This information is intended for financial professionals only and not the general public.

Investment Strategy

The International ADR Strategy primarily invests in American Depository Receipts (ADRs) of companies domiciled outside the United States. These stocks represent companies in the developed markets of Europe and Asia, and to a lesser extent in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent.

Our International ADR product is currently available as a separately managed account or through various Wrap Program sponsors.

International ADR Wrap Performance Disclosure

The International ADR Wrap Composite contains fully discretionary international ADR accounts managed through broker/dealer programs. Performance presented prior to January 1, 2005 represents that of the International ADR Composite with commission-based accounts. For comparison purposes the composite is measured against the MSCI All Country World ex U.S. (net) Index. The MSCI All Country World ex U.S. (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, 2021. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The International ADR Wrap Composite has been examined for the periods January 1, 2005 through December 31, 2021. The verification and performance examination reports are available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Thomas White International, Ltd. is an independent registered investment adviser. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

The International ADR Wrap Composite has an inception date of October 1, 2000 and a composite creation date of January 1, 2005. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. 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, 2005, gross returns are shown as supplemental information and are stated gross of all fees and transaction costs, however for some accounts gross returns are reduced by transaction costs incurred. Net returns are reduced by all fees and transaction costs incurred. Other than brokerage commissions this fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Composite assets and performance shown prior to January 1, 2005 represents the International ADR Composite with only commission-based accounts. Net of fee performance was calculated using actual management fees on a cash basis. Net performance shown for this period is shown based on actual net fee returns and would be approximately 1.0 to 2.0% lower per annum under a program. These additional costs would typically include investment management, portfolio monitoring and consulting services typically provided by a sponsor. Beginning January 1, 2005 net of fee performance was calculated using actual management fees on a cash basis for the vast majority of accounts. Certain accounts may not have a management fee applied by the wrap sponsor. In these cases, net of fee performance for eligible accounts has been determined by applying the highest management fee paid for any account in the same wrap program. The annual composite dispersion is an asset-weighted standard deviation calculated, using gross returns, for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

The investment management fee schedule for the composite is as follows: for the first $25 million, 0.75%; for the next $25 million, 0.65%; over $50 million, 0.55%. The wrap program may charge an all-inclusive fee as high as 3.00%. Wrap fees are available upon request from the wrap sponsor. Actual investment advisory fees incurred by clients may vary.

For the period October 1, 2000 to December 31, 2004, represents the TWI ADR Composite. The underlying portfolios were managed in a similar fashion but differentiated by the type of client relationship only. The TWI ADR Composite does not include broker/dealer accounts. Since January 1, 2005, the TWI International ADR Wrap Composite is comprised of 100% wrap fee-paying accounts.