Important Disclosure Regarding Model Portfolios and Investment Strategies

Please refer to the methodology associated with each specific model portfolio or investment strategy offered by Global Advisers, LLC (“Global Advisers”) for details about its construction, including rebalancing procedures, rebalancing frequency, security selection criteria, and portfolio performance calculations.

Global Advisers and its affiliates may use third-party market indices or custom benchmarks as part of performance reporting, internal analysis, or research. For reference purposes, S&P Dow Jones Indices defines the following key dates:

First Value Date: The first date a calculated value—live or back-tested—is available for an index.

Base Date: The date the index value is set to a base level for calculation purposes.

Launch Date: The date index values are publicly released and considered “live.” Values prior to this are considered back-tested and hypothetical.

All index performance data shown prior to an index’s Launch Date is purely hypothetical. Back-tested index data is calculated using index rules in effect as of the Launch Date but may be subject to relaxed criteria during periods of historical market anomalies. For example, in creating simulated index data, liquidity or market capitalization thresholds may be adjusted to ensure broader representation. Complete methodology for any such index can be found at the publisher’s official site (e.g., www.spglobal.com/spdji/en).

Important Limitations of Back-Tested Performance

Back-tested performance is not actual performance. It is theoretical in nature, may be constructed using hindsight, and reflects conditions that may not apply in real-world markets. It may incorporate survivorship bias, look-ahead bias, or data assumptions that differ from actual market behavior. Actual future performance may be materially lower than back-tested results.

Any discussion of back-tested performance or model results is intended for institutional use only and is not appropriate for retail investor reliance.

ESG and Other Specialized Indices

For ESG-related strategies, data availability for historical periods may be limited. In such cases, “Backward Data Assumption” may be employed. This assumes that the earliest available data for a security or company is applied retroactively to all prior periods, even if actual data for those periods does not exist. This can overstate consistency and lead to assumptions about historical activity that may not reflect actual business involvement.

Where applicable, Global Advisers will identify strategies that rely on backward data assumptions and make available any methodology disclosures describing these practices.

Model Portfolio Returns vs. Actual Trading Results

Model portfolio returns do not represent the actual results of client-managed accounts or the performance of any actual investment product. These returns are based on portfolio models maintained by Global Advisers and/or its data providers. They do not reflect actual securities trading or account-level fees, including transaction costs, custodial charges, or advisory fees.

For illustrative purposes, if a model portfolio returned 10% on a $100,000 theoretical investment over 12 months (or $10,000), and a 1.5% advisory fee was applied at the end of the year (or $1,650), the net return would be 8.35% (or $8,350). Over a 3-year period with 10% gross annual returns and 1.5% annual fees, the gross cumulative return would be 33.10%, the total fee $5,375, and the net return 27.20%.

Fees Reduce Performance

All returns presented gross of fees are for illustrative purposes only. Advisory fees, transaction costs, and other expenses reduce returns. Clients should review the firm’s Form ADV Part 2A for detailed fee schedules and compensation arrangements.

Important Risk Considerations

  • Investments are subject to market risk and may lose value.
  • Model portfolios do not guarantee performance or eliminate investment risk.
  • Past performance, whether actual or back-tested, does not guarantee future results.
  • All investments carry the risk of loss, including the potential loss of principal.

Contact and Additional Information

Global Advisers, LLC
1650 Market Street, Suite 3600
Philadelphia, PA 19103
📞 800-832-8514
🌐 https://globaladvisers.com