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Why Providing Steady Income Requires Alternatives? Thursday, March 20, 2014, at 2:00 p.m. (EST)

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3


Shaun Wurzbach

4

Moderator

Vice President, Global Head of Financial Advisor Channel

S&P Dow Jones Indices

Shaun Wurzbach, vice president at S&P Dow Jones Indices, is responsible for financial advisor channel management globally. The financial advisor channel focuses on increasing financial advisors’ awareness of and preference for index-based solutions.

Shaun joined S&P Indices in 2007 as head of the program management office, where his goal was to improve operational efficiency, new index design and costing procedures, and link effective change management to S&P Indices’ index calculation engines. Shaun was then asked to lead the New York and London-based index calculation teams in 2008, culminating in a reorganizational effort that resulted in a combined, international index analysis and production group.

Prior to joining S&P Indices, Shaun was a U.S. Army officer with over 20 years of active duty service including combat operations as a reconnaissance platoon leader in Desert Shield and Desert Storm.

Shaun has a master’s degree from the University of Chicago Booth School of Business, and a bachelor’s degree from The United States Military Academy at West Point.


Robyn Graham

5

Vice President, Institutional Services and Associate Portfolio Manager

HAHN Investment Stewards

Robyn is responsible for managing HAHN's strategic business development initiatives across North America, co-ordinates HAHN's sales and marketing program and is a key spokesperson for the firm.

Robyn has over 25 years of investment industry experience serving high net worth and institutional clients, consultants and advisers and manages key corporate and institutional relationships for HAHN. Prior to joining HAHN, Robyn worked in progressively senior roles with Jones Heward Investment Management, Altamira Investment Services, Natcan Investment Management and Northern Rivers Capital Management.

Robyn is a member of the CFA Institute, is a Fellow of the Canadian Securities Institute, and has her Chartered Investment Manager, Certified Financial Planner and Associate Portfolio Manager designations. She has served on a variety of industry committees and is an experienced industry speaker and educator on topics including asset allocation, exchange traded funds, mutual funds, alternative investments, investment style and portfolio optimization.


Anthony Parish, CFA

6

Vice President, Research & Portfolio Strategy

Sage Advisory

Mr. Parish is part of a team responsible for building proprietary asset-allocation models covering the major investment asset classes (US and international equities, fixed income, commodities, currencies and alternatives) and generating capital-markets research to frame portfolio allocation decisions.

Prior to joining Sage, he worked as an investment strategy analyst at Deutsche Asset Management, developed investment products at Credit Suisse and headed the product analysis team at OppenheimerFunds, all in New York City. In his former life he was a financial journalist.

He received an MBA in Finance from Fordham University’s Graduate School of Business Administration. He is a CFA charter holder and a member of the CFA Society of Austin, TX.


Roger Scheffel, Jr.

7

Principal and Portfolio Manager

Wilbanks, Smith & Thomas Asset Management

Mr. Scheffel is a Principal and Portfolio Manager for Wilbanks, Smith and Thomas Asset Management, LLC. Roger is a member of the investment committee. Over the past two decades, Roger has worked extensively with entrepreneurs, wealthy families and senior executives in areas including the acquisition and financing of closely-held businesses, investment capital management, estate planning, beneficiary mentoring and education, in addition to other aspects of multi-generational planning.

Before joining Wilbanks, Smith and Thomas, Mr. Scheffel worked with a Global Wealth Management and Investment Banking Firm. While there, he was responsible for managing client relationships, portfolio management, lending and financial planning. Prior to entering the Financial Services Industry, Mr. Scheffel was a Senior Manager in Ernst & Young’s Private Client Services. As part of this practice, he was involved in planning for the commercial activities of an entrepreneur and senior level corporate executives.

Mr. Scheffel graduated from St. Mary’s University with a Bachelor of Business Administration in Accounting. He is a member of the American Institute of CPA’s and the Texas Society of CPA’s. He is a member of the Personal Financial Planning Section and holds the Personal Financial Specialist credential. Also he is licensed to sell life and health insurance in Virginia. Mr. Scheffel has taught Portfolio Management as an adjunct professor at a local university in the M.B.A. program.

