This portfolio has averaged approximately 75% stocks and 25% fixed income and cash. It is more aggressive than the Absolute Return Balanced portfolio. The primary difference in this portfolio’s approach is that stock exposure will be greater most of the time and may reach 100% more often and for longer duration. This portfolio will simultaneously have lower exposure to fixed income investments but still retains the ability to include cash investments during adverse market conditions. Although the actual asset mix of the investments varies over time, the performance should be compared to a hypothetical portfolio consisting of 75% Standard & Poor’s 500 (or Russell 3000) and 25% Barclays Capital Government/Credit Index.

An equity and cash portfolio composed of wrap accounts, the investment objective of this equity only composite is to grow one’s wealth at an above average rate without taking undue risk. The latter part is difficult because ALL stocks involve risk. Each stock is usually equally weighted when it is initially purchased but this may be affected by the company size, liquidity, strength of fundamentals or price action. The strength of the economy and where the economic cycle is headed will have an effect on the number of stocks that are attractive at any given point in the cycle and, therefore, the number of issues and industry sectors vary over time. At times cash may be a large portion in these portfolios. Various ETF’s may also be used to get exposure to particular countries or commodities. Over time, the performance and standard deviation of returns of this composite should be compared to the Standard and Poor’s 500 or Russell 3000.

The portfolios using this approach have similar investment objectives as the Absolute Return Balanced Portfolio except the maximum percentage of stocks in these portfolios is limited to 75%. At times cash may be a large position in these portfolios. Although the actual asset mix of the investments varies over time, the performance and standard deviation of returns should be compared to a hypothetical portfolio consisting of 50% Standard and Poor’s 500 (or Russell 3000), 35% Barclays Capital Government/Credit Index and 15% 90-day Treasury Bills.

The lowest risk SSIM balanced alternative. This composite consists of portfolios which have relatively conservative investment objectives. Managed similarly to our other tactical asset allocation portfolios except these accounts will have less exposure to stocks than the other portfolios mentioned above virtually all the time. These portfolios have a maximum exposure to stocks of 50%. As with our other portfolios, cash may be a large position in these portfolios to protect against potential downside risk and preserve client assets. Performance should be compared to a hypothetical portfolio consisting of 40% Standard and Poor’s 500 (or Russell 3000), 40% Barclays Capital Government/Credit Index and 20% 90-day Treasury Bills.