US Factor+ strategies report July 2020

Transparent Knowledge US quality strategy monthly data July 2020

MTD portfolio performance vs benchmark Portfolio indicators

US quality portfolio Russell 3000 index Since 1 month 3 month 6 month YTD inception* 7.0% 6.0% US quality portfolio 4.0% 15.5% 16.9% 13.7% 15.2% 5.0% Russell 3000 index 5.6% 13.3% 1.2% 0.9% 10.6% 4.0% Standard deviation (ẟ) 3.0% Portfolio 4.7% 11.9% 14.7% 15.3% 11.8% 2.0% Benchmark 4.0% 11.7% 32.9% 33.0% 21.1% 1.0% 0.0% Downside risk (dd) -1.0% Portfolio 1.6% 9.8% 14.4% 14.5% 11.1% -2.0% Benchmark 1.4% 10.0% 27.1% 28.0% 19.7% 0 0 0 *annualised since 2017 30.06.2 02.07.2 04.07.2 06.07.20 08.07.20 10.07.20 12.07.20 14.07.20 16.07.20 18.07.20 20.07.20 22.07.20 24.07.20 26.07.20 28.07.20 30.07.20

10 best & worst investments Since inception strategy performance vs benchmark

Medpace 28.3% US Quality strategy Russell 3000 index Lennar 17.4% Apple 16.5% 175 Incorporated 15.8% 170 Terreno Realty 15.4% 165 Progressive 12.8% 160 Johnson Controls 12.7% 155 Renewable Energy Group 11.3% DaVita HealthCare Partners 10.4% 150 NortonLifeLock 8.2% 145 AmerisourceBergen -0.6% 140 Houlihan Lokey -1.5% 135 Coherus BioSciences -1.5% AbbVie -3.3% 130 BWX Technologies -3.7% 125 Frontdoor -5.3% 120 Perdoceo Education -9.6% 115 Methode Electronics -9.8% Corcept Therapeutics -11.1% 110 Ironwood Pharmaceuticals -11.1% 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 Ticker Company Return Ticker Company Return Ticker Company Return SLM SLM 29% 1 NAV Navistar International 25% CLGX CoreLogic 77% KBH KB Home 36% SLM SLM 29% TECD Tech Data 18% 2 ODFL Old Dominion Freight Line 18% MEDP Medpace 49% GNRC Generac Holdings 34% TECD Tech Data 18% LPLA LPL Financial Holdings 14% 3 RH Restoration Hardware Holdings17% AAPL Apple 45% BLDR Builders FirstSource 32% LPLA LPL Financial Holdings 14% WGO Winnebago Industries 14% 4 FB Facebook 11% LEN Lennar 44% BMCH BMC Stock Holdings 28% WGO Winnebago Industries 14% LMT Lockheed Martin 14% 5 UDR UDR 6% QCOM QUALCOMM Incorporated 34% ATKR Atkore 27% LMT Lockheed Martin 14% TOL Toll Brothers 12% 6 AIN Albany International 6% JCI Johnson Controls 32% LEN Lennar 25% TOL Toll Brothers 12% LEN Lennar 11% 7 BBY Best Buy Co. 6% CMC Commercial Metals 30% UFPI Universal Forest Products 25% LEN Lennar 11% GNRC Generac Holdings 7% 8 AMWD American Woodmark 4% CORT Corcept Therapeutics 18% PHM PulteGroup 25% GNRC Generac Holdings 7% TKR The Timken 7% 9 DVA DaVita HealthCare Partners 