retirement.ladwp.com...feb 11, 2015 · 4 . s. table. f. irm & s. trategy, i. mproving. c....

James A Colgan G Michael Novak Jr Co-Portfolio Managers Leigh Anne Yoo Vice President Marketing amp Client Service

Small Cap Growth Portfolios

February 11 2015

1

TABLE OF CONTENTS

Page

A Firm Overview 2

B Investment Process and Discipline 8

C Market Overview 14

D Performance Review 32

E Portfolio Review and Characteristics 46

F Fee Schedule 56

G Biographies and Disclosures 57

H Glossary of Investment Terms 65

SECTION A FIRM OVERVIEW

3

James A Colgan Co-Portfolio Manager Frontier Small Cap Growth Portfolio bull 17 years with Frontier bull 23 years experience Prior Experience Manager Digital Equipment Corporation Program Manager United Technologies Corporation Education BS University of Connecticut MS University of Massachusetts MS MBA MIT Sloan School of Management Leigh Anne Yoo Vice President Institutional Marketing and Client Service bull 7 years with Frontier bull 14 years experience Prior Experience Vice President Lazard Asset Management Education BBA University of Georgia

INTRODUCTION

4

STABLE FIRM amp STRATEGY IMPROVING CONDITIONS Stable Organization

No changes to the organizational structure of the firm With more than 15 years of continuity we do not anticipate any significant changes to our ownership structure

As of December 31 2014 Frontier managed $139 Billion for 118 Clients For the last five years Frontier has maintained a stable base of clients ranging from 115-120 We maintain a deep investment team of 17 investment professionals and two dedicated traders constituting half of

our firmrsquos 38 employees Since your investment we have increased our research staff with the addition of two analyst positions Furthermore

we have experienced minimal personnel turnover including only one key departure among our operations sales and investment teams during this time

Stable Strategy No changes to the Small Cap Growth Equity team responsible for WPERPrsquos portfolio As of December 31 2014 Frontierrsquos Small Cap Growth strategy managed $30 Billion for 21 Clients more than half

of which have been investors for over 20 years The number of clients is consistent with the 21 composite portfolios that we managed in November 2009 when we

presented to you as a Small Cap Growth finalist In January 2010 the Frontier Small Cap Growth strategy closed to new investors thus no new clients were added

Consistent Investment Philosophy with Long Term Orientation We continue to employ the same investment philosophy and process that has benefitted our clients for over 30 years Beat Russell 2000 Growth in 24 of 30 calendar years (gross of fees ending December 31 2014) Positive stock selection over 1 3 5 7 and 10 year periods (gross of fees ending December 31 2014)

Improving Environment Trend of outperformance by the unprofitable firms appears to be subsiding Valuations for highest growth stocks are increasingly stretched ultimately valuations matter Conditions are favorable for Frontierrsquos GARP style of investing

5

Strategy Inception Peer Ranking (Since Inception)

Managers Capitalization Emphasis Assets

Small Cap Growth 1985 First Quartile Jim Colgan Mike Novak Small $21B

Mid Cap Growth 1992 First Quartile Steve Knightly Chris Scarpa Mid $19B

Capital Appreciation 1987 First Quartile Mike Cavarretta Drew Bennett SmallMid $17B

Smid 2000 First Quartile Research Team SmallMid $320M

All Cap 2006 Second Quartile Research Team All Cap $181M

Research Strategies - concentrated portfolios managed by analyst team

Portfolio Manager Strategies - portfolio managers with authority to buysell

Clients

19

30

27

6

3

Assets

Small Cap Value 1999 First Quartile TJ Duncan Bill Teichner Small $86M 7

Clients

21

39

23

10

2

23

$54B

$28B

$414M

$161M

$20B

$30B

Stable and consistent base of clients

Peer rankings were for periods ending 123114 using eVestment Alliance universes The eVestment Alliance small cap growth universe was used to rank the Frontier Small Growth strategy The eVestment Alliance small mid cap growth universe was used to rank the Frontier Capital Appreciation strategy and Smid Research strategy The eVestment Alliance mid cap growth universe was used to rank the Frontier Mid Growth strategy The eVestment Alliance small cap value universe was used to rank the Frontier Small Value strategy The eVestment Alliance all cap equity universe was used to rank the Frontier All Cap Research strategy

INVESTMENT STRATEGIES SUMMARY

Ending 3Q 2009 Ending 4Q 2014

WILLIAM A TEICHNER CFA

Portfolio Manager ndash Small Cap Value BA ndash Columbia University MBA ndash Harvard University 22 years with Frontier 25 years experience

INVESTMENT TEAM Employee owners

ANDREW B BENNETT CFA

Portfolio Manager ndash Capital Appreciation Analyst ndash Special Situations BA ndash Wheaton College 14 years with Frontier 19 years experience

PETER G KUECHLE

Team Leader ndash Research Portfolios Analyst ndash Financial Services Software BA ndash Dartmouth College MBA ndash Harvard University 12 years with Frontier 19 years experience

JONATHAN M LEVIN MD

Analyst ndash Health Care BA ndash Yale University MD ndash Emory University School of Medicine MPH ndash Harvard School of Public Health MBA ndash MIT 10 years with Frontier 12 years experience

RUSHAN (GREG) JIANG CFA

Analyst ndash Industrials BS ndash The University of Texas at Austin MS ndash Stanford University MBA ndash MIT 10 years with Frontier 12 years experience

RAVI DABAS Analyst ndash Computer Services Technology BE ndash University of New Delhi MS ndash University of Houston MBA ndash University of Pennsylvania 7 years with Frontier 16 years experience

KRISTIN S KING CFA Analyst ndash Consumer BS ndash University of Notre Dame MBA ndash University of Pennsylvania 6 years with Frontier 10 years experience

NATHAN A HAYMAN

Analyst ndash Aerospace Transport Housing LLB ndash Hebrew University Law School MBA ndash Dartmouth College 7 years with Frontier 7 years experience

MICHAEL A CAVARRETTA CFA

CHAIRMAN Portfolio Manager ndash Capital Appreciation Team Leader ndash Research Portfolios BA ndash University of Maine MBA ndash Harvard University 27 years with Frontier 31 years experience

THOMAS W DUNCAN JR

Portfolio Manager ndash Small Cap Value BA ndash Skidmore College MBA ndash Cornell University 22 years with Frontier 24 years experience

G MICHAEL NOVAK JR Portfolio Manager ndash Small Cap Growth BS ndash US Military Academy MBA ndash Harvard University 17 years with Frontier 17 years experience

JAMES A COLGAN

Portfolio Manager ndash Small Cap Growth BS ndash University of Connecticut MS ndash University of Massachusetts MS MBA ndash MIT 17 years with Frontier 23 years experience

STEPHEN M KNIGHTLY CFA

PRESIDENT Portfolio Manager ndash Mid Cap Growth BS ndash Lehigh University MBA ndash University of Pennsylvania 22 years with Frontier 25 years experience

CHRISTOPHER J SCARPA

Portfolio Manager ndash Mid Cap Growth BA ndash Tufts University MBA ndash Harvard University 14 years with Frontier 16 years experience

EMMANUEL FRANJUL Analyst ndash Financial Services Business Services BS ndash Cornell University MBA ndash Cornell University 4 years with Frontier 4 years experience

MICHAEL E GARGANO Analyst ndash Health Care Services

Technology Hardware BS ndash Boston College 5 years with Frontier 17 years experience

LISA A TURLEY Senior Trader BA ndash University of Massachusetts 24 years with Frontier 24 years experience

CAROLYN C SHEA Senior Trader BA ndash St Lawrence University 14 years with Frontier 24 years experience

6

DANIEL SCHAumlFER Analyst ndash Materials Industrials BA ndash University of Cooperative Education MBA ndash Dartmouth College joined Frontier in September 2014 3 years experience

7

Corporate

Archdiocese of Boston Archdiocese of Los Angeles Archdiocese of New York Archdiocese of Washington Bristol Myers Squibb CareGroup The Church Pension Fund Comprehensive Healthcare of Ohio Delta Air Lines Erie Insurance General Motors Hartford HealthCare Marsh amp McLennan Companies Inc Mary Kay Inc Massachusetts Eye amp Ear Infirmary National Grid NV Energy Pension Plan for Insurance Organizations RPM Inc RR Donnelley amp Sons Company South County Hospital Tufts Associated Health Maintenance Organization Inc United States Tennis Association University of Pittsburgh Medical Center

Public Funds

Alaska Retirement Management Board City of Pittsburgh County Employeesrsquo and Officersrsquo Annuity and Benefit

Fund of Cook County CPS Energy Illinois Municipal Retirement Fund LA County Employee Retirement Association LA Fire amp Police MA Pension Reserves Investment Management Teachersrsquo Retirement System of Oklahoma

Multi-Employer

Airconditioning and Refrigeration Industry International Association of Machinists Iron Workers of New England Local 863 Pension Fund New England Carpenters New York State Teamsters Northwest Ohio Carpenters Millwrights and Pile

Drivers Supplemental Pension Plan Sheet Metal 9 Pension Steelworkers Pension Trust

Sub Advisory

Hirtle Callaghan Trust MassMutual Financial Group Prudential Retirement The Northern Trust Company The Vanguard Group

The representative client list is a partial list of Frontiers institutional clients regardless of investment product utilized and without regard to performance criteria Inclusion on such a list is not intended as an endorsement by any such client of Frontier or the advisory services provided to such client and is intended to provide a meaningful distribution of Frontiers clients

REPRESENTATIVE CLIENT LIST Endowments and Foundations

The Academy of American Poets Akron Community Foundation The Andrew W Mellon Foundation Baptist Hospitals and Health Systems Boston College Bowdoin College Bryn Mawr College Case Alumni Foundation Catholic Schools Foundation Catholic Society of Religious amp Literary Education Columbus Medical Association Foundation Crotched Mountain Foundation Dr Scholl Foundation Elyria Memorial Hospital The First Church of Christ Scientist Hampton University International Tennis Hall of Fame Lewis amp Clark College Library of Congress Los Angeles Orthopedic Foundation Michigan State University Mount Union College

Naples Community Hospital

National Gallery of Art

The New York Community Trust

Norwich University ProMedica Health System Purdue University QueensCare Richard Nixon Library San Diego Museum of Art Santa Barbara Museum of Art Searle Family Trusts Segerstrom Center for the Arts Society of Jesus New England Southcoast Health System Susquehanna Health System Tulane University University of Nebraska Foundation University of Redlands University of San Diego University of San Francisco University of Scranton University of the Pacific

Highlighted names indicate Frontier Small Cap Growth clients

8

FRONTIER CAPITAL MANAGEMENT COMPANY LLC 99 Summer Street Boston MA 02110 (617) 261-0777 CLIENT SERVICE Leigh Anne Yoo Vice President (617) 261-0777 x134 lyoofrontiercapcom Sarah J Jankowski Chief Administrative Officer (617) 261-0777 x136 sjjfrontiercapcom OPERATIONS Group Email operationsfrontiercapcom Corporate ActionsTender OffersTrades Operations Primary Contact Edward Vasquez Operations Associate (617) 261-0670 (direct) Operations Secondary amp Escalation Contacts Forrest LeTarte Operations Manager (617) 261-4405 (direct) Cynthia Treggiari Assistant Vice President (617) 261-7570 (direct) Brett Morrison Operations Associate (617) 261-0680 (direct)

ACCOUNTING Richard Binder Chief Financial Officer (617) 261-0777 x111 rbinderfrontiercapcom Christina Abadier Assistant Vice President (617) 261-0777 x234 cabadierfrontiercapcom INFORMATION TECHNOLOGY Skip Carino Network IT Manager (617) 261-0777 x114 scarinofrontiercapcom LEGAL COMPLIANCE William J Ballou Chief OperatingCompliance Officer (617) 261-0777 x279 wballoufrontiercapcom

KEY CONTACTS

SECTION B INVESTMENT PROCESS amp DISCIPLINE

10

BUY

SOLID BUSINESS MODEL

UNRECOGNIZED EARNINGS

POWER

ATTRACTIVE VALUATION

PROCESS SELL DISCIPLINE PHILOSOPHY

We believe there are three key drivers of long-term consistent performance

INVESTMENT PHILOSOPHY ndash WHAT WE BUY

11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks

Market Cap Appropriate

bull 2000 stocks (within the range of the Russell 2000reg Index)

