Advisor 500 Adjusted Free Cash Flow Yield

Summary Strategy Description

Since Inception (annualized) 15.21% This portfolio holds an optimal 30 positions in the S&P 500 index which have the highest Free Cash Flow Yield, which is
Relative to Benchmark (annualized) +8.34% the Free Cash Flow over the past 12 months divided by the Enterprise Value. The formula for Free Cash Flow
Turnover 126.53% distinguishes between growth CAPEX, which should be viewed as a positive factor for growth, versus maintenance
CAPEX which is the ongoing cost to service the asset base. Depreciation and amortization costs are used as a proxy for
Yield 2.62% maintenance CAPEX. As well, Enterprise Value was chosen as the divisor instead of Market Capitalization to
Inception Jan 2, 1999 distinguish between firms with varying amounts of leverage in the capital structure.
Benchmark S&P 500
10Y Performance Analysis (as of Feb 22, 2023)
Risk Profile (since inception)
45 Growth of $10,000
Strategy Benchmark 10 Years
40
Beta 1.20 --- 35 Strategy
Sharpe Ratio 0.69 0.40 30 $44,979
25 Benchmark
Sortino Ratio 0.93 0.53 20 $33,696
Standard Deviation 21.95% 15.36% 15
10
Downside Deviation 13.87% 10.45%
50 Returns %
Maximum Drawdown -64.95% -55.19%
Strategy
25
Benchmark
Trailing Returns (annualized)
0
Strategy % Benchmark % Excess % -25
YTD 6.06 4.21 1.85
1Yr 4.66 -5.72 10.38 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %

3Yr 15.49 7.83 7.66 48.8 21.0 -4.8 18.1 22.6 -5.5 26.1 -1.1 43.2 1.2 6.1 Strategy
5Yr 11.83 9.58 2.25 32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 4.2 Benchmark
10Yr 15.25 12.19 3.06 16.5 7.5 -6.0 6.1 0.9 -0.9 -5.1 -19.4 14.5 19.4 1.9 Excess
SI 15.21 6.88 8.33

Quarterly Returns (since inception)

Current Holdings - Top 25 of 31 (as of Feb 22, 2023)
Range of Returns % % Beating the Benchmark
1 NUE Nucor Corp. 5.8%
2 RE Everest Re Group Ltd. 4.8% Lower Higher Market Total Win/Loss Win %
Better Better 30 Up 68 41/27 60
3 STLD Steel Dynamics, Inc. 4.3%
4 PFG Principal Financial Group, Inc. 4.3% Down 29 17/12 59
5 FANG Diamondback Energy, Inc. 3.9% Overall 97 58/39 60
20
6 MPC Marathon Petroleum Corp. 3.8%
7 DFS Discover Financial Services 3.7% 60% Up Markets
8 GS The Goldman Sachs Group, Inc. 3.7%
10
9 USB U.S. Bancorp 3.7% 59% Down Markets
10 HIG The Hartford Financial Services Grou... 3.5%
11 LYB LyondellBasell Industries NV 3.5% 60% Overall
0
12 TRV The Travelers Cos., Inc. 3.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
13 CF CF Industries Holdings, Inc. 3.3% Strategy Benchmark
14 CAH Cardinal Health, Inc. 3.3%
15 VLO Valero Energy Corp. 3.2% Current Allocation (USD)
16 ALK Alaska Air Group, Inc. 3.2%
17 RF Regions Financial Corp. 3.1% 2% Mid < 10B 49.5% Financial 3.3% Healthcare
18 JPM JPMorgan Chase & Co. 2.9% 49% Large < 200B 24.5% Energy 3.2% Industrial
19 MRO Marathon Oil Corp. 2.9%
49% Mega >= 200B 17.0% Materials 2.5% Consumersvce
20 CB Chubb Ltd. 2.9%
21 CTRA Coterra Energy, Inc. 2.8%
22 PRU Prudential Financial, Inc. 2.8%
23 COP Conocophillips 2.7%
24 SCHW The Charles Schwab Corp. 2.7%
25 PXD Pioneer Natural Resources Co. 2.6%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor 500 Stable Value

Summary Strategy Description

Since Inception (annualized) 15.73% The 'stable value' ranking system removes many value traps from the S&P 500. Value traps are stocks with quickly
Relative to Benchmark (annualized) +8.72% deteriorating fundamentals which have the illusion of value based on the past because the future outlook is bleak.
Turnover 380.69% Stocks with 'stable value' should have improving fundamentals and low fluctuations of the line item between quarters.
For example, in addition to the price to sales ratio, the ranking system looks at how many times the sales increased
Yield 2.05% consecutively over the past 16 quarters as well as the normalized standard deviation of sales over the same period. The
Inception Jan 2, 1999 value ratios include price to sales, price to EBITDA, price to Free Cash Flow and price to Operating Cash Flow.
Benchmark S&P 500 Enterprise Value and interest expenses are included (as opposed to market cap) to tilt away from highly leveraged
companies with heavy debt loads. High short interest stocks are also removed as this may indicate that a deep value
stock may experience future volatility, which is at odds with our 'stable...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Feb 8, 2023)

Beta 0.88 ---
Sharpe Ratio 0.91 0.40 Growth of $10,000
50
10 Years
Sortino Ratio 1.23 0.53
40 Strategy
Standard Deviation 15.64% 15.36% $50,904
30
Downside Deviation 9.38% 10.45% Benchmark
Maximum Drawdown -44.89% -55.19% 20 $34,719
10
Trailing Returns (annualized) 50 Returns %
Strategy
Strategy % Benchmark % Excess % 25
Benchmark
YTD 6.13 7.38 -1.25
0
1Yr 8.03 -7.46 15.49
3Yr 17.55 9.05 8.50 -25
5Yr 16.13 11.33 4.80 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 16.74 12.53 4.21
45.6 23.9 0.7 10.0 24.3 -4.8 33.1 14.6 34.8 -1.3 6.1 Strategy
SI 15.73 7.02 8.71
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 7.4 Benchmark
13.3 10.4 -0.5 -2.0 2.6 -0.2 1.9 -3.7 6.1 16.9 -1.3 Excess
Current Holdings - Top 25 of 30 (as of Feb 8, 2023)

1 UDR UDR, Inc. 3.5% Quarterly Returns (since inception)

2 CVS CVS Health Corp. 3.5%
3 MSFT Microsoft Corp. 3.5% Range of Returns % % Beating the Benchmark
4 AVY Avery Dennison Corp. 3.4% Lower Higher 30 Market Total Win/Loss Win %
5 MRK Merck & Co., Inc. 3.4% Better Better Up 68 45/23 66
6 HIG The Hartford Financial Services Group... 3.4% 25 Down 29 24/5 83
7 PH Parker-Hannifin Corp. 3.4% Overall 97 69/28 71
8 TRV The Travelers Cos., Inc. 3.4% 20

9 CI The Cigna Group 3.4% 15

10 RSG Republic Services, Inc. 3.3% 66% Up Markets
11 GL Globe Life, Inc. 3.3% 10
83% Down Markets
12 CTAS Cintas Corp. 3.3%
5
13 LMT Lockheed Martin Corp. 3.3% 71% Overall
14 ACN Accenture PLC 3.3% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 AVGO Broadcom Inc. 3.3%
16 ABBV AbbVie, Inc. 3.3% Strategy Benchmark

17 PKG Packaging Corporation of America 3.3%

18 KR The Kroger Co. 3.3% Current Allocation (USD)
19 VRSN VeriSign, Inc. 3.3%
20 CTSH Cognizant Technology Solutions Corp. 3.3% 50% Large < 200B 20.0% Tech 6.7% Materials
21 KDP Keurig Dr Pepper, Inc. 3.3% 50% Mega >= 200B 16.9% Financial 6.7% Bizsvce
22 FAST Fastenal Co. 3.3% 16.6% Noncyclical 3.3% Telecom
23 BMY Bristol Myers Squibb Co. 3.3% 13.4% Healthcare 3.2% Cyclicals
24 DFS Discover Financial Services 3.3% 13.2% Industrial
25 GIS General Mills, Inc. 3.3%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Asset Allocation - Absolute and Risk-Adj Momentum

Summary Strategy Description

Since Inception (annualized) 9.23% This ETF Asset Allocation system holds a maximum of 5 ETFs out of a universe of 15 of the following tickers: DBC, EEM,
Relative to Benchmark (annualized) +0.21% EFA, EWJ, GLD, ICF, IEF, QQQ, RWX, SPY, TLT, VGK, VTI. For possible inclusion the ETF must first pass an absolute
Turnover 270.69% momentum filter. Any ETF which has a negative return over the past 100 days or which has less return than a
short-term bond fund is excluded. This will steer the portfolio to safer ground when the broad market is crashing. Next,
Yield 1.61% we hold up to 5 ETFs which have the highest risk-adjusted momentum ranks. Risk-adjusted momentum is calculated
Inception Jan 1, 2008 using the 1 and 2 year Sortino ratios. In addition to this, the ranking system also separately ranks pure price momentum
Benchmark S&P 500 and low volatility, with additional weight being placed to funds that have higher momentum. Every 4 weeks the
portfolio will be analyzed and any ETF with negative absolute momentum (with a small buffer) will be removed. As well,
any ETF being held for more than 50 days will be re-evaluated to ensure it...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Mar 3, 2023)

Beta 0.37 ---
Sharpe Ratio 0.80 0.59 40 Growth of $10,000
35 10 Years
Sortino Ratio 1.13 0.78
30 Strategy
Standard Deviation 10.71% 16.23% $24,429
25
Downside Deviation 6.23% 10.97% Benchmark
20
Maximum Drawdown -18.39% -52.29% 15 $34,173
10
Trailing Returns (annualized) Returns %
30
Strategy
Strategy % Benchmark % Excess % 15
Benchmark
YTD 5.18 5.69 -0.51 0
1Yr -0.49 -5.73 5.24 -15
3Yr 11.69 12.19 -0.50
5Yr 7.74 10.35 -2.61 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 8.77 12.17 -3.40
24.0 10.9 -5.4 4.5 22.2 -4.3 11.4 16.7 18.7 -5.2 5.2 Strategy
SI 9.23 9.02 0.21
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 5.7 Benchmark
-8.3 -2.6 -6.6 -7.5 0.5 0.3 -19.8 -1.6 -10.0 13.0 -0.5 Excess
Current Holdings (as of Mar 3, 2023)

1 GLD SPDR Gold Shares 24.8% Quarterly Returns (since inception)

2 EFA iShares MSCI EAFE ETF 23.0%
3 VGK Vanguard FTSE Europe ETF 21.1% Range of Returns % % Beating the Benchmark
4 EWJ iShares MSCI Japan ETF 18.7% Lower Higher Market Total Win/Loss Win %
5 VTI Vanguard Total Stock Market Index Fund 12.4% Better Better 20 Up 45 10/35 22
Down 16 15/1 94
15 Overall 61 25/36 41

10 22% Up Markets

5 94% Down Markets

41% Overall
0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
Strategy Benchmark