4% PGR Progressive 17% TGT Target 24% TKR The Timken 7% QCOM QUALCOMM Incorporated 6% 10 BIIB Biogen 4% ABBV AbbVie 15% MTZ MasTec 23% QCOM QUALCOMM Incorporated 6% JBL Circuit 6% 11 CI Cigna 4% MSFT 14% CTXS Citrix Systems 16% JBL Jabil Circuit 6% RTN Raytheon 4% 12 HUM Humana 4% ITW Illinois Tool Works 14% CCK Crown Holdings 14% RTN Raytheon 4% ITW Illinois Tool Works 4% 13 INCY Incyte 2% MA MasterCard Incorporated 12% ELS Equity LifeStyle Properties 13% ITW Illinois Tool Works 4% TGT Target 4% 14 VGR Vector Group -1% ABC AmerisourceBergen 12% AMD 11% TGT Target 4% RHI Robert Half International 2% 15 DIOD Incorporated -1% REGI Renewable Energy Group 11% TOL Toll Brothers 11% RHI Robert Half International 2% AMGN Amgen 1% 16 AAPL Apple -1% TRNO Terreno Realty 11% TER Teradyne 10% AMGN Amgen 1% ARMK Aramark 1% 17 MCY Mercury General -1% PRDO Perdoceo Education 11% CDW CDW 8% ARMK Aramark 1% OSK Oshkosh 1% 18 CMC Commercial Metals -1% DVA DaVita HealthCare Partners 11% CE Celanese 8% OSK Oshkosh 1% MHO M/I Homes 0% 19 QCOM QUALCOMM Incorporated -2% PJT PJT Partners 10% CMI Cummins 5% MHO M/I Homes 0% OC Owens Corning -1% 20 DOX Amdocs Limited -2% FTDR Frontdoor 8% LDOS Leidos Holdings 5% OC Owens Corning -1% WHR Whirlpool -4% 21 RS Reliance Steel & Aluminum Co.-3% DPZ Domino's Pizza 7% LMT Lockheed Martin 4% WHR Whirlpool -4% ARW Arrow Electronics -4% 22 HUBG Hub Group -3% CHRS Coherus BioSciences 6% CHH Choice Hotels International 3% ARW Arrow Electronics -4% FUL HB Fuller Co. -5% 23 OSIS OSI Systems -3% UNH UnitedHealth Group Incorporated4% MLHR Herman Miller 3% FUL HB Fuller Co. -5% INT World Fuel Services -6% 24 LMT Lockheed Martin -4% BWXT BWX Technologies 3% GNTX Gentex 2% INT World Fuel Services -6% PII Polaris Industries -7% 25 ERIE Erie Indemnity -7% NLOK NortonLifeLock 1% AZO AutoZone 2% PII Polaris Industries -7% MSM MSC Industrial Direct Co. -7% 26 FNF Fidelity National Financial -8% LMT Lockheed Martin -3% CY Cypress 1% MSM MSC Industrial Direct Co. -7% AZO AutoZone -8% 27 AFG American Financial Group -8% MEI Methode Electronics -6% MSI Motorola Solutions 0% AZO AutoZone -8% MTZ MasTec -8% 28 FCN FTI Consulting -12% BIIB Biogen -7% TGNA TEGNA -1% MTZ MasTec -8% NEU NewMarket -9% 29 CVGW Calavo Growers -13% HLI Houlihan Lokey -8% ABC AmerisourceBergen -2% NEU NewMarket -9% EAF GrafTech -11% 30 CTXS Citrix Systems -15% IRWD Ironwood Pharmaceuticals -8% GIS General Mills -4% EAF GrafTech -11% US growth strategy monthly data July 2020

