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Global Advisers, LLC Global Advisers, LLC Navigator Tactical Allocation ALL093 Start Date 01/01/2014 End Date 12/31/2019 Initial Balance $10,000 Periodic Adjustment None Rebalancing Rebalance quarterly Reinvest Dividends Yes Benchmark Goldman Sachs Growth&Inc Strat A 01/26/2020 http://core.globaladvisers.com/ 1 of 23 Global Advisers, LLC Navigator Tactical Allocation ALL093 Ticker Name Allocation ACN Accenture plc 2.42% NVDA NVIDIA Corporation 2.38% CRM Salesforce.com Inc 2.38% ADBE Adobe Systems Incorporated 2.38% CSCO Cisco Systems, Inc. 2.38% INTC Intel Corporation 2.38% MA Mastercard Incorporated 2.38% V Visa Inc. 2.38% MSFT Microsoft Corporation 2.38% AAPL Apple Inc. 2.38% TMO Thermo Fisher Scientific Inc 2.38% ABBV AbbVie Inc. 2.38% AMGN Amgen Inc. 2.38% BMY Bristol-Myers Squibb Company 2.38% MDT Medtronic plc 2.38% ABT Abbott Laboratories 2.38% PFE Pfizer, Inc. 2.38% MRK Merck & Company, Inc. 2.38% UNH UnitedHealth Group Incorporated 2.38% JNJ Johnson & Johnson 2.38% WBA Walgreens Boots Alliance, Inc. 2.38% KMB Kimberly-Clark Corporation 2.38% CL Colgate-Palmolive Company 2.38% MO Altria Group 2.38% PM Philip Morris International Inc 2.38% COST Costco Wholesale Corporation 2.38% MDLZ Mondelez International, Inc. 2.38% WMT Walmart Inc 2.38% PEP Pepsico Inc 2.38% KO Coca-Cola Company 2.38% PG Procter & Gamble Company 2.38% TSLA Tesla Inc 2.38% GM General Motors Company 2.38% 01/26/2020 http://core.globaladvisers.com/ 2 of 23 Global Advisers, LLC Ticker Name Allocation TGT Target Corporation 2.38% TJX TJX Companies, Inc. 2.38% BKNG Booking Holdings Inc. 2.38% LOW Lowe's Companies, Inc. 2.38% SBUX Starbucks Corporation 2.38% NKE Nike, Inc. 2.38% MCD McDonald's Corporation 2.38% HD Home Depot, Inc. 2.38% AMZN Amazon.com, Inc. 2.38% Portfolio Performance Metric Navigator Tactical Allocation ALL093 Goldman Sachs Growth&Inc Strat A Start Balance $10,000 $10,000 End Balance $27,079 $13,492 End Balance (inflation adjusted) $24,558 $12,236 CAGR 18.06% 5.12% CAGR (inflation adjusted) 16.15% 3.42% Stdev 11.07% 7.40% Best Year 32.86% 18.60% Worst Year 6.85% -8.94% Max. Drawdown -8.51% -12.37% Sharpe Ratio 1.49 0.59 Sortino Ratio 2.79 0.91 US Stock Market Correlation 0.91 0.92 01/26/2020 http://core.globaladvisers.com/ 3 of 23 Global Advisers, LLC 01/26/2020 http://core.globaladvisers.com/ 4 of 23 Global Advisers, LLC 01/26/2020 http://core.globaladvisers.com/ 5 of 23 Global Advisers, LLC 01/26/2020 http://core.globaladvisers.com/ 6 of 23 Global Advisers, LLC Risk and Return Metrics Metric Navigator Tactical Allocation ALL093 Goldman Sachs Growth&Inc Strat A Arithmetic Mean (monthly) 1.44% 0.44% Arithmetic Mean (annualized) 18.76% 5.40% Geometric Mean (monthly) 1.39% 0.42% Geometric Mean (annualized) 18.06% 5.12% Volatility (monthly) 3.19% 2.14% Volatility (annualized) 11.07% 7.40% Downside Deviation (monthly) 1.67% 1.36% Max. Drawdown -8.51% -12.37% US Market Correlation 0.91 0.92 Beta (*) 1.28 1.00 Alpha (annualized) 10.55% 0.00% R Squared 73.81% 100.00% Sharpe Ratio 1.49 0.59 Sortino Ratio 2.79 0.91 Treynor Ratio (%) 12.81 4.40 Calmar Ratio 2.62 0.64 Active Return 12.94% N/A Tracking Error 6.04% N/A Information Ratio 2.14 N/A Skewness -0.33 -0.24 Excess Kurtosis 0.34 0.91 Historical Value-at-Risk (5%) -4.84% -3.79% Analytical Value-at-Risk (5%) -3.78% -3.08% Conditional Value-at-Risk (5%) -6.23% -4.64% Upside Capture Ratio (%) 194.51 100.00 Downside Capture Ratio (%) 83.18 100.00 Safe Withdrawal Rate 26.43% 17.99% Perpetual Withdrawal Rate 13.91% 3.31% Positive Periods 52 out of 72 (72.22%) 48 out of 72 (66.67%) Gain/Loss Ratio 1.21 0.87 (*) Goldman Sachs Growth&Inc Strat A is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values. 01/26/2020 http://core.globaladvisers.com/ 7 of 23 Global Advisers, LLC Navigator Tactical Allocation ALL093 Returns Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Inflation Balance 2014 -3.51% 6.38% -1.09% -0.08% 2.22% 1.89% -1.32% 4.47% -0.24% 4.25% 5.82% -1.03% 18.64% 0.76% $11,864 2015 -2.09% 6.93% -1.56% 1.38% 2.11% -1.51% 5.04% -5.52% 0.16% 8.67% 0.51% 0.77% 14.96% 0.73% $13,640 2016 -4.49% -0.32% 6.56% 0.21% 2.14% 0.73% 4.42% -1.01% 0.22% -2.50% 1.03% 1.79% 8.63% 2.07% $14,817 2017 2.90% 5.22% 0.88% 2.17% 2.94% -0.14% 1.22% 1.31% 1.63% 2.85% 3.58% 1.07% 28.74% 2.11% $19,076 2018 6.88% -2.49% -2.66% 0.15% 2.49% 1.62% 3.72% 4.49% 1.85% -3.82% 3.03% -7.67% 6.85% 1.91% $20,382 2019 4.92% 3.65% 3.30% 1.43% -5.48% 7.01% 1.67% 0.96% 0.86% 3.21% 3.59% 4.14% 32.86% 2.29% $27,079 Goldman Sachs Growth&Inc Strat A Returns Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Inflation Balance 2014 -2.22% 3.54% 0.01% 0.41% 1.62% 1.52% -1.10% 1.91% -2.90% 0.56% 0.56% -1.52% 2.22% 0.76% $10,222 2015 -0.50% 3.41% -0.66% 1.21% 0.32% -1.92% 0.81% -3.96% -1.83% 4.12% 0.16% -1.44% -0.54% 0.73% $10,166 2016 -3.01% -0.71% 4.65% 0.43% 0.34% -0.00% 3.14% 0.49% 0.47% -1.39% 0.08% 1.33% 5.76% 2.07% $10,752 2017 1.64% 2.26% 0.65% 1.26% 1.32% 0.21% 2.38% 0.97% 0.91% 1.40% 0.87% 1.24% 16.19% 2.11% $12,493 2018 3.91% -3.55% -0.72% -0.07% -0.22% -1.02% 1.93% -0.36% 0.23% -5.62% 0.93% -4.36% -8.94% 1.91% $11,376 2019 6.04% 1.23% 1.18% 1.88% -3.70% 4.86% 0.29% -0.15% 0.87% 1.53% 1.36% 2.10% 18.60% 2.29% $13,492 01/26/2020 http://core.globaladvisers.com/ 8 of 23 Global Advisers, LLC Portfolio Returns Based Style Analysis Style Category Navigator Tactical Allocation ALL093 Goldman Sachs Growth&Inc Strat A Large-cap Value 11.43% 11.24% Large-cap Growth 82.58% 12.39% Mid-cap Value 0.00% 0.00% Mid-cap Growth 0.00% 7.10% Small-cap Value 0.00% 0.00% Small-cap Growth 0.00% 0.00% Global ex-US Developed Markets 0.00% 25.07% Emerging Markets 0.00% 7.81% REITs 1.10% 0.00% Corporate Bonds 0.00% 13.24% Long-Term Treasuries 2.24% 0.00% Intermediate-Term Treasuries 2.64% 0.00% Short-Term Treasuries 0.00% 23.15% R Squared 