Performance listed above is preliminary and subject to change. Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part 2A of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.