Quantitative Assessment

bull Reasonable EVSales

bull Good balance sheets

bull Underlying growth

Investable Criteria

bull Sound business model

bull Solid management

bull Competitive advantage

bull Appealing revenue growth

bull Potential margin expansion

bull Attractive ROC opportunity

Winning Qualities

bull Unrecognized EPS power

bull Value creating catalysts

bull Attractive valuations

bull Multiple ways to win

80 of investment effort focused on 15 of the universe

Frontier Value Added

CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment

bull Traction toward projected EPS power

bull Price target realization

bull Change in thesis

bull Portfolio optimization


INVESTMENT PROCESS ndash HOW WE BUY

12

BREAKDOWN OF BUSINESS MODEL

NO UPSIDE TO EARNINGS POWER

UNATTRACTIVE VALUATION

PROCESS PHILOSOPHY SELL DISCIPLINE

Capital preservation is critical to superior long-term performance

SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT

Stages and Descriptions

FIRM Culture of Risk Management

PORTFOLIO Structural Risk Controls

STOCK Stylistic Risk Controls

Management committee oversight

Senior chief compliance officer

Firm-wide compliance training

Automated testing systems

State-of-the-industry policies

Periodic capacity assessment

Sector weight limits

No stock weight greater than 5

Approximately 90 ndash 110 holdings

Performance analytics

Monthly attribution review

Valuation discipline

Price target assessment riskreward

Balance sheet and accounting reviews

Multiple ways to win

Avoid binary events

Client guidelines assessment

Risk management is embedded in our culture and investment approach

This is a brief summary of certain investment guidelines by which the strategy is managed Actual investment guidelines for any client account may differ

14

Portfolio Guidelines

The Portfolio shall be equity securities of companies doing business in the United States It is expected that the Portfolio will be fully invested (lt8 cash) at all times Equity securities shall be restricted to those issues listed on the New York American NASDAQ or other nationally recognized United States stock exchanges

The Board recognizes Managers are active managers investing in a universe of securities that resembles the Russell 2000 Growth Index Managers will adjust their Portfolio on an ongoing basis to attempt to outperform the investment results of the Russell 2000 Growth Index

Managers shall not use derivatives within the Portfolio without the expressed written consent of the Plan If Managers elect to use derivatives as part of their investment strategy the Plan requires that Managers provide written documentation of the rationale for using such instruments Use of derivatives for speculation is prohibited Only exchange-traded derivatives will be utilized

For prudent diversification no more than 5 of the lesser of cost or market value of the Portfolio shall be invested in any one issue unless that issue represents more than 5 of the Russell 2000 Growth Index No issue shall be purchased in the Portfolio if more than 10 of the outstanding shares of that company are held by Managers in the total of all of its accounts

The Manager shall invest in securities specifically authorized in these written guidelines Unauthorized investments include foreign securities listed and traded on US exchanges including American Depository Receipts (ADRs) Securities of all foreign companies except for Benefit Driven Incorporations (BDIs) included in the Russell Indexes are unauthorized Additional unauthorized investments include short sales futures direct investment in raw commodities and the use of non-approved derivative securities (ie equity futures and forward contracts) andor the purchase of securities on margin

Portfolio Characteristics

It is expected that the Portfolios weighted average priceearnings ratio on a 12-month trailing basis in general will be no less than 23rds of the market as represented by Russell 2000 Growth Index

It is expected that the Portfoliorsquos weighted average dividend yield on a quarterly basis will be no greater than 15x of the market as represented by the Russell 2000 Growth Index

It is expected that the Portfolios market sensitivity (beta) should be no less than 080 and no greater than 13 versus the Russell 2000 Growth Index on a rolling 24-month basis using monthly holdings data

It is expected that the Portfoliorsquos weighted average market capitalization should be no less than $400 million

It is expected that the Portfoliorsquos performance correlation (R-Squared) to the Russell 2000 Growth Index should not be less than 070

Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No

LADWP INVESTMENT GUIDELINES

Frontier Capital Management Company LLC hereby certifies that the investment portfolios managed by it on behalf of the Los Angeles Department of Water and Power was in compliance with all of the terms of the Investment Management Agreement including the Investment Guidelines during the review period January 1 2014 through December 31 2014 Signature Name William J Ballou Title Chief Operating and Compliance Officer Date January 30 2015

CERTIFICATION OF COMPLIANCE

15 15

SECTION C MARKET OVERVIEW

17

Positive equity returns are driven by growing corporate earnings - earnings continue to increase

Growing corporate earnings are driven by increased economic activity - economic activity remains subdued but is improving

Increased economic activity is driven by an accommodative economic policy the availability of capital as well as growing labor markets and productivity gains

The Federal Reserve has stated that it will maintain an accommodative economic policy driven by low core inflation rates - slack in the labor markets and excess capacity should maintain stable core pricing

Low core inflation rates will continue as slack in the labor markets and excess capacity will result in stable pricing

FUNDAMENTAL EQUITY THESIS

18

US Equities Favor Small Caps US economy will grow faster than international economies benefitting domestic small cap companies US small cap companies are not at peak margins while large caps have exceeded prior levels US small cap companies will be targets of acquisitions US small cap companies remain more innovative Long-Term Economic Cycle Backdrop US Economy on a Self Sustaining Expansion That Should Last for Years Federal reserve will remain accommodative and inflation will remain low Household balance sheets are much stronger Housing activity continues to gain strength and household formation remains far below historic levels Rising equity markets are creating a wealth affect US natural gas prices are among the lowest in the world and are driving a manufacturing renaissance in US Improving trade balance Fiscal drag on GDP in 2013 and 2014 has ended Capex long-term indicator suggests accelerating spending US dollar strength favors domestically oriented small cap companies Long-Term Positive of US Energy Renaissance Lowers consumer and business costs Makes US manufacturing more competitive Lowers trade deficits Increases foreign direct investment Lowers inflation Improves national security

EQUITY MARKET OVERVIEW

19

Expensive Stocks Outperformed in 2010 2011 and 2012 The trend of higher valued stocks (on a price to earnings and price to sales basis) outperforming more reasonably valued stocks which began in mid-2010 continued through the third quarter of 2012 Our growth at reasonable price investment style precluded us from keeping up with the benchmark in 2011 and the first three quarters of 2012 During the fourth quarter of 2012 valuation had stretched too far and the trend of higher valued stocks outperforming ceased This shift has benefited our portfolios since the fourth quarter of 2012 Please refer to the valuation charts on pages 15 and 16 for detailed analysis GARP Investment Style Poised to Outperform While investors paid significant premiums for the highest growth stocks in 2010 2011 and 2012 the outperformance from these stocks slowed in 2013 and 2014 While many of the same sectors continue to lead such as biotech and software our stock picking has allowed our more reasonably valued portfolios to outperform over the past nine quarter period Our relative composite performance ranks us in the 21st percentile of US Small Cap Growth equity managers (183 constituents) for the past nine quarters (source eVestment Alliance) Our portfolios have achieved solid returns with much less valuation risk over the past four years and we expect our GARP investment style to outperform as the economic expansion broadens and companies more dependent upon US GDP growth benefit

PORTFOLIO COMMENTARY

20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989

WTI Oil Price (L) SampP 500 PE (R)

10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001


Supply Boom OPEC Production Increases From 2m To 5m Per Day 1986

Demand Collapse Asia Financial Crisis Saw Asia Pac Oil Consumption Demand For The First Time Since 1982

1997-98 Oil Collapse Fueled Late-90s PE Expansion

1985-86 Oil Collapse Fueled 1986-87 PE Expansion

Deflationary Busts Lead To Economic Booms

$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001

Fed Funds Rate (L) WTI Oil Price (R)

$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988


100 Bounce In Oil Prices + Fed Tightening Preceded 1987 Collapse


Inflationary Booms Lead To Economic Busts

Source Cornerstone Macro

72

15 17 14 18

0

15

30

45

60

75

Consumption Investment Government Export Imports

Perc

ent o

f GDP

United States GDP Breakdown

MARKET OUTLOOK Why Is Inflation So Important For US Markets

-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)

Real Personal Consumption Expenditures (YoY Chg)

Size of bubble = GDP growth (larger bubble = stronger GDP)

Negative GDP Growth

In The US Consumption (NOT EXPORTS) Matters Most For Growth

bull Consumption is the largest segment of US GDP This means that what is good for the US consumer (ie stronger

dollarlow inflation) is good for the economy overall

bull The strongest periods of economic growth in the US have occurred during periods where export growth was

negative but when consumption growth was strong courtesy of a stronger dollar

Consumption is by far the largest segment of the US economy

21 Source Cornerstone Macro

MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016

China Investment GDP (L) Brent Oil Prices (R)

Chinese Rebalancing Towards Less Investments Means Less Commodity-Intensive Growth

-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140

1992 1997 2002 2007 2012 2017World Industrial Production (YoY L)CRB Raw Industrial Index (R YoY)

3 Weak Global Demand (Ex-US) 76

77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130

Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14

Oil Price Index (L) US TW Dollar Index (INVERTED R)

2 A Stronger US Dollar

22

What Is Causing Commodity Deflation

1) The Commodity StuporCycle Made In China


MARKET OUTLOOK

bull At 48 of GDP investments in China are a much larger share of the economy than in any other major country in the world

bull Investment growth fueled the emerging market boom of the 2000s however China is now at a point where excess capacity is rampant Until excess capacity is absorbed additional investment in China will have little impact on spurring growth

32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020

Investments As GDP - China

Investments In China Make Up A Full 48 Of Chinese GDP

Investments make up an unsustainable portion of Chinarsquos GDP

China is at the very top of the list Investments are a larger in China than any other major country

Country Investment As GDP

China 4845 India 3545 Vietnam 3501 Korea Rep 2945 Australia 2668 Mexico 2511 Russia 2500 Canada 2281 Spain 2154 Japan 1987 Brazil 1973 Italy 1967 Germany 1826 Greece 1611 USA 1491 UK 1489

Investments GDP China 48 Average For Emerging 28 Average For Developed 19

Investments now make up almost 50 the Chinese

economy hellip

hellip an unsustainable portion of GDP by any measure and historical

standard




MARKET OUTLOOK What Is Causing Commodity Deflation


1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018

Investments As GDP - China (L) 10-Year Yield (INVERTED R)

Chinarsquos First Investment Boom

Chinarsquos Second Investment Boom

Early 2000s 1 Tech Bubble Pops

2Greenspan Lowers Rates 3 China Credit Fuels Investment Boom

2008 1 Housing Bubble Implodes

2 Bernanke Lowers Rates 3 China Credit Fuels 2nd Boom

Low Yields Fueled Investment Growth In China

Need to create jobs

Investments have a very large employment multiplier

6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012

China Working-Age Population As Total Population (Census)

hellipbut that share exploded to 74 in the 2000rsquos

Working-age people made up 66 of the population in 1991 hellip

Employees Per $1 Million Dollar GDP

Consumption 376Investments 1222Government 697Exports 1687

How Did Investments In China Grow To Be So Large Internal Factors Booming Demographics Required Many Jobs


MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015

China Average Capacity Utilization (IMF Calculations)

ldquoChinarsquos Excess-Capacity Nightmarerdquo

Increasingly excess capacity has become a salient problem in the economy and the root cause of many issues - President Xi

Annual Global Steel Excess Capacity Doubles Since 2001 ndash WSJ Online

ldquoChina orders local leaders to reduce excess capacity in steel cement other industriesrdquo

The Beginning Of The End Internal Factors Excess Capacity In China Is At Extreme Levels

-10-08-06-04-02000204060810

-10-08-06-04-02000204060810

2010 2011 2012 2013 2014 2015Correlation Of Chinas Req Reserve Ratio vs Money Supply (M2)

Correlation of Res Requirements vs M2

The correlation of reserve requirements and money supply is almost at zero

Monetary Policy In China Now Ineffective A Fairly Typical Outcome For High Investment Economies

