Inception: 1/1/2006
AS OF JANUARY 31, 2012 COMPARED TO ITS BENCHMARK
Performance Reporting Methodology
Tuttle Wealth Management, LLC (TWM) is an investment adviser registered with the U.S. Securities and Exchange Commission. The information contained herein is for informational purposes only and is not intended, and shall not constitute, a solicitation or offering of securities in any jurisdiction or any of the investments mentioned therein. Past performance is no guarantee of future results. Future economic and market conditions may not reflect past conditions and may have an adverse effect on performance. Results reflect the reinvestment of dividends and other earnings. Performance is net of all management and brokerage fees and TWM’s fee schedule is available on request and is described in our Form ADV Part 2A. Investments involve risks, including possible loss of principal invested.
The information above show the total return, including reinvestment of all dividends, and net of commissions and accounts paying investment advisery fees from 1%-2%. For comparison the return of the S&P 500 is shown for the same time period. The S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Prior to (6/1/09 TWM Income), (1/1/10 TWM IncomePlus), (3/1/10 TWM Tactical Balanced), (7/1/09 TWM Endowment), 6/1/10 TWM Market Masters), (9/1/09 TWM All Weather), (6/1/10 TWM Alpha), (8/1/09 TWM 500) (9/1/09 TWM Beta), (2/1/11 TWM Legends), (2/14/11 TWM Flagship), (6/1/09 TWM NASDAQ),(7/1/11 for TWM Momentum Series: Tactical All Asset, Tactical Allocation, Tactical Growth, Tactical Income and Tactical Multi-Strategy) and (9/1/11 for TWM Black Swan, and for TWM Institutional Series: Tactical Low Volatility, Tactical Balanced, and Tactical Growth) the results are hypothetical and are generating using TradersStudio® software managed according to the dictates of the programs and net of a 1.85% annual fee.
Backtested performance is NOT an indicator of future actual results. There are limitations inherent in hypothetical results particularly that the performance results do not represent the results of actual trading using client assets, but were achieved by means of retroactive application of a back-tested model that was designed with the benefit of hindsight. The results reflect performance of a strategy not historically offered to investors and do NOT represent returns that any investor actually attained. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses.
General assumptions include: TWM would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Changes in these assumptions may have a material impact on the backtested returns presented. Certain assumptions have been made for modeling purposes and are unlikely to be realized. No representations and warranties are made as to the reasonableness of the assumptions. This information is provided for illustrative purposes only.
Backtested performance is developed with the benefit of hindsight and has inherent limitations. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Actual performance may differ significantly from backtested performance
True tactical asset allocation also involves changing strategy methodologies. Since we are constantly improving our strategies all backtested results reflect the original strategy configurations. Our backtested results would be considerably higher if they reflected the strategies are they are currently constituted (except for the individual stock strategies which were changed to reduce volatility, such changes would have decreased past performance).
After 12/1/10 the actual performance shown is that of model accounts managed according to the dictates of the strategies (after 7/1/11 for TWM Momentum Series: Tactical All Asset, Tactical Allocation, Tactical Growth, Tactical Income and Tactical Multi-Strateg) and (after 9/1/11 for Black Swan, TWM Institutional Series Low Volatility, TWM Institutional Series Tactical Balanced, and TWM Institutional Series Tactical Growth). Other accounts are excluded to prevent additions, withdrawals and client mandated customizations from biasing the performance presentation.
