rarely at the request of the client to accommodate a withdrawal of funds without having to liquidate the current positions we will allow margin (leverage) to be employed in the account, only to have it eliminated upon any sales or the re-depositing to the account of the withdrawn funds. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented net of actual management fees and include the reinvestment of all income. The annual composite dispersions presented are an asset-weighted standard deviation calculated for the accounts in the composites for the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. FEE SCHEDULE Portfolio Value On the first $499,999 On the next $500,000 to $999,999 On the next $1,000,000 and above Fee 2.20% annually, then 1.70% annually, then 1.20% annually Hanlon Investment Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Hanlon Investment Management, Inc. has been independently verified for the periods January 1, 2001 through June 30, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Brokerage Growth Composite has been examined for the periods January 1, 2001 through March 31, The Brokerage Managed Income Composite has been examined for the periods October 1, 2001 through June 30, The verification and performance examination reports are available upon request. Verification does not ensure the accuracy of any specific composite presentation. The Brokerage Growth, Growth & Income, Balanced, and Managed Income Composites were created April 1, 2004.
23 Is Active Management Right For You? What are you currently doing to protect against significant drops in the market? How important is preservation of capital to you? Is it possible to manage risk and grow your account at the same time?
24 Important Disclosure Information (a) Past performance is not indicative of future results. There can be no assurance that projected growth rates will in fact occur. Investing involves risks, including the possibility of principal loss. The use of a Financial Advisor does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. (b) The Barclay s Aggregate Bond Index is an unmanaged index that tracks the broader US Investment-grade, fixed-rate, and taxable areas of the bond market. It cannot be invested in directly. (c) The Standard and Poor s 500 Index (S&P 500) is an unmanaged index of US large-cap stocks on the New York Stock Exchange. It cannot be invested in directly. Hanlon Investment Management, Inc. ( HIM ) is an SEC registered investment adviser with its principal place of business in the State of New Jersey. HIM and its representatives are in compliance with the current registration requirements imposed upon registered investment advisers by those states in which HIM maintains clients. HIM may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from notice filing requirements. This presentation is limited to the dissemination of general information pertaining to its investment advisory/management services. Any subsequent, direct communication by HIM with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of HIM, please contact HIM or refer to the Investment Adviser Public Disclosure website, Comparison of the Hanlon Portfolios to other indices is for comparative purposes only and the volatility of the indices may be materially different from the volatility of the Hanlon Portfolios due to varying degrees of diversification and/or other factors. There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in any given market environment. Investors whose portfolios are actively traded may incur additional tax liabilities and sales charges.
25 Important Disclosure Information Investors should understand that the composites presented are not registered under the Investment Company Act of 1940 (the Act) and are not subject to the provisions of the Act. While some of the underlying investments used to manage the composites such as mutual funds are registered, the composites themselves are unregistered. Unregistered offerings are not held to the same level of regulatory oversight as investment companies that must register under the Act. All investments involve risk, including the potential loss of principal invested. Foreign investments involve special risks including greater economic, political, and currency fluctuation risks, which may be even greater in emerging markets. Equity investments such as Large Cap funds are volatile and fluctuate in response to company-specific factors, general market, political, regulatory, and economic conditions. Mid Cap equities typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of volatility. Small Cap equities involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be exposed to more erratic and more-abrupt market movements. They may focus its investments on certain economic sectors, thereby increasing its vulnerability to any single economic, political or regulatory development. Please see the prospectus for further information on these and other risk considerations. Lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default. Debt securities are sensitive to interest rate changes. When interest rates increase, the value of a debt security tends to decrease. There are fees associated with accounts managed by HIM. Actual client accounts may incur other transaction costs such as brokerage commissions, custodial costs, and other expenses. Short term redemption fees may be assessed against client accounts as a result of varying entry dates due to management inception, allocation changes, or addition of new dollars. Client account performance may be impacted by varying execution dates due to custodian limitations on trade volume, and also by fund availability in each individual account. The net compounded impact of the deductions of such fees over time will be affected by the amount of the fees, the time period, and the investment performance. Different types of investment involve varying degrees of risk, including the possibility of principal loss and there can be no assurance that any specific investment will be profitable. Past performance is no guarantee of future results. For additional information about HIM, including fees and services, send for our disclosure statement as set forth on Form ADV from us using the contact information herein. Please read the disclosure statement carefully before you invest or send money. The investment return and principal value of an investment will fluctuate; and that an investor s equity when liquidated may be worth less than the original cost.