In high investment economies excess

capacity diminishes the influence of the

central bank

What Is Causing Commodity Deflation 1) The Commodity StuporCycle Made In China


MARKET OUTLOOK

26

Oil Unlikely To Buck The Trend In Other Commodities As China Rebalances

A Slowdown In Investments = Slowdown In Oil Demand

ldquoChina Slowdown Seen Worst for Norway as Oil Key to Growthrdquo

-Bloomberg March 2014

ldquoChinas 2013 oil demand sees slowest rise in at least 22 yearsrdquo -Reuters Jan 2014

Chinese investment is an unsustainably high 48 of GDP That said investment growth has already slowed dramatically from almost 25 yy in 2008 to probably

9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

China Investment Of GDP (L) SampP GSCI Commodity Index (R)

If China followed the typical path of investment-led economies after a peak in investments it

would go off the charts


A Turnaround In Investments Spells The End Of The Commodity Super Cycle


MARKET OUTLOOK

27

The Rise In Investments Led Chinarsquos Customers To Become Industrialized Too

14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway

Investment GDP Investment GDP Investment GDP


Investments As A Share Of GDP In China Declines

Chinese Demand For Imports Declines

Production In Chinas Trading Partners Declines

The Need For Energy In China amp Its Trading Partners Declines

Chinarsquos Rebalancing Will Mean Less Oil Consumption Across The World

RegionProjected Daily Decline In Oil Consumption (Barrels)

If China RebalancesEast Asia amp Pacific (developing only ex-China) (853912)Latin America amp Caribbean (developing only) (262970)Europe amp Central Asia (developing only) (198094)Sub-Saharan Africa (developing only) (180778)Middle East amp North Africa (developing only) (161696)Canada (89263)Australia (43556)Norway (9973)Total (Non-China) (1800242)China (310403)Grand Total (2110645)

The influence of Chinarsquos rebalancing is not just about Chinarsquos reduced demand for

oil

the impact on oil of Chinarsquos trading partners is

likely to be 6 TIMES the impact of China alone


MARKET OUTLOOK

28

1) Commodity Sensitive Currencies May Be In For Sustained Weakness

002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

China Investment Of GDP (R) Thai Baht (R)

Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

China Investment Of GDP (L) Canadian Dollar (R)

Commodity-Sensitive DM

New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

China Investment Of GDP (L) Chilean Peso (R)

Latin America

Chilersquos largest exports are copper

and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

China Investment Of GDP (Adv 6Q L) Australian Dollar (R)

Southeast Asia

What Is Causing Commodity Deflation 2) The Strong Dollar Is Weighing On Commodity Prices

Commodity - Sensitive Currencies

65 Of USD Index

A


MARKET OUTLOOK

29

Since 1995 the Twin Deficits and trade weighted dollar have had an 80 correlation with the Twin Deficits leading by 2 years Their substantial improvement suggests the trade weighed dollar increases to roughly 100 over the next 2 years which would be a 17 increase from its current level

75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15

US Twin DeficitsFederal Budget + Current Account Nominal GDP

4 Qtr Avg 20142Q -54 Leading by 2 Years

US Real Broad Trade WeightedUS Dollar (Fed)20143Q 857 e


Source CSM Economics


MARKET OUTLOOK

30

bull Onshoring the end of government austerity and stronger economic growth have turned the tide of employment in America

bull Jobless claims continues to reach new lows while payrolls reaches new highs and these trends are likely to continue

bull Although wage growth has been muted leading indicators have been calling for a pickup in growth in 2015 More jobs combined with wages is a winwin for rising disposable personal income

Conclusion Commodity Deflation Fueling Consumersrsquo Free Cash Flow

Disposable Personal Income Three Reasons The US Employment Outlook Is Strong

60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060

Change In Working Age Population (Level in 2000 = 100)

US Europe Japan China

The US is Facing Favorable Demographics

1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015

Richmond Fed Capex Outlook

Onshoring And The Increased Momentum In Capex

2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016

State amp Local Government Payrolls (YoY)

The End Of State amp Local Layoffs

3 Government Payrolls


60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31

The Sustained Rise In Consumer Free Cash Flow What Do You Need To Know About Consumer Free Cash Flow

A) Consumer Free Cash Flow Is At An All-Time High

B) Economic Trends Suggest Many More Years

Of New All-Time Highs Ahead

US Consumer

Disposable Personal Income

- Food amp Energy Costs

- Financial Obligation Costs

Consumer Free Cash Flow (CFCF)


66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18

1990 1995 2000 2005 2010 2015Domestic Auto Sales (L)US Consumer Free Cash Flow (Adv 12m R)

Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90

1990 1995 2000 2005 2010 2015NAHB Housing Index (L)US Consumer Free Cash Flow (Adv 6m R)

Housing

MARKET OUTLOOK

32

Rising Consumer Free Cash Flow Is Good For hellip

- US Housing amp Autos - Consumer Free Cash Flow Argues The NAHB And US Auto Sales Continue Higher

6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020

US GDP (YoY L) US Consumer Free Cash Flow (Adv 3qtrs R)

- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34

US Economy Continues to Decouple


SECTION D PERFORMANCE REVIEW

36 Source SSampC Technologies PORTIA Benchmark Russell 2000reg Growth

RETURNS () ndash RETIREMENT PLAN

For Annualized Periods Ending December 31 2014

3 YEAR

SINCE INCEPTION

1 YEAR

Performance Inception 5110

Gross of Fees 60 197 143

Net of Fees 53 187 133

Russell 2000reg Growth 56 201 152

Excess Return (Net of Fees) -03 -14 -19

PERFORMANCE

RETURNS () ndash HEALTH PLAN

For Annualized Periods Ending December 31 2014 3

YEAR SINCE

INCEPTION 1

YEAR






Frontier Small Cap Growth Composite Source eVestment Alliance Benchmark Russell 2000reg Growth Sharpe ratio vs Citi 3-month T-bill Universe Small Cap growth (201 products in universe 92 updated) Period Ending December 31 2014 Please contact Frontier for data for time periods other than that shown in this chart 37

COMPOSITE PERFORMANCE

PEER GROUP RANKINGS - SINCE INCEPTION

RETURNS INFORMATION RATIO EXCESS RETURN ALPHA TRACKING ERROR DOWNSIDE MARKET

RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO

Inception 1185 Information herein refers to the composite portfolio and is provided for illustrative purposes only Characteristics and performance of individual client accounts will vary and no assurances are provided regarding future performance or results Returns are shown gross of fees A clientrsquos returns will be reduced by any management fees as well as any other expenses incurred in the management of their account Please refer to the net returns and important disclosure at the end of this presentation Past performance is no guarantee of future results

GROSS RETURNS ()


Frontier Small Growth Composite 74 208 165 105 107 154

Russell 2000reg Growth 56 201 168 87 85 86

Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR

PERFORMANCE FOLLOWING CHALLENGED RESULTS FRONTIER SMALL CAP GROWTH COMPOSITE GROSS EXCESS 1-YEAR RETURNS VS RUSSELL 2000reg GROWTH ROLLED QUARTERLY

Indicates cumulative excess return for time periods defined by marked areas

Frontier Small Cap Growth Gross Composite returns less Russell 2000reg Growth Index returns Source eVestment Alliance The performance quoted represents past performance Past performance does not guarantee future results Supplemental information to the Frontier Small Cap Growth Composite presentation (as provided in the appendix) 38

Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly

15 YEARS ENDING DECEMBER 31 2014

-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4

-117 Cumulative Underperformance


Cumulative Excess Return following Underperformance +296

Peer Group Ranking 13th LADWP

Investment (41610)

Frontier Placed on Watch

(52312)

39

CUMULATIVE RETURNS amp PEER GROUP RANKINGS MAY 1 2010 - SEPTEMBER 30 2012

Cumu

lative

Retu

rns (

)

CUMULATIVE RETURNS amp PEER GROUP RANKINGS OCTOBER 1 2012 - DECEMBER 31 2014

GROSS RETURNS () CUMULATIVE

Frontier Small Cap Growth 190

Russell 2000reg 207

Excess Return -17

Russell 2000reg Growth 275

Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81

Frontier Small Cap Growth

Russell 2000

Russell 2000 Growth

Small Cap Growth Peer Group Ranking 83rd 79th 63rd

Small Cap Growth Peer Group Ranking 21st 61st 48th

Source eVestment Alliance The performance quoted represents past performance Past performance does not guarantee future results Supplemental information to the Frontier Small Cap Growth Composite presentation (as provided in the appendix)

IMPROVING PERFORMANCE ndash THEN amp NOW

40

Source FactSet Fundamentals Benchmark Russell 2000reg Growth Period 1 year ending 63011 (PS as of 63010)

Source FactSet Fundamentals Benchmark Russell 2000reg Growth Period 125 years ending 93012 (PS as of 63011)

-199

-74-27

52

183

-30

-20

-10

0

10

20

30

07 ndash 13 13 ndash 23 23 ndash 48 Least Expensive

PS lt06 gt48 Most Expensive

RUSSELL 2000reg GROWTH PERFORMANCE (7111-93012)

Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()

06 ndash 12 12 ndash 22 22 ndash 46 PS lt06 Least Expensive

gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight

HIGHEST PRICESALES STOCKS OUTPERFORM July 2010 ndash September 2012

GROSS RETURNS () 1 YEAR

(ending 63011)

Frontier Small Cap Growth Composite 410


Excess Return -25

GROSS RETURNS () 125 YEARS (ending 93012)

Frontier Small Cap Growth Composite -28


Excess Return -44

Frontier underweight the most expensive stocks

41


HIGHEST PRICESALES STOCKS UNDERPERFORM October 2012 ndash December 2014

779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive

RUSSELL 2000reg GROWTH PERFORMANCE (10112 ndash 123114) -14 +58 +45 -08 -85

GROSS RETURNS () 225 YEARS

(ending 123114)



Excess Return +28

Frontier +- Weight


42 Source Kailash Concepts All-But-Micro Universe Russell Compustat Period 43064 - 43014

LARGEST NUMBER OF HIGHEST PRICESALES STOCKS SINCE 2000

0

5

10

15

20

25

Perc

ent o

f Com

pani

es

Percent of Companies with PriceSales over 10x All-but-Micro Universe

Excluding the Tech Bubble the percent of stocks trading at gt 10x PS has rarely been higher

43

HISTORICALLY HIGHEST PRICESALES STOCKS UNDERPERFORM

Stocks with gt 10x PS have historically produced underperformance more often than outperformance

Source Kailash Concepts All-But-Micro Universe Russell Compustat Period 43064 - 43014

44

UNPROFITABLE FIRMS HAVE OUTPERFORMED DURING THIS BULL MARKET Fig 1 Unprofitable firms have outperformed during the strong bull market since the bottom in early 2009

Source Kailash Concepts Russell Compustat Period 13109 - 103114 for Fig1 and 43089 - 113014 for Fig 2

Fig 2 Making things worse loss making firms tend to do the most damage when the index is under pressure

$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r

Change in a $ Invested

Money Losing Companies R2500

-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10

Best Decile of Monthly Returns

Exce

ss R

etur

n

Average Monthly Excess Return by Market Return Decile

Outperformance waning

45

UNPROFITABLE FIRMS RISING AMIDST RECORD PROFIT BOOM

Source Kailash Concepts Russell Compustat Period 43089 - 113014

Percent of Firms in R2500 Losing Money

0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney

Excluding the economic fall-out from the bursting of the tech bubble and the September 11th terrorist attacks

and the depths of the Great Recession rarely has the of R2500 loss making

firms been higher than today

28

The percentage of firms losing money in the Russell 2500 has only been higher during two prior crises

Significant flows into passive products such as index funds exposes investors to unprofitable companies

46

UNPROFITABLE STOCKS UNDERPERFORM PROFITABLE FIRMS IN SUBSEQUENT PERIODS


Historically unprofitable firms are significant underperformers for money managers

Rolling Batting Averages of Being Long Portfolios of Entirely Money Losing Firms vs R2500

37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5

Gross Russell 2000reg G Diff ()Year Return () Return () vs R2G1999 314 431 -1172000 130 -224 3542001 30 -92 1222002 -198 -303 1052003 439 485 -462004 127 143 -162005 122 42 802006 104 134 -302007 114 71 432008 -359 -385 262009 455 345 1102010 311 291 202011 -70 -29 -412012 146 146 002013 433 433 002014 74 56 18

