US Factor+ strategies report June 2020

Transparent Knowledge US quality strategy monthly data June 2020

MTD portfolio performance vs benchmark Portfolio indicators

US quality portfolio Russell 3000 index Since 1 month 3 month 6 month YTD inception* 8.0% US quality portfolio 1.8% 15.5% 9.3% 9.3% 14.3% 6.0% Russell 3000 index 2.1% 21.5% -4.4% -4.4% 9.1% 4.0% Standard deviation (ẟ)

2.0% Portfolio 8.4% 12.7% 14.6% 14.6% 11.7% Benchmark 8.7% 16.4% 32.8% 32.8% 21.2% 0.0% Downside risk (dd) -2.0% Portfolio 8.6% 12.0% 14.8% 14.8% 11.2% -4.0% Benchmark 8.3% 11.3% 27.0% 27.0% 19.9% *annualised since 2017 29.05.20 31.05.20 02.06.20 04.06.20 06.06.20 08.06.20 10.06.20 12.06.20 14.06.20 16.06.20 18.06.20 20.06.20 22.06.20 24.06.20 26.06.20 28.06.20 30.06.20

10 best & worst investments Since inception strategy performance vs benchmark

CoreLogic 35.6% US Quality strategy Russell 3000 index Commercial Metals 18.9% Apple 14.7% 170 Incorporated 12.8% 165 Corcept Therapeutics 11.1% 160 11.1% Johnson Controls 8.7% 155 Ironwood Pharmaceuticals 6.1% 150 AbbVie 5.9% 145 AmerisourceBergen 5.7% 140 UnitedHealth Group Incorporated -3.2% Coherus BioSciences -4.2% 135 Domino's Pizza -4.3% 130 Lockheed Martin -6.1% 125 PJT Partners -6.1% Houlihan Lokey -8.0% 120 BWX Technologies -9.5% 115 Biogen -12.9% 110 Renewable Energy Group -12.9% NortonLifeLock -12.9% 105 -60% -40% -20% 0% 20% 40% 60% 100 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 06/2018 09/2018 12/2018 03/2019 06/2019 09/2019 12/2019 03/2020 06/2020

