|
|
 |
 |
 |
| Past performance is not an indication of future results. See Notes
below on performance data. |
|
| STOCK COMPOSITE DISCLOSURE
NOTE |
|
The TBP Advisors Discretionary Stock Sector Composite is an index calculated by taking the average
of the quarterly total returns of the stock sectors of all of our firm’s fully-discretionary portfolios,
assuming reinvestment of all dividends. This universe includes all of our firm’s fully-discretionary
portfolios valued at $1 million or more, plus those smaller portfolios that are deemed to be similarly
representative of the firm’s results. Fully-discretionary portfolios are those for which TBP Advisors
has legal authority to make changes in investment holdings without prior client approval and whose
stock sector holdings are at least 90% invested in stocks on the firm’s Guidance List. A new portfolio
will be included in this Composite when its holdings are deemed to have become representative of the
firm’s current policies. In computing this index, the stock sector returns of each portfolio are weighted
by the ratio of the value of that portfolio’s stock sector to the total value of the stock sectors of the
included universe. Returns shown for this Composite are before management fees, but after
transactions costs. On a $5 million portfolio, management fees would have averaged 0.85% annually,
thereby reducing the ten-year annual Composite return to 0.0% per year. At this rate of return, $100
invested in our Composite would have decreased to $99.58 over the past ten years after fees versus the
$108.38 shown for the Composite, while $100 invested in the Russell 3000 Growth Stock Index would
have produced $66.41 and $100 invested in the S&P 500 would have produced $93.40. Our advisory
fee policies are detailed in Securities & Exchange Form ADV-Part II which we are happy to provide
upon request.
|
|
|
|