Frontier Small Cap Growth CompositePerformance Results January 1 1999 - December 31 2014

47

Source FactSet Fundamentals Benchmark Russell 2000reg Growth Information herein refers to the composite portfolio and is provided for illustrative purposes only Characteristics and performance of individual client accounts will vary and no assurances are provided regarding future performance or results Returns are shown gross of fees A clientrsquos returns will be reduced by any management fees as well as any other expenses incurred in the management of their account Please refer to the returns and important disclosure at the end of this presentation Past performance is no guarantee of future results Supplemental information to the Small Cap Growth composite

CONSISTENT INVESTMENT PHILOSOPHY WITH LONG TERM ORIENTATION

Frontier has underperformed the Russell 2000reg Growth

only 1 of the last 8 calendar years

Source eVestment Alliance Period 1185 ndash 123114 Past performance does not guarantee future results There is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate his or her ability to invest for a long term especially during periods of downturn in the market

bull The chart illustrates the cumulative performance of a hypothetical $100 investment in the Small Cap Growth composite compared to the Russell 2000reg Growth Index and Russell 2000reg Index bull Supplemental information to the Small Cap Growth composite bull Performance shown is gross of fees A clientrsquos return will be reduced by any investment management fees as well as other expenses incurred in the management of the account

HYPOTHETICAL GROWTH OF $100 ndash FRONTIER SMALL CAP GROWTH COMPOSITE (GROSS) SINCE INCEPTION 1185 ENDING 123114

48

PROTECTING CAPITAL DURING ECONOMIC DOWNTURNS NOT OVERPAYING FOR GROWTH

-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4


Russell 2000reg Growth

$7352

$1180

$1876 Russell 2000reg

49

STICKING TO OUR DISCIPLINE US EQUITY STYLE MAP - TOTAL AVERAGE

SINCE INCEPTION 512010 - 123114

Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth

Frontier Capital Management Company LLC Frontier Small Cap Growth Russell Index Russell 2000 Russell Index Russell 2000 Growth

SECTION E PORTFOLIO REVIEW amp CHARACTERISTICS

51 Source SSampC Technologies PORTIA

PORTFOLIO CHANGES (HEALTH PLAN) AMOUNT Initial Value Invested on 41610 $13334340 Net Additions (Withdrawals) ($124914) Income Received $574394 Market Appreciation $11461679 Market Value as of 123114 $25245499

PORTFOLIO CHANGES (RETIREMENT PLAN) AMOUNT Initial Value Invested on 41610 $99779735 Net Additions (Withdrawals) ($25810451) Income Received $3621877 Market Appreciation $70631458 Market Value as of 123114 $148222619

HISTORICAL ASSET GROWTH As of December 31 2014

52

Source FactSet Fundamentals Benchmark Russell 2000reg Growth The performance quoted represents past performance Past performance does not guarantee future results Data is represented on a cumulative basis

EQUITY ATTRIBUTION WEIGHTS TOTAL RETURN ATTRIBUTION ANALYSIS CONTRIB TO RETURN

Russell Global Sector Frontier Portfolio

Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib

Technology 232 193 39 219 86 133 01 26 27 44 16 28 Consumer Discretionary 167 167 00 84 02 81 03 14 17 20 00 20 Financial Services 131 96 35 100 66 33 00 03 03 12 08 04 Energy 39 47 -08 -388 -320 -68 10 -06 04 -17 -20 03 Materials amp Processing 89 85 04 13 18 -05 00 -01 -01 01 02 -01 Health Care 142 223 -81 243 196 47 -12 09 -04 42 45 -03 Consumer Staples 03 40 -36 312 186 126 -04 02 -02 03 07 -04 Utilities 21 14 07 -159 54 -212 00 -05 -06 -04 01 -05 Producer Durables 176 136 40 -168 -01 -166 -02 -29 -31 -36 -01 -35 Total 1000 1000 00 64 56 08 -05 13 08 64 56 08

TRAILING 1 YEAR (January 1 2014 ndash December 31 2014)

WEIGHTS TOTAL RETURN ATTRIBUTION ANALYSIS CONTRIB TO RETURN


Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib

Financial Services 137 93 44 953 743 210 02 19 21 124 69 55 Technology 190 183 07 1041 728 313 02 32 34 157 132 25 Utilities 25 13 12 326 576 -250 00 -05 -05 13 08 05 Producer Durables 193 144 49 353 648 -295 -01 -32 -32 101 100 01 Materials amp Processing 82 81 00 686 685 01 -01 00 -01 59 59 00 Health Care 157 213 -56 1493 1142 351 -27 42 16 207 212 -05 Consumer Discretionary 158 175 -17 845 723 122 02 08 10 125 132 -08 Energy 57 57 00 -380 -129 -251 08 -26 -18 -29 -13 -16 Consumer Staples 01 40 -39 312 975 -663 -03 02 00 03 35 -33 Total 1000 1000 00 758 734 24 -16 40 24 758 734 24

TRAILING 3 YEARS (January 1 2012 ndash December 31 2014)

53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib

Technology 244 203 41 1322 1091 231 -04 16 13 282 248 34 Financial Services 117 86 31 720 997 -277 -01 -21 -22 95 80 16 Utilities 21 12 09 619 617 03 -01 00 -01 17 06 11 Materials amp Processing 79 79 00 896 799 97 02 01 03 77 78 -02 Health Care 144 208 -64 1831 1283 548 -22 53 30 208 212 -04 Consumer Discretionary 177 180 -03 733 732 00 04 -01 03 134 139 -05 Energy 68 58 10 -263 34 -298 11 -28 -17 -13 -08 -05 Producer Durables 150 138 12 599 953 -354 03 -35 -32 115 144 -29 Consumer Staples 01 36 -36 312 1211 -899 -01 02 01 03 39 -36 Total 1000 1000 00 918 938 -20 -07 -13 -20 918 938 -20

SINCE INCEPTION (May 1 2010 ndash December 31 2014)

54

Number of Holdings 94 1205 Capitalization Weighted Average $34B $21B Weighted Median $28B $19B PE Ratio Trailing 1 Year 257x 275x Forward 1 Year 213x 230x Forward 2 Years 189x 198x EPS Growth Next 5 Years 172 175 PriceBook Ratio 48x 50x PriceCash Flow Ratio 197x 196x PriceSales Ratio 33x 36x Dividend Yield 06 07 ROE 65 75 Beta Trailing 2 Years 098 100 R-Squared Trailing 1 Year 093 100 Turnover Trailing 1 Year 71 na



CHARACTERISTICS

As of December 31 2014

Source FactSet Fundamentals SSampC Technologies PORTIA Benchmark Russell 2000reg Growth

PORTFOLIO CHARACTERISTICS amp SECTOR WEIGHTS

4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies

Materials amp Processing

Producer Durables

Financial Services

Health Care

Technology

Consumer Discretionary

Frontier Small Cap Growth Russell 2000reg Growth

PORTFOLIO CHARACTERISTICS RUSSELL GLOBAL SECTOR WEIGHTS

55


Source SSampC Technologies PORTIA

PORTFOLIO HOLDINGS

Utilities bull Cogent Communications Hldgs Inc

Technology bull 3D Systems Corporation bull Aspen Technology Inc bull Callidus Software Inc bull Ellie Mae Inc bull Envestnet Inc bull Fortinet Inc bull Integrated Device Technology Inc bull Microsemi Corporation bull New Relic Inc bull QLogic Corporation bull RealPage Inc bull Rovi Corporation bull Semtech Corporation bull Synaptics Inc bull Synchronoss Technologies Inc bull Tangoe Inc bull Tessera Technologies Inc bull TriQuint Semiconductor Inc bull Ultratech Inc bull Virtusa Corporation bull Webcom Group Inc bull Yelp Inc

Financial Services bull Artisan Partners Asset Mgmt Inc bull Blackhawk Network Holdings Inc bull Heartland Payment Systems Inc bull Jack Henry amp Associates Inc bull Jones Lang LaSalle Inc bull Raymond James Financial Inc bull Signature Bank bull Waddell amp Reed Financial Inc bull WEX Inc

Producer Durables bull A O Smith Corporation bull Advisory Board Company bull Carlisle Companies Inc bull FLIR Systems Inc bull Generac Holdings Inc bull MasTec Inc bull MSA Safety Inc bull Pall Corporation bull Quanta Services Inc bull RPX Corporation bull Terex Corporation bull WESCO International Inc

Health Care bull Avalanche Biotechnologies Inc bull BioDelivery Sciences International Inc bull Bluebird Bio Inc bull Celldex Therapeutics Inc bull DexCom Inc bull Insulet Corporation bull Insys Therapeutics Inc bull Intercept Pharmaceuticals Inc bull Intrexon Corporation bull Juno Therapeutics Inc bull Kite Pharma Inc bull Medicines Company bull Medidata Solutions Inc bull MEDNAX Inc bull Molina Healthcare Inc bull PerkinElmer Inc bull Puma Biotechnology Inc bull Sangamo BioSciences Inc bull Unilife Corporation bull United Therapeutics Corporation

Consumer Staples bull Natural Grocers by Vitamin Cottage

Energy bull Carrizo Oil amp Gas Inc bull Matrix Service Company bull WPX Energy Inc

Consumer Discretionary bull 2U Inc bull American Eagle Outfitters Inc bull Boot Barn Holdings Inc bull Chicorsquos FAS Inc bull DSW Inc bull Fiesta Restaurant Group Inc bull Fox Factory Holding Corp bull Harman International Industries Inc bull KAR Auction Services Inc bull LifeLock Inc bull LKQ Corporation bull Lumber Liquidators Holdings Inc bull Meritor Inc bull Noodles amp Co bull Pandora Media Inc bull QuinStreet Inc bull Select Comfort Corporation bull Tillyrsquos Inc bull Vera Bradley Inc bull Vitamin Shoppe Inc bull WABCO Holdings Inc

Materials amp Processing bull Belden Inc bull Eagle Materials Inc bull Globe Specialty Metals Inc bull Stock Building Supply Holdings Inc bull Watsco Inc

56

Raymond James Financial Inc Financial Services 41 + 111 + 04

Watsco Inc Materials amp Processing 31 + 138 + 05

WABCO Holdings Inc Consumer Discretionary 30 + 122 + 04

Belden Inc Materials amp Processing 28 + 122 + 03

MEDNAX Inc Health Care 28 + 239 + 09

Tessera Technologies Inc Technology 28 + 886 + 17

Intrexon Corp Health Care 23 + 157 + 04

Signature Bank Financial Services 21 + 173 + 03

A O Smith Corp Producer Durables 20 + 59 + 02

Cogent Communications Holdings Utilities 19 - 95 - 02

Total 269

Security Name Russell Global Sector

Percentage of Portfolio (as of 123114)

Portfolio Return

(1114-123114)

Contribution to Return

(1114-123114)

