Results are shown after all trading costs and management fees have been deducted.
Past performance is no guarantee of future returns.
Results shown are for the entire account, including equities and cash. This account was selected because it is a permanent account of the firm and not subject to confidentiality restrictions. It is fully discretionary, tax exempt, restriction free, subject to infrequent cash flows and of sufficient size to closely follow the equity model of the firm. Accounts which do not share these qualities may experience different returns. All of the firm's equity accounts follow a single model portfolio.