Copyright © Newfound Research LLC. All rights reserved. These materials are proprietary to Newfound Research LLC and may not be reproduced, modified, transmitted, transferred or distributed in any form without the prior written consent of Newfound Research LLC. These materials have been prepared solely for information and illustrative purposes. These materials are made available on an “as is”, without representation or warranty basis. The information contained in these materials has been obtained from sources that Newfound Research LLC believes to be reliable, but accuracy and completeness are not guaranteed.
Unless otherwise noted, the performance returns of the Newfound Research LLC products presented in these materials reflect hypothetical, back-tested performance an investor may have obtained had it invested in the manner shown and do not represent returns that an investor actually attained (in other words, the Newfound Research LLC model performance is not based on live results produced by an asset manager’s actual investing and trading, but was achieved by means of retroactive application of a model). Hypothetical, back-tested performance and model results have many inherent limitations, including as a result of data cleanliness and accuracy. The performance results of the back-tested products presented include periods prior to when the products were created by Newfound Research LLC. Actual, live client results may have materially differed from model results.
There have not been any material changes in the conditions, objectives or strategies of the model that have occurred that may affect results.
Unless otherwise stated, hypothetical, back-tested performance results are not adjusted for the payment of any fees, expenses, transaction costs, commissions or taxes. Actual results will vary from the returns presented herein for those accounts that are subject to taxation and for the provision of certain types of fees, expenses, transaction costs or commissions that may be paid for live, actual accounts. Newfound Research LLC’s performance results do include reinvestment of dividends. Performance results are based on U.S. dollar returns.
These materials represent an assessment of the market environment at specific points in time and are intended neither to be a guarantee of future events nor as a primary basis for investment decisions. The performance results should not be construed as advice meeting the particular needs of any investor. Neither the information presented nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any security. Past performance is not indicative of future performance and investments in equity securities do present risk of loss. Newfound Research LLC’s results are historical and their ability to repeat could be affected by material market or economic conditions, among other things.