INVEST IN VISIONARY LEADERSHIP
1 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
ENTREPRENEURSHARES.COM
2000
Joel Shulman begins developing the 15-Factor Entrepreneur Model while studying at Harvard University.
the ENTREPRENEUR
2004
SH A RES s t o r y
After 11 years and 12,000+ candidates trained, CFA exam preparation business, The Shulman Review, is sold.
2004
Joel Shulman writes, Getting Bigger by Growing Smaller, with Thomas Stallkamp, former DaimlerChrysler COO.
PRODUCT TIMELINE
2005
LONG-SHORT HEDGE FUND LAUNCHED
Invest long in publicly-traded entrepreneurial companies and short those deemed bureaucratic. $5M seed provided by a high net-worth private investor.
2010
LONG-ONLY GLOBAL MUTUAL FUND LAUNCHED This strategy carved out the long-side of the long-short hedge fund, providing a separate record for the different performance streams. This included global equities, international equities, US large cap, US mid cap, US small cap, etc., and audited by The Spaulding Group.
2013
U.S. ALL CAP MUTUAL FUND LAUNCHED
This strategy launched on Dec. 17 beginning as an SMA.
This strategy launched on June 30 beginning as an SMA. U.S. LARGE CAP MUTUAL FUND LAUNCHED 2014
2015
Long-short seed investor passes, hedge fund closes.
2016
FOUNDER-CEO: RULES BASED INDEX LAUNCHED This incorporates five key factors that align with motivated leadership and is computed & distributed by Reuters.
2017
ENTREPRENEUR 30: RULES BASED INDEX LAUNCHED This represents the 30 largest "Entrepreneurial" companies by market cap and incorporates 5 of 15 proprietary entrepreneur factors utilizing a strict rules-based approach.
QUESTIONS? EMAIL US AT INFO@ERSHARES.COM
FOR FINANCIAL PROFESSIONAL USE ONLY
COMPANY OVERVIEW
WHAT WE DO
WE INVEST IN THE MOST ENTREPRENEURIAL PUBLICLY-TRADED COMPANIES
EntrepreneurShares is a boutique investment management firm investing in publicly-traded entrepreneurial companies identified through a proprietary model deeply-rooted in fundamental research.
3 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
ENTREPRENEURSHARES AT A GLANCE
Strong ties into Babson College and entrepreneurship research community
Boutique investment firm SEC registered Boston based
Lean core team Directors Strategic partners
Extensive cumulative relevant industry experience
$274M AUM $241M Mutual Funds $33M SMA/UMA
3 mutual funds 4 active SMAs/UMAs
Founded by Joel Shulman Professor of Entrepreneurship at Babson College
Proprietary model derived from 30+ years of research
Distinct Industry -agnostic entrepreneurship focus
Inception of strategy in 2005
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
4
PORTFOLIO MANAGER
Managing Director/Chief Investment Officer
JOEL SHULMAN PH.D.,CFA
• Founder of Long/Short equity Hedge Fund (2005-2015) • Founder of EntrepreneurShares LLC (2010-present) • P&I top Manager recognition • Professor of Entrepreneurship at Babson College (#1 ranked in Entrepreneurship) • Author of 2004 best business book Getting Bigger by Growing Smaller : A New Growth Model for Corporate America • Forbes contributor (2010 to present) • Founder of Shulman Review, a CFA test-prep company that trained 12,000+ investment professionals in 110+ countries (1993-2005) • Consultant for the World Bank; facilitated Capital Market development in Central Asian states (1995-2000) • MPA Harvard University, Ph.D Michigan State, CFA, CMA
5 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
FOR FINANCIAL PROFESSIONAL USE ONLY
INVESTMENT PHILOSOPHY
THREE CORE BELIEFS GUIDE THE ENTREPRENEURSHARES INVESTMENT PROCESS
ENTREPRENEURIAL LEADERS CREATE FUNDAMENTAL VALUE
• Visionary entrepreneurial leaders have economic and non-economic incentives to create value • These leaders see far horizons and are resilient in tough times • Their organizations keep costs lean, debt levels manageable, and expansion projects within reach
ENTREPRENEURIAL COMPANIES OUTPERFORM THE COMPETITION
• Our research asserts that entrepreneurially run companies achieve higher long-run growth rates • Those companies emphasize motivated and transparent leadership and prioritize shareholders • They focus on sustainable organic growth and operational efficiency