MTD portfolio performance vs benchmark Portfolio indicators

Growth strategy Russell 3000 Index Since 1 month 3 month 6 month YTD inception* 12.0% Growth strategy 9.1% 25.4% 34.8% 29.3% 21.9% 10.0% Russell 3000 Index 5.6% 13.3% 1.2% 0.9% 10.6% 8.0% Standard deviation (ẟ) 6.0% Portfolio 6.6% 14.7% 18.1% 18.6% 14.0% 4.0% Benchmark 4.0% 11.7% 32.9% 33.0% 21.1% 2.0% Downside risk (dd) 0.0% Portfolio 3.2% 11.4% 16.3% 16.4% 12.5% -2.0% Benchmark 1.4% 10.0% 27.1% 28.0% 19.7% *annualised since 2017 30.06.20 02.07.20 04.07.20 06.07.20 08.07.20 10.07.20 12.07.20 14.07.20 16.07.20 18.07.20 20.07.20 22.07.20 24.07.20 26.07.20 28.07.20 30.07.20

10 best & worst investments Since inception strategy performance vs benchmark

Meritage Homes 30.3% US Growth strategy Russell 3000 Index LGI Homes 29.6% Medpace 28.3% 210 Quidel 26.2% 205 Arista Networks 23.7% 200 195 Murphy USA 17.6% 190 Lennar 17.4% 185 Skyline 16.0% 180 TopBuild 16.0% 175 Royal Gold 12.6% 170 165 Adobe Systems Incorporated 2.1% 160 ESCO Technologies 1.7% 155 Vistra Energy 0.2% 150 AmerisourceBergen -0.6% 145 Neurocrine Biosciences -1.3% 140 135 Mercury Systems -1.6% 130 Vertex Pharmaceuticals Incorporated -6.3% 125 Perdoceo Education -9.6% 120 Corcept Therapeutics -11.1% 115 Safehold -12.3% 110 105 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 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 103% KBH KB Home 36% QDEL Quidel 35% PUMP ProPetro Holding 26% 2 QDEL Quidel 28% MTH Meritage Homes 89% BLDR Builders FirstSource 32% PUMP ProPetro Holding 26% MSFT Microsoft 19% 3 KBH KB Home 25% LGIH LGI Homes 88% MTZ MasTec 23% MSFT Microsoft 19% LDOS Leidos Holdings 17% 4 BLD TopBuild 24% MEDP Medpace 49% PODD Insulet 18% LDOS Leidos Holdings 17% NKTR Nektar Therapeutics 16% 5 CVCO Cavco Industries 16% LEN Lennar 44% REXR Rexford Industrial Realty 16% NKTR Nektar Therapeutics 16% AVAV AeroVironment 15% 6 WSM Williams-Sonoma 15% SKY Skyline 43% ATVI Activision Blizzard 15% AVAV AeroVironment 15% LPLA LPL Financial Holdings 14% 7 SNX SYNNEX 12% BLD TopBuild 42% MTH Meritage Homes 15% LPLA LPL Financial Holdings 14% JBT John Bean Technologies 10% 8 ATKR Atkore 11% HAIN The Hain Celestial Group 32% QRVO Qorvo 10% JBT John Bean Technologies 10% BMCH BMC Stock Holdings 8% 9 FB Facebook 11% CVCO Cavco Industries 30% AOS AO Smith 9% BMCH BMC Stock Holdings 8% NSIT Insight Enterprises 7% 10 ITRI Itron 7% CIEN Ciena 29% CDW CDW 8% NSIT Insight Enterprises 7% RBC Regal Beloit 6% 11 FBHS Fortune Brands Home & Security7% ADBE Adobe Systems Incorporated 26% ICE Intercontinental Exchange 7% RBC Regal Beloit 6% XRX 5% 12 LDOS Leidos Holdings 7% MUSA Murphy USA 24% LDOS Leidos Holdings 5% XRX Xerox 5% ATVI Activision Blizzard 4% 13 CCK Crown Holdings 6% NBIX Neurocrine Biosciences 23% RGA Reinsurance Group of America 4% ATVI Activision Blizzard 4% TGT Target 4% 14 CLH Clean Harbors 6% ANET Arista Networks 18% BAH Booz Allen Hamilton Holding 2% TGT Target 4% ADI 3% 15 BBY Best Buy Co. 6% CORT Corcept Therapeutics 18% BXMT Blackstone Mortgage Trust 2% ADI Analog Devices 3% SYY Sysco 3% 16 AMWD American Woodmark 4% ZTS Zoetis 17% JCI Johnson Controls 2% SYY Sysco 3% CDW CDW 2% 17 DVA DaVita HealthCare Partners 4% RGLD Royal Gold 14% COF Capital One Financial 1% CDW CDW 2% OSK Oshkosh 1% 18 OMCL Omnicell 4% ESE ESCO Technologies 13% MSI Motorola Solutions 0% OSK Oshkosh 1% MTH Meritage Homes -2% 19 CPRT Copart 3% ABC AmerisourceBergen 12% HIG The Hartford Financial Services-1% Group MTH Meritage Homes -2% IRBT iRobot -2% 20 RGA Reinsurance Group of America 3% ROCK Gibraltar Industries 12% SYF Synchrony Financial -1% IRBT iRobot -2% TTEK Tetra Tech -2% 21 MCO Moody's 1% REGI Renewable Energy Group 11% QDEL Quidel -4% TTEK Tetra Tech -2% JEC Jacobs Engineering Group -4% 22 EME EMCOR Group 1% UNF UniFirst 11% LPLA LPL Financial Holdings -4% JEC Jacobs Engineering Group -4% UFPI Universal Forest Products -5% 23 CDW CDW -1% PRDO Perdoceo Education 11% MCK McKesson -4% UFPI Universal Forest Products -5% PWR Quanta Services -7% 24 ATVI Activision Blizzard -2% DVA DaVita HealthCare Partners 11% CVX Chevron -6% PWR Quanta Services -7% CMI Cummins -7% 25 RS Reliance Steel & Aluminum Co.-3% VRTX Vertex Pharmaceuticals Incorporated8% ALXN Alexion Pharmaceuticals -7% CMI Cummins -7% AVT -8% 26 JBT John Bean Technologies -3% COST Costco Wholesale 7% CACC Credit Acceptance -8% AVT Avnet -8% FIX Comfort Systems USA -8% 27 LMT Lockheed Martin -4% DPZ Domino's Pizza 7% TRV The Travelers Companies -11% FIX Comfort Systems USA -8% URBN Urban Outfitters -11% 28 ANET Arista Networks -5% VST Vistra Energy -5% PAYC Paycom -12% URBN Urban Outfitters -11% JBSS John B Sanfilippo & Son -21% 29 FNF Fidelity National Financial -8% SAFE Safehold -13% BKR Baker Hughes -14% JBSS John B Sanfilippo & Son -21% CORE Core-Mark Holding -23% 30 MLM Martin Marietta Materials -11% MRCY Mercury Systems -13% KMPR Kemper -18% CORE Core-Mark Holding -23% US dividend growth strategy monthly data July 2020