26 Active Management Since 2001 PRESENTED BY John L. Smallwood, CFP Senior Wealth Advisor Smallwood Capital Management Commonwealth Financial Network Providing Investment Management of: Fee Based Brokerage Accounts Variable Annuities Retirement Platforms and Participant Accounts If the industry professional presenting this material is associated with a broker dealer please know that Hanlon is unaffiliated with that broker dealer and it is that broker dealer s responsibility to make sure their associated person presents proper identification of that broker dealer.
Strategy Based Investment Portfolios. Summary of Strategy Based Investment Portfolios Composite Performance
Strategy Based Investment Portfolios Summary of Strategy Based Investment Portfolios Performance Strategy Based Investing (SBI) Global Growth Annual Returns Net of Fees Average Annual Returns Through 12/31/16
More informationNavellier Tactical U.S. Equity Sector Plus
Navellier Tactical U.S. Equity Sector Plus Results for the quarter ending June 30, 2015 www.navellier.com NCD-15-712 Tactical Series 1 U.S. Equity Sector Plus Navellier Tactical U.S. Equity Sector Plus
More informationPROSPECTUS. August 28, 2013 Pacific Financial Core Equity Fund. Institutional Class Shares: PFGQX Investor Class Shares: PFLQX
PROSPECTUS August 28, 2013 Pacific Financial Core Equity Fund Institutional Class Shares: PFGQX Investor Class Shares: PFLQX Pacific Financial Explorer Fund Institutional Class Shares: PFGPX Investor Class
More informationGreen Investment Management, Inc.
Complete List of Composites 7/12/2017 Complete List of Composites Composite Name GIM Composites Tax Aware 50/50 Tax Aware 60/40 Tax Aware 75/25 Tax Free Bond Guardian Composites Alternatives Balanced 60/40
More informationBroadview Advisors, LLC Verification Report. December 31, 2017
Broadview Advisors, LLC Verification Report December 31, 2017 Verification Report Broadview Advisors, LLC 330 East Kilbourn Ave, Suite 1475 Milwaukee, WI 53202 We have verified whether Broadview Advisors,
More informationHanlon Managed Income Fund Hanlon Tactical Dividend and Momentum Fund
Hanlon Managed Income Fund Hanlon Tactical Dividend and Momentum Fund PROSPECTUS August 12, 2015 Hanlon Managed Income Fund Class A HANAX Class C HANCX Class I HANIX Class R HANRX Hanlon Tactical Dividend
More informationClass 1 Shares Class 2 Shares Investor Class Shares. Class 1 shares Class 2 shares Class 3 shares Class 4 shares Investor Class shares
TOPS Conservative ETF Portfolio TOPS Balanced ETF Portfolio TOPS Moderate Growth ETF Portfolio TOPS Growth ETF Portfolio TOPS Aggressive Growth ETF Portfolio Class 1 Shares Class 2 Shares Investor Class
More informationGOAL ENGINEER SERIES PORTFOLIO HIGHLIGHTS:
GOAL ENGINEER SERIES The Goal Engineer Series combines Northern Trust s asset allocation, portfolio construction and risk management expertise with Engineered Equity TM and active fixed income strategies
More informationAn Introduction to Dynamic Overlay
Tactical investment strategy striving to preserve and grow client wealth An Introduction to Dynamic Overlay www.mrminv.com 12444 Powerscourt Drive Suite 350, St. Louis, MO 63131 1-(800) 233-1944 Q4 2018
More informationGIPS Compliance Verification Statement and Performance Examination Report Broadview Advisors, LLC
GIPS Compliance Verification Statement and Performance Examination Report Broadview Advisors, LLC 05/31/01 through 06/30/13 METRO DC NEW YORK MORRISTOWN CHICAGO BOSTON LOS ANGELES BOCA RATON RICHMOND CHATTANOOGA
More informationRetirement 2020 Fund
SUMMARY PROSPECTUS TRRBX PARBX RRTBX Investor Class Advisor Class R Class October 1, 2017 T. Rowe Price Retirement 2020 Fund A fund managed based on a specific retirement year that seeks capital growth
More informationNavigator Fixed Income Total Return (ETF)
CCM-17-09-1 As of 9/30/2017 Navigator Fixed Income Total Return (ETF) Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates
More informationMeeder Asset Management, Inc.
