Ativo Capital

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Performance

Our commitment to what we do is reflected in our track record – one of the longest in the business.

Domestic

Ariel Small Cap Value Performance Data
Our Track Record (%) Annualized
Composite Benchmark Monthly 3 Month YTD 1-Year 3-Year 5-Year 7-Year 10-Year Since Inception Tracking Error Inspection Date Product AUM, MM
Our Track Record (%)
Annualized
Ativo Small Cap
Composite Benchmark
Monthly
3 Month
YTD
1-Year
3-Year
5-Year
7-Year
10-Year
Since Inception
Tracking Error
Inspection Date
Product AUM, MM
Gross 8.58% 11.78% 31.30% 31.30% 12.78% 16.72% 12.23% 12.07% 12.27% 9.89% 1/1/2001 < $1.0
Net 8.51% 11.56% 30.28% 30.28% 11.89% 15.80% 11.34% 11.08% 10.96%
MSCI USA Small Cap 11.34% 13.86% 18.44% 18.44% 5.46% 12.18% 9.40% 8.82% 9.60%
Excess Return (net of fees) -3.83% -2.30% 11.84% 11.84% 6.43% 3.62% 1.94% 2.26% 1.36%
Ativo Large Cap
Gross 4.37% 11.23% 24.82% 24.82% 8.87% 13.67% 11.87% 10.37% 11.66% 5.94% 4/1/2004 < $1.0
Net 4.33% 11.09% 24.21% 24.21% 8.33% 13.11% 11.32% 9.67% 10.54%
MSCI USA Large Cap 4.25% 11.77% 28.88% 28.88% 9.62% 16.08% 13.88% 12.34% 9.81%
Excess Return (net of fees) 0.08% -0.68% -4.67% -4.67% -1.29% -2.97% -2.56% -2.67% 0.73%
Ativo Mid Cap
Gross 6.48% 13.43% 22.93% 22.93% 10.70% 15.45% 12.51% 11.64% 11.62% 7.56% 1/1/2005 < $1.0
Net 6.43% 13.27% 22.21% 22.21% 10.04% 14.76% 11.84% 10.87% 10.54%
MSCI USA Large Cap 7.92% 13.07% 15.30% 15.30% 5.80% 13.39% 10.68% 9.73% 9.22%
Excess Return (net of fees) -1.49% 0.20% 6.91% 6.91% 4.24% 1.37% 1.16% 1.14% 1.32%
Ativo SMID
Gross 7.86% 12.07% 29.93% 29.93% 12.38% 16.76% 13.64% 12.17% 10.09% 7.61% 12/1/2006 < $1.0
Net 6.43% 13.27% 22.21% 22.21% 10.04% 14.76% 11.84% 10.87% 10.54%
MSCI USA Large Cap 7.92% 13.07% 15.30% 15.30% 5.80% 13.39% 10.68% 9.73% 9.22%
Excess Return (net of fees) -1.49% 0.20% 6.91% 6.91% 4.24% 1.37% 1.16% 1.14% 1.32%
Ativo All Cap
Gross 5.99% 11.69% 30.27% 30.27% 11.06% 14.66% 12.58% - 10.91% 3.49% 3/1/2015 < $1.0
Net 5.93% 11.52% 29.44% 29.44% 10.35% 13.92% 11.86% - 10.18%
MSCI USA Large Cap 5.34% 12.15% 26.19% 26.19% 8.73% 15.34% 12.95% - 11.33%
Excess Return (net of fees) 0.59% -0.63% 3.25% 3.25% 1.62% -1.42% -1.09% - -1.15%
Swipe / scroll table for all values
See page 2 for important fee and performance disclosure information 2/23/2024
Separately Managed Account Fee Schedule(bps)
Mandate Size Ativo Small Cap Ativo Mid Cap Ativo SMID Ativo All Cap Mandate Size Large Cap
First $50 million 60 40 50 40 First $25 million 30
Next $50 million 55 35 45 35 Next $100 million 25
Next $100 million 50 30 40 30 Remaning Balance 20
Next $100 million 50 30 40 30

General Composite Disclosures

Ativo Capital Management, LLC (“Ativo”) is an investment adviser. For the period August 23, 2002 through February 6, 2004 the firm was called Callard Asset Management, LLC. Prior to August 23, 2002, the firm was doing business as Callard Asset Management under Callard, Madden, and Associates. No change in management occurred.