TransparentKnowledge.com List of recommendations for 2020

November 2019-January 2020 February 2020-April 2020 May 2020-July 2020 August 2019-October 2019 November 2019-January 2020 Ticker Company Return Ticker Company Return Ticker Company Return Ticker Company Return Ticker Company Return SLM SLM 29% 1 NAV Navistar International 25% CLGX CoreLogic 75% KBH KB Home 36% SLM SLM 29% TECD Tech Data 18% 2 ODFL Old Dominion Freight Line 18% CORT Corcept Therapeutics 33% GNRC Generac Holdings 34% TECD Tech Data 18% LPLA LPL Financial Holdings 14% 3 RH Restoration Hardware Holdings17% CMC Commercial Metals 28% BLDR Builders FirstSource 32% LPLA LPL Financial Holdings 14% WGO Winnebago Industries 14% 4 FB Facebook 11% AAPL Apple 24% BMCH BMC Stock Holdings 28% WGO Winnebago Industries 14% LMT Lockheed Martin 14% 5 UDR UDR 6% LEN Lennar 23% ATKR Atkore 27% LMT Lockheed Martin 14% TOL Toll Brothers 12% 6 AIN Albany International 6% PRDO Perdoceo Education 23% LEN Lennar 25% TOL Toll Brothers 12% LEN Lennar 11% 7 BBY Best Buy Co. 6% ABBV AbbVie 19% UFPI Universal Forest Products 25% LEN Lennar 11% GNRC Generac Holdings 7% 8 AMWD American Woodmark 4% JCI Johnson Controls 17% PHM PulteGroup 25% GNRC Generac Holdings 7% TKR The Timken 7% 9 DVA DaVita HealthCare Partners 4% MEDP Medpace 16% TGT Target 24% TKR The Timken 7% QCOM QUALCOMM Incorporated 6% 10 BIIB Biogen 4% QCOM QUALCOMM Incorporated 16% MTZ MasTec 23% QCOM QUALCOMM Incorporated 6% JBL Circuit 6% 11 CI Cigna 4% FTDR Frontdoor 15% CTXS Citrix Systems 16% JBL Jabil Circuit 6% RTN Raytheon 4% 12 HUM Humana 4% MSFT Microsoft 14% CCK Crown Holdings 14% RTN Raytheon 4% ITW Illinois Tool Works 4% 13 INCY Incyte 2% ABC AmerisourceBergen 12% ELS Equity LifeStyle Properties 13% ITW Illinois Tool Works 4% TGT Target 4% 14 VGR Vector Group -1% ITW Illinois Tool Works 8% AMD 11% TGT Target 4% RHI Robert Half International 2% 15 DIOD Incorporated -1% CHRS Coherus BioSciences 8% TOL Toll Brothers 11% RHI Robert Half International 2% AMGN Amgen 1% 16 AAPL Apple -1% MA MasterCard Incorporated 8% TER Teradyne 10% AMGN Amgen 1% ARMK Aramark 1% 17 MCY Mercury General -1% BWXT BWX Technologies 7% CDW CDW 8% ARMK Aramark 1% OSK Oshkosh 1% 18 CMC Commercial Metals -1% PJT PJT Partners 6% CE Celanese 8% OSK Oshkosh 1% MHO M/I Homes 0% 19 QCOM QUALCOMM Incorporated -2% MEI Methode Electronics 4% CMI Cummins 5% MHO M/I Homes 0% OC Owens Corning -1% 20 DOX Amdocs Limited -2% PGR Progressive 4% LDOS Leidos Holdings 5% OC Owens Corning -1% WHR Whirlpool -4% 21 RS Reliance Steel & Aluminum Co.-3% IRWD Ironwood Pharmaceuticals 3% LMT Lockheed Martin 4% WHR Whirlpool -4% ARW Arrow Electronics -4% 22 HUBG Hub Group -3% DPZ Domino's Pizza 2% CHH Choice Hotels International 3% ARW Arrow Electronics -4% FUL HB Fuller Co. -5% 23 OSIS OSI Systems -3% UNH UnitedHealth Group Incorporated1% MLHR Herman Miller 3% FUL HB Fuller Co. -5% INT World Fuel Services -6% 24 LMT Lockheed Martin -4% DVA DaVita HealthCare Partners 0% GNTX Gentex 2% INT World Fuel Services -6% PII Polaris Industries -7% 25 ERIE Erie Indemnity -7% REGI Renewable Energy Group 0% AZO AutoZone 2% PII Polaris Industries -7% MSM MSC Industrial Direct Co. -7% 26 FNF Fidelity National Financial -8% TRNO Terreno Realty -4% CY Cypress 1% MSM MSC Industrial Direct Co. -7% AZO AutoZone -8% 27 AFG American Financial Group -8% LMT Lockheed Martin -6% MSI Motorola Solutions 0% AZO AutoZone -8% MTZ MasTec -8% 28 FCN FTI Consulting -12% HLI Houlihan Lokey -6% TGNA TEGNA -1% MTZ MasTec -8% NEU NewMarket -9% 29 CVGW Calavo Growers -13% NLOK NortonLifeLock -7% ABC AmerisourceBergen -2% NEU NewMarket -9% EAF GrafTech -11% 30 CTXS Citrix Systems -15% BIIB Biogen -10% GIS General Mills -4% EAF GrafTech -11% US growth strategy monthly data June 2020

MTD portfolio performance vs benchmark Portfolio indicators

Growth strategy Russell 3000 Index Since 1 month 3 month 6 month YTD inception* 8.0% Growth strategy 0.9% 26.9% 18.4% 18.4% 19.4% 6.0% Russell 3000 Index 2.1% 21.5% -4.4% -4.4% 9.1% 4.0% Standard deviation (ẟ) 2.0% Portfolio 9.6% 15.6% 17.4% 17.4% 13.7% 0.0% Benchmark 8.7% 16.4% 32.8% 32.8% 21.2% -2.0% Downside risk (dd) -4.0% Portfolio 9.2% 13.1% 16.3% 16.3% 12.6% -6.0% Benchmark 8.3% 11.3% 27.0% 27.0% 19.9% *annualised since 2017 29.05.20 31.05.20 02.06.20 04.06.20 06.06.20 08.06.20 10.06.20 12.06.20 14.06.20 16.06.20 18.06.20 20.06.20 22.06.20 24.06.20 26.06.20 28.06.20 30.06.20

10 best & worst investments Since inception strategy performance vs benchmark

Quidel 27.9% US Growth strategy Russell 3000 Index Adobe Systems Incorporated 12.6% Corcept Therapeutics 11.1% 195 Meritage Homes 9.5% 190 Gibraltar Industries 9.1% 185 AmerisourceBergen 5.7% 180 LGI Homes 5.5% 175 Safehold 4.9% 170 ESCO Technologies 2.3% 165 Lennar 1.9% 160 Perdoceo Education -2.1% 155 150 Neurocrine Biosciences -2.2% 145 DaVita HealthCare Partners -2.2% 140 Murphy USA -3.0% 135 Domino's Pizza -4.3% 130 Royal Gold -6.7% 125 Vistra Energy -8.9% 120 Arista Networks -10.0% 115 Mercury Systems -12.0% 110 Renewable Energy Group -12.9% 105 -60% -40% -20% 0% 20% 40% 100 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 06/2018 09/2018 12/2018 03/2019 06/2019 09/2019 12/2019 03/2020 06/2020

