Disclosures
A.G. Bisset claims compliance with the Global Investment Performance Standards (GIPS®).
A.G. Bisset is an independent Investment Advisor, registered with the SEC since 1988.
The firm maintains a complete list and description of composites, which is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm.
Non-fee-paying accounts are not included in any of the composites.
Foreign withholding taxes on dividends, interest and capital gains are not applicable when calculating a currency overlay or currency alpha return.
Past performance is not indicative of future results.
Returns are presented gross and net of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000. investment, (c) portfolio return of 8% a year, and (d) 0.20% annual investment advisory fee would be $2,096 in the first year, and cumulative effects of $12,243 over five years and $30,053 over ten years. Net of fee performance was calculated using the highest applicable annual management fee of 0.20% applied monthly.”
Actual investment management fees incurred by clients may
vary. A fee schedule is an integral part of a complete presentation and is
described in Part II of Bisset’s ADV, which is available upon request.
No balanced portfolio segments are included in the
composites, nor are the composites subsectors of larger portfolios, except the
Europe+UK Composite and the Japan Composite, which are sub-sectors of the US
Dollar Base Composite. The normal characteristics of the transactions include
the purchase and sale of forward currency contracts using foreign exchange
credit line(s) secured by the underlying assets.
The Euro Base Composite was created
February 1, 1992. It contains fully discretionary accounts that use the euro as
the base currency.
The US Dollar Base Composite was created
April 23, 1993. It contains fully discretionary accounts that use the US dollar
as the base currency and have EAFE-like currency exposures.
The Europe+UK Composite was created April
1, 1993. It contains fully discretionary accounts that use the US dollar as the
base currency. It is equivalent to the European portion of the US Dollar Base
Composite.
The Japan Composite was created April 1,
1994. It contains fully discretionary accounts that use the US dollar as the
base currency. It is equivalent to the Japanese portion of the US Dollar Base
Composite.
Compliance with the GIPS has been verified firm wide by an
independent verification firm from January 1, 1990 through March 31, 2007. In
addition, performance examinations were conducted on the Euro Base composite
beginning February 1, 1992; The US Dollar Base Composite beginning April 23,
1993; The Europe and the UK Composite beginning April 1, 1993; The Japan
Composite beginning April 1, 1994; and The Sterling Markets Composite beginning
in May 2006.
To request a fully compliant presentation and/or a list and description of all the firm composites, please contact us.
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