U.S. Strategy Portfolio Performance Since Inception
U.S. Value Direct Composite Returns of Actual Accounts (Net) vs. S&P 500 Total Return
May 1, 2009 through March 31, 2013
May 1, 2009 through March 31, 2013
| Portfolio | Partial Q2 2009 (May, June) |
Q3 2009 |
Q4 2009 |
2009 (May 1 - Dec 31, 2009) |
Q1 2010 |
Q2 2010 |
Q3 2010 |
Q4 2010 |
2010 | Q1 2011 |
Q2 2011 |
Q3 2011 |
Q4 2011 |
2011 | Q1 2012 |
Q2 2012 |
Q3 2012 |
Q4 2012 |
2012 | Q1 2013 |
Since Inception (May 1, 2009 - Mar 31, 2013) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S Value Direct Composite - Net of fees |
13.61% | 22.77% | 2.85% | 43.46% | 5.75% | -12.56% | 9.40% | 11.34% | 12.64% | 11.07% | 0.05% | -17.02% | 11.86% | 3.14% | 10.72% | -6.06% | 0.73% | -2.17% | 2.49% | 12.66% | 92.45% |
| S&P 500 Index Total Return |
5.80% | 15.61% | 6.04% | 29.70% | 5.39% | -11.43% | 11.29% | 10.76% | 15.06% | 5.92% | 0.10% | -13.87% | 11.82% | 2.11% | 12.59% | -2.75% | 6.35% | -0.38% | 16.00% | 10.61% | 95.52% |
| Difference | 7.80% | 7.17% | -3.19% | 13.76% | 0.36% | -1.13% | -1.89% | 0.58% | -2.42% | 5.15% | -0.05% | -3.15% | 0.04% | 1.03% | -1.87% | -3.31% | -5.62% | -1.79% | -13.51% | 2.06% | -3.08% |
Graph of $100,000 invested in Formula Investing U.S Value Direct Composite (Net)
vs. S&P 500 Total Return May 1, 2009 through March 31, 2013
vs. S&P 500 Total Return May 1, 2009 through March 31, 2013
Monthly Results for U.S. Value Direct Composite of Actual Accounts (Net)
| Monthly | Jan | Feb | Mar | April | May | June | July | Aug | Sept | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 11.01% | 2.34% | 9.10% | 4.47% | 7.72% | -3.95% | 1.95% | 5.03% | 43.46% 1 | ||||
| 2010 | -2.54% | 2.24% | 6.13% | 0.46% | -7.79% | -5.60% | 5.32% | -7.39% | 12.16% | 3.40% | -0.35% | 8.06% | 12.64% |
| 2011 | 3.22% | 5.13% | 2.35% | 2.59% | 0.52% | -2.99% | -1.36% | -6.95% | -9.59% | 12.75% | -1.59% | 0.81% | 3.14% |
| 2012 | 7.16% | 1.07% | 2.23% | -2.70% | -8.19% | 5.16% | -3.87% | 3.25% | 1.57% | -6.50% | 3.68% | 0.91% | 2.49% |
| 2013 | 5.83% | 1.37% | 5.02% | 12.66% 2 |
1 May 1, 2009 - Dec 31, 2009; 2 Jan 1, 2013 - Mar 31, 2013;
This presentation is neither an offer to sell nor a solicitation of an offer to buy any security or investment product. Past performance is not indicative of future results. The Formula Investing U.S. Value Direct strategy is subject to significant risks and may result in the loss of some or all principal.
This has been prepared for informational purposes only. No representation, warranty or assurance of any kind, express or implied, is made as to the accuracy or completeness of the information contained herein and Gotham Asset Management, LLC ("Gotham") and each of its respective affiliates disclaim any liability for use by any party and the contents are subject to change without notice. Gotham makes no representation regarding any tax, legal or accounting matters. The information herein is not intended for distribution to, or use by any party in any jurisdiction where such distribution or use would be contrary to local law or regulation.
This information is for the use of intended recipients only, and may not be reproduced, redistributed or copied in whole or in part for any purpose without prior written consent.
Formula Investing U.S. Value Direct Composite (the "Composite"), created May 1, 2009, is an aggregation of discretionary equity accounts managed according to a single investment strategy whose objective is long-term capital appreciation. The strategy generally holds 24 mid to large market capitalization stocks.
Although the Composite is not designed to track any equity index, the S&P 500 Index has been selected as the benchmark. Returns for the index include the reinvestment of dividends. The S&P 500 is a commonly followed equity index and is generally considered a barometer of the U.S. equity market.
The Composite and the benchmark have different portfolio characteristics including, but not limited to, holdings and turnover. Index returns do not include transaction fees, management fees or any other costs and it is not possible to invest directly in an index. For the reasons described above, the performance and volatility of the Composite will be different than the benchmark.
The portfolio characteristics herein relate to the Composite. Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) timing of investment; (iii) investment restrictions applicable to the account, if any; and (iv) market exigencies at the time of investment. Gotham reserves the right to modify its current investment strategies and techniques.
The fee schedule for Gotham's investment advisory services is 1.00% per annum of assets under management for the Formula Investing U.S. Value Direct strategy. This fee includes all trading costs and investment advisory fees. Portfolio performance is presented net of all trading costs and investment advisory fees and includes the reinvestment of income. For the period May 1, 2009 - December 31, 2010, the Composite includes accounts that received a temporary waiver of investment advisory fees. Performance is calculated and presented in U.S. dollars. A complete description of Gotham's advisory services and fee schedule can be found in Part 2 of its Form ADV which is available upon request.