SMid-Cap In Up and Down Markets

In months when the Russell 2500 was up 5% or more, our valuation discipline meant that we outpaced roughly 50% of the time. We outpaced 5 out of 10 months up 5% or more since inception (04/30/10). On average, we trailed by 1 basis point. We outpaced the Russell 2500 in 4 out of the 7 months down 5% or more since inception (04/30/10), or 57% of the time. On average we trailed by 59 basis points of relative performance.