MTD portfolio performance vs benchmark Portfolio indicators

Dividend strategy Russell 3000 Index Since 1 month 3 month 6 month YTD inception* 8.0% 7.0% Dividend strategy 7.0% 14.1% 15.8% 13.4% 16.9% 6.0% Russell 3000 Index 5.6% 13.3% 1.2% 0.9% 10.6% 5.0% Standard deviation (ẟ) 4.0% 3.0% Portfolio 5.1% 15.4% 17.9% 18.2% 12.7% 2.0% Benchmark 4.0% 11.7% 32.9% 33.0% 21.1% 1.0% Downside risk (dd) 0.0% -1.0% Portfolio 2.2% 11.3% 15.0% 15.3% 12.2% -2.0% Benchmark 1.4% 10.0% 27.1% 28.0% 19.7% 0 0 0 *annualised since 2017 30.06.2 02.07.2 04.07.2 06.07.20 08.07.20 10.07.20 12.07.20 14.07.20 16.07.20 18.07.20 20.07.20 22.07.20 24.07.20 26.07.20 28.07.20 30.07.20

10 best & worst investments Since inception strategy performance vs benchmark

Mobile Mini 74.6% Dividend growth strategy Russell 3000 Index Fortune Brands Home & Security 19.7% 185 DR Horton 19.3% Universal Forest Products 17.6% 180 Apple 16.5% 175 Cogent Communications Holdings 16.5% 170 Danaher 15.3% 165 PACCAR 13.7% 160 Equinix 11.8% 155 Zoetis 10.7% 150 Avery Dennison -0.7% 145 National Research -1.8% 140 Innospec -2.7% 135 Allegion Plc -2.7% R. Car. Cruises -3.2% 130 AbbVie -3.3% 125 BWX Technologies -3.7% 120 Jones Lang LaSalle Incorporated -4.4% 115 Gilead Sciences -9.6% 110 Phillips 66 Partners LP -22.9% 105 -70% -20% 30% 80% 130% 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 EQIX Equinix 14.5% MINI Mobile Mini 80.3% ABBV AbbVie 19% AAPL Apple 24% HPQ HP 22.7% 2 HUM Humana 13.6% FBHS Fortune Brands Home & Security58.7% AMGN Amgen 14% HPQ HP 23% SNX SYNNEX 17.0% 3 CGNX Cognex 8.4% AAPL Apple 44.7% DHI DR Horton 14% SNX SYNNEX 17% EXPO Exponent 14.5% 4 ZTS Zoetis -3.7% UFPI Universal Forest Products 41.6% PSX Phillips 66 14% EXPO Exponent 15% HUM Humana 14.3% 5 AAPL Apple -5.1% DHI DR Horton 40.1% KALU Kaiser Aluminum 11% HUM Humana 14% DHI DR Horton 13.0% 6 CSCO -7.8% DHR Danaher 24.7% DPZ Domino's Pizza 11% DHI DR Horton 13% BAH Booz Allen Hamilton Holding10.9% 7 MDLZ Mondelez International -10.4% PCAR PACCAR 22.9% A Agilent Technologies 9% BAH Booz Allen Hamilton Holding 11% A Agilent Technologies 9.0% 8 DOX Amdocs Limited -10.4% EXPO Exponent 19.5% CDW CDW 8% A Agilent Technologies 9% INTU Intuit 8.9% 9 XYL Xylem -12.0% ZTS Zoetis 17.3% SNA Snap-on Incorporated 7% INTU Intuit 9% XYL Xylem 6.5% 10 CDW CDW -15.1% EQIX Equinix 16.3% VMC Vulcan Materials 3% XYL Xylem 6% NI NiSource 4.5% 11 NTAP NetApp -18.0% ABBV AbbVie 15.5% MSCI MSCI 3% NI NiSource 