Source FactSet Fundamentals SSampC Technologies PORTIA


PORTFOLIO HOLDINGS ndash TOP 10

57

COMMISSION SUMMARY ndash RETIREMENT PLAN

Source SSampC Technologies PORTIA Directed broker at instruction of client

Year ending December 31 2014

BNY CONVERGEX GROUP $67077 276 CRAIG HALLUM $1525 06ITG $16567 68 KEEFE BRUYETTE $1504 06INSTINET $14992 62 STEPHENS INC $1459 06LIQUIDNET $13738 57 RBC CAPITAL MARKETS $1456 06CANTOR FITZGERALD $8217 34 MORGAN STANLEY $1411 06RAYMOND JAMES amp ASSOC $7818 32 UBS $1406 06COWEN amp COMPANY $6577 27 BARRINGTON RESEARCH ASSOC $1349 06CL KING $6250 26 STATE STREET BROKERAGE $1344 06SIDOTI $6007 25 GUGGENHEIM CAPITAL $1259 05LEERINK amp SWANN amp COMPANY $5181 21 BTIG LLC $1252 05WILLIAM BLAIR amp CO INC $4954 20 JEFFERIES amp COMPANY LLC $1247 05PIPER JAFFRAY $4855 20 PACIFIC CREST $1195 05KEY BANK CAPITAL MKT $4650 19 BMO CAPITAL $1058 04ROBERT BAIRD $4404 18 ROTH CAPITAL $1030 04STERNE AGEE amp LEACH INC $3925 16 CITIGROUP $987 04WELLS FARGO $3596 15 BUCKINGHAM RESEARCH GP $830 03NEEDHAM $3086 13 NORTHCOAST $828 03CORNERSTONE MACRO $2919 12 SUNTRUST $633 03JP MORGAN SECURITIES INC $2846 12 DOUGHERTY amp CO $624 03ONEIL SECURITIES $2835 12 GOLDMAN SACHS $587 02OPPENHEIMER amp CO $2533 10 DEUTSCHE BANK $440 02AVONDALE PARTNERS $2324 10 WUNDERLICH SECURITIES $432 02JOHNSON RICE $2229 09 WEDBUSH SECURITIES $405 02BBampT $2206 09 JMP SECURITIES $395 02STRATEGAS $2103 09 BARCLAYS CAPITAL $343 01CANNACORD GENUITY $1897 08 SANFORD BERSTEIN $259 01FIRST ANALYSIS $1844 08 ISI GROUP $236 01D A DAVIDSON $1817 07 SUSQUEHANNA FINANCIAL GROUP $228 01FRIEDMAN BILLING amp RAMSEY $1736 07 LONGBOW RESEARCH $148 01MACQAIRE GROUP $1597 07 STIFEL NICOLAUS $124 01CREDIT SUISSE $1578 06 NOBLE FINANCIAL $104 00MERRILL LYNCH $1563 06 JONES $40 00WEEDEN amp CO $1555 06 Total $243143 1000JANNEY MONTGOMERY SCOTT $1529 06

Broker NameCommissions

Paid of

Total Broker NameCommissions

Paid of

Total

58

COMMISSION SUMMARY ndash HEALTH PLAN



BNY CONVERGEX GROUP $11369 274 CREDIT SUISSE $261 06ITG $2852 69 KEEFE BRUYETTE $248 06INSTINET $2520 61 RBC CAPITAL MARKETS $242 06LIQUIDNET $2327 56 STEPHENS INC $242 06CANTOR FITZGERALD $1391 34 MORGAN STANLEY $240 06RAYMOND JAMES amp ASSOC $1359 33 UBS $237 06COWEN amp COMPANY $1133 27 BARRINGTON RESEARCH ASSOC $230 06CL KING $1082 26 STATE STREET BROKERAGE $228 06SIDOTI $1019 25 JEFFERIES amp COMPANY LLC $218 05LEERINK amp SWANN amp COMPANY $897 22 GUGGENHEIM CAPITAL $213 05WILLIAM BLAIR amp CO INC $879 21 BTIG LLC $211 05PIPER JAFFRAY $826 20 PACIFIC CREST $208 05KEY BANK CAPITAL MKT $792 19 BMO CAPITAL $179 04ROBERT BAIRD $755 18 ROTH CAPITAL $176 04STERNE AGEE amp LEACH INC $675 16 CITIGROUP $169 04WELLS FARGO $605 15 NORTHCOAST $138 03NEEDHAM $525 13 BUCKINGHAM RESEARCH GP $138 03CORNERSTONE MACRO $495 12 DOUGHERTY amp CO $105 03JP MORGAN SECURITIES INC $491 12 SUNTRUST $97 02ONEIL SECURITIES $482 12 GOLDMAN SACHS $93 02OPPENHEIMER amp CO $425 10 WUNDERLICH SECURITIES $72 02AVONDALE PARTNERS $409 10 DEUTSCHE BANK $72 02BBampT $391 09 WEDBUSH SECURITIES $69 02JOHNSON RICE $379 09 JMP SECURITIES $67 02STRATEGAS $356 09 BARCLAYS CAPITAL $60 01CANNACORD GENUITY $328 08 SANFORD BERSTEIN $43 01FIRST ANALYSIS $319 08 SUSQUEHANNA FINANCIAL GROUP $40 01D A DAVIDSON $315 08 ISI GROUP $40 01FRIEDMAN BILLING amp RAMSEY $293 07 LONGBOW RESEARCH $28 01MACQAIRE GROUP $277 07 STIFEL NICOLAUS $20 00JANNEY MONTGOMERY SCOTT $270 07 NOBLE FINANCIAL $16 00WEEDEN amp CO $268 06 JONES $6 00MERRILL LYNCH $267 06 Total $41443 1000CRAIG HALLUM $264 06


Paid of


Paid of

Total

59



STATEMENT OF ASSETS Purchase Transactions Security Description

Quantity (Units) Price

Total Amount

Security Description


Total Amount



Total Amount

Synaptics Incorporated 51729 $7950 $411267691 MEDNAX Inc 12761 $6087 $77673402 Carlisle Companies Incorporated 2487 $8326 $20706159ON Semiconductor Corporation 460804 $888 $409322531 RealPage Inc 36285 $2133 $77386328 Quanta Services Inc 6135 $3306 $20284839Puma Biotechnology Inc 15540 $24632 $382782410 Ellie Mae Inc 23343 $3313 $77327126 Jones Lang LaSalle Incorporated 1490 $13000 $19370417Yelp Inc 49471 $7172 $354793785 Avalanche Biotechnologies Inc 25629 $3016 $77305684 Meritor Inc 14728 $1307 $19246258TriQuint Semiconductor Inc 256701 $1154 $296247085 Silver Spring Networks Inc 43369 $1655 $71781783 Fiesta Restaurant Group Inc 4265 $4505 $19213756Intrexon Corporation 100190 $2390 $239420552 BioDelivery Sciences International Inc 43135 $1651 $71197234 ExOne Co 3382 $5590 $18904000Intercept Pharmaceuticals Inc 10500 $22525 $236513179 Harman International Industries Inc 6536 $10827 $70766497 Unilife Corporation 47903 $389 $18617863InterMune Inc 64120 $3576 $229322588 Atmel Corporation 85180 $819 $69747848 WEX Inc 1793 $10276 $18424196Integrated Device Technology Inc 162666 $1396 $227031302 Teradyne Inc 35669 $1818 $64848067 Monolithic Power Systems Inc 4193 $4228 $17729696Insulet Corporation 51897 $3942 $204580045 Webcom Group Inc 21574 $2902 $62612559 Select Comfort Corporation 7644 $2170 $16583680United Therapeutics Corporation 17514 $11131 $194942732 Covance Inc 6000 $10166 $60993914 Globe Specialty Metals Inc 8173 $1851 $151279183D Systems Corporation 53638 $3621 $194245392 Ultratech Inc 23680 $2516 $59576606 Eagle Materials Inc 1634 $8829 $14427334Medicines Company 71403 $2719 $194141423 Heartland Payment Systems Inc 12488 $4728 $59039657 Vitamin Shoppe Inc 3144 $4482 $14090315Sangamo BioSciences Inc 91933 $2007 $184510432 LifeLock Inc 38407 $1537 $59033469 Terex Corporation 4135 $3339 $13804764WPX Energy Inc 110831 $1603 $177689561 Raymond James Financial Inc 11028 $5276 $58182812 MSA Safety Inc 2542 $5315 $13511532Rovi Corporation 78598 $2254 $177160924 Chicos FAS Inc 34666 $1571 $54475917 Hub Group Inc 3000 $4423 $13268596Molina Healthcare Inc 36097 $4864 $175588993 Pandora Media Inc 19476 $2796 $54459410 Waddell amp Reed Financial Inc 1793 $5561 $9970479Centene Corporation 20107 $8027 $161389543 Tangoe Inc 36424 $1395 $50813261 Virtusa Corporation 2643 $3548 $9376561DSW Inc 50676 $3034 $153767838 Insys Therapeutics Inc 11690 $4288 $50128096 Insperity Inc 2580 $3178 $8199227Medidata Solutions Inc 35690 $4187 $149430019 Watsco Inc 5107 $9574 $48894629 Foundation Medicine Inc 2300 $3551 $81678082U Inc 88043 $1643 $144642990 Control4 Corporation 19718 $2379 $46909799 Move Inc 3597 $1408 $5065463Fox Factory Holding Corp 85681 $1643 $140736640 WABCO Holdings Inc 4539 $10009 $45429134 Jive Software Inc 4520 $1092 $4934821QLogic Corporation 143189 $966 $138314765 Universal Display Corporation 12789 $3411 $43627496 Crocs Inc 2730 $1562 $4262975SandRidge Energy Inc 205597 $661 $135955720 Emerald Oil Inc 61664 $687 $42354384 MRC Global Inc 1537 $2764 $4247725Stock Building Supply Holdings Inc 70696 $1888 $133507932 Cogent Communications Holdings Inc 11864 $3455 $40990113 Endurance Specialty Holdings Ltd 770 $5068 $3902060Semtech Corporation 53290 $2418 $128863078 FLIR Systems Inc 11647 $3416 $39790514 Primoris Services Corporation 1390 $2726 $3789343Bluebird Bio Inc 23705 $5287 $125326912 Belden Inc 5538 $7098 $39306698 Cadence Design Systems Inc 2166 $1606 $3477728Lumber Liquidators Holdings Inc 20047 $6158 $123453219 Tillys Inc 34977 $1062 $37128614 QuinStreet Inc 6627 $516 $3419469Envestnet Inc 29300 $4001 $117228508 Advisory Board Company 7196 $4938 $35537005 Pall Corporation 365 $8627 $3148824Natural Grocers by Vitamin Cottage Inc 54125 $2129 $115226017 Ingram Micro Inc 13167 $2695 $35481765 Boot Barn Holdings Inc 1676 $1617 $2709320DexCom Inc 27768 $4126 $114569627 Advanced Energy Industries Inc 13871 $2426 $33649972 Chart Industries Inc 280 $7216 $2020472Noodles amp Co 48869 $2271 $110976703 WESCO International Inc 4052 $8248 $33420549 Habit Restaurants Inc 1077 $1800 $1938600Blackhawk Network Holdings Inc 33183 $3273 $108620005 Signature Bank 2578 $11794 $30405312 Boise Cascade Co 590 $2593 $1529599Carrizo Oil amp Gas Inc 25041 $4320 $108171163 New Relic Inc 8845 $3434 $30376384 RTI International Metals Inc 510 $2743 $1398843Celldex Therapeutics Inc 65493 $1641 $107442194 Callidus Software Inc 22761 $1305 $29702772 Juno Therapeutics Inc 544 $2400 $1305600Artisan Partners Asset Management Inc 19836 $5125 $101652334 PerkinElmer Inc 6388 $4622 $29525750 KiOR Inc 11190 $060 $675031MasTec Inc 33625 $2863 $96259083 Matrix Service Company 12175 $2408 $29313985 GrubHub Inc 254 $2600 $660400Fortinet Inc 36472 $2635 $96098232 Synchronoss Technologies Inc 5960 $4758 $28358998 Guidewire Software Inc 100 $3875 $387500LKQ Corporation 35414 $2682 $94984700 Incyte Corporation 5700 $4921 $28052223 HubSpot Inc 116 $2500 $290000Tessera Technologies Inc 33457 $2664 $89138733 A O Smith Corporation 5554 $4968 $27592252 Seattle Genetics Inc 25 $3560 $88992American Eagle Outfitters Inc 61138 $1427 $87230560 Vera Bradley Inc 10795 $2323 $25076649 REMAX Holdings Inc 29 $2872 $83291Generac Holdings Inc 18470 $4626 $85440735 Jack Henry amp Associates Inc 4261 $5870 $25013580 Total $9972104950Aspen Technology Inc 20159 $4223 $85133404 KAR Auction Services Inc 7884 $3106 $24486747Microsemi Corporation 33571 $2520 $84594864 RPX Corporation 13886 $1656 $22989083Kite Pharma Inc 19253 $4279 $82392555 Blackhawk Network Holdings Inc 7360 $3107 $22870721

