Fisher Investments Performance

Fisher Investments was founded in 1979 and offers global equity management strategies for high net worth individuals and institutions.

We believe capital markets are effective discounters of widely known information. Therefore, to add value one must identify information not widely known, or interpret widely known information correctly and differently from other market participants. Fisher Investments performance is achieved through an active approach to portfolio management. We start with the simple notion that supply and demand of securities are the sole determinants of securities pricing. Fisher Investments has a long history of forecasting bear markets and reacting decisively with the aim to positively affect our client portfolios' performance. Fisher Investments seeks to enhances portfolio performance by shifting our investment strategy as appropriate depending on our view of market conditions.

We leverage capital markets technology to seek out and process investment opportunities and then to exploit such information with the goal of enhancing Fisher Investments performance opportunities while managing risk relative to an appropriate benchmark. Our Global Total Return strategy utilizes a top-down investment process based on applying capital markets technology to the analysis of a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio themes.

Fisher Investments Private Client Group (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 index is a free float-adjusted market capitalization weighted index consisting of 23 developed market country indexes designed to measure global developed market equity performance. Fisher Investments performance is prepared in compliance with the Global Investment Performance Standards (GIPS®) and independently verified on an annual basis. Fisher Investments performance analysis can be requested when meeting with a Fisher Investments representative. Qualified investors can arrange an appointment by calling Fisher Investments at 1-800-587-5512.

The Global Investment Performance Standards (GIPS) are a set of standards established by the CFA Institute in 1999 for the presentation of investment performance information. 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.

Fisher Investments performance results are provided net of fees.