ENTREPRENEURIAL BEHAVIOR TRANSLATES INTO SHAREHOLDER VALUE
• This dynamic drives earnings growth, stock price appreciation, and above average employment growth
7 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
THE ENTREPENEURSHARES PROPRIETARY INVESTMENT MODEL STRIVES TO DELIVERVALUE TO INVESTORS
The EntrepreneurShares proprietary investment model identifies the most entrepreneurial companies
Entrepreneurial value creation can translate into strong portfolio characteristics
Proprietary investment model screens for entrepreneurial characteristics
Positioned as portable alpha driver and core holding for investors
Based on a set of quantitative and qualitative filters
Quickly narrows a pool of ~55K securities to investable universe of ~600 securities
Developed over 30+ years of research
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
8
FOR FINANCIAL PROFESSIONAL USE ONLY
INVESTMENT PROCESS
OUR 3-STEP INVESTMENT PROCESS PRIORITIZES EVALUATION OF ENTREPRENEURIAL FUNDAMENTALS OVER STANDARD SECURITY EVALUATION
All major exchanges
~55k
15 entreprenurial attributes evaluated by proprietary model
15
ENTREPRENEURIAL FUNDAMENTALS
1
ENTREPRENEURSHIP EVALUATION
Market cap >=$300MM
MINIMUM BOUNDARIES
Bankruptcy risk
SECURITY EVALUATION
Security liquidity
Security liquidity
EMERGING MARKETS
INDEX CREATION
~600
US MID CAP
ER100
US LARGE CAP
(...)
2
SECURITY CHARACTERISTICS, FINANCIALS
Traditional fundamentals
Peer comparisons
Structural weakness
News and trends
FUNDAMENTAL ANALYSIS
PORTFOLIO CREATION
~300
(...)
IMPLX
US ALL CAP
US SMALL CAP
IMPAX
Monthly quant reexamination
Quarterly rebalancing
MONITORING, REBALANCING
Daily dashboard
3
MONITORING, REBALANCING, SELLING
7 Sell
Generally low turnover
SELLING
criteria
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
10
ENTREPRENURIAL COMPANIES DISPLAY 15 KEY ATTRIBUTES IN 4 CATEGORIES
GROWTH TRAJECTORY
MOTIVATED LEADERSHIP
•Aligned executive compensation packages
• Organic growth opportunities
• Long duration
•Active strategic alliances /partnerships /licensing
of key managers
• Low executive turnover
15
• Sustainable growth
• Transparent governance
• Family involvement
STAKEHOLDER ALIGNMENT
SOLID FINANCIALS
• Above average ownership stake among key stakeholders
• Low SG & A
• Managble debt
•Other significant stakeholder relationships
• Low or no dividends
• High EBITDA margin%
•Above average return on investment capital
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
11
ENTREPRENEURIAL UNIVERSE IS CONSTRUCTED BYGEOGRAPHYAND MARKET CAP
GLOBAL
Global 600+
Investable universe of global entrepreneurs
US ALL CAP
ER100 Investable universe of domestic entrepreneurs
Non-US all cap
US all cap
250+
350+
100 top entrepreneurs across US all cap
US LARGE CAP
Domestic securities $8B+ market cap
US MID CAP
US Large Cap
~80
Domestic securities $1.5B to $8B market cap
Market cap
~125
~125
US SMALL CAP
Domestic securities $300M to $1.5B market cap
US Mid Cap
~120
NON-US ALL CAP
Investable universe of non-US entrepreneurs
US Small Cap
DEVELOPED MARKETS
~150
Sectors /industries
Non-US securities $300M+ market cap
Geography
EMERGING MARKETS
Emerging market securities $300M+ market cap
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
12
PORTFOLIO MONITORINGAND REBALANCING CENTERS AROUND DASHBOARD DRIVEN OVERSIGHT
Fundamental analysis and relevant news / developments
Risk analysis
Peer analysis
Performance monitoring
Momentum dashboard and sector comparison
Entrepreneur market barometer
Sector attribution
Quarterly rebalancing based on consistency with 15 entrepreneurial attributes
Monthly reexamination of quant model
Daily dashboards allow for timely interventions
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
13
OUR PORTFOLIOS GENERALLYHAVE LOWTURNOVER, BUT SELL DISCIPLINE GUIDESWHEN TO EXIT POSITIONS
Relevant shifts in growth tactics (organic to acquisition-driven)
Significant balance sheet deterioration
Key managment turnover
Controversies , impropriety
Significant changes in executive compensation / compensation distribution
SELL CRITERIA
Valuation levels significantly above historical industry averages/peers (large cap and global portfolio)
Significant changes in executive ownership