60



STATEMENT OF ASSETS Sale Transactions



Total Amount



Total Amount



Total Amount

Yelp Inc 68889 $7633 $525806741 Tessera Technologies Inc 31867 $3194 $101788813 K12 Inc 13620 $2267 $30871610ON Semiconductor Corporation 460804 $906 $417357080 Blackhawk Network Holdings Inc 27600 $3336 $92060044 Guidewire Software Inc 7020 $4172 $29284606InterMune Inc 64120 $6324 $405496013 Matrix Service Company 43738 $2085 $91197952 Waste Connections Inc 7060 $4063 $28682847MEDNAX Inc 65500 $6145 $402486101 Advanced Energy Industries Inc 50491 $1785 $90140037 Control4 Corporation 19718 $1407 $27737870TriQuint Semiconductor Inc 190355 $1832 $348764624 Crocs Inc 54010 $1563 $84440690 Kite Pharma Inc 6242 $4281 $26718837MasTec Inc 102400 $3265 $334312335 PerkinElmer Inc 19257 $4368 $84104992 Sangamo BioSciences Inc 23008 $1150 $26448620W R Berkley Corporation 81020 $3869 $313479237 Cogent Communications Holdings Inc 20500 $3709 $76025813 RealPage Inc 12200 $1946 $23738972DexCom Inc 65627 $4444 $291646131 Ingram Micro Inc 28587 $2579 $73726331 Webcom Group Inc 12022 $1972 $23709922Centene Corporation 31867 $8346 $265963156 Intrexon Corporation 28385 $2562 $72718895 Pall Corporation 2700 $8593 $23199739Puma Biotechnology Inc 11847 $21695 $257012622 Atwood Oceanics Inc 15040 $4777 $71849127 Fidelity National Financial Inc - FNF G 5510 $3177 $17505957Carrizo Oil amp Gas Inc 40264 $5269 $212142673 Cheesecake Factory Incorporated 15920 $4513 $71841106 UTi Worldwide Inc 15920 $1070 $17042062Charles River Laboratories Intl 35550 $5690 $202289670 Advisory Board Company 14100 $4951 $69802369 Celldex Therapeutics Inc 6938 $1758 $12193757Medicines Company 76090 $2584 $196611954 Carlisle Companies Incorporated 8900 $7819 $69591725 Virtusa Corporation 3200 $3483 $11146850Heartland Payment Systems Inc 36230 $5371 $194587108 Chart Industries Inc 9190 $7427 $68256788 QLogic Corporation 6100 $1077 $6568761Atmel Corporation 230630 $829 $191100231 Teradyne Inc 35669 $1736 $61918563 Unilife Corporation 9200 $432 $3978631Microsemi Corporation 71786 $2521 $180933775 Rovi Corporation 29871 $2069 $61790977 Habit Restaurants Inc 1077 $3445 $3710020United Therapeutics Corporation 17900 $10101 $180803327 Monolithic Power Systems Inc 15413 $3879 $59784154 Medidata Solutions Inc 833 $4202 $3500171Synchronoss Technologies Inc 47852 $3715 $177783383 ExOne Co 18602 $3167 $58906825 KiOR Inc 221200 $012 $2682015Ellie Mae Inc 42575 $4046 $172267401 Integrated Device Technology Inc 32347 $1818 $58820827 REMAX Holdings Inc 485 $3102 $1504257Intercept Pharmaceuticals Inc 8982 $19107 $171618159 Pandora Media Inc 18950 $3029 $57402790 Juno Therapeutics Inc 253 $5061 $1280450MRC Global Inc 59088 $2797 $165281446 Incyte Corporation 10340 $5396 $55798390 Seattle Genetics Inc 325 $3485 $1132495Hub Group Inc 43760 $3741 $163682653 Harman International Industries Inc 6000 $9161 $54964544 GrubHub Inc 254 $3413 $866976Insulet Corporation 37121 $4363 $161937633 Boise Cascade Co 19390 $2776 $53828338 HubSpot Inc 116 $3010 $349115SandRidge Energy Inc 404947 $393 $159273068 Albemarle Corporation 7510 $6300 $47314554 Total $9928176277Insperity Inc 50850 $2976 $151306878 Move Inc 30047 $1537 $46189538Cadence Design Systems Inc 88736 $1589 $140989230 Ultratech Inc 23270 $1930 $44920292Envestnet Inc 31775 $4429 $140722402 QuinStreet Inc 85925 $518 $44528906CLARCOR Inc 24240 $5777 $140042768 RTI International Metals Inc 16730 $2661 $44509760Endurance Specialty Holdings Ltd 25610 $5207 $133359728 Aspen Technology Inc 12487 $3455 $43139498Synaptics Incorporated 19601 $6419 $125816791 Silver Spring Networks Inc 50069 $769 $38519119Semtech Corporation 50074 $2461 $123221220 Universal Display Corporation 13789 $2756 $38001854WESCO International Inc 14700 $8185 $120322542 Foundation Medicine Inc 13422 $2647 $35523821Covance Inc 12010 $8961 $107621431 Emerald Oil Inc 97934 $344 $33694972RPX Corporation 72674 $1430 $103908743 NII Holdings Inc 221240 $149 $32897347Primoris Services Corporation 39350 $2624 $103248992 Jive Software Inc 39720 $784 $31124740

SECTION F FEE SCHEDULE

62

10 per annum on Total Assets payable quarterly in arrears

FEE SCHEDULE

SECTION G APPENDIX

64

Michael A Cavarretta CFA Chairman Responsibility Portfolio Manager Frontier Capital Appreciation Team Leader Frontier Research Portfolios Prior Experience Financial Analyst General Electric Company Education BS University of Maine MBA Harvard Graduate School of Business Administration Stephen M Knightly CFA President Responsibility Portfolio Manager Frontier Mid Cap Growth Prior Experience Analyst and Account Manager Bankers Trust Company Education BS Lehigh University MBA The University of Pennsylvania Wharton School William A Teichner CFA Senior Vice President Responsibility Portfolio Manager Frontier Small Cap Value Prior Experience Presidents Council of Economic Advisers The White House Corporate Finance Analyst Shearson Lehman Brothers Inc Education BA Columbia University MBA Harvard Graduate School of Business Administration

Thomas (TJ) W Duncan Jr Senior Vice President Responsibility Portfolio Manager Frontier Small Cap Value Prior Experience Equity Trader Cowen amp Company Education BA Skidmore College MBA Cornell University Johnson Graduate School of Management James A Colgan Senior Vice President Responsibility Portfolio Manager Frontier Small Cap Growth Prior Experience Manager Digital Equipment Corporation Program Manager United Technologies Corporation Education BS University of Connecticut MS University of Massachusetts MS MBA MIT Sloan School of Management G Michael Novak Jr Senior Vice President Responsibility Portfolio Manager Frontier Small Cap Growth Prior Experience Captain United States Army Education BS United States Military Academy MBA Harvard Graduate School of Business Administration

BIOGRAPHIES

65

Christopher J Scarpa Vice President Responsibility Portfolio Manager Frontier Mid Cap Growth Prior Experience Institutional Research Equity Sales Merrill Lynch amp Co Area Director Public Employees Benefit Services Corp Financial Analyst Drexel Burnham Lambert Inc Education BA Tufts University MBA Harvard Graduate School of Business Administration Peter G Kuechle Vice President Responsibility Team Leader Frontier Research Research Analyst Prior Experience Associate Bain Capital Ventures Manager Corporate Development SupplierMarketAriba Principal Advent International Business Analyst McKinsey amp Company Inc Education BA Dartmouth College MBA Harvard Graduate School of Business Administration Andrew B Bennett CFA Vice President Responsibility Portfolio Manager Frontier Capital Appreciation Research Analyst Prior Experience Assistant Portfolio Manager Wellington Management Company LLP Research Associate Frontier Capital Management Company LLC Associate Analyst Alex Brown amp Sons Education BA Wheaton College

Jonathan M Levin MD Vice President Responsibility Research Analyst Prior Experience Equity Analyst State Street Research and Management Clinical Director Brain Imaging Center and Director Laboratory for Cerebral Blood Flow Harvard Medical SchoolMcLean Hospital Neurology Resident Brigham and Womenrsquos Hospital Education BA Yale University MD Emory University School of Medicine MPH Harvard School of Public Health MBA MIT Sloan School of Management Rushan (Greg) Jiang CFA Vice President Responsibility Research Analyst Prior Experience Associate Equity Research India Capital Fund Project Leader and Senior Engineer Oracle Corporation Education BS The University of Texas at Austin MS Stanford University MBA MIT Sloan School of Management Ravi Dabas Vice President Responsibility Research Analyst Prior Experience Director Information Technology Agere Systems Inc Senior Manager Information Technology EMC Corporation Senior Consultant Deloitte ConsultingCGI Group Inc Systems Analyst BPAmoco Corporation Education BE Delhi College of Engineering University of New Delhi MS University of Houston MBA The University of Pennsylvania Wharton School

BIOGRAPHIES

66

Nathan A Hayman Vice President Responsibility Research Analyst Prior Experience Senior Associate Yigal Arnon amp Co Education LLB Hebrew University Law School MBA Dartmouth College Tuck School of Business

Kristin S King CFA Vice President Responsibility Research Analyst Prior Experience Fixed Income Corporate Credit Analyst Emerging Market Debt Wellington Management Company Associate and Business Analyst Global Investment Research Goldman Sachs amp Co Education BS University of Notre Dame MBA The University of Pennsylvania Wharton School

Michael E Gargano Vice President Responsibility Research Analyst Prior Experience Sr Research Analyst Copper Rock Capital Partners LLC Vice President Analyst BlackRock IncState Street Research amp Management Research Associate Bear Stearns amp Company Inc Research Associate Loomis Sayles amp Company LP Financial Analyst Charterhouse Inc Education BS Boston College

Emmanuel Franjul Research Analyst Responsibility Research Analyst Prior Experience Edison Leadership Program General Electric Company Education BS Cornell University MBA Cornell University Johnson Graduate School of Management

Daniel Schaumlfer Research Analyst Responsibility Research Analyst Prior Experience Financial Controller HSH Nordbank Securities SA Auditor DFP Feszlig amp Kollegen Education BA University of Cooperative Education MBA Dartmouth College Tuck School of Business

Carolyn C Shea Vice President Responsibility Institutional Trader Prior Experience Senior Equity Trader Principal Arlington Capital Management Senior Equity Trader Assistant Vice President ING Pilgrim Investments Equity Trader Harbor Capital Management Research AnalystAssistant Franklin Research amp Development Education BA St Lawrence University

BIOGRAPHIES

67

Lisa A Turley Vice President Responsibility Institutional Trader Education BS University of Massachusetts

William J Ballou Chief Operating Officer Responsibility Legal and Compliance Prior Experience Senior Vice President and Senior Counsel Liberty Financial Companies Inc Vice President and Associate Counsel MFS Investment Management Associate Ropes amp Gray Education BS Union College JD Duke University School of Law

William (Skip) A Carino Network IT Manager Responsibility Information Technology Prior Experience Senior Architect and Financial Systems Analyst Computer Sciences Corporation AVP and Manager of Internet Systems Operations Scudder Stevens amp Clark amp Kemper Investments Systems AnalystDesignerDeveloper Fidelity Investments Education BS University of Massachusetts

Sarah J Jankowski Chief Administrative Officer Responsibility Institutional Client Service and Administration Prior Experience Associate Director Investment Counsel Association of America Inc (now Investment Adviser Association) Education BA Wells College

Richard H Binder CPA Chief Financial Officer Responsibility Finance Prior Experience Manager Wolf amp Company Education BA University of Massachusetts

Forrest H Letarte Operations Manager Responsibility Operations Prior Experience Business Consultant Eze Castle Software LLC President and Co-Founder Our Town Biodiesel LLC Education BS Plymouth State University

BIOGRAPHIES

68

Christopher W Premock Vice President Responsibility Institutional Marketing and Client Service Prior Experience Vice President Lehman Brothers Asset Management Vice President Neuberger Berman LLC Founder Premier Travel Bags Education AAS Vermont Technical College BS Arizona State University MS Baruch College

Amy L Janezic Vice President Responsibility Institutional Marketing and Client Service Prior Experience Custody Accountant Investors Bank amp Trust Company Education BS Boston College MBA Babson College

Leigh Anne Yoo Vice President Responsibility Institutional Marketing and Client Service Prior Experience Vice President Lazard Asset Management Education BBA University of Georgia Kimberly J Wilkinson Assistant Vice President Responsibility Institutional Client Service Prior Experience Business Development Analyst Wellington Management Company LLP Senior Accounting and Administration Analyst UMB Fund Services Inc Education BS University of Wisconsin ndash Milwaukee MBA University of Wisconsin ndash Milwaukee