TransparentKnowledge.com List of recommendations for 2020

November 2019-January 2020 February 2020-April 2020 May 2020-July 2020 August 2019-October 2019 November 2019-January 2020 Ticker Company Return Ticker Company Return Company Return Ticker Company Return Ticker Company Return QDEL Quidel 35% 1 HCSG Healthcare Services Group 34% QDEL Quidel 61% KBH KB Home 36% QDEL Quidel 35% PUMP ProPetro Holding 26% 2 QDEL Quidel 28% LGIH LGI Homes 45% BLDR Builders FirstSource 32% PUMP ProPetro Holding 26% MSFT Microsoft 19% 3 KBH KB Home 25% MTH Meritage Homes 45% MTZ MasTec 23% MSFT Microsoft 19% LDOS Leidos Holdings 17% 4 BLD TopBuild 24% CORT Corcept Therapeutics 33% PODD Insulet 18% LDOS Leidos Holdings 17% NKTR Nektar Therapeutics 16% 5 CVCO Cavco Industries 16% CVCO Cavco Industries 25% REXR Rexford Industrial Realty 16% NKTR Nektar Therapeutics 16% AVAV AeroVironment 15% 6 WSM Williams-Sonoma 15% NBIX Neurocrine Biosciences 24% ATVI Activision Blizzard 15% AVAV AeroVironment 15% LPLA LPL Financial Holdings 14% 7 SNX SYNNEX 12% SKY Skyline 23% MTH Meritage Homes 15% LPLA LPL Financial Holdings 14% JBT John Bean Technologies 10% 8 ATKR Atkore 11% ADBE Adobe Systems Incorporated 23% QRVO Qorvo 10% JBT John Bean Technologies 10% BMCH BMC Stock Holdings 8% 9 FB Facebook 11% LEN Lennar 23% AOS AO Smith 9% BMCH BMC Stock Holdings 8% NSIT Insight Enterprises 7% 10 ITRI Itron 7% PRDO Perdoceo Education 23% CDW CDW 8% NSIT Insight Enterprises 7% RBC Regal Beloit 6% 11 FBHS Fortune Brands Home & Security7% BLD TopBuild 22% ICE Intercontinental Exchange 7% RBC Regal Beloit 6% XRX 5% 12 LDOS Leidos Holdings 7% HAIN The Hain Celestial Group 22% LDOS Leidos Holdings 5% XRX Xerox 5% ATVI Activision Blizzard 4% 13 CCK Crown Holdings 6% CIEN Ciena 17% RGA Reinsurance Group of America 4% ATVI Activision Blizzard 4% TGT Target 4% 14 CLH Clean Harbors 6% MEDP Medpace 16% BAH Booz Allen Hamilton Holding 2% TGT Target 4% ADI 3% 15 BBY Best Buy Co. 6% VRTX Vertex Pharmaceuticals Incorporated16% BXMT Blackstone Mortgage Trust 2% ADI Analog Devices 3% SYY Sysco 3% 16 AMWD American Woodmark 4% ABC AmerisourceBergen 12% JCI Johnson Controls 2% SYY Sysco 3% CDW CDW 2% 17 DVA DaVita HealthCare Partners 4% ESE ESCO Technologies 11% COF Capital One Financial 1% CDW CDW 2% OSK Oshkosh 1% 18 OMCL Omnicell 4% UNF UniFirst 6% MSI Motorola Solutions 0% OSK Oshkosh 1% MTH Meritage Homes -2% 19 CPRT Copart 3% ZTS Zoetis 6% HIG The Hartford Financial Services-1% Group MTH Meritage Homes -2% IRBT iRobot -2% 20 RGA Reinsurance Group of America 3% MUSA Murphy USA 5% SYF Synchrony Financial -1% IRBT iRobot -2% TTEK Tetra Tech -2% 21 MCO Moody's 1% ROCK Gibraltar Industries 4% QDEL Quidel -4% TTEK Tetra Tech -2% JEC Jacobs Engineering Group -4% 22 EME EMCOR Group 1% DPZ Domino's Pizza 2% LPLA LPL Financial Holdings -4% JEC Jacobs Engineering Group -4% UFPI Universal Forest Products -5% 23 CDW CDW -1% RGLD Royal Gold 1% MCK McKesson -4% UFPI Universal Forest Products -5% PWR Quanta Services -7% 24 ATVI Activision Blizzard -2% DVA DaVita HealthCare Partners 0% CVX Chevron -6% PWR Quanta Services -7% CMI Cummins -7% 25 RS Reliance Steel & Aluminum Co.-3% COST Costco Wholesale 0% ALXN Alexion Pharmaceuticals -7% CMI Cummins -7% AVT Avnet -8% 26 JBT John Bean Technologies -3% REGI Renewable Energy Group 0% CACC Credit Acceptance -8% AVT Avnet -8% FIX Comfort Systems USA -8% 27 LMT Lockheed Martin -4% SAFE Safehold 0% TRV The Travelers Companies -11% FIX Comfort Systems USA -8% URBN Urban Outfitters -11% 28 ANET Arista Networks -5% ANET Arista Networks -4% PAYC Paycom Software -12% URBN Urban Outfitters -11% JBSS John B Sanfilippo & Son -21% 29 FNF Fidelity National Financial -8% VST Vistra Energy -5% BKR Baker Hughes -14% JBSS John B Sanfilippo & Son -21% CORE Core-Mark Holding -23% 30 MLM Martin Marietta Materials -11% MRCY Mercury Systems -12% KMPR Kemper -18% CORE Core-Mark Holding -23% US dividend growth strategy monthly data June 2020

