1. Account returns Composites are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the Composites is calculated monthly by weighting monthly account returns by the beginning market values. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated net of withholding taxes. Past performance is no guarantee of future performance.
  2. Applied Research basic management fee schedules are available upon request.
  3. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. MSCI Index detailed information can be found on https://www.msci.com/indexes
  4. Investing involves risk including loss of capital. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. International markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.