Nuance Mid Cap Value

Nuance Investments, LLC (the “Firm”) is a Registered Investment Advisor. The Firm’s Nuance Mid Cap Value Composite (the “Composite”) is a composite of actual accounts invested in the Nuance Mid Cap Value investment strategy. The creation and inception date for the Composite is 11/03/2008. The Composite includes all accounts that have invested in the strategy; including accounts no longer managed by the Firm and are presented in US Dollars. Actual account returns may be higher or lower than the Composite returns due to differences in portfolio holdings, timing of security transactions, and account inception date. The Primary Benchmark for the Composite is the Russell Midcap Value Index. The Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Secondary Benchmarks for the Composite are the S&P MidCap 400 Value TR Index and the S&P 500 TR Index. The S&P MidCap 400 Value TR Index measures value in separate dimensions across six risk factors. The Value factors include book value to price ratio, sales to price ratio and dividend yield. The S&P 500 TR Index is a market-value weighted index representing the performance of 500 widely held publicly traded large-capitalization stocks. Individuals cannot invest directly in any index. Indices are used for comparison purposes only, do not include the reinvestment of dividends, and are not meant to be indicative of a portfolio’s performance, asset composition, or volatility.

The performance of the Composite may differ markedly from that of compared indices due to varying degrees of diversification and/or other facts.

Return calculations for the Composite are provided by Clearwater Analytics. Return calculations for all indices are provided by FactSet. The collection of fees has a compounding effect on the total rate of return net of investment management fees. Net of fee performance is presented after all actual investment management fees, performance-based management fees and all trading expenses that may occur. No other fees are deducted aside from trading and management fees for the calculation of net of fee performance. A full schedule of fees for all Firm products is available upon request.

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The information contained herein should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment strategy. Investing involves risk, including the possible loss of principal.

(1) The weighted average market capitalization generally will be maintained between the smallest and largest members of the Russell Midcap Index. The market capitalization of at least 80 percent of these securities will generally fall between the range of the smallest and largest members of the Russell Mid Cap Index (defined using a trailing 12 month average derived from FactSet of the smallest and largest members on a month to month basis.
(2) The portfolio will generally not exceed a 10% weighting in Cash.
(3) The portfolio may invest up to 15% of its assets in equity securities of foreign companies in countries classified as “developed” by MSCI.  Nuance utilizes FactSet’s country assignments for individual companies. Currently, the following countries are classified as “developed” by MSCI: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, UK, and the United States.
(4) The portfolio will generally not exceed a 25% weighting in one industry as defined by GICS classification standards (GICS®).
(5) Sector diversification will be within +/- 15% Russell Midcap Value Index. This is a fundamental diversification limit.
(6) A typical portfolio will generally hold between 50 and 90 companies. This is a fundamental diversification limit.

Past Performance is not a guarantee of future results. Securities are subject to general market risks due to a variety of factors that affect the overall market. There is no guarantee that an investment with the strategy will meet its investment objectives, and it may underperform the market. Please contact client.services@nuanceinvestments.com to request a copy of the Firm’s Disclosure Brochure for more information.