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Buffett 500

Summary Strategy Description

Since Inception (annualized) 15.01% This Buffet-inspired system has the goal of ranking stocks based on investing principles which Warren Buffett has a
Relative to Benchmark (annualized) +8.17% preference for which are Value, Quality and Stability. The ranking system is 50% weighted toward value with 25%
Turnover 241.04% being allocated toward Quality and Stability. Value includes ratios based on earnings, sales and free cash flow. Quality
factors consider a gamut of profitability ratios. Stability focuses on increasing fundamentals which are growing with
Yield 2.36% low volatility. This system will rank stocks in any industry group and sector in the underlying universe. These are not
Inception Jan 2, 1999 necessarily stocks which Warren Buffett would buy, but instead, stocks which may be suitable based on various
Benchmark S&P 500 quantitative factors which many of his other holdings seem to possess. We would like to think that these are stocks
someone training under Warren Buffett would consider holding if they ventured out on their own.
Risk Profile (since inception)
10Y Performance Analysis (as of Mar 16, 2023)
Strategy Benchmark
Beta 1.02 --- 40 Growth of $10,000
Sharpe Ratio 0.77 0.39 35 10 Years
Sortino Ratio 1.08 0.52 30 Strategy
25 $36,099
Standard Deviation 18.59% 15.35% Benchmark
20
Downside Deviation 11.07% 10.44% $33,490
15
Maximum Drawdown -47.11% -55.19% 10
40 Returns %
Trailing Returns (annualized) Strategy
20
Benchmark
Strategy % Benchmark % Excess %
0
YTD 4.13 3.58 0.55
1Yr -1.48 -7.59 6.11 -20

3Yr 27.02 20.10 6.92

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 11.25 9.40 1.85
35.3 17.1 -13.2 24.9 20.4 -9.6 37.8 9.9 36.4 -10.2 4.1 Strategy
10Yr 12.84 11.85 0.99
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 3.6 Benchmark
SI 15.01 6.83 8.18
3.0 3.6 -14.4 12.9 -1.3 -5.0 6.6 -8.4 7.7 8.0 0.5 Excess

Current Holdings - Top 25 of 30 (as of Mar 16, 2023)

Quarterly Returns (since inception)
1 LEN Lennar Corp. 3.7%
2 KR The Kroger Co. 3.7% Range of Returns % % Beating the Benchmark
3 LRCX Lam Research Corp. 3.7%
Lower Higher Market Total Win/Loss Win %
4 NVR NVR, Inc. 3.6% Better Better 30 Up 68 43/25 63
5 PHM PulteGroup, Inc. 3.6%
Down 29 20/9 69
6 SWKS Skyworks Solutions, Inc. 3.6%
Overall 97 63/34 65
7 CSCO Cisco Systems, Inc. 3.5% 20
8 EXPD Expeditors International of Washingt... 3.5%
9 FFIV F5, Inc. 3.4% 63% Up Markets
10 AMGN Amgen, Inc. 3.4% 10
69% Down Markets
11 MO Altria Group, Inc. 3.4%
12 PFE Pfizer Inc. 3.4%
65% Overall
13 AKAM Akamai Technologies, Inc. 3.4% 0
14 LMT Lockheed Martin Corp. 3.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 TROW T. Rowe Price Group, Inc. 3.3% Strategy Benchmark
16 SNA Snap-On, Inc. 3.3%
17 OMC Omnicom Group, Inc. 3.3% Current Allocation (USD)
18 NTAP NetApp, Inc. 3.3%
19 CSX CSX Corp. 3.3% 5% Mid < 10B 27.5% Tech 6.9% Healthcare
20 ACN Accenture PLC 3.3% 48% Large < 200B 16.8% Industrial 6.6% Bizsvce
21 LDOS Leidos Holdings, Inc. 3.3% 48% Mega >= 200B 14.7% Financial 6.4% Telecom
22 RHI Robert Half International, Inc. 3.2% 11.0% Cyclicals 3.0% Materials
23 VZ Verizon Communications, Inc. 3.2% 7.2% Noncyclical
24 AXP American Express Co. 3.2%
25 CHTR Charter Communications, Inc. 3.2%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Buffett Russell 2000

Summary Strategy Description

Since Inception (annualized) 20.48% This Buffet-inspired system has the goal of ranking stocks based on investing principles which Warren Buffett has a
Relative to Benchmark (annualized) +13.83% preference for which are Value, Quality and Stability. The ranking system is 50% weighted toward value with 25%
Turnover 286.30% being allocated toward Quality and Stability. Value includes ratios based on earnings, sales and free cash flow. Quality
factors consider a gamut of profitability ratios. Stability focuses on increasing fundamentals which are growing with
Yield 2.13% low volatility. This system will rank stocks in any industry group and sector in the underlying universe. These are not
Inception Jan 2, 1999 necessarily stocks which Warren Buffett would buy, but instead, stocks which may be suitable based on various
Benchmark Russell Micro quantitative factors which many of his other holdings seem to possess. We would like to think that these are stocks
someone training under Warren Buffett would consider holding if they ventured out on their own.
Risk Profile (since inception)
10Y Performance Analysis (as of Mar 21, 2023)
Strategy Benchmark
Beta 0.81 --- 45 Growth of $10,000
Sharpe Ratio 0.91 0.35 40 10 Years
35 Strategy
Sortino Ratio 1.28 0.47
30 $42,411
Standard Deviation 21.77% 21.27% 25 Benchmark
Downside Deviation 12.45% 14.48% 20 $22,408
15
Maximum Drawdown -54.52% -64.61% 10

60 Returns %
Trailing Returns (annualized) Strategy
30
Benchmark
Strategy % Benchmark % Excess %
0
YTD 5.98 -3.10 9.08
1Yr 2.42 -18.57 20.99 -30
3Yr 39.89 22.15 17.74
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 9.30 2.28 7.02
59.1 9.5 4.1 40.0 9.2 -18.5 39.8 -0.9 37.8 -7.2 6.0 Strategy
10Yr 14.20 7.17 7.03
45.2 3.7 -5.0 20.6 12.8 -13.1 22.2 20.9 18.7 -21.9 -3.1 Benchmark
SI 20.48 6.65 13.83
13.9 5.8 9.1 19.4 -3.6 -5.4 17.6 -21.8 19.1 14.7 9.1 Excess

Current Holdings - Top 25 of 30 (as of Mar 21, 2023)

Quarterly Returns (since inception)
1 TPH Tri Pointe Homes, Inc. 4.1%
2 MTH Meritage Homes Corp. 3.9% Range of Returns % % Beating the Benchmark
3 KFY Korn Ferry 3.8%
Lower Higher Market Total Win/Loss Win %
4 MTG MGIC Investment Corp. 3.7% Better Better 30 Up 57 33/24 58
5 MCFT Mastercraft Boat Holdings, Inc. 3.7%
Down 40 31/9 78
6 RRBI Red River Bancshares, Inc. 3.7%
Overall 97 64/33 66
7 ALSN Allison Transmission Holdings, Inc. 3.7% 20
8 RDN Radian Group Inc. 3.6%
9 SPFI South Plains Financial, Inc. (Texas) 3.6% 58% Up Markets
10 NMIH NMI Holdings, Inc. 3.6% 10
78% Down Markets
11 VCTR Victory Capital Holdings, Inc. 3.6%
12 MDC M.D.C. Holdings, Inc. 3.6%
66% Overall
13 ENVA Enova International, Inc. 3.5% 0
14 AMAL Amalgamated Financial Corp. 3.5% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 WD Walker & Dunlop, Inc. 3.5% Strategy Benchmark
16 MATX Matson, Inc. 3.4%
17 MBUU Malibu Boats, Inc. 3.4% Current Allocation (USD)
18 VSH Vishay Intertechnology, Inc. 3.3%
19 LAZ Lazard Ltd. 3.3% 48% Small < 2B 54.6% Financial 6.4% Tech
20 TBBK The Bancorp, Inc. (Delaware) 3.1% 52% Mid < 10B 21.8% Cyclicals 3.8% Bizsvce
21 SCPL SciPlay Corp. 3.1% 10.2% Industrial 3.1% Materials
22 BCC Boise Cascade Co. 3.1%
23 ASIX Advansix, Inc. 3.1%
24 AX Axos Financial, Inc. 3.1%
25 PATK Patrick Industries, Inc. 3.0%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Canada Core Combo

Summary Strategy Description

Since Inception (annualized) 20.15% This portfolio holds an optimal 30 high ranking TSX stocks with high exposure to value, growth, sentiment and
Relative to Benchmark (annualized) +100,000,020.15% momentum factors. Stocks must pass a liquidity filter ($300K daily turnover and $1.2/share minimum) and have positive
Turnover 239.72% free cash flow over the past quarter and 12 months. Sector weights are restricted at a maximum of 20% to prevent
over-weight exposure. Stocks are sold when multi-factor ranks drop too low or when free cash flow turns negative.
Yield 2.09% Stocks are re-evaluated when the price deviates strongly (up or down) from the broad market to ensure the initial case
Inception Jan 2, 1999 for buying the stock still holds true.
Benchmark S&P/TSX 60
10Y Performance Analysis (as of Mar 22, 2023)
Risk Profile (since inception)
Growth of $10,000
Strategy Benchmark 55 10 Years
Beta 0.87 --- 40 Strategy
Sharpe Ratio 0.96 0.39 $54,798
25 Benchmark
Sortino Ratio 1.29 0.51
$16,134
Standard Deviation 20.71% 19.86% 10
Downside Deviation 12.77% 13.59%
Returns %
Maximum Drawdown -55.30% -59.76% 50
Strategy
25
Benchmark
Trailing Returns (annualized) 0
Strategy % Benchmark % Excess % -25
YTD -0.63 -0.22 -0.41
1Yr -10.60 -15.66 5.06 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %

3Yr 50.77 23.67 27.10 43.8 10.6 -0.8 20.2 33.9 -17.9 33.2 26.9 52.2 2.9 -0.6 Strategy
5Yr 17.73 7.49 10.24 6.1 2.7 -23.0 25.2 17.1 -15.1 28.0 7.4 28.9 -12.5 -0.2 Benchmark
10Yr 17.63 4.91 12.72 37.7 7.9 22.2 -5.0 16.8 -2.8 5.2 19.5 23.3 15.4 -0.4 Excess
SI 20.15 -100,000,000.00 100,000,020.15

Quarterly Returns (since inception)