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
14
FOR FINANCIAL PROFESSIONAL USE ONLY
RESEARCH AND EXPERTISE
THE ENTREPRENEURSHARES INVESTMENTTHESIS ANDAPPROACH BUILDS ON MORE THAN 30YEARS OF IN-HOUSE RESEARCH
THE RICH GET RICHER AND SO CAN YOU – INVESTING IN A BILLIONAIRES’ INDEX
GETTING BIGGER BY GROWING SMALLER
The Journal of Index Investing, Fall 2010 Issue
Book. FT Press October 2003
• Lays out how larger companies can prosper by growing like entrepreneurs • Proposes Strategic Entrepreneurial Units • Analyzes corporate culture, compensation challenges, aligned long-term wealth creation, non-monetary manager motivation
• Construction of passive index tracking companies that drive wealth creation of the world’s wealthiest individuals • High volatility index with long-term outperformance of benchmarks
INVESTING IN TROUBLED TIMES – ENTREPRENEURS ARE YOUR SAFEST BET
THE EPHEMERAL LIFE OF AN EMERGING FUND MANAGER
The Investment Professional, Fall 2009 Issue • Identification of 15 entrepreneurial attributes • Assembly of Hedge Fund portfolio long on entrepreneurial companies, short on bureaucrats • Portfolio outperformed even in economic downturn
Journal of Investing, Winter 2015 Issue • Provides entrepreneurial insights of managing professional assets in competitive environment • Describes emerging patterns in Financial Services industry and how both institutional and retail investors can gain maximum benefit
NEW INVESTMENT STYLE – FEATURING AND INDEX OF ENTREPRENEURIAL COMPANIES
A PRIMARY RULE FOR DETECTING BANKRUPTCY: WATCH THE CASH
Financial Analysts Journal, Sept/Oct 1988 Issue
The Journal of Index Investing, Fall 2010 Issue
• Construction of passive index tracking most entrepreneurial companies
• Created a new liquidity measure for detecting bankruptcy: Net Liquid Balance
• Provides insights to both managers and analysts in assessing and developing an integrative approach to working capital managementcomparable benchmarks
• Index consistently outperformed all comparable benchmarks
PROFESSOR OF ENTREPRENEURSHIP AT BABSON COLLEGE
World’s leading entrepreneurship school
• Portfolio manager has 30 years experience teaching entrepreneurship and finance to undergraduate and graduate students
• Exposure to cutting edge entrepreneurship research, faculty, student body, and alumni network
16 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-877-271-8811 or visiting www.ershares.com. Read it carefully before investing. Distributed by Rafferty Capital Markets, LLC, Garden City, NY 11530.
The EntrepreneurShares Global Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Entrepreneur U.S. All Cap Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Entrepreneur U.S. Large Cap Fund is exposed to common stock risk. Common stock prices fluctuate based on changes in a company’s financial condition and on overall market and economic conditions. Additional risks are detailed in the prospectus.
17 ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
THANK YOU
ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | FOR FINANCIAL PROFESSIONAL USE ONLY
THE WALL STREET JOURNAL.
© 2016Dow Jones e3 Company, Inc. AURightsReserved.
FRIDAY, DECEMBER 2, 2016
Category Kings in 10 Realms Total return for the top 10 funds ranked by year-to-date performance as of Nov. 30, 2016; assets, in m illi o n s of do ll ars , as of Oct. 31. Total return includes capital appreciation and reinvested d i strib u tions. Returns shown for periods of one year or less are cumulative. All performance numbers are final. Group average returns may differ from those in Yardsticks because this table uses a different set of o bj e cti v es ; for funds with mu l t i ple share classes, only the l argest is shown.
MARKET DATA CENTER
Large Cap Growth
TOTAL RETURN(%)
Fund
Symbol
Oct.
1-year 3-year 5-year 10-year
YTD
Assets
$64.9
3.67 6.08 3.94 5.68 2.82 0.18 3.54 2.91
15.86
17.93 14.81
I I
Victoryll:CEMP US LC HD
CDL
n.a.
n.a.
n.a.
11.42 13.59 28.27
1.4 6.5
ROLA
iPath ETN LgEx Rus 1000
n.a.
--
Glenmede:WL US Equity
GWILX
12.09
n.a.
n.a.
n.a.
n.a.
9.61 14.21
8.40 4.42 6.76 5.29 6.21 5.20 5.27 -0.03
251.2
8.50
9.18
WOGSX
White Oak Select Growth
91.51
EntrepreneurSh:USLC;lnst
IMPLX
8.13
n.a.
n.a.
n.a.