The general investment objective for these composites is to invest in domestic equity markets through ordinary shares by maintaining a cash balance of 1-2% with the remainder compromised of long-only equities. See below for more detail on the strategy-specific composite investment objectives.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income and other earnings. From January 1, 2014 to April 27, 2015, and March 1, 2016 to present, all calculated returns included dividend accruals. Net of fee performance was calculated using the highest applicable annual management fee applied monthly.

"Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. From January 1, 2007 to December 31, 2021 composite policy required the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of at least 20% of portfolio assets. As of January 1, 2022 to present, a portfolio is no longer removed due to a client initiated significant cash inflow or outflow. Additional information regarding the treatment of significant cash flows, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations is available upon request. "

Ativo claims compliance with the Global Investment Performance Standards (GIPS ®). To receive a complete list and description of composites and/or a presentation that adheres to the GIPS ® standards, please contact Michael S. Brooks at 312-263-7600, or e-mail [email protected], or write to Ativo Capital Management LLC, 120 N. LaSalle Street Suite 1045, Chicago, IL 60602.

Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of the Adviser. In addition, the Adviser's recommendations may differ significantly from the securities that comprise the indices.

Strategy Specific Composite Disclosures

The Ativo Large Cap Composite invests primarily in undervalued large capitalization domestic companies that display above average growth characteristics. The composite net return is based on a 1.40% annual management fee applied monthly from April 1, 2004 (inception) to August 31, 2009. On September 1, 2009 the management fee was decreased to 1.20% annually applied monthly. On July 1, 2015 the management fee was decreased to 0.70% annually applied monthly. On January 1, 2016 the management fee was decreased to 0.65% annually applied monthly. On April 1, 2016 the management fee was decreased to 0.50% annually applied monthly. On February 1, 2022 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Ativo Large Cap Composite is measured against the MSCI Large Cap index. You cannot invest directly in an index.

The Ativo All Cap Composite invests primarily in undervalued all capitalization domestic companies that display above average growth characteristics. Net of fee performance was calculated using the highest applicable annual management fee of 1.00% since 3/1/2015 (inception). On July 1, 2015 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.65% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo All Cap Composite is measured against the MSCI All Cap index. You cannot invest directly in an index.

The Ativo Mid Cap Composite invests primarily in undervalued mid-capitalization domestic companies that display above average growth characteristics. From inception to August 1, 2009, net of fee performance was calculated using the highest applicable annual management fee of 1.40% applied monthly. After August 1, 2009, 1.20% was used. On July 1, 2015 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.60% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo Mid Cap Composite is measured against the MSCI Mid Cap index. You cannot invest directly in an index.

The Ativo Small Cap Composite invests primarily in undervalued small capitalization domestic companies that display above average growth characteristics. Net of fee performance was calculated using the highest applicable annual management fee of 1.40%, applied monthly. On July 1, 2015 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.80% annual management fee applied monthly. Net of fee performance is calculated using the highe st fee charged to a client within the composite. The Ativo Small Cap Composite is measured against the MSCI Small Cap index. You cannot invest directly in an index.

The Ativo SMID Composite invests primarily in undervalued small/mid-capitalization domestic companies that display above average growth characteristics. Net of fee performance was calculated using the highest applicable annual management fee of 1.40%, applied monthly. As of January 1, 2015, the fee was reduced to 1.20% applied monthly. On July 1, 2015 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.70% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo SMID Composite is measured against the MSCI SMID Cap index. You cannot invest directly in an index.