Current Holdings - Top 25 of 30 (as of Mar 22, 2023)
Range of Returns % % Beating the Benchmark
1 TXG Torex Gold Resources, Inc. 4.5%
2 ATH Athabasca Oil Corp. 3.7% Lower Higher Market Total Win/Loss Win %
Better Better Up 65 48/17 74
3 QSR Restaurant Brands International, Inc. 3.6% 30
4 NOA North American Construction Group ... 3.5% Down 29 19/10 66
5 WN George Weston Ltd. 3.5% Overall 94 67/27 71
6 FFH Fairfax Financial Holdings Ltd. 3.5% 20
7 STN Stantec, Inc. 3.5% 74% Up Markets
8 MRE Martinrea International, Inc. 3.5%
9 L Loblaw Cos. Ltd. 3.5% 10 66% Down Markets
10 CLS Celestica, Inc. 3.5%
11 IAG iA Financial Corp., Inc. 3.5% 71% Overall
0
12 GWO Great-West Lifeco, Inc. 3.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
13 BBD.B Bombardier, Inc. 3.4% Strategy Benchmark
14 BYD Boyd Group Services, Inc. 3.4%
15 ATD Alimentation Couche-Tard, Inc. 3.4% Current Allocation (USD)
16 BDI Black Diamond Group Ltd. 3.4%
17 SJ Stella-Jones, Inc. 3.4% 4% Micro < 300M 19.1% Financial 10.1% Industrial
18 MEG MEG Energy Corp. 3.3% 40% Small < 2B 16.9% Cyclicals 6.8% Consumersvce
19 RFP^23 Resolute Forest Products, Inc. 3.3%
31% Mid < 10B 16.2% Energy 3.5% Tech
20 CPX Capital Power Corp. 3.3%
25% Large < 200B 13.9% Materials 3.3% Util
21 PZA Pizza Pizza Royalty Corp. 3.1%
10.1% Noncyclical
22 AGF.B AGF Management Ltd. 3.1%
23 MTL Mullen Group Ltd. 3.1%
24 LNR Linamar Corp. 3.0%
25 EFN Element Fleet Management Corp. 3.0%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Canadian High Dividend

Summary Strategy Description

Since Inception (annualized) 16.26% This Canadian-themed portfolio focuses on the desire of investors to hold higher-yielding equities. For possible
Relative to Benchmark (annualized) +9.42% inclusion the stock must be listed in the TSX, be trading at a minimum of $1/share and $300,000 of daily turnover as
Turnover 264.33% well as a future expected dividend yield of at least 5%. Up to 20 stocks are held and a maximum of 4 stocks per sector
are allowed for diversification purposes. The stocks are ranked based on the following themes: profitability,
Yield 7.16% momentum, value and fundamental (this includes interest coverage and sustainable growth). The portfolio is
Inception Jan 2, 2001 re-evaluated every 4 weeks.
Benchmark S&P/TSX Capped Composite
10Y Performance Analysis (as of Mar 20, 2023)
Risk Profile (since inception)
Growth of $10,000
Strategy Benchmark 30 10 Years
Beta 0.82 --- 25 Strategy
Sharpe Ratio 1.05 0.52 20 $30,794
Benchmark
Sortino Ratio 1.31 0.66 15
$21,258
Standard Deviation 15.29% 13.69% 10
Downside Deviation 10.42% 9.73%
Returns %
Maximum Drawdown -48.77% -48.21% 30
Strategy
15 Benchmark
Trailing Returns (annualized)
0
Strategy % Benchmark % Excess % -15
YTD 0.80 1.40 -0.60
1Yr -5.77 -7.68 1.91 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %

3Yr 32.87 21.62 11.25 24.4 0.3 4.3 34.3 10.1 -10.1 23.6 4.0 32.3 4.0 0.8 Strategy
5Yr 10.85 7.75 3.10 12.5 11.0 -8.6 21.0 9.0 -8.7 22.8 5.6 25.1 -5.8 1.4 Benchmark
10Yr 11.20 7.51 3.69 11.9 -10.7 12.9 13.3 1.1 -1.4 0.8 -1.6 7.2 9.8 -0.6 Excess
SI 16.26 6.84 9.42

Quarterly Returns (since inception)

Current Holdings (as of Mar 20, 2023)
Range of Returns % % Beating the Benchmark
1 WTE Westshore Terminals Investment C... 5.4%
2 PEY Peyto Exploration & Development C... 5.4% Lower Higher 30 Market Total Win/Loss Win %
Better Better Up 61 39/22 64
3 MTL Mullen Group Ltd. 5.2%
25 Down 28 22/6 79
4 EMA Emera, Inc. 5.2%
5 EIF Exchange Income Corp. 5.2% Overall 89 61/28 69
20
6 T TELUS Corp. 5.2%
7 BCE BCE, Inc. 5.2% 15
64% Up Markets
8 PNE Pine Cliff Energy Ltd. 5.1% 10
9 PZA Pizza Pizza Royalty Corp. 5.1% 79% Down Markets
10 RSI Rogers Sugar, Inc. 5.1% 5
11 ENS E Split Corp. 5.1% 69% Overall
0
12 CPX Capital Power Corp. 5.0% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
13 BIR Birchcliff Energy Ltd. 5.0% Strategy Benchmark
14 MKP MCAN Mortgage Corp. 4.8%
15 WCP Whitecap Resources, Inc. 4.7% Current Allocation (USD)
16 BPF.UN Boston Pizza Royalties Income Fund 4.7%
17 FRU Freehold Royalties Ltd. 4.6% 10% Micro < 300M 20.4% Industrial 10.2% Util
18 NXR.UN Nexus Industrial REIT 4.6% 65% Small < 2B 20.3% Energy 9.9% Consumersvce
19 DBM Doman Building Materials Group Ltd. 4.5%
10% Mid < 10B 19.3% Financial 5.1% Noncyclical
20 CHE.UN Chemtrade Logistics Income Fund 4.3%
16% Large < 200B 10.4% Telecom 4.4% Materials

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Dynamic Dividend Growth (9 yrs+)

Summary Strategy Description

Since Inception (annualized) 13.17% This 30 stock portfolio holds the highest ranked dividend stocks according to a multi-factor ranking system. The
Relative to Benchmark (annualized) +5.91% dividend universe is comprised of stocks where the dividend was either maintained or was increased between the past
Turnover 107.51% 9 consecutive fiscal years. Any stock with a dividend yield below 2% is excluded. The multi-factor ranking system is
dividend between 5 different themes: value, growth, profitability, margins and quality. The individual factors within the
Yield 3.80% themes were chosen based on their meaningful impact on total return of dividend stocks over the past quarter of a
Inception Jan 2, 2001 century.
Benchmark S&P 500
10Y Performance Analysis (as of Mar 5, 2023)
Risk Profile (since inception)
Growth of $10,000
Strategy Benchmark 40
10 Years
35
Beta 0.93 --- 30 Strategy
Sharpe Ratio 0.74 0.42 25 $40,666
Benchmark
Sortino Ratio 0.98 0.56 20
$34,173
Standard Deviation 16.53% 15.37% 15
10
Downside Deviation 10.69% 10.57%
Returns %
Maximum Drawdown -54.19% -55.19% 40
Strategy
20
Benchmark
Trailing Returns (annualized) 0
Strategy % Benchmark % Excess % -20
YTD 8.49 5.69 2.80
1Yr 6.16 -4.96 11.12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %

3Yr 20.90 11.92 8.98 40.4 5.8 -7.4 25.7 34.5 -7.0 25.9 6.1 32.3 -2.0 8.5 Strategy
5Yr 11.74 10.04 1.70 32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 5.7 Benchmark
10Yr 13.96 12.14 1.82 8.1 -7.7 -8.6 13.7 12.8 -2.4 -5.3 -12.2 3.6 16.2 2.8 Excess
SI 13.17 7.26 5.91

Quarterly Returns (since inception)

Current Holdings - Top 25 of 30 (as of Mar 5, 2023)
Range of Returns % % Beating the Benchmark
1 MPC Marathon Petroleum Corp. 4.7%
2 HVT Haverty Furniture Cos., Inc. 4.5% Lower Higher Market Total Win/Loss Win %
Better Better Up 64 37/27 58
3 PII Polaris Inc. 4.4% 25
4 HNI HNI Corp. 4.3% Down 25 18/7 72
5 VLO Valero Energy Corp. 4.2% 20 Overall 89 55/34 62
6 XOM Exxon Mobil Corp. 4.1%
15
7 OMC Omnicom Group, Inc. 4.1% 58% Up Markets
8 CHMG Chemung Financial Corp. 4.0% 10
9 PFG Principal Financial Group, Inc. 3.7% 72% Down Markets
10 AFL Aflac, Inc. 3.7% 5
11 WSM Williams-Sonoma, Inc. 3.6% 62% Overall
0
12 DDS Dillard's, Inc. 3.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
13 PCLB Pinnacle Bancshares, Inc. (Alabama) 3.2% Strategy Benchmark
14 CE Celanese Corp. 3.2%
15 DFS Discover Financial Services 3.2% Current Allocation (USD)
16 NEU NewMarket Corp. 3.1%
17 PXD Pioneer Natural Resources Co. 3.1% 5% Micro < 300M 36.4% Financial 7.7% Noncyclical
18 CHRW C.H. Robinson Worldwide, Inc. 3.1% 16% Small < 2B 18.6% Energy 4.1% Bizsvce
19 THFF First Financial Corp. (Indiana) 3.0%
19% Mid < 10B 18.1% Cyclicals 3.1% Industrial
20 FISI Financial Institutions, Inc. 3.0%
30% Large < 200B 9.2% Materials 2.8% Healthcare
21 RDN Radian Group Inc. 2.9%
30% Mega >= 200B
22 ETD Ethan Allen Interiors, Inc. 2.9%
23 IIIN Insteel Industries, Inc. 2.9%
24 ZION Zions Bancorporation, NA 2.9%
25 PFE Pfizer Inc. 2.8%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Future Free Cash Flow Yield S&P100

Summary Strategy Description

Since Inception (annualized) 14.42% This is a highly focused portfolio of 10 stocks taken from the largest 100 stocks in the S&P 500. The ranking system
Relative to Benchmark (annualized) +4.86% considers the future expected free cash flow yield for the coming fiscal year. The divisor is Enterprise Value instead of
Turnover 455.20% Market Capitalization so that highly leveraged companies are distinguished.
Yield 3.75%
Inception Jan 2, 2003 10Y Performance Analysis (as of Mar 23, 2023)
Benchmark S&P 500
Growth of $10,000
50 10 Years
Risk Profile (since inception) 40 Strategy
$46,567
Strategy Benchmark 30
Benchmark
Beta 0.88 --- 20 $33,368
Sharpe Ratio 0.89 0.64 10
Sortino Ratio 1.26 0.83 40 Returns %
Standard Deviation 15.82% 14.76% Strategy
20
Downside Deviation 9.00% 9.81% Benchmark
Maximum Drawdown -39.75% -55.19% 0

-20
Trailing Returns (annualized)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
Strategy % Benchmark % Excess %
35.5 27.7 6.7 9.0 17.8 -0.4 18.0 7.0 33.3 25.7 -6.8 Strategy
YTD -6.78 3.20 -9.98
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 3.2 Benchmark
1Yr 3.45 -10.15 13.60
3.2 14.2 5.5 -3.0 -3.9 4.2 -13.2 -11.3 4.6 43.9 -10.0 Excess
3Yr 32.57 22.56 10.01
5Yr 15.22 10.60 4.62
10Yr 15.87 11.78 4.09 Quarterly Returns (since inception)
SI 14.42 9.56 4.86
Range of Returns % % Beating the Benchmark

