Calculation of Returns are for Model Portfolios. Client Portfolios assets are allocated to match Model Portfolios, but may have different returns due to the timing of any contributions or withdrawals, which may cause asset allocation differences.
Gross Return: The gross rate of return is the total rate of return on an investment before the deduction of any management fees.
Net Return: The net rate of return is the investors return after the deduction of an annualized management fee.
Methodology: Time weighted total rate of return using weekly valuations calculated in U.S. dollars and geometric linking of period returns using the exact method of calculation recommended by the Bank Administration Institute (Measuring the Investment Performance of Pension Funds, Bank Administration Institute, 1968).
Performance and Fees: Gross returns do not reflect the deduction of investment advisory fees and therefore the client's return will be reduced by the advisory fees and any other expenses it may incur. For example, a portfolio which earned 15% per annum for ten years would result in a cumulative return of 304.6% before investment management fees and 269.7% net of such fees, assuming a 22.5 basis point (0.225%) fee per quarter.
Investment Management Fee Schedule: Per annum fees for managing accounts are described in Part II of Form ADV, which is available upon request.
Consultant's Use of Performance Data: Any use of Investment Management Corporation's performance data in other than one-on-one client presentations should be accompanied by the required SEC Disclosures.
Disclaimer: Past performance should not be construed as a guarantee of future performance.