9.00
1,303.3
Principal:Blue Chip;lnst
PBCKX
8.11
n.a.
n.a.
-
- -
-
178.4
SEI CVT:Catholic V Eq;A
CAVAX
7.89
n.a.
n.a.
n.a.
6.87 143,202.0
8.50 14.63
American Funds Gro;A
AGTHX
7.85
...
I 0.06 2.95 I 0.72
248.7
Transam:Conc Growth;l2
7.45
n.a.
n.a.
n.a.
8.90
3,094.1
iShares:Edge MSCI USA QF
QUAL
7.02
n.a.
n.a.
6.90 1 2 . 68
7.05 379
799.7
...
Category Average:
1.34
I
698
660
522
595
... I
--
...
Number of Funds:
666
--
-
n.a. = Not Available Source: Lipper
THE PUBLISHER'S SALE OF THIS REPR I NT DOES NOT CONSTITUTE OR IMPLY ANY ENOORSEMEPl'T OR SPONSORSHIP OF ANY PRODUCT, SERVICE, COMPANY OR ORGAN I ZA T I ON. Custom Reprints 800.843.0008 www.djreprlnts.com DO NOT EDIT ORALTER REPRINT/REPRODUCTIONS NOT PERMITTED 52933 D I DOW JONES
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EntrepreneurShares : ER30 Index EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Analysis Quartile Risk Analysis Statistic EntrepreneurShares: ER30 Index Russell 1000 Growth Universe Rankings: Annualized Returns YTD 29.47% 25.40% 40 1 Year Return 29.54% 29.71% 2 Year Return 18.06% 15.18% 30 3 Year Return 16.38% 13.15% Cumulative Return 518.69% 226.19% Standard Deviation 19.25% 14.33% 20 Gain Deviation MAR (5%) 14.37% 10.15% Loss Deviation MAR (5%) 13.16% 10.19% 10 Sharpe Ratio (Citi 3 Mo. T-Bill ) 0.77 0.62 Growth of $1000 $6186.95 $3261.89 0 Num of Negative Periods 48 59 YTD 1 Year 3 Year 5 Year 10 Year Num of Positive Periods 100 89 ER30 Index Russell 1000 Growth Kurtosis 2.32 2.55 eVestment All US Equity Background Universe: Performance Statistics - All Market Corr (R) Tracking Err Excess Rtn Info Ratio Bench Rtn Bat A v g Std De v Bench Std De v Up Mkt Capture Down Mkt Capture Beta T-Stat Benchmark Alpha Beta Returns Russell 1000 Growth 0.94 3.40% 1.26 7.73% 5.86% 0.76 15.92% 10.06% 0.64 19.25% 14.33% 138.72% 111.36% 31.98 Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Analysis Historical Performance - Monthly Returns Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Year 2017 4.25% 1.90% 2.38% 3.24% 4.11% 0.48% 2.86% 0.25% 2.15% 4.64% --- --- 29.47% 2016 -8.36% -2.62% 7.61% 1.56% 4.70% -2.58% 6.88% 1.13% 2.12% -0.97% 1.64% -1.56% 8.80% 2015 0.64% 5.26% -0.91% 1.94% 0.68% -0.42% 5.88% -6.92% -2.94% 9.37% 1.62% -2.63% 11.05% 2014 0.19% 5.97% -4.81% -3.18% 4.55% 2.27% -0.32% 4.82% -2.06% 0.88% 2.55% -1.74% 8.83% 2013 9.43% 0.35% 1.92% 2.57% 3.18% -2.05% 8.79% -0.12% 8.86% 6.28% 1.77% 3.84% 54.14% 2012 7.20% 6.36% 3.60% -1.05% -7.96% 2.57% -1.59% 4.88% 2.49% -3.92% 2.38% 2.41% 17.58% 2011 3.87% 5.76% 0.14% 3.65% 0.50% -1.30% 3.20% -4.75% -6.97% 11.01% -2.25% -2.01% 9.98% 2010 -6.71% 4.61% 7.97% 3.87% -5.71% -7.33% 7.32% -4.18% 14.16% 7.56% 2.13% 5.09% 29.61% 2009 -7.65% -8.72% 12.98% 18.49% 3.09% 1.46% 9.40% 5.28% 9.52% -1.71% 6.74% 6.11% 65.75% 2008 -12.47% -2.91% 2.25% 7.04% 4.53% -9.32% -4.02% 0.79% -13.92% -21.32% -16.23% 3.43% -49.95% 2007 3.05% -1.53% 0.29% 4.66% 4.25% 0.41% 1.04% 2.84% 8.99% 5.75% -7.80% 0.08% 23.21% 2006 5.68% -2.64% 3.13% 2.49% -4.64% 2.85% -3.45% 2.09% 4.35% 6.61% 4.60% -2.98% 18.69% 2005 --- --- --- --- --- --- 6.94% -1.70% 3.59% -0.16% 4.31% 2.25% 15.96% Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Charts Growth of $1,000 Drawdown 0.0% 5k -25.0% 2.5k -50.0% 0k -75.0% 2006 2008 2010 2012 2014 2016 2006 2008 2010 2012 2014 2016 ER30 Index Russell 1000 Growth ER30 Index Russell 1000 Growth Distribution of Monthly Returns Standard Deviation - One Year Rolling 40% 20 20% 0 0% 2008 2010 2012 2014 2016 ER30 Index Russell 