A. Our Privacy Policy
B. Terms and Conditions for Use of this Site
C. Sources of Data
A. OUR PRIVACY POLICY Date of this Notice: October 8, 2009
Joseph Capital Management, LLC is committed to maintaining the confidentiality, integrity and security of the personal information that is entrusted to us. Federal law requires that we notify you annually of our Privacy Policy, in writing. The categories of nonpublic information that we collect from you may include information about your personal finances, personal taxes, personal estate planning, information about your health to the extent that it is needed for the financial, tax, estate, and asset protection planning process, and information about transactions between you and third parties (such as financial product providers, etc.).
With your advance permission, we may disclose limited information to attorneys, accountants, trust officers, mortgage lenders and other advisors or firms with whom you have established a relationship. You may opt out from our sharing information with these non-affiliated third parties by notifying us at any time by telephone, mail, fax, email, or in person. We may share a limited amount of information about you with your brokerage firm or other custodian (such as TD Ameritrade or Fidelity) in order to assist you in executing securities transactions. We may also share a limited amount of information about you with our portfolio reporting firm and our account aggregation firm (ByAllAccounts), and with other vendors by which we remotely and securely store client information.
We maintain a secure office to ensure that your information is not placed at unreasonable risk. We employ a firewall barrier and authentication procedures in our computer environment.
We do not provide your personal information to mailing list vendors or to solicitors. We require strict confidentiality in our agreements with unaffiliated third parties that require access to your personal information, including auditors, consultants, and other financial services companies. Federal and state regulators (such as the U.S. Securities and Exchange Commission and/or and the State of Florida Department of Financial Services) may review our company records and your personal records as permitted by law; this is for your protection.
Personally identifiable information about you will be maintained while you are a client, and for the required period thereafter that records are required to be maintained by federal and state securities laws and regulations. After that time, information may be destroyed.
For questions concerning this policy, please contact us by writing to:
Privacy Policy c/o Chief Compliance Officer
Joseph Capital Management
2450 N. Citrus Hills Blvd.
Hernando, FL 34442-5348.
Joseph supports the KNOW FRAUD campaign sponsored by several government agencies, including the Federal Trade Commission, the Department of Justice, and the U.S. Postal Inspection Service. This campaign is a resource for consumers who have been or suspect they have been victims of identity theft. You can obtain more information about this campaign by calling 1-877-IDTHEFT or by visiting www.consumer.gov/idtheft.
B. TERMS AND CONDITIONS FOR USE OF THIS SITE
Date of this Notice: October 8, 2009
Welcome to Joseph Capital Management, LLC.
Your Access and Use Of This Site is Subject to these Terms and Conditions. By accepting the Terms and Conditions outlined on this page you agree that your use of this Web site ("Site", as defined below), any services provided, or the information or data you access, shall be specifically subject to the Terms and Conditions of Use of Service set forth herein and the Joseph Capital Management, LLC (or "Joseph", as defined below) Privacy Policy (collectively herein called the "Terms and Conditions"). By using this Site, you are agreeing to the Terms and Conditions without modification. Additionally, the Terms and Conditions may be modified or updated from time to time and your continued access to and use of the Site may be reliably deemed by Joseph to constitute your acceptance of such Terms and Conditions as modified and/or updated. Please review these Terms and Conditions carefully, and consult with an attorney or other adviser concerning their meaning and affect. If you do not agree to these terms and conditions of your access and use, you should not access or use this Site.
Joseph Capital Management Web Site Ownership. This Web Site and all of its pages, including PDF and other downloadable files (hereinafter collectively referred to as the "Site") is owned and operated by Joseph Capital Management, LLC.
License and Site Access. Joseph hereby grants you a limited, nonexclusive, nontransferable license to view, bookmark, download, and print the pages within this Site and the documents, graphics, and media incorporated on those pages. The pages within this Site may be used solely for personal, informational, and noncommercial purposes. You may not modify, copy, distribute, transmit, post, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any pages, data, information, software, products, or services obtained from this Site, unless you have obtained the prior written permission of Joseph or you are using a service available through this Site. All rights not expressly granted herein are reserved by Joseph. Joseph expressly reserves the right to monitor any and all use of this Site.