Meeder Asset Management, Inc. Wrap Fee Program Brochure Form ADV Part 2A Appendix 1 6125 Memorial Drive Dublin, Ohio 43017 (800) 325-3539 www.meederinvestment.com March 1, 2019 This wrap fee program brochure
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationWSTCM SECTOR SELECT RISK-MANAGED FUND
Prospectus December 31, 2017 WSTCM SECTOR SELECT RISK-MANAGED FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WSTCM CREDIT SELECT RISK-MANAGED FUND Investor Shares
More informationTactical 2xStocks-Bonds Strategy
Tactical 2xStocks-Bonds Strategy FACT SHEET - December 31, 2017 60 State Street, Suite 700 Boston, Massachusetts 02109 team@modelcapital.com 617-854-7417 modelcapital.com For advisor use only. Not for
More informationPortfolio Snapshot. Sample Report. A proposal for your review. John Adams Financial Advisor Merrill Lynch Wealth Management
Portfolio Snapshot A proposal for your review Sample Report John Adams Merrill Lynch Wealth Management SENSITIVE CLIENT INFORMATION INSIDE Important Information This analysis is a brokerage report that
More informationTOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio
TOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio Class 3 shares Class 4 shares PROSPECTUS May 1, 2017 1-855-572-5945 This
More informationZEGA FINANCIAL LLC. ZEGA s Buffered Index Growth (ZBIG) June ZEGA Financial. All rights reserved.
ZEGA FINANCIAL LLC ZEGA s Buffered Index Growth (ZBIG) June 2018 2018 ZEGA Financial. All rights reserved. DISCLOSURE Information presented does not involve the rendering of personalized investment advice,
More informationFORM ADV, PART 2A APPENDIX 1 WRAP FEE PROGRAM BROCHURE J.P. MORGAN CORE ADVISORY PORTFOLIO
FORM ADV, PART 2A APPENDIX 1 WRAP FEE PROGRAM BROCHURE J.P. MORGAN CORE ADVISORY PORTFOLIO J.P. Morgan Securities LLC October 2, 2017 277 Park Avenue New York, NY 10172 800-392-5749 http://www.chase.com/jpmcap
More informationPersonal Strategy Income Fund
SUMMARY PROSPECTUS PRSIX PPIPX Investor Class I Class October 1, 2017 T. Rowe Price Personal Strategy Income Fund A fund seeking primarily income through a diversified portfolio of stocks, bonds, and other
More informationCumulative 230.8% 182.6% 495.9% 180.2% 50.6% 315.7% Since Inception Annualized Since Inception 6.7% 5.8% 10.1% 5.7% 1.0% 4.4%
TOTAL RETURN COMPOSITE (C-1) ANNUAL DISCLOSURE PRESENTATION Year Composite Performance Composite Details End Gross of Gross of Percent of Composite 3 Benchmark 3 Gross of Net of Equities Only* S&P 500
More informationAdvisor Briefing Why Alternatives?
