#21. HIM #21 utilizes the investment models in managing actual client portfolios. However, the combined portfoliopective client should assume that future performance will be profitable, or equal to either the HIM #21 performancedividends and interest. Investors cannot invest directly in an index. Results presented include management fees of management fee as well as an unaffiliated third-party registered investment advisor's management fee. No trading e to the timing of trades and securities used in execution. Index based securities such as exchange traded funds,of a back-tested portfolio and, as such, the corresponding results have inherent limitations, including: (1) the lication of each of the referenced portfolios, certain aspects of which may have been designed with the benefit of on the advisor's use of the hypothetical portfolio if the portfolio had been used during the period to actually manage ent results during the corresponding time periods that were materially different from those portrayed in theADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM INNUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. For reasons including variances in portfolio HIM #21 investment management services, and any account contributions or withdrawals, the performance of ased as a proxy for the stock market. Standard & Poor's chooses the member companies for the S&P based on market on companies. The historical performance results of the S&P (and those of or all indices) do not reflect theould have the effect of decreasing indicated historical performance results.n verified to be in compliance with GIPS for the period from inception on May 31, 2002 through June 30, 2014 bynuously monitored daily by Theta Research. The accounts in the composite are considered representative of thenstructions or restrictions, fund restrictions on investments or the time at which an account is opened or additions reflect the reinvestment of dividends and capital gain distributions. Composite returns are net of the underlyingend for performance reporting purposes. No adjustments have been made for potential income tax consequences. osite It should not be assumed that future recommendations will be profitable or equal past performance. They be worth more or less than their original cost and current performance may be lower or higher than the l weighted index composed of 500 widely held common stocks varying in composition, and is not available for directormation to assist an individual client or prospective client in determining whether the performance of a HIM #22 he market indices may materially differ (more or less) from that of the actual portfolios. Since individuals cannotunt. These charges, if applicable, would reduce the overall return of the S&P 500 index. The strategies shown involve ial institution, are not obligations of any financial institution, and involve investment risk, including possible loss of e accuracy, timeliness, or completeness of the information. Past performance is no guarantee of future results. This . Such offers can only be made where lawful under applicable law.g and no inference to the contrary should be made. Information pertaining to HIM #22 advisory operations, services,ertaining to any mutual fund that is used in HIM #22 is set forth in each respective mutual fund's prospectus, a copy Page 18
HIM #23Performance for 1994 through 2012 verified by Rothstein Kass. Performance for 1992 through 1993 and 2013 to prthe adviser. The model account is selected based on the following criteria: longevity of the account; preference forAn investment in securities involves risk, including loss of principal. Returns are presented gross of fees and includeThis presentation is neither an offer to sell nor a solicitation of an offer to buy any securities. This document does npurchase or subscribe for any shares in a Partnership or any other type of investment or any investment vehicle ofbe relied on in any connection with any such investment. In this regard, no reliance may be placed for any purposebeing provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with furthePast performance is not indicative of future returns and the value of investments and the income derived from therisks associated with this strategy include general market risk, credit risk, interest rate risk or risk of the portfolio nsubstantially different from the investment strategy. An investor should consider the investment objectives, risks,Total Return Index is an unmanaged index consisting of 500 common stocks with dividends reinvested and is providRevised February 2, 2017
resent is verified by Theta Research. Performance results relate only to a select account managed byr no deposits or withdrawals on the account; and an accurate representation of the model in general. e the reinvestment of all income.not constitute or form any part of an offer to sell or any solicitation or invitation of any offer tof any kind, nor should this document or any part of it or the fact of its distribution form the basis of ore whatsoever on the information contained in this document or on its completeness. This document iser investigation of the investment strategy herein described.em can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Thenot performing as expected. The types of securities held by a comparison benchmark may be charges, and expenses of the investment and the strategy carefully before investing. The S&P 500 ded as a representation of the US stock market for informational purposes. Page 19
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