IMPORTANT DISCLOSURE INFORMATION
These calculations are designed to be informational and educational only and do not constitute investment advice. Investors should review their investment strategy periodically as financial circumstances change.
CBIZ InR’s hypothetical model portfolio results reflect the reinvestment of dividends and other account earnings, and (to the extent applicable) are net of applicable account transaction and/or custodial charges, reinvested dividends, and the separate fees assessed directly by each unaffiliated mutual fund and/or exchange traded fund holding that comprised each portfolio, but are gross of CBIZ InR’s investment management fee.
If CBIZ InR’s investment management fee were to be deducted, the impact thereof would have decreased the reflected performance results. For example: a management fee of 1% compounded over a 10 year period would reduce a 10% return to an 8.9% annual return). Although CBIZ InR currently utilizes these models for existing plan participant portfolios, the underlying mutual funds and exchange traded funds are subject to change at CBIZ InR’s discretion. Please Note: The reflected portfolio reflects the back-tested results of each CBIZ InR model as currently comprised. However, given historical variances in the underlying model holdings (mutual funds and/or exchange traded funds, the current back-tested model results may substantially differ from actual participant historical results based upon various factors as discussed below (See Hypothetical Limitations disclosure below).
CBIZ InR uses the Riskalyze program to determine to determine a risk profile via a diagnostic questionnaire. CBIZ InR and Riskalyze are not affiliated. The Risk Score and 95% Probability Range was calculated using a long-term average of +6% for the S&P 500, 0bps change in the Ten Year US Treasury Rate, and correlation and volatility data from 2008 to present. Riskalyze uses actual historical data to calculate the statistical probabilities shown. Riskalyze does not provide investment analysis on investments with less than 6 months of historical performance. In instances where an investment’s inception is more recent than January 1, 2008 and greater than 6 months Riskalyze will use correlation statistics from the investments actual trading history to extrapolate missing volatility data. In most cases the extrapolation calculation increases the risk presented in the investment analysis as a means of protecting the investor. Investments with an inception more recent than January 1, 2008 are highlighted with an information icon . The Six Month 95% Probability Range is calculated from the standard deviation of the portfolio (via covariance matrix), and represents a hypothetical statistical probability, but there is no guarantee any investments would perform within the range. There is a 5% probability of greater losses. Riskalyze does not use any Monte Carlo or any other type of simulations. The underlying data is updated as of the previous day’s market close price, and the results may vary with each use and over time. The investments considered were determined by the financial representative. IMPORTANT: The projections or other information generated by Riskalyze regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. These figures may exclude commissions, sales charges or fees which, if included, would have had a negative effect on the annual returns.
Please Note: Past performance may not be indicative of future results. Therefore, no current or prospective participant should assume that future performance will be profitable, equal the performance results reflected, or equal the corresponding historical benchmark index or combination thereof. The historical index performance results for the benchmark indices do not reflect the deduction of an investment management fee, the deduction of which would have the effect of decreasing indicated historical performance results. The historical performance results for the benchmark indices is provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether CBIZ InR model performance meets, or continues to meet, his/her investment objective(s). Please Also Note: (1) performance results do not reflect the impact of taxes; (2) It should not be assumed that account holdings will correspond directly to any such comparative benchmark index; (3) comparative indices may be more or less volatile than the CBIZ InR portfolios; and (4) a description of each comparative benchmark index is contained at the end of this presentation. Investments in this report are subject to market risk, including the possible loss of principal. It should be assumed that investments listed in this report are not FDIC insured. The value of the portfolio will fluctuate with the value of the underlying securities. Investors should consider an investment’s investment objective, risks, charges, and expenses carefully before investing. In the case of mutual funds and ETFs (Exchange Traded Funds) a prospectus is available which contains this and other important information and should be read carefully before investing. Diversification does not ensure a profit and may not protect against loss in declining markets.
Please Also Note: Hypothetical Limitations– The reflected results reflect are hypothetical, back-tested results, that were achieved by means of the retroactive application of a back-tested portfolio and, as such, the corresponding results have inherent limitations, including: (a) the portfolio results do not reflect the results of actual trading using investor assets, but were achieved by means of the retroactive application of each of the referenced portfolios, certain aspects of which may have been designed with the benefit of hindsight; (b) back tested performance may not reflect the impact that any material market or economic factors might have had on the adviser’s use of the hypothetical portfolio if the portfolio had been used during the period to actually mange investor assets; (c) for various reasons (including the reasons indicated above), participants may have experienced investment results during the corresponding time periods that were materially different from those reflected.
For reasons including variances in portfolio account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a participant commended using a CBIZ InR model, and any account contributions or withdrawals, the performance of a specific participant’s account may have varied substantially from the indicated CBIZ InR model portfolio performance results.
PLEASE REMEMBER: Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the models devised and managed by CBIZ InR) will be profitable for a participant’s portfolio.
All performance results have been compiled by CBIZ InR, and have not been independently verified.
Information pertaining to CBIZ InR’s advisory operations, services, and fees is set forth in CBIZ InR’s current disclosure statement, a copy of which is available from CBIZ InR upon request.
PLEASE NOTE: There can be no assurance that target returns will be achieved at or over any specific period of time.
ANY QUESTIONS: CBIZ InR’s President, Michael B. Glackin, remains available to address them.