Advisor Briefing Why Alternatives? Key Ideas Alternative strategies generally seek to provide positive returns with low correlation to traditional assets, such as stocks and bonds By incorporating alternative
More informationMANAGER SELECT PROGRAM FORM BROCHURE
MANAGER SELECT PROGRAM FORM BROCHURE LPL Financial LLC 75 State Street, 22nd Floor, Boston, MA 02109 www.lpl.com (617) 423-3644 March 23, 2018 This wrap fee program brochure provides information about
More informationIMPORTANT DISCLOSURES
Expand Your Reach. IMPORTANT DISCLOSURES This presentation is for educational purposes only and is not intended to project the performance of any specific investment. May not be suitable for all investors.
More informationDESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES
DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential
More informationAsset manager profiles
SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). John Hancock is a division
More informationExplore your options. 440 COVERED CALL & COLLAR STRATEGIES
Explore your options. 440 COVERED CALL & COLLAR STRATEGIES 440 Investment Group 2017 440 Investment Group Mariner Holdings Mariner brings together diverse teams of experienced wealth advisory, specialty
More informationT. Rowe Price Retirement 2020 Fund Advisor Class
T. Rowe Price Retirement 2020 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap
More informationLarge Cap Low Volatility Strategy. 12/31/ Vanderbilt Beach Road, Suite 102 Naples, Florida V:
Large Cap Low Volatility Strategy 12/31/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Reduced Equity Market Risk The 50%+ downturn in the broad U.S.
More informationCOPELAND RISK MANAGED DIVIDEND GROWTH FUND
COPELAND RISK MANAGED DIVIDEND GROWTH FUND COPELAND INTERNATIONAL RISK MANAGED DIVIDEND GROWTH FUND PROSPECTUS March 30, 2018 Copeland Risk Managed Dividend Growth Fund Class A Shares: CDGRX Class C shares:
More informationInnovator Lunt Low Vol/High Beta Tactical ETF
Summary Prospectus Innovator Lunt Low Vol/High Beta Tactical ETF (formerly Elkhorn Lunt Low Vol/High Beta Tactical ETF) (Cboe BZX LVHB) April 11, 2018 Before you invest, you may want to review the Fund
More informationMeeder Asset Management, Inc.
Meeder Asset Management, Inc. Advisory Services Brochure Form ADV Part 2A 6125 Memorial Drive Dublin, Ohio 43017 (800) 325-3539 www.meederinvestment.com March 29, 2019 This brochure provides information
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
Portfolio A diversified 403(b) portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies
More informationWells Fargo Target Today Fund (formerly Wells Fargo Dow Jones Target Today Fund)
Prospectus July 14, 2017 Target Date Funds Wells Fargo Fund Wells Fargo Target Today Fund (formerly Wells Fargo Dow Jones Target Today Fund) Wells Fargo Target 2010 Fund (formerly Wells Fargo Dow Jones
More informationAltegris/AACA Opportunistic Real Estate Fund
Altegris/AACA Opportunistic Real Estate Fund A: RAAAX C: RAACX I: RAAIX N: RAANX 1-877-772-5838 www.altegris.com Summary Prospectus May 1, 2018 Before you invest, you may want to review the Fund s prospectus,
More information80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy
2018 80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy INVESTMENT OBJECTIVE: Designed to provide strong growth potential through strategies with the ability to adjust allocations
More informationRound Investments LLC
Item 1 Cover Page Round Investments LLC 11012 Ventura Blvd #125 Studio City, CA, 91604 www.investround.com Wrap Fee Brochure July 5, 2018 This wrap fee program brochure (this Brochure ) provides information
More informationInnovator S&P Investment Grade Preferred ETF
Summary Prospectus Innovator S&P Investment Grade Preferred ETF (formerly Innovator S&P High Quality Preferred ETF) (Cboe BZX EPRF) August 1, 2018 Before you invest, you may want to review the Fund s prospectus,
More informationAI: Weighted Sector Strategy DEC
KEN STERN & ASSOCIATES DEC 31 2016 1 Tactical Rebalanced AI: Strategy DEC 31 2016 Ken Stern & Associates Strategy seeks to track the investment results of the Morgan Stanley Capital International USA Investable
More informationMANAGER SELECT PROGRAM FORM BROCHURE
