Spark | 3Q2022

1. The ranking during the "Financial Crisis" time period cited (6/2007–2/2009) included 297 strategies in the U.S. Small Cap Value Equity universe; the ranking during the “Energy Bubble” time period cited (1/2015–12/2015) included 306 strategies in the U.S. Small Cap Value Equity universe; the ranking during the “COVID-19 Pandemic” time period cited (2/2020–3/2020) included 273 strategies in the U.S. Small Cap Value Equity universe; the ranking during the "Current Downturn" time period cited (1/2022–6/2022) included 219 strategies in the U.S. Small Cap Value Equity universe.

2. Downside capture ratio stated is from 6/2007 to 6/2022. Capital preservation is relative to the market (Russell 2000 Value index).

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