Current Holdings (as of Mar 23, 2023) Lower Higher Market Total Win/Loss Win %
Better Better Up 60 33/27 55
25
1 QCOM QUALCOMM, Inc. 10.2% Down 21 14/7 67
2 XOM Exxon Mobil Corp. 10.1% 20 Overall 81 47/34 58
3 COP Conocophillips 10.0%
4 CVX Chevron Corp. 10.0% 15
55% Up Markets
5 BMY Bristol Myers Squibb Co. 9.9%
10
6 GILD Gilead Sciences, Inc. 9.9%
67% Down Markets
7 CSCO Cisco Systems, Inc. 9.7% 5
8 MO Altria Group, Inc. 9.4% 58% Overall
9 SCHW The Charles Schwab Corp. 9.4% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
10 CI The Cigna Group 9.4%
Strategy Benchmark

Current Allocation (USD)

50% Large < 200B 30.7% Energy 9.6% Noncyclical

50% Mega >= 200B 29.8% Healthcare 9.6% Financial
20.3% Tech

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Innovation-Conviction 500

Summary Strategy Description

Since Inception (annualized) 18.06% This model portfolio looks for stocks with hidden drivers of growth which investors may be underestimating. In addition
Relative to Benchmark (annualized) +11.71% to that, it ranks stocks based on management's conviction of future growth. It does this by using a 'high conviction'
Turnover 119.08% ranking system which is a blended yield of share buybacks and R&D. Stocks with high R&D are investing in their future
and studies have shown that this leads to future out-performance. Stocks with a high level of buybacks may also show
Yield 1.90% managements conviction in future share prices. The two work synergistically together. However, a high level of R&D
Inception Jan 1, 2000 can also lead to higher risk when you have small unprofitable research companies who do not yet have a viable
Benchmark S&P 500 product. To circumvent this, the portfolio will only hold stocks which have positive trailing free cash flow. 50 stocks are
held and the portfolio is re-evaluated every 13 weeks. Furthermore, the 50 positions are weighted towards the size
premium and the 'high conviction' rank. Thus, smaller stocks...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Feb 24, 2023)

Beta 1.35 ---
Sharpe Ratio 0.75 0.38 Growth of $10,000
70 10 Years
Sortino Ratio 1.10 0.51
55 Strategy
Standard Deviation 24.56% 15.45% $75,771
Downside Deviation 13.81% 10.59% 40
Benchmark
Maximum Drawdown -57.10% -55.19% 25 $33,513
10
Trailing Returns (annualized) 60
Returns %
Strategy
Strategy % Benchmark % Excess % 30 Benchmark
YTD 10.34 3.65 6.69
0
1Yr 5.07 -4.94 10.01
3Yr 19.69 10.37 9.32
5Yr 17.99 9.70 8.29 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 21.12 12.39 8.73
61.1 23.4 1.1 28.9 21.7 5.5 43.4 18.8 36.3 -11.0 10.3 Strategy
SI 18.06 6.35 11.71
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 3.7 Benchmark
28.8 9.9 -0.1 16.9 0.0 10.1 12.2 0.5 7.6 7.2 6.6 Excess
Current Holdings - Top 25 of 50 (as of Feb 24, 2023)

1 STX Seagate Technology Holdings plc 7.6% Quarterly Returns (since inception)
2 WDC Western Digital Corp. 5.5%
3 TPR Tapestry, Inc. 5.2% Range of Returns % % Beating the Benchmark
4 QRVO Qorvo, Inc. 5.1% Lower Higher 30 Market Total Win/Loss Win %
5 BBWI Bath & Body Works, Inc. 4.5% Better Better Up 65 49/16 75
6 EMN Eastman Chemical Co. 4.5% 25 Down 28 12/16 43
7 RL Ralph Lauren Corp. 4.4% Overall 93 61/32 66
8 BWA BorgWarner, Inc. 3.5% 20

9 EBAY eBay, Inc. 3.5% 15

10 FFIV F5, Inc. 3.2% 75% Up Markets
11 XRAY Dentsply Sirona, Inc. 3.1% 10
43% Down Markets
12 OGN Organon & Co. 3.1%
5
13 NTAP NetApp, Inc. 2.6% 66% Overall
14 SWKS Skyworks Solutions, Inc. 2.6% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 EXPE Expedia Group, Inc. 2.4%
16 TER Teradyne, Inc. 2.2% Strategy Benchmark

17 ZBRA Zebra Technologies Corp. 2.2%

18 AAP Advance Auto Parts, Inc. 2.2% Current Allocation (USD)
19 HPQ HP, Inc. 2.1%
20 BBY Best Buy Co., Inc. 1.9% 12% Mid < 10B 48.9% Tech 7.9% Materials
21 LKQ LKQ Corp. 1.9% 44% Large < 200B 20.9% Cyclicals 2.5% Consumersvce
22 HPE Hewlett Packard Enterprise Co. 1.8% 44% Mega >= 200B 10.9% Healthcare 0.7% Financial
23 INCY Incyte Corp. 1.4% 8.2% Noncyclical
24 AKAM Akamai Technologies, Inc. 1.3%
25 TRMB Trimble, Inc. 1.3%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Innovation-Conviction 2000

Summary Strategy Description

Since Inception (annualized) 25.11% This model portfolio looks for stocks with hidden drivers of growth which investors may be underestimating. In addition
Relative to Benchmark (annualized) +18.81% to that, it ranks stocks based on management's conviction of future growth. It does this by using a 'high conviction'
Turnover 164.74% ranking system which is a blended yield of share buybacks and R&D. Stocks with high R&D are investing in their future
and studies have shown that this leads to future out-performance. Stocks with a high level of buybacks may also show
Yield 0.35% managements conviction in future share prices. The two work synergistically together. However, a high level of R&D
Inception Jan 1, 2000 can also lead to higher risk when you have small unprofitable research companies who do not yet have a viable
Benchmark S&P 500 product. To circumvent this, the portfolio will only hold stocks which have positive trailing free cash flow. To further
reduce the risk that is inherent in many small stocks, there cannot be excessively high short interest. 30 stocks are held
and the portfolio is re-evaluated every 4 weeks. Stocks...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Feb 24, 2023)

Beta 1.21 ---
Sharpe Ratio 0.98 0.38 85 Growth of $10,000
70 10 Years
Sortino Ratio 1.40 0.51
Strategy
Standard Deviation 24.64% 15.45% 55
$79,795
Downside Deviation 13.77% 10.59% 40 Benchmark
Maximum Drawdown -50.03% -55.19% 25 $33,513
10
Trailing Returns (annualized) 60 Returns %
Strategy
Strategy % Benchmark % Excess % 30 Benchmark
YTD 8.22 3.65 4.57
0
1Yr 8.28 -5.95 14.23
3Yr 24.56 9.97 14.59
5Yr 20.20 9.46 10.74 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 22.48 12.27 10.21
60.2 13.7 1.8 20.5 44.9 -7.7 44.8 34.4 40.6 -9.9 8.2 Strategy
SI 25.11 6.30 18.81
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 3.7 Benchmark
27.9 0.2 0.6 8.5 23.2 -3.1 13.6 16.1 11.9 8.3 4.5 Excess
Current Holdings - Top 25 of 30 (as of Feb 24, 2023)

1 VNT Vontier Corp. 6.6% Quarterly Returns (since inception)

2 SNBR Sleep Number Corp. 6.6%
3 SATS EchoStar Corp. 6.0% Range of Returns % % Beating the Benchmark
4 RAMP LiveRamp Holdings, Inc. 5.2% Lower Higher Market Total Win/Loss Win %
5 SCPL SciPlay Corp. 5.1% Better Better Up 65 51/14 78
6 CSGS CSG Systems International, Inc. 4.7% Down 28 13/15 46
30
7 CORT Corcept Therapeutics, Inc. 4.7% Overall 93 64/29 69
8 CASA Casa Systems, Inc. 4.0%
9 ALSN Allison Transmission Holdings, Inc. 3.8% 20
10 BOX Box, Inc. 3.7% 78% Up Markets
11 TBLA Taboola.com Ltd. 3.3%
10 46% Down Markets
12 MDRX Veradigm, Inc. 3.2%
13 HAYW Hayward Holdings, Inc. 3.1% 69% Overall
14 HSTM HealthStream, Inc. 3.1% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 ARNC Arconic Corp. 3.0%
16 IRWD Ironwood Pharmaceuticals, Inc. 2.9% Strategy Benchmark

17 AMRX Amneal Pharmaceuticals, Inc. 2.8%

18 CVLT Commvault Systems, Inc. 2.8% Current Allocation (USD)
19 TDC Teradata Corp. 2.8%
20 DHX DHI Group, Inc. 2.5% 2% Micro < 300M 29.4% Tech 10.4% Industrial
21 MED Medifast, Inc. 2.4% 61% Small < 2B 23.0% Healthcare 5.0% Cyclicals
22 VIR Vir Biotechnology, Inc. 2.3% 37% Mid < 10B 14.8% Telecom 3.3% Bizsvce
23 GPRO GoPro, Inc. 2.3% 11.2% Noncyclical 3.0% Materials
24 VNDA Vanda Pharmaceuticals, Inc. 2.3%
25 CHGG Chegg, Inc. 2.1%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Low Analyst Estimate Dispersion Russell 1000

Summary Strategy Description

Since Inception (annualized) 19.37% High dispersion of analyst estimates is linked to over-optimism of a subset of analysts (Analysts’ forecast dispersion
Relative to Benchmark (annualized) +12.24% and stock market anomalies: The role of forecast bias, Nov 2020, Irvine & Liu). This leads to lower returns as the
Turnover 456.46% analysts are forced to downgrade their estimates over time. This portfolio takes advantage of this anomaly by focusing
on stocks with a low dispersion of estimates which should, if anything, lead to a higher net upgrade in estimates over
Yield 1.54% time compared to their overly biased counterparts. To reduce risk of risky stocks, only those with positive free cash flow
Inception Jan 1, 2001 (using maintenance CAPEX only) which are in the upper half of the index of free cash flow yield are considered for
Benchmark Russell 1000 inclusion.

