Capstone Global Investments claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards for the period December 1, 2015 through December 29, 2017. Capstone has not been independently verified for GIPS compliance.
INVESTMENT PROCESS, STRATEGIES AND PROCEDURES
Investment process, strategies, and procedures detailed in this presentation are intended to be general guidelines, subject to market conditions and client-specific investment guidelines and restrictions, and are measured at time of purchase. Capstone Global may deviate from these guidelines if market conditions warrant, or if the investment professionals deem doing so would be in the clients’ best interests. Guidelines do not guarantee any reduction of risk or loss.
The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.
Past performance is not indicative of future results. See Capstone Global Form ADV, Part 2 for a description of investment advisory fees.
Fees have a compounding effect on cumulative results. For example, assume the account achieves a 10% annual return prior to the deduction of fees each year for a period of 10 years. If an annual fee of 0.5% of assets under management were charged each of the ten years, the resulting annual average return net of fees would be reduced to 9.48%.
SECTOR WEIGHTINGS AND PORTFOLIO CHARACTERISTICS
The sector weightings and portfolio characteristics are presented as of the date shown on this presentation, and may change without notice. A complete list of sector weightings and individual security positions are available upon request.
The Russell 2000 Small Cap Net Return Index is a stock index designed to measure the performance of U.S. Small Cap equities.
Investors cannot directly invest in an index.