The performance impact of IPOs and other investments may be magnified in a portfolio with a small asset base. The portfolio may not experience similar performance as the assets grow. There is no guarantee the portfolio will have the same access to the type of IPOs in which it has previously invested. For 1999 and 2000 the performance of this composite was largely attributable to investments in technology companies during a time of exceptional performance of that sector. A representative fee schedule for this strategy is included with this material.
Past performance is no guarantee of future results.