88.91% 97.34% Style analysis is based on monthly returns from Jan 2014 to Dec 2019 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings. 01/26/2020 http://core.globaladvisers.com/ 9 of 23 Global Advisers, LLC Exposures for Navigator Tactical Allocation ALL093 Weight Ticker Name Category ACN Accenture plc Miscellaneous / Business Services 2.42% NVDA NVIDIA Corporation Technology / Semiconductors 2.38% CRM Salesforce.com Inc Technology / Computer Software: Prepackaged Software 2.38% ADBE Adobe Systems Incorporated Technology / Computer Software: Prepackaged Software 2.38% CSCO Cisco Systems, Inc. Technology / Computer Communications Equipment 2.38% INTC Intel Corporation Technology / Semiconductors 2.38% MA Mastercard Incorporated Miscellaneous / Business Services 2.38% V Visa Inc. Miscellaneous / Business Services 2.38% MSFT Microsoft Corporation Technology / Computer Software: Prepackaged Software 2.38% AAPL Apple Inc. Technology / Computer Manufacturing 2.38% TMO Thermo Fisher Scientific Inc Capital Goods / Industrial Machinery/Components 2.38% ABBV AbbVie Inc. Health Care / Major Pharmaceuticals 2.38% AMGN Amgen Inc. Health Care / Biotechnology: Biological Products 2.38% BMY Bristol-Myers Squibb Company Health Care / Major Pharmaceuticals 2.38% MDT Medtronic plc Health Care / Biotechnology: Electromedical & Electrotherapeutic Apparatus 2.38% ABT Abbott Laboratories Health Care / Major Pharmaceuticals 2.38% PFE Pfizer, Inc. Health Care / Major Pharmaceuticals 2.38% MRK Merck & Company, Inc. Health Care / Major Pharmaceuticals 2.38% UNH UnitedHealth Group Incorporated Health Care / Medical Specialities 2.38% JNJ Johnson & Johnson Health Care / Major Pharmaceuticals 2.38% WBA Walgreens Boots Alliance, Inc. Health Care / Medical/Nursing Services 2.38% KMB Kimberly-Clark Corporation Consumer Durables / Containers/Packaging 2.38% CL Colgate-Palmolive Company Consumer Non-Durables / Package Goods/Cosmetics 2.38% MO Altria Group Consumer Non-Durables / Farming/Seeds/Milling 2.38% PM Philip Morris International Inc Consumer Non-Durables / Farming/Seeds/Milling 2.38% COST Costco Wholesale Corporation Consumer Services / Department/Specialty Retail Stores 2.38% MDLZ Mondelez International, Inc. Consumer Non-Durables / Packaged Foods 2.38% WMT Walmart Inc Consumer Services / Department/Specialty Retail Stores 2.38% PEP Pepsico Inc Consumer Non-Durables / Beverages 2.38% KO Coca-Cola Company Consumer Non-Durables / Beverages 2.38% PG Procter & Gamble Company Basic Industries / Package Goods/Cosmetics 2.38% TSLA Tesla Inc Capital Goods / Auto Manufacturing 2.38% 01/26/2020 http://core.globaladvisers.com/ 10 of 23 Global Advisers, LLC Weight Ticker Name Category GM General Motors Company Capital Goods / Auto Manufacturing 2.38% TGT Target Corporation Consumer Services / Department/Specialty Retail Stores 2.38% TJX TJX Companies, Inc.
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