MANAGER SELECT PROGRAM FORM BROCHURE LPL Financial LLC 75 State Street, 22nd Floor, Boston, MA 02109 www.lpl.com (617) 423-3644 March 29, 2019 This wrap fee program brochure provides information about
More informationTactical Stocks-Bonds Strategy
Tactical Stocks-Bonds Strategy FACT SHEET December 31, 2017 60 State Street, Suite 700 Boston, Massachusetts 02109 team@modelcapital.com 617-854-7417 http://modelcapital.com/ FIRM S INVESTMENT PHILOSOPHY
More informationValMark Advisers, Inc. 130 Springside Dr. Suite #300 Akron, OH ADV Part 2A Appendix 1. Wrap Fee Program Brochure
ValMark Advisers, Inc. 130 Springside Dr. Suite #300 Akron, OH 44333 ADV Part 2A Appendix 1 Wrap Fee Program Brochure This Wrap Fee Program Brochure provides information about the qualifications and business
More informationq merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware
Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions,
More informationAQR Style Premia Alternative Fund
AQR Style Premia Alternative Fund Fund Summary May 1, 2015 Ticker: Class I/QSPIX Class N/QSPNX Before you invest, you may want to review the Fund s prospectus, which contains more information about the
More informationThe E-Valuator Funds* PROSPECTUS. January 31, The E-Valuator Very Conservative RMS Fund. R4 Class Shares (EVFGX)
The E-Valuator Funds* PROSPECTUS January 31, 2018 The E-Valuator Very Conservative RMS Fund R4 Class Shares (EVVCX) The E-Valuator Conservative RMS Fund R4 Class Shares (EVFCX) The E-Valuator Tactically
More informationFund Class A Class C. Wells Fargo Diversified Capital Builder Fund EKBAX EKBCX. Wells Fargo Diversified Income Builder Fund EKSAX EKSCX
Prospectus February 1, 2018 Multi-Asset Funds Fund Class A Class C Wells Fargo Diversified Capital Builder Fund EKBAX EKBCX Wells Fargo Diversified Income Builder Fund EKSAX EKSCX Wells Fargo Index Asset
More informationGlossary of General Investment-Related Terms
Glossary of General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated with marketing and selling
More informationFidelity Wealth Services Program Fundamentals
Fidelity Wealth Services Program Fundamentals Fidelity Personal and Workplace Advisors LLC 245 Summer Street, V2A Boston, MA 02210 (617) 563-7000 March 29, 2018 (with an effective date of July 16, 2018)
More informationAdvice and Planning. The Value of Working with a PNC Investments Financial Advisor
Advice and Planning The Value of Working with a PNC Investments Financial Advisor Financial Planning The Strong Foundation From Which We Work Just as you wouldn t contemplate starting a trip without a
More informationArrow Dow Jones Global Yield ETF
ArrowShares EXCHANGE TRADED SOLUTIONS Arrow Dow Jones Global Yield ETF GYLD 1-877-277-6933 1-877-ARROW-FD www.arrowshares.com Summary Prospectus June 1, 2017 Before you invest, you may want to review the
More informationNavigator Taxable Fixed Income
CCM-17-09-966 As of 9/30/2017 Navigator Taxable Fixed Navigate Fixed with Individual Bonds With yields hovering at historic lows, an active strategy focused on managing risk may deliver better client outcomes
More informationTactical Core Equity Portfolio Strategy Global core equity portfolio strategy that seeks to outperform equity markets while minimizing volatility
EquityCompass Tactical Core Equity Portfolio Strategy Global core equity portfolio strategy that seeks to outperform equity markets while minimizing volatility Approved for public distribution Investment
More informationSummary Prospectus Innovator IBD ETF Leaders ETF
Summary Prospectus Innovator IBD ETF Leaders ETF (NYSE Arca LDRS) March 13, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its
More informationSchwab Indexed Retirement Trust Fund 2040
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value
More informationImportant Information About Changes To Your Advisory Service
Important Information About Changes To Your Advisory Service March 29, 2018 Effective July 16, 2018, Fidelity will bring together multiple services. A new registered investment adviser called Fidelity
More informationCrescat Portfolio Management, LLC Verification and Crescat Global Macro Hedge Fund Composite Performance Examination Report.
