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Nuance Private Accounts

Nuance Concentrated Value

Performance11/13/2008 - 2/29/2024
YTD 20241 Year3 Year5 Year7 Year10 Year15 YearSince Inception APRSince Inception TRSince Inception Standard Deviation (A)Since Inception Sharpe Ratio (A)
Nuance Concentrated Value Composite (Gross)(4.28)2.004.036.886.767.3313.7912.92542.5313.280.90
Nuance Concentrated Value Composite (Net)(4.39)1.293.296.125.996.5613.0312.19481.4113.270.85
Russell 3000® Value Index3.4813.518.039.198.078.5713.2811.07398.9316.150.63
S&P 500® Index7.1130.4511.9014.7513.5812.6916.0214.15657.7715.260.87
Performance
11/13/08 - 12/31/08200920102011201220132014201520162017201820192020202120222023
Nuance Concentrated Value Composite (Gross)4.4742.2418.796.8518.4135.338.88(1.28)20.4912.11(3.82)28.924.2510.80(3.86)11.09
Nuance Concentrated Value Composite (Net)4.4741.7018.136.2917.7934.458.07(1.98)19.7011.29(4.55)28.003.489.99(4.55)10.33
Russell 3000® Value Index0.3719.7616.23(0.10)17.5532.6912.70(4.13)18.4013.19(8.58)26.262.8725.37(7.98)11.66
S&P 500® Index(0.47)26.4615.062.1116.0032.3913.691.3811.9621.83(4.38)31.4918.4028.71(18.11)26.29
Morningstar Value Peer Groups11/30/2008 - 12/31/2023
Since Inception APRSince Inception Standard Deviation (A)Since Inception Sharpe Ratio (A)
Nuance Concentrated Value Composite (Gross)13.1813.310.93
Nuance Concentrated Value Composite (Net)12.4413.290.87
Morningstar Large Value Funds Peer Group (Median)10.8915.940.63
Peer Group (Percentile/Ranking)14th (80 of 580)7th (41 of 580)2nd (7 of 580)
Morningstar Mid-Cap Value Funds Peer Group (Median)11.9917.860.61
Peer Group (Percentile/Ranking)37th (65 of 175)1st (1 of 175)1st (2 of 175)
Lipper Multi-Cap Value Funds Peer Group11/30/2008 - 12/31/2023
Since Inception APRSince Inception Standard Deviation (A)Since Inception Sharpe Ratio (A)
Nuance Concentrated Value Composite (Gross)13.1813.310.93
Nuance Concentrated Value Composite (Net)12.4413.290.87
Lipper Multi-Cap Value Funds Peer Group (Median)10.8916.280.61
Peer Group (Percentile/Ranking)19th (59 of 314)3rd (9 of 314)1st (4 of 314)

Nuance Investments, LLC (the “Firm”) is a Registered Investment Advisor. The Firm’s Nuance Concentrated Value Composite (the “Composite”) is a composite of actual accounts invested in the Nuance Concentrated Value investment strategy. The creation and inception date for the Composite is 11/13/2008. 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 3000 Value Index. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Secondary Benchmark for the Composite is the S&P 500 TR Index. 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 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. Return calculations for the Composite are provided by Clearwater Analytics. Return calculations for all indices are provided by FactSet.

The Nuance Concentrated Value Composite is an all-capitalization value investment product and consists of separately managed accounts in the Nuance Concentrated Value strategy. Rankings and peer group comparisons are created internally on a quarterly basis using data from FactSet. Nuance pays a licensing fee to FactSet to access their platform and to use their data, including peer group rankings, in marketing materials.  For comparison purposes, subsets of the Morningstar Large Value Funds Peer Group, Morningstar Mid-Cap Value Funds Peer Group and the Lipper Multi-Cap Value Funds Peer Group have been presented as investment strategies with a similar investment style to the Nuance Concentrated Value Composite. The peer groups consist of mutual funds within the stated category with performance history available from the Composites inception date. For peer group comparisons, all Returns, Standard Deviation and Sharpe Ratio calculations, including those of the Composite were calculated by FactSet based upon strategies with monthly net return data from December 2008 to the displayed date. For additional performance periods, please visit: https://nuanceinvestments.com/peer-group-disclosures/.

Additional Information: Portfolio composition will vary over time and may change without notice. Over the product life, the Concentrated Value Separate Account Product has been classified by Morningstar in the following categories: Large Value and Mid-Cap Value. Lipper does not provide product level classifications. Current investment style and assigned peer groups may differ from the styles presented. Nuance utilizes fund peer groups due to the limited availability of separate account data. The Nuance Concentrated Value Composite is compared to various fund peer groups as defined by investment style and is constructed in a manner that is similar to the guidelines and classifications of the Morningstar and Lipper fund category groups to which it is compared. However, fund category groups differ from separate account category groups. Morningstar Categories are based on the average holdings statistics over the past three years and are applied both funds and separate accounts. Morningstar Style Box Methodology is based on growth versus value scores using historical measures of various portfolio components and weights. A complete description of Morningstar’s Category classifications and Style Box Methodology can be found at https://www.morningstar.com/research/signature. For Morningstar ratings of our separate accounts, please visit: https://nuanceinvestments.com/awards-concentrated-value/. Lipper’s Fund Classifications have a prospectus-based methodology with diversified funds having an additional portfolio-based classification and are applied to open-ended funds but not to separate accounts or product composites. A complete description of Lipper’s fund classification methodology can be found at https://lipperalpha.refinitiv.com. The number of peers (i.e., the ranking) includes only those Category Peers with similar return timeframes to the Composites. Standard Deviation is a statistical measure of the historical volatility of a portfolio that reflects its dispersion or deviation from its mean. The Sharpe Ratio is a calculation of a product’s risk-adjusted performance over time. The Ratio is calculated by taking a product’s annualized excess return over a risk-free rate (The Firm uses the Citigroup month Treasury Bill as the risk-free rate) and dividing by its annualized standard deviation calculated using monthly returns.

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.

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 see a copy of the Firm’s Disclosure Brochure for more information.

Nuance Investments, LLC • 4900 Main Street, Suite 220, Kansas City, MO 64112​

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