2 Source: Patient Capital Outperformance: “The Investment Skill of High Active Share Managers Who Trade Infrequently,” Sept. 19, 2014.

Important information

Alpha refers to the excess returns of a fund relative to the return of a benchmark index.

Standard deviation measures a portfolio’s range of total returns and identifies the spread of a portfolio’s short-term fluctuations.

Drawdown is the largest cumulative percentage decline in net asset value as measured on a month-end basis.

Absolute return refers to the return an asset achieves over a certain period of time, without comparison to another measure or benchmark.

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