The TWI Global ADR Composite contains fully discretionary Global ADR accounts and for comparison purposes is measured against the MSCI All-Country World (net) Index and the MSCI World (net) Index. The MSCI AC World (net) Index is used to represent the global exposure of the strategy in certain regions. The MSCI AC World (net) and the MSCI World (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. A copy of the verification report(s) is/are available upon request.
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. Verification does not ensure the accuracy of any specific composite presentation.
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 Global ADR Composite was created October 1, 2000. 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. 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. 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.
|% of Firm
All-Country Index (Net)
|2005||7||232||3%||Five or fewer||2005||16.27%||15.42%||1.4||N.A.||10.84%||N.A.||9.50%||N.A.|
|2004||6||192||3%||Five or fewer||2004||14.92%||14.04%||N.A.*||N.A.||15.24%||N.A.||14.72%||N.A.|
|2003||6||238||2%||Five or fewer||2003||29.31%||28.32%||N.A.*||N.A.||33.98%||N.A.||33.10%||N.A.|
|2002||5||261||2%||Five or fewer||2002||-15.43%||-15.98%||N.A.*||N.A.||-19.31%||N.A.||-19.89%||N.A.|
|2001||6||333||2%||Five or fewer||2001||-11.88%||-12.39%||N.A.*||N.A.||-16.21%||N.A.||-16.82%||N.A.|
|2000||7||376||2%||Five or fewer||2000|
* 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.
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