Company Background

Fisher Investments oversees financial assets for prominent institutions and affluent individuals. We take an active approach to portfolio management and believe capital markets are effective discounters of publicly available information. Fisher Investments features a high level of financial portfolio performance delivered on a consistent basis. At Fisher Investments, we start with the simple notion that supply and demand of securities are the sole determinants of securities pricing and use this information to enhance our portfolio performance. To add value, we leverage capital markets technology to help identify new information and interpret publicly known information correctly and differently from others. Fisher Investments performance is attained through this approach, exploiting unique investment opportunities to broaden Fisher Investments performance opportunities while managing risk relative to a global benchmark.

Fisher Investments History

Almost three decades ago, Kenneth L. Fisher, son of legendary investor Philip A. Fisher, began managing discretionary assets based on a fundamental belief in capitalism and how free capital markets function. Since it was first founded in 1979, Fisher Investments has continued to develop capital markets science for the primary purpose of providing excess return. In the early 1980s, Ken Fisher pioneered the use of the Price to Sales Ratio and detailed its relevance as a tool for investment analysis in his landmark book, Super Stocks, a best seller published by Dow Jones-Irwin. Now a common metric in financial analysis, this tool is still used to help manage small cap portfolios for Fisher Investments' institutional clients.

Fisher Investments Strategy

Fisher Investments PCG uses a variety of benchmarks depending on the strategy including the Morgan Stanley Capital International (MSCI) World index when conducting performance analysis. The MSCI World is a free float-adjusted market capitalization weighted index consisting of 23 developed market country indexes designed to measure global developed market equity performance. For institutions, Fisher Investments offers a broad variety of mandates with performance analysis dating back to inception. For individuals, Fisher Investments performance analysis is available since the inception of Fisher Investments Private Client Group in 1995. Fisher Investments performance is prepared in compliance with the Global Investment Performance Standards (GIPS®) and independently verified on an annual basis. Qualified investors can request performance analysis when meeting with a Fisher Investments representative. To arrange an appointment with a Fisher Investments representative, please call Fisher Investments at 1-800-587-5512.

Since 1986, Fisher Investments has been a pioneer in effective Small Cap Value equity management. It has since broadened into a full-scale management firm with an array of institutional products oriented toward specific styles. In the early 1990s, Fisher Investments contributed to the recognition of distinct investment styles and cycles and used these advancements as the foundation for a new series of broad mandate strategies: Global Total Return, US Total Return, Foreign Equity and Mid Cap Value.

In 1995, Fisher Investments began offering global equity management directly to high net worth individuals through its Private Client Group. Performance analysis is available to qualified investors for composite portfolios since the inception of the group in 1995. All Fisher Investments performance analysis is prepared in compliance with the Global Investment Performance Standards (GIPS®)* and independently verified on an annual basis.

Fisher Investments' innovations are backed by industry experience, and its investment manager team has been working together successfully for more than 20 years. Recently, focus has been on the emerging field of behavioral finance and understanding not just the tools of finance, but also how investors use these tools. Fisher Investments' different perspective and financial research has led to the development of practical applications of behavioral finance that currently play an active role in its portfolio management process, as it continues the tradition of innovation in developing new capital market technologies.

Throughout the company's history, Fisher Investments' research has been showcased in numerous financial journals, including The Financial Analysts Journal and The Journal of Portfolio Management. In addition, in 1984 Ken Fisher began writing the "Portfolio Strategy" financial investment column for Forbes Magazine, offering his unique market perspective to the public along with 4 to 6 recommended stocks per month. (The performance analysis of Ken Fisher’s personal stock picks is measured once a year by Forbes as if equal-sized investments were made at the time the stock pick was published with a 1% transaction fee.) Throughout the years in the pages of Forbes, Ken has made numerous, remarkably accurate market calls - often in direct opposition to Wall Street - which has earned him a positive reputation for forecasting market trends.** Currently, Ken is the fourth longest-running columnist in Forbes' history.

Fisher Investments is headquartered in Woodside, California. The facility features state of the art technology for optimal performance in trading, research, and client services. The company has sales and client service operations throughout North America and the UK. The firm's affiliate, Grüner Fisher Investments GmbH, also services investors in Germany.

*To create a set of standards for the presentation of investment performance information, the Global Investment Performance Standards (GIPS) were established by the CFA Institute in 1999. The GIPS standards were created to encourage ethical, global and industry-wide methods of communicating investment results to prospective clients. Visit www.gipsstandards.org for more information. The results of Fisher Investments' performance analysis reflect the deduction of advisory fees, brokerage or other commissions. Changes in market conditions may affect Fisher Investments' future portfolio strategy and performance.

** Ken Fisher’s personal stock picks in Forbes magazine do not reflect the holdings of Fisher Investments or its clients. Past forecasts of market performance are no guarantee of future performance. Not all forecasts may be as accurate as those in the past. Market forecasts represent descriptions of the overall market and do not represent the performance of Fisher Investments or its clients.