Changes to Clients' Quarterly Performance Report

We are currently investigating new approaches and formats for providing clients with meaningful performance information on their portfolios. In the meantime, we have decided to make a few minor changes to the first quarter reports, as follows:

  • Remove the 6.5% generalized financial planning return from the Cumulative Portfolio Performance. This single return estimate has become less meaningful for many clients whose investment strategies and asset allocations differ markedly from the portfolio mixes approximating the 6.5% return. We remain committed to helping clients connect their investment strategy to their own unique financial circumstances. For now, we think the best way to do that is in our individual client meetings.
  • Change the time periods displayed on the Performance Results table to the most recent quarter, 12 months, 5 years annualized, and 10 years annualized to provide a longer term perspective. Many of our managers employ low cost, tax-efficient, systematically active strategies that are designed to produce superior long-term results relative to approximate benchmarks.
  • Similarly, we are no longer highlighting manager performance equal to or better than the benchmark on the Performance Results pages because we think there is too much noise in short-term results over a quarter or year.