International

Ariel Small Cap Value Performance Data
Our Track Record (%) Annualized
Composite Benchmark Monthly 3 Month YTD 1-Year 3-Year 5-Year 7-Year 10-Year Inception Tracking Error Inspection Date Product AUM, MM
Our Track Record (%)
Annualized
Ativo International ADR
Composite Benchmark
Monthly
3 Month
YTD
1-Year
3-Year
5-Year
7-Year
10-Year
Since Inception
Tracking Error
Inspection Date
Product AUM, MM
Gross 5.75% 12.86% 25.90% 25.90% 6.04% 9.23% 7.38% 5.45% 7.12% 5.18% 3/1/2012 $93.1
Net 5.70% 12.68% 25.10% 25.10% 5.35% 8.53% 6.69% 4.77% 6.43%
MSCI ACWI ex US Net 5.02% 9.75% 15.62% 15.62% 1.55% 7.08% 6.33% 3.83% 4.78%
Excess Return (net of fees) 0.68% 2.93% 9.48% 9.48% 3.80% 1.45% 0.36% 0.94% 1.65%
Ativo International All Country ex US
Gross 5.29% 10.58% 18.82% 18.82% 3.49% 6.47% 6.08% 3.90% 4.55% 4.38% 4/1/2007 $517.5
Net 5.25% 10.45% 18.25% 18.25% 2.89% 5.84% 5.44% 3.18% 3.72%
MSCI ACWI ex US Net 5.02% 9.75% 15.62% 15.62% 1.55% 7.08% 6.33% 3.83% 2.96%
Excess Return (net of fees) 0.23% 0.70% 2.63% 2.63% 1.34% -1.24% -0.89% -0.65% 0.76%
Ativo International Developed
Gross 6.20% 11.07% 20.15% 20.15% 4.08% 7.26% 6.69% 4.65% 7.68% 4.18% 8/1/2009 $387.9
Net 6.15% 10.91% 19.44% 19.44% 3.45% 6.58% 6.01% 3.95% 6.96%
MSCI EAFE + Canada Net 5.47% 10.51% 17.94% 17.94% 4.42% 8.45% 6.95% 4.32% 5.94%
Excess Return (net of fees) 0.68% 0.40% 1.50% 1.50% -0.97% -1.87% -0.94% -0.37% 1.02%
Ativo Global Institutional
Gross 4.74% 11.85% 25.72% 25.72% 7.45% 13.09% 11.76% - 9.91% 4.24% 10/1/2014 < $1.0
Net 7.39% 12.34% 15.72% 15.72% 1.00% 7.78% 7.58% - 7.28%
MSCI EAFE + Canada Small Cap Net 7.15% 10.60% 12.62% 12.62% -0.20% 7.05% 6.06% - 6.38%
Excess Return (net of fees) 0.24% 1.74% 3.10% 3.10% 1.20% 0.73% 1.52% - 0.90%
Ativo Internationall Small Cap (All)
Gross 7.45% 12.55% 16.59% 16.59% 1.52% 8.30% 8.08% - 7.78% 3.96% 10/1/2015 < $1.0
Net 7.39% 12.34% 15.72% 15.72% 1.00% 7.78% 7.58% - 7.28%
MSCI EAFE + Canada Small Cap Net 7.15% 10.60% 12.62% 12.62% -0.20% 7.05% 6.06% - 6.38%
Excess Return (net of fees) 0.24% 1.74% 3.10% 3.10% 1.20% 0.73% 1.52% - 0.90%
MSCI ACWI ex US Small Cap Net 6.35% 10.12% 15.66% 15.66% 1.49% 7.89% 6.70% - 6.80%
Excess Return (net of fees) 1.04% 2.22% 0.06% 0.06% -0.49% -0.11% 0.88% - 0.48%
Swipe / scroll table for all values
See page 2 for important fee and performance disclosure information 2/23/2024
Separately Managed Account Fee Schedule (bps)
Mandate Size Ativo International ADR Ativo International All Country ex US Ativo International Developed Ativo Global Institutional Ativo International Small Cap (All)
First $50 million 50 55 50 50 75
Next $50 million 45 50 45 45 70
Next $100 million 40 45 40 40 65
Remaning Balance 35 40 35 35 60

General Composite Disclosures

Ativo Capital Management, LLC (“Ativo”) is an investment adviser. For the period August 23, 2002 through February 6, 2004 the firm was called Callard Asset Management, LLC. Prior to August 23, 2002, the firm was doing business as Callard Asset Management under Callard, Madden, and Associates. No change in management occurred.

The general investment objective for these composites is to invest in global equity markets through ordinary shares and ADR’s by maintaining a cash balance of 1-2% with the remainder compromised of long-only equities. See below for more detail on the strategy-specific composite investment objectives.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income and other earnings. From January 1, 2014 to April 27, 2015, and March 1, 2016 to present, all calculated returns included dividend accruals. Net of fee performance was calculated using the highest applicable annual management fee applied monthly. Composite performance is presented net of foreign withholding taxes, where applicable. Past performance is not indicative of future results. Returns are based upon currently available information and subject to change.

Ativo claims compliance with the Global Investment Performance Standards (GIPS ®). To receive a complete list and description of composites and/or a presentation that adheres to the GIPS ® standards, please contact Michael S. Brooks at 312-263-7600, or e-mail [email protected], or write to Ativo Capital Management LLC, 120 N. LaSalle Street Suite 1045, Chicago, IL 60602.

Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of the Adviser. In addition, the Adviser's recommendations may differ significantly from the securities that comprise the indices.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of its affiliates and each other person involved in or related to compiling or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Strategy Specific Composite Disclosures

The Ativo International ADR Composite invests primarily in undervalued international companies trading as ADRs or listed on US exchanges that display above average growth characteristics. Since its February 29, 2012 inception date, net of fee performance was calculated using the highest applicable annual management fee of 0.65%, applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo International ADR Composite is measured against the MSCI ACWI ex USA (Net) Index. The MSCI ACWI ex USA (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International All Country ex US Composite invests primarily in undervalued international companies in emerging and developed countries (with the exception of the U.S.) that display above average growth characteristics. The composite net return is based on a 0.96% annual management fee applied monthly since April 1, 2007 (inception). On April 1, 2016 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.62% annually applied monthly. On January 1, 2023 the management fee was decreased to 0.49% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International All Country ex US Composite is measured against the MSCI ACWI ex USA (Net) Index. The MSCI ACWI ex USA (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International Developed Composite invests primarily in undervalued international companies in developed countries that display above average growth characteristics. The composite net return is based on a 0.70% annual management fee applied monthly from August 1, 2009 (inception) to September 30, 2013. On October 1, 2013, the management fee increased to 0.74% annually applied monthly. On April 1, 2016 the management fee was decreased to 0.67% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2022 the management fee was decreased to 0.60% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International Developed Composite is measured against the MSCI EAFE + Canada (Net) index. The MSCI EAFE + Canada (Net) index is an equity index which is designed to capture large and mid-cap representation across developed market countries around the world including Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo Global Institutional Composite invests primarily in undervalued domestic and international companies that display above average growth characteristics. The composite net return is based on a 0.74% annual management fee applied monthly since October 1, 2014 (inception). On April 1, 2016 the management fee was decreased to 0.37% annually applied monthly. On February 1, 2023 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo Global Institutional Composite is measured against the MSCI ACWI (Net) index. The MSCI ACWI (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International Small Cap Composite invests primarily in undervalued small capitalization international companies that display above average growth characteristics. The composite net return is based on a 0.35% annual management fee applied monthly since October 1, 2015 (inception). On February 1, 2017 the management fee increased to 0.45% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.40% annually, applied monthly. On February 1, 2022 the firm no longer maintained any management fee-paying SMA accounts. However, a representative fee-paying account would pay a 0.75% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. The Ativo International Small Cap Composite is measured against the MSCI EAFE + Canada Small Cap (Net) index. The MSCI EAFE + Canada Small Cap (Net) index is an equity index designed to capture small cap representation across developed markets. The index covers approximately 15% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Concentrated Strategies

Ariel Small Cap Value Performance Data
Our Track Record (%) Annualized
Composite Benchmark Monthly 3 Month YTD 1-Year 3-Year Since Inception Tracking Error Inception Date Product AUM, MM
Our Track Record (%)
Annualized
Ativo Small Cap Concentrated
Composite Benchmark
Monthly
3 Month
YTD
1-Year
3-Year
Since Inception
Tracking Error
Inspection Date
Product AUM, MM
Gross 7.06% 10.27% 29.54% 29.54% 11.48% 16.40% 7.74% 1/1/2019 < $1.0
Net 6.99% 10.05% 28.53% 28.53% 10.60% 15.48%
MSCI USA Small Cap 11.34% 13.86% 18.44% 18.44% 5.46% 12.17%
Excess Return (net of fees) -4.35% -3.81% 10.09% 10.09% 5.14% 3.31%
Ativo Large Cap Concentartted
Gross 4.01% 11.79% 24.82% 24.82% 10.09% 15.34% 3.79% 1/1/2019 < $1.0
Net 3.97% 11.66% 24.20% 24.20% 9.54% 14.77%
MSCI USA Large Cap 4.25% 11.77% 28.88% 28.88% 9.62% 16.07%
Excess Return (net of fees) -0.28% -0.11% -4.68% -4.68% -0.08% -1.30%
Ativo Mid Cap Concentartted
Gross 6.08% 15.50% 24.93% 24.93% 12.30% 17.00% 6.39% 1/1/2019 < $1.0
Net 6.03% 15.34% 24.19% 24.19% 11.63% 16.30%
MSCI USA Mid Cap 7.92% 13.07% 15.30% 15.30% 5.80% 13.38%
Excess Return (net of fees) -1.89% 2.27% 8.89% 8.89% 5.83% 2.92%
Ativo ADR Concentartted
Gross 7.62% 16.63% 31.44% 31.44% 11.39% 13.25% 5.09% 1/1/2019 < $1.0
Net 7.57% 16.45% 30.61% 30.61% 10.67% 12.52%
MSCI ACWI ex US Net 5.02% 9.75% 15.62% 15.62% 1.55% 7.08%
Excess Return (net of fees) 2.55% 6.70% 14.99% 14.99% 9.12% 5.44%
Swipe / scroll table for all values
See page 2 for important fee and performance disclosure information 2/23/2024
Separately Managed Account Fee Schedule (bps)
Mandate Size Small Cap Mid Cap Ativo ADR Mandate Size Ativo Large Cap
First $50 million 60 40 50 First $25 million 30
Next $50 million 45 35 45 Next $50 million 25
Next $100 million 50 30 40 Remaning Balance 20
Remaning Balance 45 25 35