5% DPZ Domino's Pizza 3.7% 12 QSR Restaurant Brands International-19.2% MA MasterCard Incorporated 12.2% PSB PS Business Parks 3% DPZ Domino's Pizza 4% CDW CDW 2.0% 13 VMC Vulcan Materials -20.2% NRC National Research 10.9% EXPE Expedia 3% CDW CDW 2% ABBV AbbVie 1.8% 14 MED Medifast -21.5% GTY Getty Realty 9.1% BAH Booz Allen Hamilton Holding 2% ABBV AbbVie 2% AMGN Amgen 1.3% 15 RS Reliance Steel & Aluminum-22.0% Co. MDLZ Mondelez International 7.9% OSK Oshkosh 2% AMGN Amgen 1% MTN Vail Resorts 0.9% 16 ALLE Allegion Plc -22.3% CCOI Cogent Communications Holdings7.5% HURC Hurco Companies 2% MTN Vail Resorts 1% OSK Oshkosh 0.8% 17 PSB PS Business Parks -23.0% DPZ Domino's Pizza 6.8% AVGO Avago Technologies Limited 1% OSK Oshkosh 1% GILD Gilead Sciences -0.8% 18 SCI Service International -23.4% MWA Mueller Water Products 6.6% MSI Motorola Solutions 0% GILD Gilead Sciences -1% APH Amphenol -0.9% 19 TSN Tyson Foods -24.7% CDW CDW 4.9% NSP Insperity -1% APH Amphenol -1% LUV Southwest Airlines Co. -2.0% 20 MTN Vail Resorts -27.1% RCL R. Car. Cruises 4.1% GILD Gilead Sciences -3% LUV Southwest Airlines Co. -2% TTEK Tetra Tech -2.1% 21 HPE Hewlett Packard Enterprise-27.8% VMC Vulcan Materials 3.9% WLTW Willis Towers Watson -4% TTEK Tetra Tech -2% CSCO Cisco Systems -3.2% 22 KALU Kaiser Aluminum -27.9% IOSP Innospec 3.7% NXST Nexstar Broadcasting Group -4% CSCO Cisco Systems -3% SHLX Shell Midstream Partners, L.P.-4.2% 23 FBHS Fortune Brands Home & Security-29.9% BWXT BWX Technologies 2.8% NTAP NetApp -4% SHLX Shell Midstream Partners, L.P.-4% NTAP NetApp -4.4% 24 MINI Mobile Mini -31.6% AVY Avery Dennison 2.7% MTN Vail Resorts -6% NTAP NetApp -4% KALU Kaiser Aluminum -6.5% 25 SNX SYNNEX -36.4% VAC Marriott 2.0% INTU Intuit -7% KALU Kaiser Aluminum -6% QSR Restaurant Brands International-6.8% 26 FNF Fidelity National Financial -44.5% ALLE Allegion Plc -1.1% TEX Terex -10% QSR Restaurant Brands International-7% TEX Terex -8.0% 27 DDS Dillard's -51.4% HPE Hewlett Packard Enterprise -1.9% CSCO Cisco Systems -14% TEX Terex -8% ALLE Allegion Plc -14.3% 28 HXL Hexcel -53.4% JLL Jones Lang LaSalle Incorporated-6.3% MPX Marine Products -16% ALLE Allegion Plc -14% EXPE Expedia -20.6% 29 DAL Delta Air Lines -53.5% GILD Gilead Sciences -17.2% HPQ HP -17% EXPE Expedia -21% WES Western Gas Partners LP -22.1% 30 RCL R. Car. Cruises -60.1% PSXP Phillips 66 Partners LP -34.7% AMTD TD Ameritrade Holding -25% WES Western Gas Partners LP -22%