1. Mutual funds and other types of investment companies may charge an expense ratio, which is a measurement of how much of a fund’s assets are used for administrative and other operating expenses. Comparatively, all Galleon Core accounts have a 0.0% expense ratio unless otherwise noted. We make every effort to avoid additional fees provided that doing so does not conflict with the primary goals and objectives of the account. While our primary goal is to avoid including mutual funds in Core accounts, there may be times when we include them. As a result, the expense ratio will be derived solely from those mutual funds. The expense ratio for all Core accounts is based on the average of all investments held within the account that charge an expense fee. Global Advisers does not charge an expense fee. All expense fees are implemented by the issuing investment company. Global Advisers has no control over expense fees. Expense fees are subject to change without prior notice.
2. Our custodian usually charges a commission to place trades in the account. We do not earn any money from commissions or markups.
3. Our management fees for all Core accounts are based on a flat fee exclusive of total assets under management (AUM).
4. Some mutual funds or other types of investments may have a minimum requirement.
5. Figures include reinvestment of dividends and capital gains but don’t reflect the effect of any fees or commissions, which would lower these figures. The initial investment used in the graph may be higher or lower than the initial minimum amount required to invest in each account. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Past performance cannot be used to predict future returns. The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate. This means that when you sell the positions in your account, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
6. The portfolio composition may change without prior notice. Core accounts are typically rebalanced either quarterly or annually, but the account manager may elect to change the composition at any time.
7. There are many types of risk, including interest rate, market, political, and currency. Each type of risk can affect the value of the securities in your account.
The expense ratio displayed represents a snapshot in time for when this report was published.
Some accounts also offer institutional shares, which typically have a minimum initial investment of $100 million and are reserved for large institutional investors.
Institutional clients: Please call us for special eligibility rules that may apply to you.
All information for a Core account prior to its Launch Date is hypothetical and back-tested, not actual performance, based on the methodology in effect on the Launch Date. Back-tested performance reflects the application of a methodology and selection of components with the benefit of hindsight and knowledge of factors that may have positively affected its performance, cannot account for all financial risks that may affect results, and may be considered to reflect survivor/look-ahead bias. Actual returns may differ from, and be lower than, back-tested returns. Past performance is not an indication or guarantee of future results. This back-tested data may have been created using a “Backward Data Assumption”. For more information on “Backward Data Assumption” and back-testing in general, please see the Performance Disclosure.
Brokerage and insurance products: Are not deposits • Are not FDIC-insured • Are not insured by any federal government agency • Are not guaranteed by the bank or any affiliate of the bank • May lose value