Disclaimer. This Web Site Is For Information Only and Does Not Constitute Any Form of Advice Upon Which You May Rely. The data, information, and content on this Site are for information, education and noncommercial purposes only. Although this Site may provide data, information, and content relating to financial planning, tax planning, estate planning, asset protection planning, investment approaches and strategies, and mutual funds, you should not construe any such information or other content available through this Site as legal advice, nor investment advisory services, nor tax, financial, estate, or asset protection advice. Nor is the providing of information on this Site the formation of an investment advisory relationship (an investment advisory relationship can only be formed with Joseph by means of a written investment advisory or financial planning agreement signed by both clients). You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any data, information, or content on this Site. You are strongly advised to consult with independent and objective and qualified legal, tax and/or financial counsel before making any decisions based on such data, information, or content. Estate planning may require the use of legal services, which Joseph Capital Management, LLC.
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Investment Advisory Services Provided Separately. Investment advisory services are offered through Joseph Capital Management, LLC, which is registered as a Registered Investment Adviser with the Florida Office of Financial Regulation. Joseph Capital Management, LLC is responsible for developing and administering policies and procedures relating to the provision of investment advice in conjunction with its personal financial services. Further information concerning investment advisory services, including a copy of the current Form ADV, Part II Disclosure Document, may be obtained by contacting Joseph Capital Management, LLC.
Special Notices to Non-US Residents. Each of the investment products and services referred to on this website is intended to be made available to US residents. This website shall not be considered a solicitation or offering for any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful. Because of the global nature of the Internet, you agree to comply with all local rules regarding online conduct, including all laws, rules, codes, and regulations of the country in which you reside and the country from which you access this Site. In addition, you agree to comply with all applicable laws, rules, codes, and regulations regarding the transmission of technical data exported from the United States.
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Copyright Policy. All information on this Site is copyright © 2006, 2009 Joseph Capital Management, LLC. All rights reserved. All content on this Site, including, but not limited to, text, graphics, audio clips, logos, buttons, images, digital downloads, data compilations, software, icons, html code, and xml code, is the property of Joseph and its affiliates or its suppliers, and is protected by United States and international copyright laws.
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ANY CONTENT OR DATA DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THIS SITE IS DONE AT YOUR OWN DISCRETION AND RISK. YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH CONTENT.
NO ADVICE OR INFORMATION, WHETHER WRITTEN OR ORAL, WHETHER OBTAINED BY YOU FROM Joseph, FROM A Joseph EMPLOYEE OR AGENT, OR THROUGH OR FROM THIS SITE, SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS OF USE. Joseph WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF Joseph HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM ANY MATTER RELATING TO THIS SITE.
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Modifications. Joseph reserves the right, at its discretion, to modify these conditions of use at any time, and any such modification will be effective immediately upon posting the modification. We suggest that you check these Legal Notices periodically for modifications. If you use this Site after we post modifications to this Site, then you will be bound by such modifications.
Entire Agreement. These Terms and Conditions constitute the entire agreement between Joseph and you and supersede all prior and contemporaneous agreements of the parties relating to this Site. However, you also understand and agree that, to the extent not expressly provided to the contrary in these Terms and Conditions, your access to and use of the Site, and reliance on any content, data or information you obtain, shall be governed by and subject to the terms and conditions set forth in the agreement(s) you executed at the time of your engagement of any of the firms which comprise the Joseph Capital Management, LLC terms and conditions for professional services (as such terms and conditions have been modified and updated, from time to time); including, specifically, your understanding and agreement to resolve any claims or disputes through arbitration and to accept certain limits on the amount or type of damages which the parties may claim from each other.
