IMPORTANT DISCLOSURES
Past performance is not necessarily indicative of future results. There is no guarantee that the strategy will achieve its investment objectives or comparable results. Inherent in any investment is the potential for loss.
SOURCES
All market data and indicators are sourced from Bloomberg.
INDICES
The benchmarks (or reference indices) are determined in advance with clients and are employed to compare performance.
Any comparisons herein of the investment performance of the portfolio to a benchmark or an index are qualified as follows: (i) the volatility of such benchmark or index may be materially different from that of the portfolio; (ii) such benchmark may employ different investment guidelines and criteria than the portfolio, and, therefore, holdings in such portfolio may differ significantly from holdings of the securities that comprise such benchmark or index and (iii) the performance of such benchmark or index may not necessarily have been selected to represent an appropriate benchmark or index to compare the performance of the portfolio, but rather, is disclosed to allow for comparison of the portfolio’s performance to that of a well-known benchmark or index. A summary of investment guidelines of such benchmark or index is available upon request. No representation is made as to the risk profile of any benchmark or index relative to the risk profile of the portfolio.
You cannot invest directly in an index.
The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.
The MSCI EAFE Index is a free-float weighted equity index. The index was developed with a base value of 100 as of December 31, 1969. The MSCI EAFE region covers DM countries in Europe, Australasia, Israel, and the Far East.
The MSCI EM (Emerging Markets) Index is a free-float weighted equity index that captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Bloomberg Barclays Intermediate US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixedrate taxable bond market with less than 10 years to maturity. The securitized sector is wholly included. The index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS.
Bloomberg Barclays Muni 1-10Yr Blend (1-12) Total Return Index Value.
The ICE BofA US Cash Pay High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the US domestic market.
The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed rate US dollar denominated preferred securities issued in the US domestic market.
GENERAL
This report is being furnished to you on a confidential basis to provide summary information regarding your existing investment in the portfolio, and may not be reproduced and may not be used for any other purpose. This report does not constitute an offer to sell or a solicitation to an offer to buy interests in the portfolio. Any offering is made only to you in your capacity as an existing investor, and is subject to the private placement memorandum and governing and subscription documents of the portfolio (the “Operative Documents”), which should be read in their entirety. The Operative Documents contain additional information about the investment objective, terms and conditions of your investment in the portfolio and certain risks and conflicts of interest disclosures that are important to your investment in the portfolio.
The report is highly confidential. Your acceptance of this document constitutes your agreement to (i) keep confidential all the information contained in this report, as well as any information derived by you from the information contained in this report (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person and (ii) not to use any of the Confidential Information for any purpose other than to monitor an investment in the portfolio. This report is for information purposes only and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. It does not constitute or form part of any offer to issue or sell, or any solicitation to any officer to subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract.