Risk Profile (since inception) 10Y Performance Analysis (as of Mar 22, 2023)
Strategy Benchmark Growth of $10,000
Beta 0.84 --- 60 10 Years
Sharpe Ratio 1.19 0.43 50 Strategy
40 $62,913
Sortino Ratio 1.57 0.56
30 Benchmark
Standard Deviation 14.55% 15.63% $32,535
20
Downside Deviation 8.71% 10.76%
10
Maximum Drawdown -42.63% -55.38%
Returns %
40
Strategy
Trailing Returns (annualized) 20
Benchmark
0
Strategy % Benchmark % Excess %
YTD 4.43 2.78 1.65 -20
1Yr 4.61 -10.62 15.23
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
3Yr 30.95 22.16 8.79
5Yr 16.69 10.57 6.12 42.3 22.2 9.1 19.8 30.8 4.7 38.1 8.3 32.4 -2.2 4.4 Strategy
10Yr 18.76 11.66 7.10 32.8 13.1 0.8 12.0 21.5 -4.9 31.1 20.8 26.3 -19.2 2.8 Benchmark
SI 19.37 7.12 12.25 9.5 9.1 8.3 7.8 9.3 9.6 7.0 -12.5 6.1 17.0 1.6 Excess

Current Holdings - Top 25 of 30 (as of Mar 22, 2023) Quarterly Returns (since inception)
1 KR The Kroger Co. 3.7% Range of Returns % % Beating the Benchmark
2 XRAY Dentsply Sirona, Inc. 3.5%
Lower Higher 30 Market Total Win/Loss Win %
3 VEEV Veeva Systems, Inc. 3.5%
Better Better Up 64 46/18 72
4 PG Procter & Gamble Co. 3.4% 25
5 QLYS Qualys, Inc. 3.4% Down 25 24/1 96
6 CSCO Cisco Systems, Inc. 3.4% 20 Overall 89 70/19 79
7 HSY The Hershey Co. 3.4%
15
8 DOX Amdocs Ltd. 3.3% 72% Up Markets
9 RSG Republic Services, Inc. 3.3% 10
10 MCHP Microchip Technology, Inc. 3.3% 96% Down Markets
5
11 QRVO Qorvo, Inc. 3.3%
79% Overall
12 JBL Jabil, Inc. 3.3% 0
13 ENSG The Ensign Group, Inc. 3.3% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
14 UNH UnitedHealth Group, Inc. 3.3% Strategy Benchmark
15 HUM Humana, Inc. 3.3%
16 VMI Valmont Industries, Inc. 3.3% Current Allocation (USD)
17 KDP Keurig Dr Pepper, Inc. 3.3%
18 ABC AmerisourceBergen Corp. 3.2% 16% Mid < 10B 39.7% Healthcare 6.4% Industrial
19 ELV Elevance Health, Inc. 3.2% 42% Large < 200B 23.6% Tech 3.3% Materials
20 JNJ Johnson & Johnson 3.2% 42% Mega >= 200B 14.0% Noncyclical 3.2% Util
21 CHE Chemed Corp. 3.2%
6.6% Bizsvce 3.2% Cyclicals
22 DGX Quest Diagnostics, Inc. 3.2%
23 SAIC Science Applications International Co... 3.2%
24 ADP Automatic Data Processing, Inc. 3.2%
25 EVRG Evergy, Inc. 3.2%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Low Analyst Estimate Dispersion Russell 2000

Summary Strategy Description

Since Inception (annualized) 21.96% High dispersion of analyst estimates is linked to over-optimism of a subset of analysts (Analysts’ forecast dispersion
Relative to Benchmark (annualized) +14.68% and stock market anomalies: The role of forecast bias, Nov 2020, Irvine & Liu). This leads to lower returns as the
Turnover 174.65% analysts are forced to downgrade their estimates over time. This portfolio takes advantage of this anomaly by focusing
on stocks with a low dispersion of estimates which should, if anything, lead to a higher net upgrade in estimates over
Yield 0.61% time compared to their overly biased counterparts. To reduce risk of risky stocks, only those with positive free cash flow
Inception Jan 1, 2001 (using maintenance CAPEX only) which are in the upper half of the index of free cash flow yield are considered for
Benchmark Russell 2000 inclusion.

Risk Profile (since inception) 10Y Performance Analysis (as of Mar 22, 2023)
Strategy Benchmark Growth of $10,000
60
Beta 0.80 --- 10 Years
50
Sharpe Ratio 1.12 0.40 Strategy
40 $55,230
Sortino Ratio 1.48 0.53
30 Benchmark
Standard Deviation 18.27% 20.00% $23,252
20
Downside Deviation 11.02% 13.71%
10
Maximum Drawdown -50.88% -59.05%
60 Returns %
Strategy
Trailing Returns (annualized) 30
Benchmark
Strategy % Benchmark % Excess % 0
YTD 1.62 -1.56 3.18 -30
1Yr -4.08 -16.09 12.01
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
3Yr 31.02 20.69 10.33
5Yr 12.27 3.98 8.29 59.4 12.0 9.4 33.9 21.4 2.5 25.1 -0.3 53.1 -12.4 1.6 Strategy
10Yr 17.60 7.61 9.99 38.7 5.0 -4.5 21.6 14.6 -11.1 25.4 20.0 14.5 -20.5 -1.6 Benchmark
SI 21.96 7.28 14.68 20.7 7.0 13.9 12.3 6.8 13.6 -0.3 -20.3 38.6 8.1 3.2 Excess

Current Holdings (as of Mar 22, 2023) Quarterly Returns (since inception)
1 NSIT Insight Enterprises, Inc. 7.1% Range of Returns % % Beating the Benchmark
2 OXM Oxford Industries, Inc. 7.1%
Lower Higher Market Total Win/Loss Win %
3 LOPE Grand Canyon Education, Inc. 6.5%
Better Better Up 59 39/20 66
4 OSIS OSI Systems, Inc. 6.3% 30
5 PBH Prestige Consumer Healthcare, Inc. 6.1% Down 30 28/2 93
6 PRFT Perficient, Inc. 5.2% Overall 89 67/22 75
7 ONTO Onto Innovation, Inc. 5.1% 20
8 STRL Sterling Infrastructure, Inc. 5.1% 66% Up Markets
9 VRNT Verint Systems, Inc. 4.9%
10 93% Down Markets
10 FCPT Four Corners Property Trust, Inc. 4.9%
11 BDC Belden, Inc. 4.9%
75% Overall
12 MMSI Merit Medical Systems, Inc. 4.7% 0
13 FLGT Fulgent Genetics, Inc. 4.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
14 FN Fabrinet 4.3% Strategy Benchmark
15 ENS EnerSys 4.3%
16 BY Byline Bancorp, Inc. 4.0% Current Allocation (USD)
17 NTCT NetScout Systems, Inc. 3.9%
18 CASH Pathward Financial, Inc. 3.9% 42% Small < 2B 41.7% Tech 7.1% Cyclicals
19 AMAL Amalgamated Financial Corp. 3.8% 58% Mid < 10B 16.5% Financial 6.5% Noncyclical
20 FORR Forrester Research, Inc. 3.6% 15.2% Healthcare 3.6% Bizsvce
9.4% Industrial

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Microcap Value

Summary Strategy Description

Since Inception (annualized) 24.79% This portfolio of an optimal 30 holdings strikes a balance between size and liquidity. The microcap universe excludes
Relative to Benchmark (annualized) +17.86% OTC stocks but includes a publicly listed company with a market cap between $50mm and $300mm. The average daily
Turnover 280.04% turnover must be at least $500,000 to be considered. While there is a significant size and value premium in this
universe there is also elevated risk. The goal of this model portfolio is to extract the size-value premium while removing
Yield 1.94% higher risk holdings. This is carried out by first ensuring stocks have positive free cash flow over the past quarter and 12
Inception Jan 2, 1999 months. Only stocks with low short interest are allowed for purchase as high short interest relates to a future expected
Benchmark S&P 500 risk event. From here, we rank stocks based on the Portfolio123 Core: Value ranking system and hold the best 30 stocks.

Risk Profile (since inception)

10Y Performance Analysis (as of Mar 6, 2023)
Strategy Benchmark
Beta 1.24 --- Growth of $10,000
60 10 Years
Sharpe Ratio 0.90 0.39
50
Sortino Ratio 1.27 0.52 Strategy
40 $60,261
Standard Deviation 27.27% 15.35% 30 Benchmark
Downside Deviation 15.63% 10.44% 20 $34,197
Maximum Drawdown -65.72% -55.19% 10
Returns %
75
Trailing Returns (annualized) Strategy
50
Benchmark
Strategy % Benchmark % Excess % 25
YTD 9.44 5.76 3.68 0
1Yr 11.23 -4.89 16.12 -25
3Yr 38.14 12.57 25.57
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 16.26 10.06 6.20
81.3 29.4 -19.9 45.3 6.6 -14.4 21.7 15.7 51.0 4.0 9.4 Strategy
10Yr 18.79 12.10 6.69
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 5.8 Benchmark
SI 24.79 6.93 17.86
49.0 15.9 -21.1 33.3 -15.1 -9.8 -9.5 -2.6 22.3 22.2 3.6 Excess

Current Holdings - Top 25 of 30 (as of Mar 6, 2023)

Quarterly Returns (since inception)
1 AE Adams Resources & Energy, Inc. 5.0%
2 FSBW FS Bancorp, Inc. 4.9% Range of Returns % % Beating the Benchmark
3 LMB Limbach Holdings, Inc. 4.9%
Lower Higher Market Total Win/Loss Win %
4 CAAS China Automotive Systems, Inc. 4.5% Better Better Up 68 44/24 65
5 PVBC Provident Bancorp, Inc. (Massachuset... 4.5% 30 Down 29 16/13 55
6 IMMR Immersion Corp. 4.4%
Overall 97 60/37 62
7 CHMG Chemung Financial Corp. 4.3%
8 MFIN Medallion Financial Corp. 4.1% 20
9 KNOP KNOT Offshore Partners LP 3.8% 65% Up Markets
10 APEI American Public Education, Inc. 3.7%
10 55% Down Markets
11 JAKK JAKKS Pacific, Inc. 3.5%
12 BWFG Bankwell Financial Group, Inc. 3.4%
62% Overall
13 RCMT RCM Technologies, Inc. 3.3% 0
14 ORRF Orrstown Financial Services, Inc. 3.2% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 MITT AG Mortgage Investment Trust, Inc. 3.1% Strategy Benchmark
16 TUSK Mammoth Energy Services, Inc. 3.0%
17 UPLD Upland Software, Inc. 3.0% Current Allocation (USD)
18 ESEA Euroseas Ltd. 3.0%
19 JILL J.Jill, Inc. 3.0% 100% Micro < 300M 33.2% Financial 7.8% Consumersvce
20 ARC ARC Document Solutions, Inc. 3.0% 11.9% Energy 7.4% Tech
21 ACR ACRES Commercial Realty Corp. 2.9% 11.0% Cyclicals 6.1% Noncyclical
22 CNTY Century Casinos, Inc. 2.8% 9.0% Healthcare 5.6% Bizsvce
23 OPRT Oportun Financial Corp. 2.8% 7.9% Industrial
24 CMLS Cumulus Media, Inc. 2.7%
25 HHS Harte-Hanks, Inc. 2.6%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Size-Volatility Nas100