1000 Growth ER30 Index Russell 1000 Growth Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Peer Analysis Background Universe: All US Equity 17.5 15 12.5 10 7.5 5 2.5 0 -2.5 -5 Excess Returns Returns Ann. Alpha Information Ratio Sharpe Ratio ER30 Index Russell 1000 Growth Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Peer Analysis Background Universe: All US Equity displaying 1161 peers 20% 17.5% 15% 12.5% 10% 7.5% 5% 2.5% 0% 5% 7.5% 10% 12.5% 15% 17.5% 20% 22.5% 25% 27.5% 30% 32.5% 35% 37.5% Standard Deviation eVestment All US Equity ER30 Index Russell 1000 Growth Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Peer Analysis Background Universe: All US Equity 80 60 40 20 0 -20 -40 -60 YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 ER30 Index Russell 1000 Growth Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Snapshot Description Firm Name: EntrepreneurShares Product Name: ER30 Index Asset Class: Equity Investment Focus: Geographic Focus: Inception Date: Pref. Benchmark: Long Only United States 10/01/2017 Russell 1000 Growth Assets Under Management (Million) displayed in US Dollar (USD) Total Firm: --- --- Total Product: Total Product Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 --- --- --- --- --- --- Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Contact Information Marketing Contact Database Contact Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Jul 2005 - Oct 2017 ER30 Index Snapshot Investment Philosophy Vehicle Type: SA - Composite - eA Auto - ER 30 Index 002 - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares : Entrepreneur US Large Cap Strategy EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Analysis Quartile Risk Analysis EntrepreneurShares: Entrepreneur US Large Cap Strategy Universe Rankings: Annualized Returns Statistic Russell 1000 Growth YTD 22.71% 25.40% 40 1 Year Return 27.74% 29.71% 2 Year Return 15.09% 15.18% 30 3 Year Return 11.74% 13.15% Cumulative Return 920.88% 210.99% 20 Standard Deviation 21.58% 14.34% Gain Deviation MAR (5%) 17.80% 10.10% 10 Loss Deviation MAR (5%) 12.97% 10.22% Sharpe Ratio (Citi 3 Mo. T-Bill ) 0.91 0.60 Growth of $1000 $10208.83 $3109.90 0 YTD 1 Year 3 Year 5 Year 10 Year Num of Negative Periods 47 59 Num of Positive Periods 100 88 Entrepreneur US Large Cap Strategy Russell 1000 Growth Kurtosis 2.18 2.56 eVestment US Large Cap Growth Equity Background Universe: Performance Statistics - All Market Corr (R) Tracking Err Excess Rtn Info Ratio Bench Rtn Bat A v g Std De v Bench Std De v Up Mkt Capture Down Mkt Capture Beta T-Stat Benchmark Alpha Beta Returns Russell 1000 Growth 0.83 8.89% 1.24 12.64% 11.18% 0.88 20.88% 9.70% 0.61 21.58% 14.34% 154.08% 100.41% 17.67 Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Analysis Historical Performance - Monthly Returns Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Year 2017 2.64% 2.31% 1.42% 2.82% 2.50% 0.14% 1.59% 1.47% 1.60% 4.23% --- --- 22.71% 2016 -5.28% 0.27% 6.32% 0.45% 1.20% -0.40% 3.82% 0.97% -0.30% -0.93% 2.88% 1.18% 10.20% 2015 -3.01% 6.38% -0.22% 1.09% 1.23% -1.27% 1.65% -5.12% -2.87% 6.91% 1.36% -3.36% 2.04% 2014 0.04% 6.04% -2.02% -3.37% 1.96% 2.03% -1.86% 5.08% -1.47% 1.12% 2.19% -1.05% 8.55% 2013 8.80% -1.99% 5.21% 4.05% 5.56% -1.04% 5.92% -1.40% 8.01% 5.39% 3.14% 3.85% 55.28% 2012 5.32% 7.64% 7.03% 1.53% -5.78% 2.61% -1.63% 4.13% 3.75% -4.32% 1.13% 2.77% 25.87% 2011 6.62% 3.48% 1.90% 3.35% -1.02% -0.51% 3.71% -4.14% -9.68% 8.61% -2.00% 1.53% 11.03% 2010 -2.77% 4.28% 11.43% 