Current community activities include serving as a Board member of the Virginia Zoological Society. Mr. Scheffel is a member of the 2001 Leadership Class with Lead Hampton Roads, a program of the Hampton Roads Chamber of Commerce.


Peter Tchir

8

Managing Director

TF Market Advisors

Peter started TF Market Advisors in 2011 as a platform to trade and provide market information. The trading strategies are macro, but the direction and value decisions are based on insights into the credit markets. The firm’s commentary has been gaining respect and Peter has become a recognized source of information on the developments in Europe in particular, but has also been very involved in recommendations on the banking industry and high yield bonds. He has appeared numerous times on Bloomberg TV and radio, and has been quoted in articles in the Wall Street Journal, the Associated Press, and Fox Business News. Many top hedge funds, money managers, and asset allocators have asked to be included on the distribution list.

Peter was a Portfolio Manager at KLS in the fall of 2008 and spring of 2009. He achieved positive performance for the period using a combination of single credit positions, well timed macro trading, and an active trading strategy that developed additional trading revenue around the core credit decisions and enhanced relationships to ensure allocations on investment grade new issues that could perform well. The returns were aided by product choice as much as specific credit decisions because the understanding of bonds, loans, and CDS, and investment grade and high yield, and single name and index, helped maximize returns or minimize downside for any level of risk.

Peter has been involved in all aspects of credit trading. He started his career with Bankers Trust in 1994 in the newly formed Credit Derivatives group. While at Bankers Trust and then Deutsche Bank, Peter ran High Yield Credit Derivatives which included cash, CDS, synthetic CDO’s, total return swaps on leveraged loans, and hybrid CLO’s. During this time he was very involved in the industry groups that developed the CDS product and that deep familiarity with the product helps when trading as the in depth knowledge can spot trading opportunities when markets are volatile or headline driven. He was hired by UBS to build out those businesses there, but over time became involved in the Credit Index Trading. He was a board member of CDS Indexco, which created the CDX suite of indices. He went on to start a successful index trading business at RBS in North America, where during 2007 and early 2008, the business went from nowhere to being profitable and a top 5 liquidity provider.

Peter received his Bachelors of Mathematics degree, Joint Honors Computer Science and Combinatorics and Optimization from the University of Waterloo, where he was a Descartes Fellow and graduated as the all--time leading scorer on the football team. He completed his MBA in Finance and Marketing at Vanderbilt University and was awarded the Matt Wiggington Leadership award for outstanding performance in finance.


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Unveiling the Hidden Costs of

Retail Bond-Buying

Indexology: Join the Conversation

at www.indexologyblog.com

Dividend Investing and a

Look Inside the S&P Dow

Jones Dividend Indices


Presenter Firm Investment Process for

Delivering Steady Income

10

Robyn Graham, HAHN Investment Stewards

Anthony Parish, Sage Advisory

Roger Scheffel, Jr., Wilbanks, Smith & Thomas Asset Management

Peter Tchir, TF Market Advisors

March 20, 2014

Why Providing Steady Income Requires Alternatives

Robyn Graham, Vice President,

Institutional Services/Associate

Portfolio Manager


Global macro investment manager.

Thematic. Opportunistic.

Longest running ETF-only manager in the world

“One of the best and brightest” working in the ETF

industry

Member, CNBC’s ETF Advisory Council

(est. April 2013)

Consistent track record, low “draw-down” return style

Institutional process - documented, disciplined, proven

Key Distinctives

Noting Realistic Return Expectations

A continuing global income crisis is the major challenge for a

world with an aging population.

Investment Environment and Risk

Geo-political flare-up creates distractions recently.

Japan and other central banks pursuing unorthodox and extreme

policies.

Liquidity conditions, slow world export growth, instabilities impact

emerging markets generally.

Economic pace disappointing. Markets again like bad news.

Inflation trends, tending towards disinflation.

Factors Determining Outlook are Complex and Unorthodox

HAHN Response Thematic. Opportunistic. Pragmatic.

Expanded regional and asset type exposure

Tactical management of global macro factor risks

Active currency management

Implementation using ETFs

W I L B A N K S S M I T H & T H O M A S 16

Firm Profile

See Notes and Disclosures pages at the end of this presentation.