Summary Strategy Description

Since Inception (annualized) 19.84% This portfolio takes an innovative approach at targeting the size premium. Smaller companies carry a significant
Relative to Benchmark (annualized) +11.08% premium due to the increase of risk. But the net premium can only be realized in a portfolio once the highest risk firms
Turnover 138.81% are removed leaving a basket of smaller stocks with reduced exposure to risk. Risk reduction is carried out in a few
ways: positive free cash flows, lower short interest and a beta-adjusted size factor. Smaller companies with negative
Yield 1.46% free cash flow have higher risk of failure and/or dilution. Higher short interest may also signal some latent risk factor in
Inception Jan 2, 2001 the stock. Finally, volatility risk is managed by multiplying the market cap by a 5-year Beta (using monthly returns).
Benchmark Nasdaq 100 Thus, the size premium will reward smaller firms trading with less Beta to the parent index. 10 stocks are held. The size
premium holds even in large-cap indices.
Risk Profile (since inception)
10Y Performance Analysis (as of Mar 15, 2023)
Strategy Benchmark
Beta 0.65 --- 70 Growth of $10,000
Sharpe Ratio 0.94 0.39 60 10 Years
Sortino Ratio 1.46 0.52 50 Strategy
40 $66,151
Standard Deviation 20.21% 22.16% Benchmark
30
Downside Deviation 9.89% 15.30% $50,369
20
Maximum Drawdown -42.95% -70.40% 10

50 Returns %
Trailing Returns (annualized) Strategy
25
Benchmark
Strategy % Benchmark % Excess % 0
YTD 3.66 12.26 -8.60 -25
1Yr 14.61 -8.71 23.32
3Yr 18.47 16.38 2.09
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 16.82 12.50 4.32
40.2 21.7 22.7 9.8 20.1 8.4 46.6 36.3 11.5 -4.4 3.7 Strategy
10Yr 19.78 16.87 2.91
36.6 19.2 9.4 7.1 32.7 -0.1 39.0 48.6 27.4 -32.6 12.3 Benchmark
SI 19.84 8.77 11.07
3.6 2.5 13.3 2.7 -12.6 8.5 7.6 -12.3 -15.9 28.2 -8.6 Excess

Current Holdings (as of Mar 15, 2023)

Quarterly Returns (since inception)
1 PCAR PACCAR, Inc. 15.7%
2 VRTX Vertex Pharmaceuticals, Inc. 13.4% Range of Returns % % Beating the Benchmark
3 CTSH Cognizant Technology Solutions Corp. 11.6%
Lower Higher 25 Market Total Win/Loss Win %
4 KDP Keurig Dr Pepper, Inc. 9.1% Better Better Up 62 27/35 44
5 ANSS ANSYS, Inc. 9.1%
20 Down 27 22/5 81
6 GILD Gilead Sciences, Inc. 8.5%
Overall 89 49/40 55
7 CPRT Copart, Inc. 8.4%
15
8 REGN Regeneron Pharmaceuticals, Inc. 8.0%
9 CSGP CoStar Group, Inc. 7.7% 44% Up Markets
10
10 VRSK Verisk Analytics, Inc. 7.5%
81% Down Markets
5
55% Overall
0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
Strategy Benchmark

Current Allocation (USD)

100% Large < 200B 30.2% Healthcare 9.2% Noncyclical

28.6% Tech 8.5% Cyclicals
15.9% Industrial 7.6% Bizsvce

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Size-Volatility S&P 500

Summary Strategy Description

Since Inception (annualized) 18.49% This portfolio takes an innovative approach at targeting the size premium. Smaller companies carry a significant
Relative to Benchmark (annualized) +11.47% premium due to the increase of risk. But the net premium can only be realized in a portfolio once the highest risk firms
Turnover 331.41% are removed leaving a basket of smaller stocks with reduced exposure to risk. Risk reduction is carried out in a few
ways: positive free cash flows, lower short interest and a beta-adjusted size factor. Smaller companies with negative
Yield 1.45% free cash flow have higher risk of failure and/or dilution. Higher short interest may also signal some latent risk factor in
Inception Jan 2, 1999 the stock. Finally, volatility risk is managed by multiplying the market cap by a 5-year Beta (using monthly returns).
Benchmark S&P 500 Thus, the size premium will reward smaller firms trading with less Beta to the parent index. 15 stocks are held. The size
premium holds even in large-cap indices.
Risk Profile (since inception)
10Y Performance Analysis (as of Feb 8, 2023)
Strategy Benchmark
Beta 0.84 --- 70 Growth of $10,000
Sharpe Ratio 1.03 0.40 60 10 Years
50 Strategy
Sortino Ratio 1.44 0.53
40 $64,953
Standard Deviation 16.32% 15.36% Benchmark
30
Downside Deviation 9.31% 10.45% 20 $34,719
Maximum Drawdown -51.19% -55.19% 10

40 Returns %
Trailing Returns (annualized) Strategy
20
Benchmark
Strategy % Benchmark % Excess %
0
YTD 7.47 7.38 0.09
1Yr 3.72 -7.46 11.18 -20

3Yr 17.62 9.05 8.57

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 19.62 11.33 8.29
40.2 23.3 6.3 21.1 24.2 4.3 34.7 16.6 37.8 -3.1 7.5 Strategy
10Yr 20.13 12.53 7.60
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 7.4 Benchmark
SI 18.49 7.02 11.47
7.9 9.8 5.1 9.1 2.5 8.9 3.5 -1.7 9.1 15.1 0.1 Excess

Current Holdings (as of Feb 8, 2023)

Quarterly Returns (since inception)
1 BIO Bio-Rad Laboratories, Inc. 8.7%
2 MKTX MarketAxess Holdings, Inc. 8.7% Range of Returns % % Beating the Benchmark
3 RE Everest Re Group Ltd. 8.5%
Lower Higher 30 Market Total Win/Loss Win %
4 ZION Zions Bancorporation, NA 7.2% Better Better Up 68 50/18 74
5 FDS FactSet Research Systems, Inc. 7.2% 25 Down 29 24/5 83
6 L Loews Corp. 7.1%
Overall 97 74/23 76
7 CBOE Cboe Global Markets, Inc. 6.7% 20
8 ALLE Allegion Plc 6.3%
15
9 SEE Sealed Air Corp. 6.2% 74% Up Markets
10 GL Globe Life, Inc. 5.9% 10
83% Down Markets
11 LDOS Leidos Holdings, Inc. 5.8%
5
12 AIZ Assurant, Inc. 5.8%
76% Overall
13 CPT Camden Property Trust 5.5% 0
14 CHD Church & Dwight Co., Inc. 5.2% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 BAX Baxter International, Inc. 5.2% Strategy Benchmark

Current Allocation (USD)

19% Mid < 10B 55.4% Financial 7.2% Tech

81% Large < 200B 13.9% Healthcare 5.8% Industrial
12.5% Materials 5.2% Noncyclical

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Small Cap Focus (P123) With Risk Reduction

Summary Strategy Description

Since Inception (annualized) 49.00% This is a customized model based on the Portfolio123 'Small Cap Focus' strategy. An optimal 20 stocks are held. The
Relative to Benchmark (annualized) +39.36% base universe is any stock in North American markets with a minimum of $50,000 of daily turnover plus a $2 share
Turnover 555.48% price. Stocks cannot be OTC or MLPs. The market cap range is between $50mm and $500mm. To reduce risk inherent to
small stocks we remove any tickers which have short interest above 6% or which have negative free cash flow. On the
Yield 1.52% sell side, we also pay careful attention to how these stocks trade and we try to take advantage of inefficiencies which
Inception Jan 1, 2003 are more frequent in micro- and small-caps. When a position trades well above or below the market this will trigger a
Benchmark S&P 500 re-evaluation of the holding to ensure the buying conditions are still met with this being a top ranked stock. We can
often lock-in an abnormal profit or cut our losses short by doing so. The ranking system is equal-weight among the
following styles: analyst sentiment, price and volume, growth, value,...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Mar 12, 2023)

Beta 1.11 ---
Sharpe Ratio 1.93 0.64 Growth of $10,000
535
10 Years
Sortino Ratio 2.59 0.83 430
Strategy
Standard Deviation 21.90% 14.76% 325 $527,499
Downside Deviation 10.95% 9.81% 220 Benchmark
Maximum Drawdown -57.68% -55.19% 115 $32,628
10
Trailing Returns (annualized) 150 Returns %

100 Strategy
Strategy % Benchmark % Excess %
Benchmark
YTD 9.20 0.91 8.29 50
1Yr 32.11 -6.64 38.75 0
3Yr 56.11 17.73 38.38
5Yr 32.46 8.72 23.74 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 44.95 11.48 33.47
149.0 42.0 33.1 65.3 61.9 -11.2 61.0 43.8 53.5 21.6 9.2 Strategy
SI 49.00 9.64 39.36
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 0.9 Benchmark
116.7 28.5 31.9 53.3 40.2 -6.6 29.8 25.5 24.8 39.8 8.3 Excess
Current Holdings (as of Mar 12, 2023)

1 IRMD IRadimed Corp. 6.0% Quarterly Returns (since inception)

2 RCMT RCM Technologies, Inc. 5.8%
3 CECO CECO Environmental Corp. 5.6% Range of Returns % % Beating the Benchmark
4 CODA Coda Octopus Group, Inc. 5.6% Lower Higher Market Total Win/Loss Win %
5 PMTS CPI Card Group, Inc. 5.5% Better Better 40 Up 60 55/5 92
6 HGBL Heritage Global, Inc. 5.3% Down 21 17/4 81
7 PCTI PCTEL, Inc. 5.3% 30 Overall 81 72/9 89
8 HHS Harte-Hanks, Inc. 5.3%
9 REFI Chicago Atlantic Real Estate Finance,... 5.2%
20 92% Up Markets
10 LYTS LSI Industries, Inc. 5.2%
11 NECB Northeast Community Bancorp, Inc. 5.1%
10 81% Down Markets
12 AE Adams Resources & Energy, Inc. 5.0%
13 NWPX Northwest Pipe Co. 4.9% 89% Overall
14 CALB California Bancorp 4.9% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 LMB Limbach Holdings, Inc. 4.8%
16 INFU InfuSystem Holdings, Inc. 4.5% Strategy Benchmark

17 MNSB MainStreet Bancshares, Inc. 4.4%

18 ESQ Esquire Financial Holdings, Inc. 4.3% Current Allocation (USD)
19 BELFB Bel Fuse, Inc. 4.2%
20 DPSI DecisionPoint Systems, Inc. 3.6% 65% Micro < 300M 29.1% Financial 10.7% Bizsvce
35% Small < 2B 21.0% Industrial 5.0% Energy
16.2% Healthcare 4.9% Materials
13.0% Tech

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Smallcap Value

Summary Strategy Description

Since Inception (annualized) 21.27% This portfolio of an optimal 30 holdings strikes a balance between size and liquidity. The smallcap universe excludes
Relative to Benchmark (annualized) +14.34% OTC stocks but includes a publicly listed company with a market cap between $300mm and $1B. The average daily
Turnover 239.02% turnover must be at least $500,000 to be considered. While there is a significant size and value premium in this
universe there is also elevated risk. The goal of this model portfolio is to extract the size-value premium while removing
Yield 2.26% higher risk holdings. This is carried out by first ensuring stocks have positive free cash flow over the past quarter and 12
Inception Jan 2, 1999 months. Only stocks with low short interest are allowed for purchase as high short interest relates to a future expected
Benchmark S&P 500 risk event. From here, we rank stocks based on the Portfolio123 Core: Value ranking system and hold the best 30 stocks.