Crescat Portfolio Management, LLC Verification and Crescat Global Macro Hedge Fund Composite Performance Examination Report December 31, 2018 Verification and Performance Examination Report Investors Crescat
More informationSirius S&P Strategic Large-Cap Allocation Fund A series of the Starboard Investment Trust
PROSPECTUS July 28, 2017 Sirius S&P Strategic Large-Cap Allocation Fund A series of the Starboard Investment Trust NASDAQ Symbol: SSPLX This prospectus contains information about the Sirius S&P Strategic
More informationGuggenheim Variable Insurance Funds Summary Prospectus
5.1.2017 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund Inverse S&P 500 Strategy Fund The Fund is very different from most mutual funds in that it seeks
More informationAristotle Small Cap Equity Fund Class I Shares (Ticker Symbol: ARSBX)
Aristotle Small Cap Equity Fund Class I Shares (Ticker Symbol: ARSBX) A series of Investment Managers Series Trust Supplement dated August 31, 2017, to the Prospectus and the Statement of Additional Information
More informationImportant Information About Changes To Your Advisory Service
Important Information About Changes To Your Advisory Service March 29, 2018 Effective July 16, 2018, Fidelity will bring together multiple services. A new registered investment adviser called Fidelity
More informationAsset manager profiles
SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). John Hancock is a division
More informationProgram Fundamentals: Fidelity Private Portfolio Service
Program Fundamentals: Fidelity Private Portfolio Service Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 1-800-544-3455 March 30, 2012 On behalf of Fidelity, we thank you for the opportunity
More informationLOSS AVERSE INVESTING STRATEGIES UPDATE
PORTFOLIO MANAGERS: Patrick S. Adams, CFA Rick Garcia PHONE: 800-777-0818 EMAIL: information@pvgasset.com WEBSITE: www.pvgassetmanagement.com LOSS AVERSE INVESTING STRATEGIES UPDATE ADDRESS: 6898 S. University
More informationAlpha Bonds Strategy
Alpha Bonds Strategy Strategy Overview The Alpha Bonds Strategy combines conservative bond funds with Alpha s fourth quarter power periods to create what we believe is a unique solution to the conservative
More informationAsset manager profiles
SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). John Hancock is a division
More informationT. Rowe Price Global Allocation Fund
T. Rowe Price Global Allocation Fund Supplement to Summary Prospectus and Prospectus Dated March 1, 2018 The fee table and hypothetical expenses table on pages 1 and 2 of the Prospectus and Summary Prospectus
More informationFORM ADV, PART 2A APPENDIX 1 WRAP FEE PROGRAM BROCHURE MUTUAL FUND ADVISORY PORTFOLIO
FORM ADV, PART 2A APPENDIX 1 WRAP FEE PROGRAM BROCHURE MUTUAL FUND ADVISORY PORTFOLIO J.P. Morgan Securities LLC June 7, 2017 277 Park Avenue New York, NY 10172 800-392-5749 http://www.chase.com/mfap This
More informationSummary Prospectus. ProFund VP Internet
Summary Prospectus MAY 1, 2018 ProFund VP Internet This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review
More informationMulti-Strategy Total Return Fund A fund seeking attractive risk adjusted returns through a global portfolio of stocks, bonds, and other investments.