C. SOURCES OF DATA. Important Information Relating to All Data Presented On This Site, Including PDF Files.
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE PERFORMANCE. This is especially true of hypothetical model portfolios, which are subject to specific economic, market, cost, tax and other factors which may affect returns. The investment returns generated by an individual's portfolio, and a mutual fund contained in that portfolio, will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Mutual Fund Prospectuses Available. Materials relating to any mutual funds should be read in conjunction with a fund prospectus that describes charges, expenses, and risks. Read it carefully before any investment. For more information about the mutual funds ("portfolios") of Dimensional Funds Advisors or other mutual funds quoted, please review the prospectus, which is available from Joseph upon request or at www.dfaus.com.
Risks of Investing. Investing entails risks, including possible loss of principal. There are special risk considerations associated with value strategy investing, international developed markets and emerging markets investing and small company investing. No assurances or guarantees are given regarding the performance of any investment. Returns, share price, and yield will fluctuate and redemption value may be more or less than original cost. Investments in mutual funds are not insured or guaranteed by the U.S. government or any other party.
Index Data. Indices used for comparisons are unmanaged, and do not reflect the payment of advisory fees and other expenses associated with an investment in a fund (unless otherwise noted). Investors cannot invest directly in an index.
Taxes. Although passive mutual fund strategies, and tax-managed stock mutual funds, tend to reduce taxes for an investor in taxable accounts, mutual fund investors may (and will) receive taxable dividend and capital gains distributions. The reader's tax obligation may affect the after-tax returns realized from the reader's investments, which are not shown. Joseph frequently utilizes tax-managed and tax-aware mutual funds, where available in asset classes and appropriate to the needs and tax situation of the client, in order to limit the clients' receipt of taxable distributions.
Reinvestment of Dividends and Capital Gains. All returns and Model Portfolio data assumes the reinvestment of dividends, interest and capital gains, except for some indices data, as indicated in sources of data.
Mutual Fund Management Fees Deducted. Annualized return data for all data involving the mutual funds of Dimensional Funds Advisors reflects the management fees and operating expense assessed against the various mutual funds by Dimensional Funds Advisors (DFA), unless otherwise indicated. Mutual fund fees have been deducted in both the actual and simulated mutual fund returns data, unless otherwise indicated.
The Joseph Model Portfolios - Important Notes:
Model Portfolio Construction Notes. Relative to the "typical" investor portfolio, the Joseph Model Portfolios employ target strategic asset allocation weights which reflect an emphasis on small company and value stocks. An extreme tilt toward small cap and value stocks is indicated for Joseph's model portfolios which contain "SV" in their name. This approach is based on global evidence and academic research which indicates that such asset classes possess above-average expected returns over long periods of time and provide significant diversification benefits when combined with large company and balanced (as to growth and value) stock asset classes. A small cap and value tilt should normally be accompanied by a reduction in the overall allocation to equities in the portfolio. Joseph's Model Portfolios reflect rigorous academic research and Joseph's own research into the key factors driving the long-run performance of various capital markets and of individual investor portfolios.
Joseph Advisory Fees Deducted. Annualized return data for the model portfolios is presented both gross (prior to any deduction for Joseph's investment advisory fees) and net [reflecting investment advisory fees of Joseph. The actual fees of Joseph for its programs depend upon the services provided, the amount and nature of assets under management, whether tax return preparation fees are included, the results of fee negotiations, and other fctors. The actual fees paid to Joseph might be paid in quarterly or semi-annual installments, or annually; however, the software program utilized to construct model portfolio data requires deduction of fees monthly. Fees paid to Joseph are usually paid in advance at or shortly after the commencement of a billing period, for the entire billing period; the timing of actual fee payments by a client may tend to slightly decrease actual investment returns for some clients versus the results shown.
Transaction Fees Not Deducted. Annualized return data does not include the estimated transaction fees incurred in connection with the purchase or sale of the mutual funds through a custodian (Ameritrade, Fidelity or other), as this would vary depending upon the total value of the portfolio, how rebalancing targets are established, and other factors, and they are managed by Joseph in order to be kept reasonably low. Transaction fees, when incurred, would reduce returns. Transaction fees imposed by custodians to purchase or sell DFA's funds vary according to the dollar value of the transaction; Joseph seeks to minimize these transaction costs through negotiated fees with custodians and through rebalancing targets which are established in light of individual client situations to keep transaction fees to minimal levels, and typically below 0.1% annually.