BIOGRAPHIES

69

DISCLOSURE Frontier Capital Management Co LLC claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPSreg standards Frontier Capital Management Co LLC has been independently verified for the periods January 1 1993 to 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards The Small Cap Growth Composite has been examined for the periods January 1 1993 to December 31 2012 The verification and performance examination reports are available upon request

1 Frontier Capital Management Co LLC (ldquoFrontierrdquo) is a registered investment advisor

and is an affiliate of Affiliated Managers Group Inc Registration does not imply a certain level of skill or training

2 Returns prior to 1993 are not in compliance with GIPS reg standards The firmrsquos list of composite descriptions is available upon request

3 Inception date and composite creation date for Small Cap Growth January 1 1985 4 The Small Cap Growth Composite includes all discretionary portfolios whose strategy is

to hold investments in companies with earnings growth expectations in excess of that of the broad market over a several year period and with a market capitalization within the range of companies in the Russell 2000reg Index at the time of initial purchase Effective January 1 2006 the composite has had a significant cash flow policy and defines significant as a cash flow that exceeds 50 of portfolio assets

5 Benchmark Russell 2000reg Growth Russell indices are unmanaged and their results include income but do not include fees commissions or other expenses The Russell 2000reg Growth Index measures the performance of the Russell 2000reg companies with higher price-to-book ratios and higher forecasted growth values The benchmark returns are not covered by the report of independent verifiers

6 Valuations and performance results are computed and stated in US Dollars Composite and benchmark returns reflect the reinvestment of dividends and other earnings

7 Gross-of-fees returns are presented before management fees but after all trading costs Effective January 1 1992 net-of-fees returns are calculated monthly by deducting 112 of the highest fee of 10 from the composite gross-of-fees return Prior to January 1 1992 the net-of-fees returns were calculated quarterly by deducting frac14 of the highest fee of 10 from the composite gross-of-fees return Some clients have fee arrangements that include a performance based fee schedule The standard fee schedule is 10 of all assets Actual fees are negotiable and may vary depending on account type and portfolio size Net-of-fees returns from 1993 through 1998 have not been examined

8 Policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request

9 Composite dispersion is computed using the asset-weighted standard deviation of the annual gross returns of all accounts that were included in the composite for the entire year Dispersion is not considered meaningful and is not presented when there are less than five accounts included in the composite for the entire year

10 The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period The three year standard deviation is not presented for periods where there is not a continuous 36-month history of composite returns

Small Cap Growth CompositePerformance Results January 1 1985 through December 31 2013

Composite BenchmarkGross Net 3-Year 3-Year Composite Number Total Composite Percentage of Total Firmof Fees of Fees Benchmark Std Deviation Std Deviation Dispersion of Assets Non-Fee-Paying Assets

Year Return () Return () Return () () () () Portfolios (USD millions) Portfolios (USD millions)

1985 425 412 310 NA NA 1 $1 100 $7581986 338 326 36 NA NA 6 $109 0 $8061987 -35 -45 -105 NA NA 12 $155 0 $6991988 431 418 204 NA NA 18 $307 0 $7651989 253 241 202 NA NA 20 $432 0 $8971990 -157 -166 -174 NA NA 20 $414 0 $9431991 515 501 512 NA NA 20 $628 0 $12631992 188 176 78 NA NA 15 20 $623 0 $13441993 235 223 134 NA NA 16 20 $709 0 $15271994 14 04 -24 141 145 09 20 $786 0 $15731995 271 258 310 131 126 12 20 $971 0 $21831996 230 218 113 149 157 12 20 $1209 0 $26271997 255 243 129 167 185 06 19 $1598 0 $32901998 85 74 12 223 254 05 19 $1898 0 $38451999 314 301 431 241 267 09 19 $2462 0 $49872000 130 119 -224 288 338 11 18 $2118 0 $48482001 30 20 -92 294 341 06 19 $2030 0 $43962002 -198 -206 -303 293 338 09 23 $1521 0 $38522003 439 426 485 250 274 07 23 $2254 0 $56612004 127 116 143 193 217 04 24 $2475 0 $56292005 122 111 42 160 168 02 24 $2485 0 $54112006 104 94 134 139 158 02 23 $2573 0 $60762007 114 103 71 139 144 02 20 $2362 0 $63052008 -359 -366 -385 220 216 06 20 $1326 0 $43972009 455 441 345 250 252 06 24 $2130 0 $67762010 311 298 291 275 281 03 28 $3447 0 $99502011 -70 -79 -29 231 247 03 29 $3057 0 $90152012 146 135 146 207 210 02 26 $2980 0 $96032013 433 419 433 172 175 06 24 $3494 0 $13880

Not required for non-compliant periods See note 2

At End of Period

70 70

ADDITIONAL DISCLOSURES The holdings of the strategy may differ significantly from the securities that comprise the indexes and universes shown The index and universe have been selected to represent what Frontier believes are appropriate benchmarks to compare the strategyrsquos performance to The index is unmanaged and cannot be invested in directly The returns of the index do not include any transaction costs management fees or other costs

The actual performance achieved by a client portfolio may be affected by a variety of factors including the initial balance of the account the timing and amount of any additions to or withdrawals from the portfolio changes made to the account to reflect the specific investment needs or preferences of the client duration and timing of participation as a Frontier client and a client portfoliorsquos risk tolerance investment objectives and investment time horizon

Charts and graphs included in this presentation are not meant as investment tools or to assist with investment decisions

The Russell 2000reg Growth Index is a trademark of Russell Investments Russell Investments is the owner of the trademarks service marks and copyrights related to its respective indexes

There is no guarantee that the investment objective will be met There is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate his or her ability to invest for a long term especially during periods of downturn in the market

Frontier data reflected in all universe charts and graphs is that of the product composite and is gross of fees Information contained in this presentation has been obtained from sources believed to be reliable but not guaranteed Furthermore there can be no assurance that any trends described in this presentation will continue because economic and market conditions change frequently

The product composite represents the investment results of a group of accounts with similar investment philosophies and objectives managed by Frontier The composite is an asset-weighted average of each accountrsquos time-weighted return and includes reinvestment of income Composite returns have the potential to be adjusted until reviewed and finalized following calendar quarter ends and changes to monthly data will be made without any notification to institutional clients prospects or consultants

Frontier endeavors to manage client portfolios within the same investment strategy consistently Consequently for the initial funding of new client portfolios Frontier may purchase securities of companies that exceed the market capitalization of the benchmark if these companies were within the range of the benchmark market capitalization at the time of Frontierrsquos initial purchase of the company for the investment strategy

Returns reflect the reinvestment of dividends and earnings

Any sectors industries or securities discussed should not be perceived as investment recommendations

71 71 71

COLLINS STEWART DISCLOSURE Collins Stewart LLC Ratings The recommendation and price target contained within this report are based on a time horizon of 12 months but there is no guarantee the objective will be achieved within the specified time horizon Price targets are determined by a subjective review of fundamental andor quantitative factors of the issuer its industry and the security type A variety of methods may be used to determine the value of a security including but not limited to discounted cash flow earnings multiples enterprise value book value peer group comparisons and the sum of the parts Overall market risk interest rate risk and general economic risks impact all securities Specific information regarding the price target and recommendation is provided in the text herein or in our most recent full research report on the subject company BUY Improving fundamentals andor identifiable catalysts in place expected to cause stock to outperform its industry NEUTRAL Companyrsquos fundamental backdrop suggest stock should perform in line with industry SELL Deteriorating fundamentals andor identifiable catalysts in place expected to cause stock to underperform its industry US Disclaimers This report is for informational purposes only and the information herein is obtained from sources that we believe to be reliable but its accuracy and completeness and that of the opinions based thereon are not guaranteed The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors Further this report is not intended as an offer or solicitation to buy or sell any securities or related instruments The investments discussed or recommended in this report may not be suitable for the specific investment objectives financial situation or needs of the reader and should not be relied upon without consultation with an investment professional Opinions expressed in this report are subject to change without notice Collins Stewart LLC accepts no liability whatsoever for any loss or damage of any kind arising out of the use of any part or all of this report This report is for distribution only under such circumstances as may be permitted by applicable law and may not be reproduced or distributed in any form without the specific consent of Collins Stewart LLC Redistribution of this via the Internet or otherwise report without permission is specifically prohibited and Collins Stewart LLC accepts no liability for the actions of third parties in this regard From time to time Collins Stewart LLC or its employees may have a long or short position in the securities of company (ies) discussed herein and at any time may make purchases andor sales as principal or agent The research analyst who is primarily responsible for the research contained in this research report and whose name is listed first on this report (1) attests that all of the views expressed in this research report accurately reflect that research analysts personal views about any and all of the securities and issuers that are the subject of this research report and (2) attests that no part of that research analysts compensation was is or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report All Collins Stewart LLC (CSTI) employees including research associates receive compensation that is based in part upon the overall performance of the firm including revenues generated by CSTIs investment banking department

SECTION H GLOSSARY OF INVESTMENT TERMS

73

GLOSSARY OF INVESTMENT TERMS Current Dividend Yield ndash The yield is determined by dividing the amount of the annual dividends per share by the market price per share of the stock

Current PE (12-month Trailing) ndash Trailing PE is determined by using the stock price per share on the last day of the most recent quarter as the numerator and dividing by the earnings per share for the past four quarters

Current PE (12-month Forward) ndash Forward PE is found by using the stock price per share on the last day of the most recent quarter as the numerator and dividing by the earnings per share estimates for the next four quarters

Current PB ndash Calculated by using the stock price per share on the last day of the most recent quarter as the numerator and dividing by the book value per share for the past four quarters

Current PS (12-month Trailing) ndash Measure is calculated by using the stock price per share on the last day of the most recent quarter as the numerator and dividing by its per-share sales

Current PCF (12-month Trailing) ndash PCF is determined by using the stock price per share on the last day of the most recent quarter as the numerator and dividing by the cash flow per share for the past four quarters

5 Year ROE ndash A trailing five year average of the productrsquos return on equity ROE is calculated by dividing net income by shareholderrsquos equity It is a measure of a corporationrsquos profitability that reveals how much profit a company generates with the money shareholders have invested

Earnings Growth (Past 5 Years) ndash This measure represents the growth in earnings experienced by the portfolio over the most recent five-year time period It is calculated as a percentage of growth

Earnings Growth (Next 5 Years) ndash This measure represents the forecasted growth in earnings to be experienced by the portfolio over the next five-year time period It is calculated as a percentage of growth

Weighted Avg Mkt Cap ($Mil) ndash Compute this measure by multiplying the market capitalization of each security times the securityrsquos corresponding portfolio weight and then summing the results from all securities This should be calculated using US dollars and expressed in millions of US dollars

0211 LADWP (SCG) DRAFT Frontierpdf

Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5

Investment Strategies Summary

Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control

LADWP Investment Guidelines

Certification of Compliance

Slide Number 17

Fundamental Equity Thesis

Equity Market Overview

Portfolio Commentary

Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Composite Performance

Performance Following Challenged Results

Improving Performance ndash Then amp Now

Highest PriceSales Stocks OutperformJuly 2010 ndash September 2012

Highest PriceSales Stocks UnderperformOctober 2012 ndash December 2014

Largest Number of Highest PriceSales Stocks since 2000

Historically Highest PriceSales Stocks Underperform

Unprofitable Firms Have Outperformed during This Bull Market

Unprofitable Firms Rising Amidst Record Profit Boom

Unprofitable Stocks Underperform Profitable Firms in Subsequent Periods

Consistent Investment Philosophy with Long Term Orientation

Protecting Capital during Economic Downturns Not Overpaying for Growth

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Portfolio Characteristics amp Sector Weights