MTD portfolio performance vs benchmark Portfolio indicators

Dividend strategy Russell 3000 Index Since 1 month 3 month 6 month YTD inception* 10.0% Dividend strategy 1.0% 13.7% 6.5% 6.5% 15.3% 8.0% Russell 3000 Index 2.1% 21.5% -4.4% -4.4% 9.1% 6.0% Standard deviation (ẟ) 4.0% Portfolio 11.0% 16.2% 17.5% 17.5% 12.6% 2.0% Benchmark 8.7% 16.4% 32.8% 32.8% 21.2% 0.0% Downside risk (dd) -2.0% Portfolio 8.9% 12.2% 15.1% 15.1% 12.4% -4.0% Benchmark 8.3% 11.3% 27.0% 27.0% 19.9% *annualised since 2017 29.05.20 31.05.20 02.06.20 04.06.20 06.06.20 08.06.20 10.06.20 12.06.20 14.06.20 16.06.20 18.06.20 20.06.20 22.06.20 24.06.20 26.06.20 28.06.20 30.06.20

10 best & worst investments Since inception strategy performance vs benchmark

Apple 14.7% Dividend growth strategy Russell 3000 Index Getty Realty 11.5% 185 Exponent 9.0% Universal Forest Products 8.3% 180 Vulcan Materials 7.0% 175 Danaher 6.1% 170 AbbVie 5.9% 165 Fortune Brands Home & Security 4.9% 160 CDW 4.8% 155 Avery Dennison 3.1% 150 Gilead Sciences -1.1% 145 Zoetis -1.7% 140 MasterCard Incorporated -1.7% 135 Mondelez International -1.9% R. Car. Cruises -3.0% 130 Domino's Pizza -4.3% 125 Mobile Mini -7.9% 120 Marriott -8.5% 115 BWX Technologies -9.5% 110 Phillips 66 Partners LP -19.3% 105 -70% -50% -30% -10% 10% 30% 100 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 06/2018 09/2018 12/2018 03/2019 06/2019 09/2019 12/2019 03/2020 06/2020