• Privately owned and independent, located in Norfolk, VA

• Founded in 1990

• Over $2 billion in assets under management

• Providing investment solutions for High Net Worth Individuals, Corporations, Non-Profits, Taft-Hartley and Bank Trust Departments

Multi Strategy Asset Management

Advisory Firm, managing over $2

billion in assets

Founded as a U.S. Large Cap Growth

based Firm

Integrated Rules Based

Quantitative Asset Management

Began the transition from Active to Index

Based Asset Class Exposure

Evolved into a Multi-Asset

Class manager and financial advisory firm

17

Overview • Using ETFs with institutional clients since 1998

• One of the first all-ETF strategies in 2002

• $2.4 Billion ETF AUM/AUA as of 12/31/2013

• $10 Billion total AUM/AUA as of 12/31/2013

Strategies & Services • All Cap Equity Plus

• Core Plus Fixed Income

• Target Risk

• Target Date

• Multi Asset Income

Sage ETF Offerings

• Pioneer in ETF asset management

• Institutional design and implementation

• Designed to deliver strong risk-adjusted

performance while mitigating downside risk

TACTICAL ETF AUM/AUA

BY STRATEGY (12/31/2013)

ABOUT SAGE

18

The prevailing risk sentiment in the market can point to different income

choices

INCOME CHOICES FOR DIFFERENT MARKETS

Source: Bloomberg, Barclays as of 2/28/2014. Past performance is no indication of future results.

Risk-On

Choices

Risk-Off

Choices

FIRC

Fixed Income, Rates, and Credit

March, 20th, 2014

Think FIRC & Think Trading

“Fixed Income” is too narrow of a definition for what we

can invest in for “income” purposes

Income portfolios need to be looked at on a total return

basis as much as any equity portfolio

Managing Bond Market Risk

Complex but Simple

• Bonds have their own terminology, which while confusing at first,

you will realize it is more about job security for fixed income

professionals than anything that is truly difficult to understand

• Think in basic “building blocks” of risk and you can’t go wrong

• Fixed Income portfolios can be customized to express risk views

in ways that equity portfolios can’t

Bond Market Risks – Rate And Duration

Rate Risk

• Typically treasury or sovereign debt risk. The “risk-free” rate

• LIBOR, a benchmark for short term rate risk, typically tracks Fed

Funds and Bank Credit Spreads

• TIPS are traded on a “real yield” where investors can lock in a

real rate of return above CPI

• Rates are expressed in yield, or bps (basis points), where 1 bp

(basis point) is simply 0.01% in yield terms

Bond Market Risks – Rate And Duration

Duration Risk

• Bonds with longer maturities generally have more interest rate

risk. For a similar change in yield a bond with a longer maturity

will typically have a larger price move

• Callable bonds, typical of high yield bonds and preferred bonds,

cap their upside as they can be called, so they face “extension”

risk where the effective maturity increases as prices decline

Bond Market Risks – Curve Risk

Curve Risk

• Bond yields have changed with the curve “steepening” which

means that longer rates have increased faster than short term

rates

• U.S. Treasury Yield Curves remain very steep

• Forward rates have priced in a lot of weakness as the “fair” rate

for the 10 year bond yield in 1 year is about 3.35% or 0.45% than

the current 10 year rate

• This process of “bootstrapping” is a key element of

understanding curve risk

Bond Market Risks – Credit Risk

Credit or “Spread” Risk is Similar to Yield Risk

• Duration impacts change in spreads the same way duration

impacts changes in rates

• There are credit spread “curves” which can be steep or flat and

tend to invert if a credit runs into problems

• High Yield and EM spreads are typically more volatile than

Investment Grade Spreads

Bond Market Risks by Fixed Income Asset Class

Market Rate Duration Credit

Short Maturity Treasuries Yes Low Low

Intermediate Treasuries Yes Medium Low

Long term Treasuries Yes High Low

TIPS Some Medium Low

Investment Grade Bonds Yes High Medium

High Yield Corporate Yes Medium High

Floating Rate Notes No None Low

Leveraged Loans No None Medium

Municipal Bonds Yes High Medium

Preferred Shares Yes High High

Emerging Market bonds Yes High High

27

Balancing Yield and Interest Rate Risk

CHOICES FOR INCOME

Source: Bloomberg as of 2/28/2014. Past performance is no indication of future results.