SUMMARY PROSPECTUS TMSRX TMSSX TMSAX Investor Class I Class Advisor Class March 1, 2018 T. Rowe Price Multi-Strategy Total Return Fund A fund seeking attractive risk adjusted returns through a global portfolio
More informationGuggenheim Variable Insurance Funds Summary Prospectus
5.1.2017 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund Inverse Dow 2x Strategy Fund The Fund is very different from most mutual funds in that it seeks to
More informationINVEST IN SOMETHING REAL NOT FOR USE IN OHIO.
TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the
More informationTHE SELECT SECTOR SPDR TRUST (the Trust ) The Communication Services Select Sector SPDR Fund
THE SELECT SECTOR SPDR TRUST (the Trust ) The Communication Services Select Sector SPDR Fund Supplement dated June 19, 2018 to the Prospectus, Summary Prospectus and Statement of Additional Information
More informationInvestment Perspectives. From the Global Investment Committee
Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil
More informationGlossary Of Investment-Related Terms
Glossary Of Investment-Related Terms PART 1 General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated
More informationPROSPECTUS December 1, 2018
ABR DYNAMIC BLEND EQUITY & VOLATILITY FUND Institutional Shares (ABRVX) Investor Shares (ABRTX) ABR DYNAMIC SHORT VOLATILITY FUND Institutional Shares (ABRSX) Investor Shares (ABRJX) PROSPECTUS December
More informationANNUAL FUND OPERATING EXPENSES
Summary Prospectus December 31, 2017 (as revised on March 2, 2018) Class I OIOIX Class A OIOAX Class D OIODX Before you invest, you may want to review the Orinda Income Opportunities Fund's (the "Fund")
More informationWhy Are Fixed Income ETFs Growing?
Fixed Income ETFs Why Are Fixed Income ETFs Growing? Lee Sterne, CFA Vice President, ETF Strategy Angus Stewart, CFP Director, Investment Product Michael Hodapp Fixed Income Regional Brokerage Consultant
More informationRBC BlueBay Funds Prospectus
RBC BlueBay Funds Prospectus January 26, 2018 RBC BlueBay Emerging Market Debt Fund (formerly RBC BlueBay Emerging Market Select Bond Fund) Class A: RESAX Class I: RBESX Class R6: RBERX RBC BlueBay High
More informationMulti-Asset Income NFMAX NFMCX NFMIX. December NLD Review Code: 5088-NLD-02/03/2016 Newfound Case ID:
Multi-Asset Income NFMAX NFMCX NFMIX NLD Review Code: 5088-NLD-02/03/2016 Newfound Case ID: 4226941 1 December 2015 The Newfound Mission Defensive Simple Consistent Thoughtful In August 2008, Newfound
More informationLJM PRESERVATION AND GROWTH FUND. Class A LJMAX Class C LJMCX Class I LJMIX. A Series of Two Roads Shared Trust
LJM PRESERVATION AND GROWTH FUND Class A LJMAX Class C LJMCX Class I LJMIX A Series of Two Roads Shared Trust Supplement dated April 4, 2017 to the Prospectus dated February 28, 2017 The performance table
More informationADVISORSHARES TRUST. ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH
ADVISORSHARES TRUST ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH Supplement dated June 12, 2018 to the Prospectus and Statement
More informationSTRIVING TO PROTECT & ADVANCE YOUR INVESTMENTS IN UNPREDICTABLE MARKETS
STRIVING TO PROTECT & ADVANCE YOUR INVESTMENTS IN UNPREDICTABLE MARKETS Has investing become an overwhelming task you would like to delegate? OUR VISION. An SEC-Registered Investment Advisor, the Howard
More informationAlternative Investments
Alternative Investments Tap into greater opportunity with U.S. Trust 03 Sophisticated solutions to help meet your needs. 04 Complete your financial strategy. 05 Ways to access alternative investments.