Hypothetical Model Portfolio Returns Do Not Represent The Actual Returns Of Any Investor. The hypothetical model portfolios do not represent the returns of any actual investor. While a client of Joseph could choose to have his or her portfolio invested strictly according to a model portfolio, it is more likely that the client's portfolio at Joseph would be customized to meet that client's particular situation, needs, desires, risk tolerance, investment experiences, tax situation, current investment holdings, tax and cost implications of changes to current portfolios, tax harvesting techniques, and the need or goal of the client to reduce the volatility of the client's current portfolio. Even with the use of hypothetical model portfolios by an actual client, the returns will vary due to differences in asset mix, timing of contributions and withdrawals, timing of rebalancing, varying fees incurred with custodians and Joseph and the timing of payment thereof, taxes, and other factors.
Model Portfolios: Backtested Data. Joseph placed its first client's investments in December 2001. The performance information presented in this publication for Joseph's model portfolios represents backtested data for the time periods shown based upon combined simulated and actual mutual fund data. (1) Backtested performance is hypothetical (it does not reflect trading in actual client accounts). Backtested data is provided for informational purposes in order to illustrate the historical performance had the model portfolios been available during the relevant period. Joseph did not formulate its model portfolios until mid-2002. (2) Backtested performance does not represent actual performance and should not be interpreted as an indication of such performance. Actual performance for clients of Joseph who desire to utilize a Joseph Model Portfolio may be materially lower than that of the backtested performance data shown. (3) Backtested performance results have inherent limitations, as discussed above. Backtested performance also differs from actual performance because it is achieved through the retroactive application of model portfolios (in this case, Joseph's Model Portfolios) designed with the benefit of hindsight. As a result, and while not undertaken by Joseph nor planned to be undertaken, the models theoretically may be changed from time to time to obtain more favorable results. (4) The periods covered by the Model Portfolios were generally those of rising prices and the returns data for the Model Portfolios may not reflect various risks, economic and market factors. As with any investment, the potential for profits brings with it the possibility of loss.
Data Sources. The data shown in the charts contained in this publication are provided to Joseph Capital Management, LLC by Dimensional Funds Advisors. See "Sources of Data," below. A review of the data sources and time series construction is an integral part of the reader's analysis, and should be read in conjunction with this explanation of backtested performance information. Dimensional Funds are offered by prospectus only. This is not a prospectus. Indices are unmanaged hypothetical portfolios which cannot be directly invested in, although mutual funds can be formed which seek to closely track an index (less management and administrative fees and other possible fees and costs).
Monthly Rebalancing Assumed. Data for the Joseph model portfolios assumes rebalancing occurs on a quarterly basis for the model portfolio and comparison returns (except for the most recent quarter-to-date, which requires monthly rebalancing under the software program). Rebalancing of an actual portfolio would occur more or less frequently, and at different times, which may affect returns.
Tax-Managed and Tax-Aware Funds Utilized For Some Actual Clients. Tax-managed DFA stock mutual funds may be substituted for many of the stock funds set forth above when the mutual fund is to be held in a taxable account. DFA's tax-managed mutual funds were commenced only in recent years; hence comparable data is unavailable for these funds over longer periods. Tax-managed fund returns are not identical to the returns of comparable DFA funds due to tracking differences and other factors, but are expected to be similar to the comparable DFA funds over longer periods of time. Tax-managed return data is not utilized in the model portfolios.
Fund Substitution For Longer Periods. In order to generate hypothetical model portfolio returns for periods prior to the availability of either actual or simulated data for a particular fund, data for a similar fund may be substituted, or the model portfolio may be adjusted and asset classes omitted entirely. A short-term global bond fund with varying maturity from 0-2 years is utilized for the entire fixed income portion of each portfolio, except that for 10-year return data a short-term global bond fund with maturity of up to 1 year is substituted for the 10-year hypothetical model portfolio data. In practice several bond funds and/or a laddered portfolio of fixed income investments, of varying maturity, would likely be utilized for a client, depending upon the amount of managed assets, personal tax situation, and other factors. Additionally, data is not available for the international small company, international small company value, international emerging markets, and international emerging markets value asset classes for the 10-year hypothetical model portfolio returns data. Hence, we substitute data using the DFA U.S. Large Cap Value Portfolio data for the omitted asset classes.
