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Do you disclose individual sub-advisor performance?

Communication and Disclosure

We do not for several reasons. First, we strongly encourage our sub-advisors to focus on long-term performance. We believe that reporting performance could, in certain instances, result in some pressure to focus on short-term performance to the potential detriment of long-term performance. Similarly, because the individual sub-advisor portfolios are concentrated we expect more short-term performance volatility at the sub-advisor level. This could also result in short-term performance pressure. Finally, performance comparisons with the sub-advisor’s own funds may, at times, be awkward for the portfolio managers.

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