W I L B A N K S S M I T H & T H O M A S FOR USE IN ONE-ON-ONE PRESENTATIONS ONLY

Wilbanks, Smith & Thomas Asset Management, LLCZephyr StyleADVISOR: Wilbanks, Smith and Thomas Asset Management

Risk / Return TableSeptember 1986 - December 2007: Summary Statistics

BofA Merrill Lynch US High Yield

CumulativeReturn

490.49%

AnnualizedReturn

8.68%

StandardDeviation

6.52%

SharpeRatio

0.61

Alphavs.

Market

0.00%

Betavs.

Market

1.00

Numberof

Observations

256

Up/Down TableSeptember 1986 - December 2007. Single Computation

Up

Bof A Merrill Lynch US High Yield 192

Down

64

Up

1.50

Down

-1.66

UpMarket

1.50

DownMarket

-1.66

Best

8.68

Worst

-7.74

UpCapture

100.0

DownCapture

100.0

R-Squared

100.00

# of Months Average Return (%)Average Return (%)

vs. MarketMonth (%) Market Benchmark (%)

Drawdown TableSeptember 1986 - December 2007: Summary S tatistics


MaxDrawdown

-12.00%

MaxDrawdownBegin Date

May 2002

MaxDrawdownEnd Date

Jul 2002

MaxDrawdown

Length

3

MaxRunup

505.66%

MaxRunup

Begin Date

Sep 1986

MaxRunup

End Date

May 2007

MaxRunupLength

249

UpCapture

vs.Market

100.00%

DownCapture

vs.Market

100.00%

Zephyr Analysis (September 1986-December 2007)

Source: Zephyr Index returns do not reflect the deduction of management fees which if deducted would result in a material change in performance. Investment advisory fees are described in Wilbanks Smith & Thomas Asset Management, LLC’s Form ADV Part 2A. See Notes and Disclosures pages at the end of this presentation.

W I L B A N K S S M I T H & T H O M A S FOR USE IN ONE-ON-ONE PRESENTATIONS ONLY


Risk / Return TableSeptember 1986 - December 2013: Summary Statistics


CumulativeReturn

922.05%

AnnualizedReturn

8.88%

StandardDeviation

8.32%

SharpeRatio

0.62

Alphavs.

Market

0.00%

Betavs.

Market

1.00

Numberof

Observations

328

Up/Down TableSeptember 1986 - December 2013. Single Computation

Up

Bof A Merrill Lynch US High Yield 244

Down

84

Up

1.69

Down

-2.03

UpMarket

1.69

DownMarket

-2.03

Best

11.47

Worst

-16.30

UpCapture

100.0

DownCapture

100.0

R-Squared

100.00



Drawdown TableSeptember 1986 - December 2013: Summary S tatistics


MaxDrawdown

-33.22%


Jun 2007

MaxDrawdownEnd Date

Nov 2008

MaxDrawdown

Length

18

MaxRunup

922.05%

MaxRunup

Begin Date

Sep 1986

MaxRunup

End Date

Dec 2013

MaxRunupLength

328

UpCapture

vs.Market

100.00%

DownCapture

vs.Market

100.00%

Zephyr Analysis (September 1986-December 2013)


W I L B A N K S S M I T H & T H O M A S FOR USE IN ONE-ON-ONE PRESENTATIONS ONLY 30

Zephyr Analysis



Risk / Return TableApril 2007 - February 2014: Summary Statistics

Loomis Sayles Strategic Income Y

PIMCO Income Instl

Barclays U.S. Aggregate

50% Barclays Agg. / 50% ML High Yield

CumulativeReturn

AnnualizedReturn

StandardDeviation

SharpeRatio

Alphavs.

Market

Betavs.