Standard Deviation. Standard deviation is the statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. It is widely applied in modern portfolio theory, where the past performance of securities is used to determine the range of possible future performance, and a probability is attached to each performance. Generally speaking, the greater the degree of dispersion, the greater the risk. The estimated standard deviation is set forth for the model portfolios using the most recent 10 years of returns data. This estimated standard deviation number is computed by multiplying the quarterly number by the square root of the number of periods in a year. The number computed from monthly or annual data may differ materially from this estimate.
Sources of Data. All returns data is provided is courtesy of Dimensional Funds Advisors through its "DFA Returns Software" (financial advisors version), unless otherwise noted. This data is believed to be accurate and Joseph does not independently verify the data provided, and hence the data, while believed to be reliable, is not guaranteed. Data set forth herein is © 2006, 2009 Dimensional Funds Advisors, and is used under license agreement with permission.
Simulated returns do not represent trading in actual accounts and the performance results do not represent the impact that material economic and market factors might have on the decision-making process of a prospective investor or its financial adviser if the assets had been actually invested during that period. Simulated performance also differs from actual performance because it is achieved through the retroactive application of a strategy designed with the benefit of hindsight.
Dimensional Funds are offered by prospectus only. This is not a prospectus. Prospectuses contain more complete information on the investment objectives, risks, advisory fees, distribution charges and other expenses and should be read carefully before investing. Prospectuses, which contain this and other information about the funds, are available by calling Joseph Capital Management, LLC at (352) 746-4460, or by contacting Dimensional Fund Advisors Inc. at (310) 395-8005; on the Internet at www.dfaus.com; or, by mail, DFA Securities Inc., c/o Dimensional Fund Advisors Inc., 1299 Ocean Avenue, Suite 150, Santa Monica, CA 90401.
DFA US Large Company Portfolio, CUSIP # 233-203-801, Prospectus: DFAIDG, Total returns net of all fees in USD, January 1991-Present: DFA US Large Company Portfolio
DFA Enhanced US Large Company Portfolio, CUSIP # 233-203-637, Prospectus: DFAIDG, Total returns net of all fees in USD, August 1996-Present: DFA Enhanced US Large Company Portfolio
DFA Tax-Managed U.S. Equity Portfolio, CUSIP # 233-203-447, Prospectus: DFAIDG, Total returns net of all fees in USD$, Oct 2001 - Present: DFA Tax-Managed U.S. Equity Portfoloio
S&P 500 Index, Total returns net of all fees in US$, Jan 1926-Present: S&P 500 Index, Source: Stocks, Bonds, Bills, And Inflation, Chicago: Ibbotson And Sinquefield, 1986, 2005
DFA US Micro Cap Portfolio, CUSIP # 233-203-504, Prospectus: DFAIDG, Total returns net of all fees in USD, April 2001-Present: DFA US Micro Cap Portfolio, January 1982-March 2001: DFA US 9-10 Small Company Portfolio
Russell 2000 Index, Source: Russell, total returns in USD$, Jan 1979-Present: Russell 2000 Index
DFA US Small Cap Value Portfolio, CUSIP # 233-203-819, Prospectus: DFAIDG, Total returns net of all fees in USD, April 2001-Present: DFA US Small Value Cap Portfolio, April 1993-March 2001: DFA 6-10 Value Portfolio
DFA Tax-Managed US Small Cap Value Portfolio, CUSIP # 233-203-579, Prospectus: DFAIDG, Total returns net of all fees in USD$, Apr 2001-Present: DFA Tax-Managed U.S. Small Cap Value Port, Jan 1999-Mar 2001: DFA 5-10 Value Tax-Managed Port
Russell 2000 Value Index, Source: Russell, total returns in USD$, Jan 1979-Present: Russell 2000 Value Index
DFA Large Cap International Portfolio, CUSIP # 233-203-868, Prospectus: DFAIDG, Total returns net of all fees in USD, August 1991-Present: DFA Large Cap International Portfolio, Countries included: Japan, UK, Germany, Australia, the Netherlands, Switzerland, France, Italy