General Composite Disclosures

Ativo Capital Management, LLC (“Ativo”) is an investment adviser. For the period August 23, 2002 through February 6, 2004 the firm was called Callard Asset Management, LLC. Prior to August 23, 2002, the firm was doing business as Callard Asset Management under Callard, Madden, and Associates. No change in management occurred.

The general investment objective for these composites is to invest in global equity markets through ordinary shares and ADR’s by maintaining a cash balance of 1-2% with the remainder compromised of long-only equities. See below for more detail on the strategy-specific composite investment objectives.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income and other earnings. From January 1, 2014 to April 27, 2015, and March 1, 2016 to present, all calculated returns included dividend accruals. Net of fee performance was calculated using the highest applicable annual management fee applied monthly. Composite performance is presented net of foreign withholding taxes, where applicable. Past performance is not indicative of future results. Returns are based upon currently available information and subject to change.

Ativo claims compliance with the Global Investment Performance Standards (GIPS ®). To receive a complete list and description of composites and/or a presentation that adheres to the GIPS ® standards, please contact Michael S. Brooks at 312-263-7600, or e-mail [email protected], or write to Ativo Capital Management LLC, 120 N. LaSalle Street Suite 1045, Chicago, IL 60602.

Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of the Adviser. In addition, the Adviser's recommendations may differ significantly from the securities that comprise the indices.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of its affiliates and each other person involved in or related to compiling or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Strategy Specific Composite Disclosures

The Ativo International ADR Composite invests primarily in undervalued international companies trading as ADRs or listed on US exchanges that display above average growth characteristics. Since its February 29, 2012 inception date, net of fee performance was calculated using the highest applicable annual management fee of 0.65%, applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo International ADR Composite is measured against the MSCI ACWI ex USA (Net) Index. The MSCI ACWI ex USA (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International All Country ex US Composite invests primarily in undervalued international companies in emerging and developed countries (with the exception of the U.S.) that display above average growth characteristics. The composite net return is based on a 0.96% annual management fee applied monthly since April 1, 2007 (inception). On April 1, 2016 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.62% annually applied monthly. On January 1, 2023 the management fee was decreased to 0.49% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International All Country ex US Composite is measured against the MSCI ACWI ex USA (Net) Index. The MSCI ACWI ex USA (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International Developed Composite invests primarily in undervalued international companies in developed countries that display above average growth characteristics. The composite net return is based on a 0.70% annual management fee applied monthly from August 1, 2009 (inception) to September 30, 2013. On October 1, 2013, the management fee increased to 0.74% annually applied monthly. On April 1, 2016 the management fee was decreased to 0.67% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2022 the management fee was decreased to 0.60% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International Developed Composite is measured against the MSCI EAFE + Canada (Net) index. The MSCI EAFE + Canada (Net) index is an equity index which is designed to capture large and mid-cap representation across developed market countries around the world including Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo Global Institutional Composite invests primarily in undervalued domestic and international companies that display above average growth characteristics. The composite net return is based on a 0.74% annual management fee applied monthly since October 1, 2014 (inception). On April 1, 2016 the management fee was decreased to 0.37% annually applied monthly. On February 1, 2023 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo Global Institutional Composite is measured against the MSCI ACWI (Net) index. The MSCI ACWI (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Ativo International Small Cap Composite invests primarily in undervalued small capitalization international companies that display above average growth characteristics. The composite net return is based on a 0.35% annual management fee applied monthly since October 1, 2015 (inception). On February 1, 2017 the management fee increased to 0.45% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.40% annually, applied monthly. On February 1, 2022 the firm no longer maintained any management fee-paying SMA accounts. However, a representative fee-paying account would pay a 0.75% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. The Ativo International Small Cap Composite is measured against the MSCI EAFE + Canada Small Cap (Net) index. The MSCI EAFE + Canada Small Cap (Net) index is an equity index designed to capture small cap representation across developed markets. The index covers approximately 15% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.