Markowitz Enrollment - Web Book - Ready - Flipbook - Page 61
Investment Factsheet
PAGE 31 OF 45
Inv. Data as of 09/30/24.
STATEMENT OF ADDITIONAL DISCLOSURES
Short Fall Points - If an investment does not meet an individual due diligence criterion, short fall points are tallied. Investments that satisfy all of the
due diligence criteria receive an Fi360 Fiduciary Score of 0. Every other investment is given a Score of 1-100 based on their short fall point total,
and representing their percentile ranking within their peer group. The Fi360 Fiduciary Score represents a suggested course of action and is not
intended, nor should it be used, as the sole source of information for reaching an investment decision. Visit www.fi360.com/fi360-Fiduciary-Score
for the complete methodology document.
Criteria. The following criteria are included as part of the Score calculation.
1. Inception Date. The investment must have at least a 3 year track history
2. Manager Tenure. The investment manager must have at least a 2 year track history. (Most senior manager’s tenure)
3. Net Assets. The investment must have at least 75 million under management (Total across all share classes for funds/ETFs)
4. Composition. The investments allocation to its primary asset class should be greater than or equal to 80%. (Not applied to all peer groups)
5. Style Drift. The investment's current style box must match the peer group. (Not applied to all peer groups. Further details on each style can be
found in the Investment Strategy & Style section below.)
6. Prospectus Net Exp Ratio. The investment must place in the top 75% of its peer group
7. Alpha (3yr) - Primary Benchmark. The investment must place in the top 50% of its peer group
8. Sharpe (3yr). The investment must place in the top 50% of its peer group
9. Return (1yr). The investment must place in the top 50% of its peer group
10. Return (3yr). The investment must place in the top 50% of its peer group
11. Return (5yr). The investment must place in the top 50% of its peer group
PERFORMANCE
Total Return (No Load). Expressed in percentage terms, an investment’s total return is determined each month by taking the change in monthly net
asset value, reinvesting all income and capital gains distributions during that month, and dividing by the starting NAV. Reinvestments are made
using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Total Return (No Load) is not adjusted for sales charges (such as frontend loads, deferred loads and redemption fees), but do reflect management, administrative, 12b-1 fees and other costs taken out of fund assets.
Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns).
Total Return (With Load). Expressed in percentage terms, an investment’s total return is determined each month by taking the change in monthly
net asset value, reinvesting all income and capital gains distributions during that month, and dividing by the starting NAV. Reinvestments are made
using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Total Return (With Load) is adjusted for front-end loads, deferred
loads and redemption fees, but not taxes. For funds with front-end loads, the full amount of the load is deducted. For deferred loads and redemption
fees, the percentage charged often declines the longer the shares are held. Total returns for periods longer than one year are expressed in terms of
compounded average annual returns (also known as geometric total returns).
Percentile Rank. The relative ranking of an investment within its peer group on a scale of 1-100 (1 being the best) for the data point and time
period being measured. Rankings are calculated against the corresponding Peer Group and Number of Peers as explained in the following paragraph.
Performance ranks do not account for an investment’s sales charge (if applicable). Ranks will not be provided for periods less than one year.
Number of Peers. The number of investments in the same peer group which were used to calculate any percentile rank or Fi360 Fiduciary Score.
Only investments which had the given data point being ranked are included in this number, so the number of peers can change for the same
investment by data point being ranked. For Mutual funds (MF) and Exchange Traded Funds (ETF), we combine both sets of investments together to
form one peer group for ranking purposes. For Collective Investment Trusts (CIT), since many do not report timely, we utilize the pre-defined
MF/ETF peer group and calculate the ranks as an overlay on that peer group. There is no existing MF/ETF peer group for Stable Value, Leveraged
Net Long and Money Market Non-40 Act. We use the following MF/ETF peer group as a proxy instead (Stable Value uses Short-Term Bond,
Leveraged Net Long uses Large Blend and Money Market Non-40 Act uses Money Market Taxable) so we can calculate the ranks. For Group
Retirement Plan Annuities (GRPA), we combine this universe with all mutual funds and ETFs to form one peer group for ranking purposes. For
Separately managed accounts (SMA) and Variable annuity sub accounts (VA), we use their respective universe of investments only.
Please see important disclosures in the Statement of Additional Disclosures. © 2024, Broadridge Financial Solutions, Inc. All rights reserved. The analysis
and opinions generated by Broadridge and its affiliates do not constitute professional investment advice and are provided solely for informational purposes.