MSCI EAFE Index Net Div, Source: MSCI, total returns net dividends in USD$, Jan 1970 - Present: MSCI EAFE Index ($) Net
DFA International Value Portfolio, CUSIP # 254-34D-203, Prospectus: DFAIDG, Total returns net of all fees in USD, March 1994-Present: DFA International Value Portfolio
DFA Tax-Managed International Value Portfolio, CUSIP # 233-203-546, Prospectus: DFAIDG, Total returns net of all fees in USD$, May 1999 - Present: Tax-Managed DFA International Value Portfolio
MSCI EAFE Value Index Net Div, Source: Datastream, 20 developed markets, Total returns net dividends in USD$, Jan 1975 - present: MSCI EAFE Value Index ($) Net
DFA International Small Company Portfolio, CUSIP # 233-203-629, Prospectus: DFAIDG, Total returns net of all fees in USD, October 1996-Present: DFA International Small Company Portfolio
MSCI EAFE Small Cap Index Price-only, Source: Datastream, market Cap weighted by size of S/C universe in each country, Price-only returns in USD$, Jan 1993 - Present: MSCI EAFE Small Cap Index ($) Price-only
DFA International Small Cap Value Portfolio, CUSIP # 233-203-736, Prospectus: DFAIDG, Total returns net of all fees in USD$, Jan 1995 - Present: DFA International Small Cap Value Portfolio
DFA Emerging Markets Portfolio, CUSIP # 233-203-785, Prospectus: DFAIDG, Total returns net of all fees in USD, May 1994-Present: DFA Emerging Markets Portfolio, Countries: Argentina, Brazil, Chile, Mexico, Hungary, Poland, Czech Republic, Israel, Turkey, South Africa, Taiwan, Korea, Indonesia, Philippines, Thailand, and Malaysia
MSCI Emerging Markets Index Gross Div (USD), Source: Datastream, total returns gross dividends in USD$, Jan 1988 - present: MSCI Emerging Markets Index ($) Gross Div (formerly MSCI Emerging Markets Free Index Gross Div)
MSCI EAFE Small Cap Index Price-only, Source: Datastream, market Cap weighted by size of S/C universe in each country Price-only returns in USD$, Jan 1993 - Present: MSCI EAFE Small Cap Index ($) Price-only
DFA Emerging Markets Value Portfolio, CUSIP # 233-203-587, Prospectus: DFAIDG, Total returns net of all fees in USD, April 1998-Present: DFA Emerging Markets Value Portfolio, Countries: Argentina, Brazil, Chile, Mexico, Hungary, Poland, Czech Republic, Israel, Turkey, South Africa, Taiwan, Korea, Indonesia, Philippines, Thailand, and Malaysia
MSCI EAFE Value Index Net Div, Source: Datastream, 20 developed markets, Total returns net dividends in USD$, Jan 1975 - present: MSCI EAFE Value Index ($) Net
DFA Real Estate Securities Portfolio, CUSIP # 233-203-835, Prospectus: DFAIDG, Total returns net of all fees in USD, December 1994-Present: DFA Real Estate Securities Portfolio, REITs only, January 1993-November 1994: DFA Real Estate Securities Portfolio, including residential construction and commercial property development securities
Wilshire REIT Index, Source: Wilshire & Associates, total returns in USD$
DFA Short-Term Municipal Bond Portfolio, CUSIP # 233-203-439, Prospectus: DFAIDG, Total returns net of all fees in USD$, Sep 2002 - Present: Short Term Municipal Bond Port
DFA One-Year Fixed Income Portfolio, CUSIP # 233-203-603, Prospectus: DFAIDG, Total returns net of all fees in USD, August 1983-Present: DFA One-Year Fixed Income Portfolio, One Year Maximum Average Maturity
DFA Two-Year Global Fixed Income Portfolio, CUSIP # 233-203-645, Prospectus: DFAIDG, Total returns net of all fees in USD, March 1996-Present: DFA Two-Year Global Fixed Income Portfolio
DFA Five-Year Global Fixed Income Portfolio, CUSIP # 233-203-884, Prospectus: DFAIDG, Total returns net of all fees in USD, December 1990-Present: DFA Five-Year Global Fixed Income Portfolio
DFA Five-Year Government Fixed Income Portfolio, CUSIP # 233-203-405, Prospectus DFAIDG, Total returns net of all fees in USD, June 1987-Present; DFA Five-Year Government Fixed Income Portfolio, Five Year Maximum Maturity, Government Instruments Only
Five-Year US Treasury Notes (USD): Total returns net of all fees in US$, Jan 1926-Present: 5 Year Treasury Notes; Source: Ibbotson Intermediate; Five Year Treasury Notes.
