Learn to Love Emerging Markets Again
Thomas White Global Investing
Performance – Separately Managed Accounts

Average Annualized Returns as of 03/31/2015






Thomas White EM ADR1





MSCI Emerging Markets Index (net)





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. 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 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 are typically deducted from income. 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 milion; 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.

Actual investment advisory fees incurred by clients may vary.

US Dollars
Total Firm
of Firm
of Accounts
Gross Net Annual Std.
3-Year Std.
MSCI Emerging
Markets (net)
3-Year Std.
Deviation (Index)1
2014 27.1 2,321 1% 133 1.28% -0.04% 0.6 15.07% -2.91% 15.00%
2013 6.9 2,278 <1% 27 1.26% 0.21% - - -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% -

* 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.

2Returns 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 03/31/2015




Since Inception





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. 2019