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Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision making or other unanticipated factors. The data presented has been gathered from sources believed to be reliable; however, their accuracy, completeness, or reliability cannot be guaranteed. We make no warranties and bear no liability for your use of this information. The performance illustrated may be materially different from any specific separate accounts using these strategies. Performance results are primarily presented after trading costs and before management fees (gross of fees). Investment advisory fees and trading costs differ across the size and type of the accounts that are used in these performance figures. Fee schedules are available upon request. The performance data quoted represents past performance and does not guarantee future results. All index performance includes capital appreciation and reinvested dividends and is presented gross of fees. Past performance is not indicative of future results. As with any investment vehicle, there is always a potential for profit as well as the possibility of loss. Actual results may differ from composite returns, depending on account size, investment guidelines and/or restrictions, inception date and other factors. Nothing contained in this presentation should be construed as a recommendation to buy or sell a security or economic sector. Please see firm and performance disclosures.