PERFORMANCE*
Annual Returns as of December 31, 2020 (%)
| QTD | YTD | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Frontier Markets Strategy, gross | 29.38 | 3.23 | 17.90 | -14.19 | 35.11 | 28.51 | -4.53 | -0.55 | 34.14 | 11.89 |
| Frontier Markets Strategy, net | 29.25 | 2.19 | 16.56 | -15.54 | 33.23 | 26.21 | -5.87 | -1.75 | 32.89 | 10.08 |
| MSCI Frontier Markets Index | 11.20 | 1.43 | 17.99 | -16.41 | 31.86 | 2.66 | -14.46 | 6.84 | 25.89 | 8.85 |
| Added Value, gross of fees | 18.18 | 1.81 | -0.09 | 2.22 | 3.25 | 25.84 | 9.92 | -7.39 | 8.24 | 3.04 |
| Added Value, net of fees | 18.06 | 0.76 | -1.43 | 0.87 | 1.37 | 23.55 | 8.59 | -8.59 | 6.99 | 1.22 |
Annualized Returns as of December 31, 2020 (%)
| 1 YR | 3 YRS | 5 YRS | SI¹ | |
|---|---|---|---|---|
| Frontier Markets Strategy, gross | 3.23 | 1.46 | 12.64 | 9.79 |
| Frontier Markets Strategy, net | 2.19 | 0.20 | 11.09 | 8.21 |
| MSCI Frontier Markets Index | 1.43 | 0.01 | 6.25 | 5.19 |
| Added Value, gross | 1.81 | 1.45 | 6.39 | 4.60 |
| Added Value, net | 0.76 | 0.19 | 4.83 | 3.03 |
¹ Inception Date: June 30, 2010
*Performance is represented by the Frontier Markets Composite comprising fee-paying discretionary portfolios with a remit to invest principally in frontier markets. For comparison purposes, the composite is measured against the MSCI Frontier Markets Index, a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in global frontier markets. Performance is given in USD and is annualized for periods in excess of one year. Gross performance does not reflect the deduction of management fees but includes all other fees and expenses. Net performance does reflect the deduction of management fees and includes all other fees and expenses. The actual management fee and expenses paid by an account may be higher or lower. Performance as stated includes the reinvestment of all dividends and capital gains. Fiera Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has been independently verified for the period 1 Jun 2000 through 31 Dec 2018. A copy of the verification report and a presentation that adheres to GIPS standards are available upon request to the Marketing Department. Past performance is not a guarantee or indicator of future results. Inherent in any investment is the potential for loss. It is not possible to invest directly in an index, and investors pursuing a strategy similar to an index will be subject to fees and expenses that will reduce their return.