TransparentKnowledge.com List of recommendations for 2020

November 2019-January 2020 February 2019-April 2019 May 2020-July 2020 August 2019-October 2019 November 2018-January 2019 Ticker Company Return Ticker Company Return Ticker Company Return Ticker Company Return Ticker Company Return AAPL Apple 24.4% 1 QSR Restaurant Brands International15.9% FBHS Fortune Brands Home & Security32.6% ABBV AbbVie 19% AAPL Apple 24% HPQ HP 22.7% 2 MED Medifast 13.7% AAPL Apple 24.2% AMGN Amgen 14% HPQ HP 23% SNX SYNNEX 17.0% 3 DDS Dillard's 12.7% UFPI Universal Forest Products 20.4% DHI DR Horton 14% SNX SYNNEX 17% EXPO Exponent 14.5% 4 MINI Mobile Mini 11.8% ABBV AbbVie 19.4% PSX Phillips 66 14% EXPO Exponent 15% HUM Humana 14.3% 5 SNX SYNNEX 11.7% DHI DR Horton 17.4% KALU Kaiser Aluminum 11% HUM Humana 14% DHI DR Horton 13.0% 6 FBHS Fortune Brands Home & Security6.8% EXPO Exponent 15.1% DPZ Domino's Pizza 11% DHI DR Horton 13% BAH Booz Allen Hamilton Holding10.9% 7 MTN Vail Resorts 6.2% NRC National Research 12.8% A Agilent Technologies 9% BAH Booz Allen Hamilton Holding 11% A Agilent Technologies 9.0% 8 HXL Hexcel 6.0% GTY Getty Realty 9.3% CDW CDW 8% A Agilent Technologies 9% INTU Intuit 8.9% 9 EQIX Equinix 5.4% DHR Danaher 8.2% SNA Snap-on Incorporated 7% INTU Intuit 9% XYL Xylem 6.5% 10 XYL Xylem 5.0% PCAR PACCAR 8.1% VMC Vulcan Materials 3% XYL Xylem 6% NI NiSource 4.5% 11 CGNX Cognex 3.9% RCL R. Car. Cruises 7.5% MSCI MSCI 3% NI NiSource 5% DPZ Domino's Pizza 3.7% 12 HUM Humana 3.6% MA MasterCard Incorporated 7.5% PSB PS Business Parks 3% DPZ Domino's Pizza 4% CDW CDW 2.0% 13 HPE Hewlett Packard Enterprise 1.3% BWXT BWX Technologies 6.7% EXPE Expedia 3% CDW CDW 2% ABBV AbbVie 1.8% 14 ZTS Zoetis 1.0% IOSP Innospec 6.5% BAH Booz Allen Hamilton Holding 2% ABBV AbbVie 2% AMGN Amgen 1.3% 15 ALLE Allegion Plc 0.4% ZTS Zoetis 6.0% OSK Oshkosh 2% AMGN Amgen 1% MTN Vail Resorts 0.9% 16 RCL R. Car. Cruises -0.1% CDW CDW 4.9% HURC Hurco Companies 2% MTN Vail Resorts 1% OSK Oshkosh 0.8% 17 SCI Service International -0.1% EQIX Equinix 4.0% AVGO Avago Technologies Limited 1% OSK Oshkosh 1% GILD Gilead Sciences -0.8% 18 DAL Delta Air Lines -0.5% AVY Avery Dennison 3.4% MSI Motorola Solutions 0% GILD Gilead Sciences -1% APH Amphenol -0.9% 19 AAPL Apple -1.0% MINI Mobile Mini 3.3% NSP Insperity -1% APH Amphenol -1% LUV Southwest Airlines Co. -2.0% 20 CDW CDW -1.2% VMC Vulcan Materials 2.5% GILD Gilead Sciences -3% LUV Southwest Airlines Co. -2% TTEK Tetra Tech -2.1% 21 DOX Amdocs Limited -2.3% DPZ Domino's Pizza 2.1% WLTW Willis Towers Watson -4% TTEK Tetra Tech -2% CSCO -3.2% 22 RS Reliance Steel & Aluminum Co.-2.5% ALLE Allegion Plc 1.7% NXST Nexstar Broadcasting Group -4% CSCO Cisco Systems -3% SHLX Shell Midstream Partners, L.P.-4.2% 23 NTAP NetApp -3.5% MDLZ Mondelez International -0.6% NTAP NetApp -4% SHLX Shell Midstream Partners, L.P.-4% NTAP NetApp -4.4% 24 KALU Kaiser Aluminum -4.0% MWA Mueller Water Products -0.6% MTN Vail Resorts -6% NTAP NetApp -4% KALU Kaiser Aluminum -6.5% 25 MDLZ Mondelez International -4.7% VAC Marriott -1.0% INTU Intuit -7% KALU Kaiser Aluminum -6% QSR Restaurant Brands International-6.8% 26 PSB PS Business Parks -5.0% JLL Jones Lang LaSalle Incorporated-2.0% TEX Terex -10% QSR Restaurant Brands International-7% TEX Terex -8.0% 27 FNF Fidelity National Financial -8.0% HPE Hewlett Packard Enterprise -3.3% CSCO Cisco Systems -14% TEX Terex -8% ALLE Allegion Plc -14.3% 28 CSCO Cisco Systems -8.5% CCOI Cogent Communications Holdings-7.7% MPX Marine Products -16% ALLE Allegion Plc -14% EXPE Expedia -20.6% 29 VMC Vulcan Materials -9.7% GILD Gilead Sciences -8.4% HPQ HP -17% EXPE Expedia -21% WES Western Gas Partners LP -22.1% 30 TSN Tyson Foods -16.1% PSXP Phillips 66 Partners LP -15.3% AMTD TD Ameritrade Holding -25% WES Western Gas Partners LP -22%