7.23% -6.04% -5.17% 10.80% -4.35% 14.87% 13.04% -1.46% 3.99% 52.22% 2009 -14.60% -6.46% 9.82% 20.75% 0.87% 4.31% 21.91% 0.47% 14.43% -0.60% 11.56% 7.60% 86.40% 2008 -19.64% -8.17% 5.83% 10.90% 1.94% -12.31% -8.58% 5.36% -13.77% -14.12% -10.62% -0.56% -50.92% 2007 2.45% -5.75% 2.63% 6.93% 0.86% 0.34% 0.52% 5.94% 17.38% 19.04% 0.15% 4.30% 66.68% 2006 5.66% -0.53% 0.45% 0.97% 3.64% 0.31% 2.86% 3.12% 2.38% 6.53% 3.79% -1.30% 31.33% 2005 --- --- --- --- --- --- --- -1.94% 1.72% -5.07% 8.13% 0.62% 3.02% Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Charts Growth of $1,000 Drawdown 0.0% 10k -25.0% 5k -50.0% 0k -75.0% 2006 2008 2010 2012 2014 2016 2006 2008 2010 2012 2014 2016 Entrepreneur US Large Cap Strategy Russell 1000 Growth Entrepreneur US Large Cap Strategy Russell 1000 Growth Distribution of Monthly Returns Standard Deviation - One Year Rolling 40% 20 20% 0 0% 2008 2010 2012 2014 2016 Entrepreneur US Large Cap Strategy Russell 1000 Growth Entrepreneur US Large Cap Strategy Russell 1000 Growth Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Peer Analysis Background Universe: US Large Cap Growth Equity 25 20 15 10 5 0 -5 Excess Returns Returns Ann. Alpha Information Ratio Sharpe Ratio Entrepreneur US Large Cap Strategy Russell 1000 Growth Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Peer Analysis Background Universe: US Large Cap Growth Equity displaying 148 peers 22.5% 20% 17.5% 15% 12.5% 10% 7.5% 5% 2.5% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% Standard Deviation eVestment US Large Cap Growth Equity Entrepreneur US Large Cap Strategy Russell 1000 Growth Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Peer Analysis Background Universe: US Large Cap Growth Equity 100 75 50 25 0 -25 -50 -75 YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Entrepreneur US Large Cap Strategy Russell 1000 Growth Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Peer Analysis Background Universe: US Large Cap Growth Equity 90 85 80 75 70 65 60 55 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Entrepreneur US Large Cap Strategy Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Peer Analysis Background Universe: eVestment US Large Cap Growth Equity Rolling 1 Year Returns (incl. future periods) 0% 20% 40% 60% 80% 100% Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 1 Year Returns Entrepreneur US Large Cap Strategy Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved. EntrepreneurShares Aug 2005 - Oct 2017 Entrepreneur US Large Cap Strategy Snapshot Description Firm Name: EntrepreneurShares Product Name: Entrepreneur US Large Cap Strategy Asset Class: Equity Investment Focus: Geographic Focus: Inception Date: Pref. Benchmark: Long Only United States 07/31/2005 Russell 1000 Growth Assets Under Management (Million) displayed in US Dollar (USD) Total Firm: $374.0 $101.1 Total Product: $100 Total Product Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 $104.7 $92.3 $95.4 $50 $101.4 $107.9 $101.1 $0 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Contact Information Marketing Contact Joel Shulman, Managing Director 175 Federal Street, 175 Federal Street Boston, Massachusetts 02110 Database Contact Joel Shulman, Managing Director 175 Federal Street, 175 Federal Street Boston, Massachusetts 02110 Vehicle Type: USA - SA - Composite - Entrepreneur US Large Cap Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2017 eVestment Alliance, LLC. All Rights Reserved.
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