Portfolio Holdings

Portfolio Holdings ndash Top 10

Commission Summary ndash Retirement Plan

Commission Summary ndash Health Plan

Statement of AssetsPurchase Transactions

Statement of AssetsSale Transactions

Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

1

TABLE OF CONTENTS

Page

A Firm Overview 2

B Investment Process and Discipline 8

C Market Overview 14

D Performance Review 32

E Portfolio Review and Characteristics 46

F Fee Schedule 56

G Biographies and Disclosures 57

H Glossary of Investment Terms 65


3


INTRODUCTION

4











5










Clients

19

30

27

6

3

Assets


Clients

21

39

23

10

2

23

$54B

$28B

$414M

$161M

$20B

$30B










PETER G KUECHLE


JONATHAN M LEVIN MD






NATHAN A HAYMAN




THOMAS W DUNCAN JR



JAMES A COLGAN











6


7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74


3


INTRODUCTION

4











5










Clients

19

30

27

6

3

Assets


Clients

21

39

23

10

2

23

$54B

$28B

$414M

$161M

$20B

$30B










PETER G KUECHLE


JONATHAN M LEVIN MD






NATHAN A HAYMAN




THOMAS W DUNCAN JR



JAMES A COLGAN











6


7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

4











5










Clients

19

30

27

6

3

Assets


Clients

21

39

23

10

2

23

$54B

$28B

$414M

$161M

$20B

$30B










PETER G KUECHLE


JONATHAN M LEVIN MD






NATHAN A HAYMAN




THOMAS W DUNCAN JR



JAMES A COLGAN











6


7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

5










Clients

19

30

27

6

3

Assets


Clients

21

39

23

10

2

23

$54B

$28B

$414M

$161M

$20B

$30B










PETER G KUECHLE


JONATHAN M LEVIN MD






NATHAN A HAYMAN




THOMAS W DUNCAN JR



JAMES A COLGAN











6


7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74






PETER G KUECHLE


JONATHAN M LEVIN MD






NATHAN A HAYMAN




THOMAS W DUNCAN JR



JAMES A COLGAN











6


7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

7

Corporate


Public Funds



Multi-Employer



Sub Advisory










8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

8



KEY CONTACTS


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74


10

BUY



POWER





11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

11

INITIAL UNIVERSE

2000

Stocks

TARGET MARKET

~500

Stocks

INVESTABLE

~250 Stocks

PORTFOLIO

90-110 Stocks







Investable Criteria







Winning Qualities







CONTINUOUS

RESEARCH

PROCESS

Ongoing Assessment







12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

12






SELL DISCIPLINE

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

13

RISK CONTROL

RISK MANAGEMENT




















Avoid binary events




14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

14













Yes No

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633

10486331048633 10486331048633

Yes No




15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74



15 15


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74


17







18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

18



19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

19



20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

20

MARKET OUTLOOK

0x

5x

10x

15x

20x

25x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1985 1986 1987 1988 1989


10x

12x

14x

16x

18x

20x

22x

24x

26x

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

1996 1997 1998 1999 2000 2001







$5

$10

$15

$20

$25

$30

$35

$40

40

45

50

55

60

65

70

1996 1997 1998 1999 2000 2001


$10

$20

$40

50

55

60

65

70

75

80

85

90

1985 1986 1987 1988






72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

72

15 17 14 18

0

15

30

45

60

75


Perc

ent o

f GDP



-15

-10

-5

0

5

10

15

(40) (30) (20) (10) 00 10 20 30 40 50 60 70

Real

Net E

xport

Grow

th (Yo

Y Ch

g)



Negative GDP Growth








MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

-1

19

39

59

79

99

119

139

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016



-380

-280

-180

-80

20

120

220

320

-110

-60

-10

40

90

140



77

78

79

80

81

82

83

84

8585

90

95

100

105

110

115

120

125

130




22




MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK



32

34

36

38

40

42

44

46

48

50

32

34

36

38

40

42

44

46

48

50

1985 1990 1995 2000 2005 2010 2015 2020









economy hellip


standard






1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74



1

2

3

4

5

6

732

37

42

47

52

1998 2003 2008 2013 2018









Need to create jobs


6566676869707172737475

6566676869707172737475

1991 1994 1997 2000 2003 2006 2009 2012








MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

25

50

55

60

65

70

75

80

85

90

95

50

55

60

65

70

75

80

85

90

95

1990 1995 2000 2005 2010 2015







-10-08-06-04-02000204060810

-10-08-06-04-02000204060810







central bank



MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

26







9 in 2013

175

350

700

33

35

37

39

41

43

45

47

49

51

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018







MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

27


14

16

18

20

22

24

26

28

20

25

30

35

40

45

50

1975 1985 1995 2005 2015

China Chile

15

17

19

21

23

25

27

30

35

40

45

50

1980 1990 2000 2010

China Canada

165

185

205

225

245

265

285

305

33

35

37

39

41

43

45

47

49

51

1990 2000 2010

China Norway











oil




MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

28


002

002

002

003

003

003

003

003

004

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Emerging Asia

058

068

078

088

098

108

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019



New Zealand Dollar

013014015016017018019020021022023

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Latin America


and iron ore


043

053

063

073

083

093

103

113

33

35

37

39

41

43

45

47

49

51

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019


Southeast Asia



65 Of USD Index

A


MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

29


75

80

85

90

95

100

105

110

115

-14

-12

-10

-8

-6

-4

-2

0

95 00 05 10 15







MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

30






60

70

80

90

100

110

120

130

140

60

70

80

90

100

110

120

130

140

2000 2010 2020 2030 2040 2050 2060




1 Demographics

-20

-10

0

10

20

30

40

2007 2009 2011 2013 2015



2 Capex

-25

-20

-15

-10

-05

00

05

10

15

20

-25

-20

-15

-10

-05

00

05

10

15

20

2006 2008 2010 2012 2014 2016





60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

60

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

1980 1985 1990 1995 2000 2005 2010 2015

Consumer FCF

MARKET OUTLOOK

31





US Consumer






66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

66

67

68

69

70

71

72

73

74

4

6

8

10

12

14

16

18


Auto Sales

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

90


Housing

MARKET OUTLOOK

32



6667686970717273747576

-2

-1

0

1

2

3

4

5

6

1990 1995 2000 2005 2010 2015 2020


- US GDP -


MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK


MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

MARKET OUTLOOK

34







3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74





3 YEAR

SINCE INCEPTION

1 YEAR






PERFORMANCE



YEAR SINCE

INCEPTION 1

YEAR










RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74





RETURN 0

STANDARD DEVIATION

25

Median

75

100 154 70 10 68 70 -261 236 05

SHARPE RATIO


GROSS RETURNS ()




Excess Return +18 +07 -03 +18 +22 +68

3 YEAR

5 YEAR

SINCE INCEPTION

1 YEAR

10 YEAR

7 YEAR




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74




Trail

ing 1

Year

Exc

ess R

eturn

s (

) Ro

lled Q

uarte

rly


-20

-10

0

10

20

30

40

50

1 0

0 - 1

2 0

0 4

0 0 -

3 0

1 7

0 0 -

6 0

1 1 0

0 0

- 9 0

1 1

0 1 -

1 2

0 1

4 0

1 - 3

0 2

7 0

1 - 6

0 2

1 0 0

1 - 9

0 2

1 0

2 - 1

2 0

2 4

0 2 -

3 0

3 7

0 2 -

6 0

3 1 0

0 2

- 9 0

3 1

0 3 -

1 2

0 3

4 0

3 - 3

0 4

7 0

3 - 6

0 4

1 0 0

3 - 9

0 4

1 0

4 - 1

2 0

4 4

0 4 -

3 0

5 7

0 4 -

6 0

5 1 0

0 4

- 9 0

5 1

0 5 -

1 2

0 5

4 0

5 - 3

0 6

7 0

5 - 6

0 6

1 0 0

5 - 9

0 6

1 0

6 - 1

2 0

6 4

0 6 -

3 0

7 7

0 6 -

6 0

7 1 0

0 6

- 9 0

7 1

0 7 -

1 2

0 7

4 0

7 - 3

0 8

7 0

7 - 6

0 8

1 0 0

7 - 9

0 8

1 0

8 - 1

2 0

8 4

0 8 -

3 0

9 7

0 8 -

6 0

9 1 0

0 8

- 9 0

9 1

0 9 -

1 2

0 9

4 0

9 - 3

1 0

7 0

9 - 6

1 0

1 0 0

9 - 9

1 0

1 1

0 - 1

2 1

0 4

1 0 -

3 1

1 7

1 0 -

6 1

1 1 0

1 0

- 9 1

1 1

1 1 -

1 2

1 1

4 1

1 - 3

1 2

7 1

1 - 6

1 2

1 0 1

1 - 9

1 2

1 1

2 - 1

2 1

2 4

1 2 -

3 1

3 7

1 2 -

6 1

3 1 0

1 2

- 9 1

3 1

1 3 -

1 2

1 3

4 1

3 - 3

1 4

7 1

3 - 6

1 4

1 0 1

3 - 9

1 4

1 1

4 - 1

2 1

4





Investment (41610)


(52312)

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

39


Cumu

lative

Retu

rns (

)




Russell 2000reg 207

Excess Return -17


Excess Return -85



Russell 2000reg 483

Excess Return +118


Excess Return +81


Russell 2000

Russell 2000 Growth





40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

40



-199

-74-27

52

183

-30

-20

-10

0

10

20

30




Rate

of Re

turn

()

+61 +126 -26 -20 -141

160

300

417

496

570

0

10

20

30

40

50

60

70

Rate

of Re

turn

()


gt47 Most Expensive


+38 +33 +63 -05 -95 Frontier +- Weight



(ending 63011)



Excess Return -25




Excess Return -44


41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

41



779

568493

407467

0

20

40

60

80

100

Rate

of Re

turn

()


gt48 Most Expensive



(ending 123114)



Excess Return +28

Frontier +- Weight




0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74



0

5

10

15

20

25

Perc

ent o

f Com

pani

es



43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

43




44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

44




$1

$2

$3

$4

$5

Retu

rn o

n a

Dolla

r



-52 1 2 3

Worst Decile of

Monthly Returns

-36

-24

-08 -09

02

21

-01

25

40

-6

-4

-2

0

2

4

6

4 5 6 7 8 9 10


Exce

ss R

etur

n



45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

45




0

5

10

25

20

15

30

35

40

45

Perc

ent L

osin

g M

oney




28



46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

46





37

30

14

0 0

15

10

35

30

25

20

45

40

Batt

ing

Aver

age

43

5



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74



47








48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74




48


-$750

$0

$750

$1500

$2250

$3000

$3750

$4500

$5250

$6000

$6750

$7500

386 687 988 128 9 391 692 993 129 4 396 697 998 129 9 301 602 903 120 4 306 607 908 120 9 311 612 913 121 4



$7352

$1180


49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

49



Value Growth Small

Mid

Large

Large Value

Mid Value

Small Value

Large Growth

Mid Growth

Small Growth







52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74






52




Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib





Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

53


EQUITY ATTRIBUTION



Russell 2000reg G

Over Under

Frontier Portfolio

Russell 2000reg G

Over Under

Sector Selection

Stock Selection

Total Effect

Frontier Portfolio

Russell 2000reg G

Total Contrib



54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

54




CHARACTERISTICS




4

3

1

7

13

10

24

21

17

1

2

2

9

11

13

19

21

22

0 5 10 15 20 25 30

Consumer Staples

Energy

Utilit ies


Producer Durables

Financial Services

Health Care

Technology




55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

55



PORTFOLIO HOLDINGS










56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

56











Total 269



Portfolio Return

(1114-123114)


(1114-123114)




57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

57






Paid of


Paid of

Total

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

58






Paid of


Paid of

Total

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

59





Total Amount



Total Amount



Total Amount


60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

60






Total Amount



Total Amount



Total Amount



62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74


62


FEE SCHEDULE

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

SECTION G APPENDIX

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

64



BIOGRAPHIES

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

65



BIOGRAPHIES

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

66







BIOGRAPHIES

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

67







BIOGRAPHIES

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

68




BIOGRAPHIES

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

69


















At End of Period

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

70 70











71 71 71



73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

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Risk Control



Slide Number 17




Slide Number 21

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Slide Number 50

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Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

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73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

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Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74


73












Slide Number 1

Table of Contents

Slide Number 3

Introduction

Slide Number 5


Investment Team

Slide Number 8

Key Contacts

Slide Number 10

Slide Number 11

Slide Number 12

Slide Number 13

Risk Control



Slide Number 17




Slide Number 21

Slide Number 22

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37













Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54


Portfolio Holdings






Slide Number 62

Fee Schedule

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

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