Risk Profile (since inception)

10Y Performance Analysis (as of Mar 6, 2023)
Strategy Benchmark
Beta 1.06 --- Growth of $10,000
50 10 Years
Sharpe Ratio 0.89 0.39
Sortino Ratio 1.27 0.52 40 Strategy
$52,428
Standard Deviation 22.91% 15.35% 30
Benchmark
Downside Deviation 12.82% 10.44% 20 $34,197
Maximum Drawdown -46.81% -55.19% 10
Returns %
60
Trailing Returns (annualized) Strategy
30 Benchmark
Strategy % Benchmark % Excess %
YTD 16.33 5.76 10.57 0
1Yr 10.55 -4.96 15.51
3Yr 34.25 12.54 21.71
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 15.41 10.05 5.36
42.0 11.9 -3.2 48.9 13.5 -17.2 28.0 7.1 61.9 -5.6 16.3 Strategy
10Yr 17.08 12.09 4.99
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 5.8 Benchmark
SI 21.27 6.93 14.34
9.7 -1.6 -4.4 36.9 -8.2 -12.6 -3.2 -11.2 33.2 12.6 10.5 Excess

Current Holdings - Top 25 of 30 (as of Mar 6, 2023)

Quarterly Returns (since inception)
1 ZEUS Olympic Steel, Inc. 6.7%
2 SXC SunCoke Energy, Inc. 5.4% Range of Returns % % Beating the Benchmark
3 MCFT Mastercraft Boat Holdings, Inc. 4.8%
Lower Higher Market Total Win/Loss Win %
4 NGL NGL Energy Partners LP 4.8% Better Better 30 Up 68 46/22 68
5 PANL Pangaea Logistics Solutions Ltd. 4.2%
Down 29 18/11 62
6 SB Safe Bulkers, Inc. 3.9%
Overall 97 64/33 66
7 HAFC Hanmi Financial Corp. 3.9% 20
8 SCPL SciPlay Corp. 3.7%
9 GSM Ferroglobe PLC 3.6% 68% Up Markets
10 LPG Dorian LPG Ltd. 3.6% 10
62% Down Markets
11 EVC Entravision Communications Corp. 3.5%
12 RGP Resources Connection, Inc. 3.5%
66% Overall
13 NMM Navios Maritime Partners LP 3.4% 0
14 REX REX American Resources Corp. 3.3% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 GDOT Green Dot Corp. 3.2% Strategy Benchmark
16 BRY Berry Corp. 3.1%
17 FLGT Fulgent Genetics, Inc. 3.1% Current Allocation (USD)
18 ADV Advantage Solutions, Inc. (California) 3.0%
19 HSII Heidrick & Struggles International, Inc. 2.8% 100% Small < 2B 20.9% Materials 7.7% Cyclicals
20 ACCO ACCO Brands Corp. 2.8% 17.4% Energy 3.8% Tech
21 BXC BlueLinx Holdings, Inc. 2.8% 16.5% Industrial 3.2% Healthcare
22 MERC Mercer International, Inc. 2.5% 16.3% Bizsvce 2.4% Consumersvce
23 CVEO Civeo Corp. 2.4% 11.8% Financial
24 WLKP Westlake Chemical Partners LP 2.3%
25 MSBI Midland States Bancorp, Inc. 2.2%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Stable Value Russell 2000

Summary Strategy Description

Since Inception (annualized) 16.12% The 'stable value' ranking system removes many value traps from the Russell 2000. Value traps are stocks with quickly
Relative to Benchmark (annualized) +8.24% deteriorating fundamentals which have the illusion of value based on the past because the future outlook is bleak.
Turnover 111.37% Stocks with 'stable value' should have improving fundamentals and low fluctuations of the line item between quarters.
For example, in addition to the price to sales ratio, the ranking system looks at how many times the sales increased
Yield 1.35% consecutively over the past 16 quarters as well as the normalized standard deviation of sales over the same period. The
Inception Jan 2, 1999 value ratios include price to sales, price to EBITDA, price to Free Cash Flow and price to Operating Cash Flow.
Benchmark Russell 2000 Enterprise Value and interest expenses are included (as opposed to market cap) to tilt away from highly leveraged
companies with heavy debt loads. High short interest stocks are also removed as this may indicate that a deep value
stock may experience future volatility, which is at odds with our...
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Feb 8, 2023)

Beta 0.82 ---
Sharpe Ratio 0.77 0.39 45 Growth of $10,000
40 10 Years
Sortino Ratio 1.07 0.53
35 Strategy
Standard Deviation 19.90% 20.32% 30 $45,171
Downside Deviation 11.96% 13.68% 25 Benchmark
20 $26,107
Maximum Drawdown -56.16% -59.05% 15
10
Trailing Returns (annualized) 50 Returns %
Strategy
Strategy % Benchmark % Excess % 25
Benchmark
YTD 10.07 10.53 -0.46 0
1Yr 10.02 -3.58 13.60
-25
3Yr 14.30 6.68 7.62
5Yr 11.23 6.94 4.29 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 16.06 9.26 6.80
45.4 21.3 -1.9 43.5 12.0 -13.8 29.9 -1.9 39.5 -3.6 10.1 Strategy
SI 16.12 7.87 8.25
38.7 5.0 -4.5 21.6 14.6 -11.1 25.4 20.0 14.5 -20.5 10.5 Benchmark
6.7 16.3 2.6 21.9 -2.6 -2.7 4.5 -21.9 25.0 16.9 -0.4 Excess
Current Holdings - Top 25 of 30 (as of Feb 8, 2023)

1 SANM Sanmina Corp. 6.1% Quarterly Returns (since inception)

2 FORM FormFactor, Inc. 5.4%
3 IBP Installed Building Products, Inc. 4.7% Range of Returns % % Beating the Benchmark
4 IMKTA Ingles Markets, Inc. 4.6% Lower Higher 30 Market Total Win/Loss Win %
5 IBOC International Bancshares Corp. 4.1% Better Better Up 64 30/34 47
6 TTEC TTEC Holdings, Inc. 4.0% 25
Down 33 26/7 79
7 GEF Greif, Inc. 4.0% Overall 97 56/41 58
20
8 BCO The Brink's Co. 3.8%
9 CVEO Civeo Corp. 3.8% 15
10 PRDO Perdoceo Education Corp. 3.8% 47% Up Markets
11 TWNK Hostess Brands, Inc. 3.7% 10
79% Down Markets
12 ULH Universal Logistics Holdings, Inc. 3.6% 5
13 YELP Yelp, Inc. 3.5% 58% Overall
14 PGC Peapack-Gladstone Financial Corp. 3.5% 0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 PFBC Preferred Bank (California) 3.4%
16 CCNE CNB Financial Corp. (Pennsylvania) 3.3% Strategy Benchmark

17 SMBC Southern Missouri Bancorp, Inc. 3.2%

18 EBF Ennis, Inc. 3.2% Current Allocation (USD)
19 PTSI P.A.M. Transportation Services, Inc. 3.0%
20 MBUU Malibu Boats, Inc. 2.9% 2% Micro < 300M 26.3% Tech 4.9% Cyclicals
21 PLAB Photronics, Inc. 2.9% 52% Small < 2B 21.8% Financial 4.0% Materials
22 CCOI Cogent Communications Holdings, Inc. 2.6% 47% Mid < 10B 13.8% Noncyclical 3.8% Consumersvce
23 VSH Vishay Intertechnology, Inc. 2.2% 13.4% Industrial 2.6% Telecom
24 FORR Forrester Research, Inc. 2.2% 9.3% Bizsvce
25 BMRC Bank of Marin Bancorp 2.2%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor TACK-inspired ETF Strategy

Summary Strategy Description

Since Inception (annualized) 6.94% This strategy is inspired by the Fairlead Tactical Sector ETF (TACK). The model is designed to hold up to 8 sector ETFs
Relative to Benchmark (annualized) +0.11% (out of 11) displaying the highest momentum in good markets. It will hold gold, long- and short-term bond funds in bad
Turnover 456.74% markets. There can also be a gradual shift towards gold and bond funds instead of an all-or-nothing approach. The
model is re-evaluated once every 4 weeks. For a sector ETF to be included it must be trading above its close from
Yield 1.53% one-month ago as well as its 50-day moving average being above its 200-day moving average. There are no restrictions
Inception Jan 2, 1999 for buying gold or bond ETFs. All possible ETFs meeting this initial criteria are then ranked according to momentum (6
Benchmark S&P 500 month - 1 month price momentum). Up to 8 ETFs are held. The funds are held equal weight to a maximum of 33.4%
weighting. Thus, if only 3 ETFs pass the filters, this model will still be fully invested. This model may differ significantly
from the actual TACK ETF. https://www.fairleadfunds.com/tack
Risk Profile (since inception)

Strategy Benchmark 10Y Performance Analysis (as of Mar 17, 2023)

Beta 0.27 ---
Sharpe Ratio 0.61 0.39 40 Growth of $10,000
35 10 Years
Sortino Ratio 0.86 0.52
30 Strategy
Standard Deviation 8.71% 15.35% $21,936
25
Downside Deviation 5.12% 10.44% Benchmark
20
Maximum Drawdown -16.78% -55.19% 15 $33,099
10
Trailing Returns (annualized) Returns %
30
Strategy
Strategy % Benchmark % Excess % 15
Benchmark
YTD 5.17 2.37 2.80 0
1Yr -2.24 -8.74 6.50 -15
3Yr 11.12 18.02 -6.90
5Yr 9.24 9.40 -0.16 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
10Yr 7.25 11.87 -4.62
16.8 7.5 -7.7 11.3 9.4 1.8 11.3 24.8 15.1 -9.2 5.2 Strategy
SI 6.94 6.83 0.11
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 2.4 Benchmark
-15.5 -6.0 -8.9 -0.7 -12.3 6.4 -19.9 6.5 -13.6 9.0 2.8 Excess
Current Holdings (as of Mar 17, 2023)

1 GLD SPDR Gold Shares 35.1% Quarterly Returns (since inception)

2 TLT iShares 20+ Year Treasury Bond ETF 34.0%
3 SHV iShares Short Treasury Bond ETF 32.3% Range of Returns % % Beating the Benchmark
Lower Higher Market Total Win/Loss Win %
Better Better Up 68 10/58 15
45 Down 29 26/3 90
Overall 97 36/61 37
30
15% Up Markets

15 90% Down Markets

37% Overall
0
< -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
Strategy Benchmark

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor TSX Mighty Mouse Momentum

