an unsolicited proof statement

Many studies have been published regarding the contribution of asset allocation decisions, but there are only a few relating to the performance of active investment managers.

Our firm’s clients were the subject of a comprehensive, authoritative and conclusive academic study that found that over 12 years with our help, they had clearly selected superior managers.

The results of the professors’ exhaustive analysis supported the conclusion that our clients selected managers who can achieve superior risk-adjusted performance. This conclusion held for the entire 12 years through various economic conditions: growth, stagnation and recession; and up, down and flat markets.

Its conclusions have been supported by informal studies, before and since.

The article was described by another academic as “an astonishing endorsement” of our firm.

We will send you a copy of “Equity Manager Selection and Performance,” Review of Quantitative Finance and Accounting, Volume 15, pages 81-97, by Professors Frank Fabozzi, Yale University, and Bruce Collins, Western Connecticut State University, if you wish.