The TWI International ADR Wrap Composite contains fully discretionary international ADR accounts managed through sponsored 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 x US (net) Index and MSCI EAFE (net) Index. Prior to December 31, 2011, the composite was also measured against the Bank of New York ADR Total Return Index. The BNY ADR Index is not widely used and was replaced as a benchmark with the MSCI EAFE (net) Index. The MSCI AC World x US (net) Index is used to represent the international exposure of the strategy in certain regions, and the MSCI EAFE (net) is used as a general market indicator for international strategies. The MSCI AC World x US (net) and the MSCI EAFE (net) indices use 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 March 31, 2011.
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 International ADR Wrap Composite has been examined for the periods January 1, 2005 through March 31, 2011. 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 International ADR Wrap Composite was created 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. Beginning January 1, 2005, gross returns are shown as supplemental information and are stated gross of all fees and transaction costs; 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 1.5% lower per annum under a sponsored program. These additional costs would typically include investment management, portfolio monitoring and consulting services typically provided by a sponsor. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire years. The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The standard deviation is not presented for 2000 through 2010 because it is not required for periods prior to 2011.
Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
World x US
|MSCI EAFE (net)||3-Year Std.
* composite dispersion is not shown for periods where there are an insufficient number of portfolios in the composite for the entire year.
1 The three-year annualized ex-post standard deviation is not required to be presented for periods prior to January 1, 2011.
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.
For the period October 1, 2000 to December 31, 2004, represents the TWI ADR Composite. The underlying portfolios are managed in a similar fashion but are differentiated by the type of client relationship only. The TWI ADR Composite does not include sponsored broker/dealer accounts. Since January 1, 2005, the composite is comprised of 100% wrap fee -paying accounts.
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