DFA Emerging Markets Small Cap Portfolio, CUSIP # 233-203-611, Prospectus: DFAIDG, Total Returns Net of All Fees in USD, March 1998-Present: DFA Emerging Markets Small Cap Portfolio. Countries: Argentina, Brazil, Mexico, Hungary, Poland, Israel, Turkey, South Africa, Taiwan, Korea, Indonesia, Philippines, Thailand, and Malaysia
Fama/French US Large Cap Index: July 1926-Present: Fama/French US Large Cap Index, Courtesy of Fama/French from CRSP securities data. Simulated strategy of upper-half market cap NYSE securities (plus AMEX equivalents since July 1962 and NASDAQ equivalents since 1973). Source: Ken French website and DFA ReturnsW software.
Fama/French US Large Value (Big High) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926 - 1992.Quarterly: 1993 - Present.
Fama/French US Small Cap Index: July 1926-Present: Fama/French US Small Cap Index, Courtesy of Fama/French from CRSP securities data. Simulated strategy of lower-half market cap NYSE securities (plus AMEX equivalents since July 1962 and NASDAQ equivalents since 1973). Source: Ken French website and DFA ReturnsW software.
Fama/French US Small Value (Small Hi) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926 - 1992. Quarterly: 1993 - Present.
Fama/French Total US Market Index Portfolio: Composition: All US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests and Berkshire Hathaway Inc (Permco 540). Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926- 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Rebalancing: Annual (at the end of June): 1926 - 1992. Quarterly: 12/1992 - present. Does not include hold range and does not incur transaction costs. Dividends: Reinvested in the paying company until the portfolio is rebalanced.
Fama/French US Large Value (Big High) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926-92. Quarterly: 93 - Present.
Fama/French US Large Neutral (Big Medium) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926 - 1992. Quarterly: 1993 - Present.
Fama/French US Large Growth (Big Low) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926 - 1992. Quarterly: 1993 - Present.
Fama/French US Small Value (Small Hi) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926-92. Quarterly: 93 - Present.
Fama/French US Small Neutral (Small Medium) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to- market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926-92. Quarterly: 93 - Present
Fama/French US Small Growth (Small Low) Index Portfolio: Composition: US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - 1992. CRSP links to Compustat and hand-collected links: 1926 - present. Book-to-market ratios provided by Dimensional: 1993 - present. Breakpoints: The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms. The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value). Rebalancing: Annual (at the end of June): 1926 - 1992. Quarterly: 1993 - Present.
Simulated Data. Simulated data may have been used for periods prior to the inception of the relevant mutual funds. Simulated returns do not represent trading in actual accounts and the performance results do not represent the impact that material economic and market factors might have on the decision-making process of a prospective investor or its financial adviser if the assets had been actually invested during that period. Simulated performance also differs from actual performance because it is achieved through the retroactive application of a strategy designed with the benefit of hindsight. Please refer to the series descriptions for details.
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