Market

Numberof

Observations

73.52% 8.29% 11.60% 0.64 -2.42% 1.54 83

99.80% 10.52% 5.50% 1.76 5.94% 0.61 83

40.61% 5.05% 3.45% 1.23 3.47% 0.22 83

61.72% 7.20% 7.11% 0.90 0.00% 1.00 83

Up/Down TableApril 2007 - February 2014. Single Computation




PIMCO Income Instl



Up Down Up DownUp

MarketDownMarket

Best WorstUp

CaptureDown

CaptureR-Squared

56 27 2.32 -2.58 2.15 -2.78 9.17 -15.19 147.7 163.4 89.25

60 23 1.62 -1.16 1.55 -0.87 3.55 -4.32 103.7 56.3 62.43

58 25 0.89 -0.68 0.56 0.06 3.73 -2.36 35.5 -3.3 20.40

59 24 1.50 -1.61 1.50 -1.61 5.86 -9.85 100.0 100.0 100.00

Drawdown TableApril 2007 - February 2014: Summary S tatistics


PIMCO Income Instl



MaxDrawdown


MaxDrawdownEnd Date

MaxDrawdown

Length

MaxRunup

MaxRunup

Begin Date

MaxRunup

End Date

MaxRunupLength

UpCapture

vs.Market

DownCapture

vs.Market

-30.24% Nov 2007 Nov 2008 13 132.50% Dec 2008 Feb 2014 63 147.68% 163.39%

-10.39% Feb 2008 Feb 2009 13 108.58% Mar 2009 Feb 2014 60 103.65% 56.28%

-3.83% Apr 2008 Oct 2008 7 42.66% Jul 2007 Apr 2013 70 35.50% -3.31%

-18.38% May 2008 Nov 2008 7 91.62% Dec 2008 Feb 2014 63 100.00% 100.00%

A Deeper Look into Leveraged Loans vs High Yield

High Yield Bonds Leveraged Loans

Credit Risk High Yield Companies

Secured Debt of High Yield

Companies

Interest Rate

Risk

Yes, average maturity is

about 5 years

Somewhat as LIBOR floor has

turned many loans into fixed

rate for forseeable future

LIBOR Risk Not Directly

Due to LIBOR floors most

loans will not see coupon

increases even if LIBOR

increases

Best Case

Lower yields, improved

credit spreads, with some

M&A Activity for large total

return

Current Coupon since most

loans are callable at or near

current prices

Worst Case

Yields rise or we see a return

of real credit risk

The oversupply due to CLO

demand comes back to

haunt the market

HAHN Global Income Focus Portfolio Multi-asset, Tactical within Defined Policy Ranges

0

10

20

30

40

50

60

70

80

90

100

Opportunity

Investments

Cash Equivalents Bonds: Canada Bonds: International Real Estate Equities:Canada Equities:

International

Strategy Range Benchmark Current Strategy

1. Current strategies represent actual investment policies, including opportunity assets, implemented in the portfolio. Strategies are subject to change.

* The composite benchmark for this portfolio is comprised of the following indices and weights: CAD 90-day Treasury Bill index (5%), MSCI EAFE Index in $Cdn (14%), S&P 500 Index in $CDN

(11%), S&P/TSX 60 Index (25%), Citigroup World BIG Non-USD Bonds in $Cdn (13%), Barclays Capital U.S. Aggregate Bonds in $Cdn (9.5%), DEX Universe Bonds (22.5%).

HAHN Global Income Focus Portfolio

Asset Mix and Yield at December 31, 2013

4. The total weighted portfolio yield is calculated by multiplying the weight of an individual ETF by its 12 month yield and summing the results for the total portfolio. The 12 month yield is the sum of an ETF's total trailing 12-month interest and dividend payments divided by the last month’s ending share price (NAV) plus any capital gains distributed over the same period. Data supplied by Morningstar.

HAHN Global Income Focus Sample Portfolio Asset Types and Rationale

Asset Type Rationale

US High Yield Bonds • Yield • Credit diversification

Chinese Yuan Dim Sum Bonds

• Yield • Diversification: geographical,

currency, sector

Emerging Markets Sovereign Debt • Yield • Diversification: geographical, • Currency hedging

Real Estate and Mortgage REITs • Yield • Diversification: asset type

Dividend Paying Equities • Yield • Diversification: asset type


GENERAL DISCLAIMER

35

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Anthony Parish, CFA

Sage Advisory

[email protected]

Roger Scheffel, Jr.

Wilbanks, Smith & Thomas Asset Management

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TF Market Advisors

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