Summary Strategy Description

Since Inception (annualized) 23.39% This portfolio takes advantage of the momentum premium found in Canadian markets. For inclusion a stock must be
Relative to Benchmark (annualized) +15.80% TSX-listed, have at least $300,000 of daily turn, trade at $1/share and have a market cap less than $2B. An optimal 30
Turnover 541.91% positions are held and re-evaluated every 4 weeks. There is a maximum of 5 stocks per sector. Stocks are ranked
primarily on price momentum of the stock and industry. There is also consideration of other factors that lead to
Yield 3.30% out-performance in Canadian markets such as growth, low volatility and value, although these combined only make up
Inception Jan 2, 1999 one-third of the ranking weight.
Benchmark S&P/TSX Capped Composite
10Y Performance Analysis (as of Mar 19, 2023)
Risk Profile (since inception)
70 Growth of $10,000
Strategy Benchmark 10 Years
55
Beta 0.88 --- Strategy
Sharpe Ratio 1.25 0.56 40 $63,718
25 Benchmark
Sortino Ratio 1.80 0.73
$21,108
Standard Deviation 18.21% 14.19% 10
Downside Deviation 9.62% 9.81%
Returns %
Maximum Drawdown -42.51% -48.21% 50
Strategy
25 Benchmark
Trailing Returns (annualized)
0
Strategy % Benchmark % Excess %
YTD -1.22 0.68 -1.90
1Yr 2.10 -8.33 10.43 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %

3Yr 54.56 20.33 34.23 53.1 8.1 13.1 17.1 15.5 -15.3 20.7 49.6 46.1 14.1 -1.2 Strategy
5Yr 21.68 7.68 14.00 12.5 11.0 -8.6 21.0 9.0 -8.7 22.8 5.6 25.1 -5.8 0.7 Benchmark
10Yr 18.99 7.44 11.55 40.6 -2.9 21.7 -3.9 6.5 -6.6 -2.1 44.0 21.0 19.9 -1.9 Excess
SI 23.39 7.59 15.80

Quarterly Returns (since inception)

Current Holdings - Top 25 of 30 (as of Mar 19, 2023)
Range of Returns % % Beating the Benchmark
1 HPS.A Hammond Power Solutions, Inc. 4.7%
2 AFN Ag Growth International, Inc. 4.0% Lower Higher Market Total Win/Loss Win %
Better Better 30 Up 67 50/17 75
3 SBB Sabina Gold & Silver Corp. 3.8%
4 CGY Calian Group Ltd. 3.6% Down 30 22/8 73
5 CAS Cascades, Inc. 3.6% Overall 97 72/25 74
20
6 BDT Bird Construction, Inc. 3.5%
7 NWC The North West Co., Inc. 3.5% 75% Up Markets
8 PZA Pizza Pizza Royalty Corp. 3.4%
10
9 UNS Uni-Sélect, Inc. 3.4% 73% Down Markets
10 NOA North American Construction Group ... 3.3%
11 AGF.B AGF Management Ltd. 3.3% 74% Overall
0
12 GDI GDI Integrated Facility Services, Inc. 3.3% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
13 WJX Wajax Corp. 3.3% Strategy Benchmark
14 SXP Supremex, Inc. 3.3%
15 CYB Cymbria Corp. 3.3% Current Allocation (USD)
16 BPF.UN Boston Pizza Royalties Income Fund 3.2%
17 EXRO Exro Technologies, Inc. 3.2% 19% Micro < 300M 18.5% Industrial 6.7% Consumersvce
18 CF Canaccord Genuity Group, Inc. 3.2% 81% Small < 2B 16.5% Materials 6.6% Noncyclical
19 PHX PHX Energy Services Corp. 3.1%
16.0% Financial 3.6% Tech
20 TOT Total Energy Services, Inc. 3.1%
15.7% Energy 3.3% Bizsvce
21 NBLY Neighbourly Pharmacy, Inc. 3.1%
13.0% Cyclicals
22 DIV Diversified Royalty Corp. 3.1%
23 MRE Martinrea International, Inc. 3.1%
24 SCL Shawcor Ltd. 3.1%
25 EFX Enerflex Ltd. 3.1%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Advisor Utilities: Stable, Sentiment and Yield

Summary Strategy Description

Since Inception (annualized) 13.58% 10 utility stocks are chosen from US markets with a liquidity filter of $200,000 of daily turnover. The ranking system
Relative to Benchmark (annualized) +9.58% looks at three main categories: stability of earnings, an improvement of analyst sentiment and higher dividend yield.
Turnover 174.37%
Yield 3.51% 10Y Performance Analysis (as of Mar 19, 2023)
Inception Jan 2, 1999
Benchmark S&P 1500 Electric Utilities Growth of $10,000
40
10 Years
35
30 Strategy
Risk Profile (since inception) $37,117
25
20 Benchmark
Strategy Benchmark $18,876
15
Beta 0.69 --- 10
Sharpe Ratio 0.93 0.23 Returns %
30
Sortino Ratio 1.23 0.31 Strategy
Standard Deviation 13.23% 15.42% 15 Benchmark
Downside Deviation 8.10% 10.81% 0
Maximum Drawdown -31.37% -47.30%

Trailing Returns (annualized) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
19.3 22.2 -1.4 24.8 17.1 6.9 29.5 2.4 23.1 2.7 -1.3 Strategy
Strategy % Benchmark % Excess %
5.1 25.2 -8.9 11.9 6.8 0.9 22.8 -1.5 15.5 -0.7 -5.9 Benchmark
YTD -1.33 -5.89 4.56
14.2 -3.0 7.5 12.9 10.3 6.0 6.7 3.9 7.6 3.4 4.6 Excess
1Yr -2.12 -2.88 0.76
3Yr 16.13 9.99 6.14
5Yr 13.47 6.70 6.77 Quarterly Returns (since inception)
10Yr 12.84 5.68 7.16
SI 13.58 4.00 9.58 Range of Returns % % Beating the Benchmark
Lower Higher Market Total Win/Loss Win %
Current Holdings (as of Mar 19, 2023) Better Better 30 Up 56 35/21 63
Down 41 36/5 88
1 NI NiSource, Inc. 11.6%
Overall 97 71/26 73
2 ARTNA Artesian Resources Corp. 11.4% 20
3 ATO Atmos Energy Corp. 11.4%
4 AEP American Electric Power Co., Inc. 11.1% 63% Up Markets
5 PPL PPL Corp. 10.4% 10
88% Down Markets
6 BIPC Brookfield Infrastructure Corp. 10.3%
7 CEPU Central Puerto Sa 9.8%
73% Overall
8 RGCO RGC Resources, Inc. 8.2% 0
9 BEPC Brookfield Renewable Corp. 7.6% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
10 VIA Via Renewables, Inc. 3.7% Strategy Benchmark

Current Allocation (USD)

13% Micro < 300M 100.0%Util

22% Small < 2B
11% Mid < 10B
55% Large < 200B

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.
Buy What Institutions Are Dumping

Summary Strategy Description

Since Inception (annualized) 14.48% Market inefficiencies are created when extreme events take place. Bear markets are just one example where panic
Relative to Benchmark (annualized) +5.69% selling can create buying opportunities for those brave enough to take on the volatility. But there are also smaller
Turnover 347.53% events which can create smaller inefficiencies. Institutional buying and selling can move markets due to the large
volume of trading. This may also be exacerbated when other investors discern institutional trading and join in. For
Yield 1.72% instance, institutional selling may cause panic where other investors sell. Or it may trigger algorithmic trading signals
Inception Jan 1, 2005 to follow the trend. This can cause a small overreaction, following which, prices may revert slightly towards the
Benchmark S&P 500 average. This model attempts to take advantage of this effect by analyzing which S&P 500 stocks are being sold by
institutions over the past quarter and buying 30 positions that were sold off the most.
Risk Profile (since inception)
10Y Performance Analysis (as of Mar 27, 2023)
Strategy Benchmark
Beta 1.24 --- Growth of $10,000
45
Sharpe Ratio 0.71 0.55 10 Years
40
Sortino Ratio 1.02 0.72 35 Strategy
30 $40,108
Standard Deviation 21.07% 15.20% 25 Benchmark
Downside Deviation 12.38% 10.26% 20 $33,650
15
Maximum Drawdown -56.16% -55.19% 10
Returns %
40
Trailing Returns (annualized) Strategy
20
Benchmark
Strategy % Benchmark % Excess %
0
YTD -4.72 4.07 -8.79
1Yr -10.18 -11.10 0.92 -20

3Yr 28.84 17.80 11.04

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Returns %
5Yr 13.49 10.65 2.84
35.7 14.7 -4.1 18.7 25.5 -10.5 33.5 17.3 42.2 -4.9 -4.7 Strategy
10Yr 13.60 11.76 1.84
32.3 13.5 1.2 12.0 21.7 -4.6 31.2 18.3 28.7 -18.2 4.1 Benchmark
SI 14.48 8.80 5.68
3.4 1.2 -5.3 6.7 3.8 -5.9 2.3 -1.0 13.5 13.3 -8.8 Excess

Current Holdings - Top 25 of 30 (as of Mar 27, 2023)

Quarterly Returns (since inception)
1 FDX FedEx Corp. 3.7%
2 DVA DaVita, Inc. 3.7% Range of Returns % % Beating the Benchmark
3 HSIC Henry Schein, Inc. 3.6%
Lower Higher 25 Market Total Win/Loss Win %
4 AOS A. O. Smith Corp. 3.6% Better Better Up 54 34/20 63
5 TSCO Tractor Supply Co. 3.6%
20 Down 19 8/11 42
6 LW Lamb Weston Holdings, Inc. 3.6%
Overall 73 42/31 58
7 PWR Quanta Services, Inc. 3.6%
15
8 ULTA Ulta Beauty, Inc. 3.6%
9 AZO AutoZone, Inc. 3.5% 63% Up Markets
10
10 TJX The TJX Cos., Inc. 3.5%
42% Down Markets
11 EXPE Expedia Group, Inc. 3.4% 5
12 CAH Cardinal Health, Inc. 3.4%
58% Overall
13 FISV Fiserv, Inc. 3.4% 0
14 MCHP Microchip Technology, Inc. 3.4% < -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 0% 50% 100%
15 LKQ LKQ Corp. 3.4% Strategy Benchmark
16 DG Dollar General Corp. 3.4%
17 NRG NRG Energy, Inc. 3.4% Current Allocation (USD)
18 HWM Howmet Aerospace, Inc. 3.3%
19 TDG TransDigm Group, Inc. 3.3% 13% Mid < 10B 18.8% Financial 10.0% Consumersvce
20 CDAY Ceridian HCM Holding, Inc. 3.3% 87% Large < 200B 17.4% Industrial 6.6% Tech
21 MGM MGM Resorts International 3.3% 16.2% Cyclicals 3.3% Util
22 WYNN Wynn Resorts Ltd. 3.3% 13.8% Noncyclical 3.0% Energy
23 WRB W.R. Berkley Corp. 3.3% 10.7% Healthcare
24 AXP American Express Co. 3.3%
25 GPN Global Payments, Inc. 3.2%

©2023 Portfolio123 All Rights Reserved. The information contained herein: (1) contains backtest performance figures that may not account for slippage and market impact; (2) is proprietary to Portfolio123 and/or
its content providers; (3) may not be copied or distributed; and (4) is not warranted to be accurate, complete or timely. Neither Portfolio123 nor its content providers are responsible for any damages or losses
arising from any use of this information.