More informationSUMMARY PROSPECTUS. May 1, 2018
SUMMARY PROSPECTUS May 1, 2018 REMS REAL ESTATE INCOME 50/50 FUND INSTITUTIONAL SHARES (Ticker: RREIX) PLATFORM SHARES (Ticker: RREFX) Z SHARES (Ticker: RREZX) Before you invest, you may want to review
More informationIndependent Accountant's Verification and Performance Examination Report
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Horizon Asset Management LLC: We have examined whether (1) Horizon Asset Management Institutional
More informationProspectus. Innovator IBD 50 ETF (formerly Innovator IBD 50 Fund)
Prospectus Innovator IBD 50 ETF (formerly Innovator IBD 50 Fund) (NYSE Arca FFTY) November 20, 2017 Innovator IBD 50 ETF (the Fund ) is a series of Innovator ETFs Trust (the Trust ) and an exchange-traded
More informationTACTICAL DIVIDEND GROWTH
TACTICAL DIVIDEND GROWTH THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationIBM 401(k) Plus Plan. Individual Fund Flyer Conservative Fund
IBM 401(k) Plus Plan Individual Fund Flyer Conservative Fund This investment option is a unitized fund and not a mutual fund and as such is not registered with the Securities Exchange Commission (SEC).
More informationGlobal High Income Bond Fund
SUMMARY PROSPECTUS RPIHX RPOIX PAIHX Investor Class I Class Advisor Class May 1, 2018 T. Rowe Price Global High Income Bond Fund A fund seeking high income and, secondarily, capital appreciation through
More informationUS MARKET ROTATION STRATEGY ETF NYSE ARCA TICKER: HUSE (the Fund ) July 2, 2018
US MARKET ROTATION STRATEGY ETF NYSE ARCA TICKER: HUSE (the Fund ) July 2, 2018 The information in this Supplement amends certain information contained in the currently effective Summary Prospectus and
More informationSmall Cap Value Composite GIPS Table
Small Cap Value Composite GIPS Table Total Total Russell 3-Year 3-Year Total Total Total Gross Net 2000 Value Number of Composite Composite Russell 2000 Composite Assets Equity Assets Firm Assets Year/
More informationMorgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation
Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit
More informationIMS Capital Management, Inc.
IMS Capital Management, Inc. IMS Capital Value Fund Institutional Class Shares (Ticker Symbol: IMSCX) IMS Strategic Income Fund Institutional Class Shares (Ticker Symbol: IMSIX) IMS Dividend Growth Fund
More informationPROSPECTUS October 29, 2017
PROSPECTUS October 29, 2017 Investor Class Shares PORTFOLIOS OF INVESTMENTS SA U.S. Fixed Income Fund (SAUFX) SA Global Fixed Income Fund (SAXIX) SA U.S. Core Market Fund (SAMKX) SA U.S. Value Fund (SABTX)
More informationPROSPECTUS OCTOBER 1, 2017
PROSPECTUS OCTOBER 1, 2017 SIT MUTUAL FUNDS: Sit Balanced Fund - SIBAX Sit Dividend Growth Fund, Class I SDVGX Sit Dividend Growth Fund, Class S SDVSX Sit Global Dividend Growth Fund, Class I GDGIX Sit
More informationHANLON TACTICAL DIVIDEND AND MOMENTUM FUND Class A HTDAX Class C HTDCX Class I HTDIX Class R HTDRX Investor Class HTDVX
HANLON TACTICAL DIVIDEND AND MOMENTUM FUND Class A HTDAX Class C HTDCX Class I HTDIX Class R HTDRX Investor Class HTDVX A Series of Two Roads Shared Trust Supplement dated April 3, 2017 to the Prospectus
More informationInvestment Terms Glossary
Investment Terms Glossary 12b-1 Fee: A fee assessed on certain funds and associated share classes permitted under an SEC rule to help cover the cost associated with marketing and selling the fund; 12b-1
More informationPROSPECTUS. April 30, ALPS Variable Investment Trust
PROSPECTUS April 30, 2018 ALPS Variable Investment Trust Morningstar Conservative ETF Asset Allocation Portfolio Class I (N/A) and Class II (CETFX) Morningstar Income and Growth ETF Asset Allocation Portfolio
More information