China May Surprise You

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Thomas White Global Investing
         
Thomas S. White, Jr. Ramkumar Venkatramani, CFA Dr. Wei Li, CFA Dr. Jinwen Zhang, CFA John Wu, Ph.D., CFA Rishabh Halakhandi, CFA Douglas M. Jackman, CFA
Thomas White R. Venkatramani
CFA
Dr. Wei Li
CFA
Dr. Jinwen Zhang
CFA
Dr. John Wu
CFA
R. Halakhandi
CFA
Douglas M. Jackman
CFA
Performance – Separately Managed Accounts

Average Annualized Returns as of 06/30/2015

 

1Yr

3Yr

Since
Inception2

Thomas White EM ADR1

-2.64%

5.78%

0.68%

MSCI Emerging Markets Index (net)

-5.12%

3.71%

-1.77%

Past performance is no indication of future results.     1Gross of fees     23/31/2011

Performance includes the reinvestment of all income. Please see below for important disclosures.


Thomas White Global Investing
Thomas White International – Performance Disclosure

Thomas White International - Emerging Markets ADR Equity Performance Disclosure

The Emerging Markets ADR Composite contains fully discretionary Emerging Markets ADR accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses withholding tax ranges applicable to Luxembourg based holding companies.

Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through December 31, 2012.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Emerging Markets ADR Composite has been examined for the periods April 1, 2011 through December 31, 2012. The verification and performance examination reports are available upon request.

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

The Emerging Markets ADR Composite was created April 1, 2011. Results are based on fully discretionary accounts under management. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Foreign withholding taxes on ADR holdings may be deducted from either income or principal cash depending on the policy of the applicable custodian. Beginning January 1, 2013, gross returns are shown as supplemental information. Gross returns for wrap accounts are gross of all fees and transaction costs; gross returns for non-wrap accounts are gross of all fees, but net of transaction costs. Net returns for both wrap and non-wrap accounts are reduced by all fees and transaction costs incurred. For wrap account, other than brokerage commissions the fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is as follows: 1.00% on the first $5 million; 0.90% on the next $5 million; 0.75% on the next $15 million; 0.70% on the next $25 million; 0.60% on the next $25 million; 0.55% on the next $25 million; and 0.50% on amounts over $100 million.

Actual investment advisory fees incurred by clients may vary.

Year
End
US Dollars
(Millions)
Total Firm
Assets
(Millions)
%
of Firm
Assets
Accounts at
Year End
Pure Gross1 Net Annual Std.
Deviation2
3-Year Std.
Deviation3
MSCI Emerging
Markets (net)
3-Year Std.
Deviation (Index)3
2014 21.8 2,320 1% 124 1.28% -0.06% 0.6 15.07% -2.19% 15.00%
2013 6.9 2,277 <1% 27 1.24% 0.19% - - -2.60% -
2012 0.2 1,962 <1% Five or fewer 20.21% 19.04% - - 18.22% -
2011 0.2 1,426 <1% Five or fewer -17.19% -17.60% - - -20.06% -

1 Pure gross-of-fees returns do not reflect the deduction of any expenses, including trading costs, and are supplemental to net returns.

2 Composite dispersion is not shown for periods where there are an insufficient number of portfolios in the composite for the entire year.

3 The three-year annualized ex-post standard deviation is not required to be presented for periods prior to January 1, 2011.

4 Returns shown above for the year 2011 represent period-to-date returns beginning April 1, 2011 and ending December 31, 2011.

Net of Fee Performance - As of 06/30/2015

1YR

3YR

Since Inception
(03/31/2011)

-3.76%

4.60%

-0.35%

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

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© Thomas White International, Ltd. 2018