Clark Capital Management Group, Inc. 1 For Advisor Use Only Clark Capital Management Group Sean...

Clark Capital Management Group, Inc.1

For

Ad

viso

r U

se

On

ly

Clark Capital Management Group


Sean Clark, CFAChief Investment Officer


Sean Clark, CFAChief Investment Officer



For

Ad

viso

r U

se

On

lyAbout Clark CapitalAbout Clark Capital

Philadelphia Based RIA

$2.0 Billion in AUM

Family and Employee Owned

Institutional Asset Management Firm

11 Investment Professionals 5 CFAs on Staff Average 20+ Years Experience


For

Ad

viso

r U

se

On

ly Modern Portfolio

Theory Modern Portfolio

Theory

Dr. Harry Markowiz published “Portfolio Selection: The Efficient Diversification of Investments” in the Journal of Finance in 1952.

Markowtiz postulated that an “efficient frontier” shows that securities can be blended within portfolios to minimize risk at various levels of (expected) return.

Based upon 3 assumptions: Normally distributed variability of returns (Normal

Distribution) Markets follow a random walk pattern Diversification can be properly quantified by correlation


For

Ad

viso

r U

se

On

lyProblems with Efficient

FrontierProblems with Efficient

Frontier

Efficient Frontier Is Based upon Historical Inputs That Are by Definition Not Stable: Returns Change Standard Deviations (risk) Change Correlation Change

You Need Stable Inputs to Create A Future Efficient Frontier to Manage Risk!


For

Ad

viso

r U

se

On

ly

“Any plan conceived in

moderation, must fail when

circumstances are set in

extremes.”

“Any plan conceived in

moderation, must fail when

circumstances are set in

extremes.” Prince Metternick


For

Ad

viso

r U

se

On

ly

Based on Normal (Bell Shaped) Distribution

Commute Time Minutes

90 80 70 60 50 40 30

Example for illustrative purposes only. The presenter did not track commute times.

Commute-Time Model Commute-Time Model


For

Ad

viso

r U

se

On

ly

35

38

41

44

47

50

53

56

59

62

65

68

71

74

77

80

83

86

89

92

95

98

101

104

107

110

113

116

119

122

125

128

131

134

0

10

20

30

40

50

Commute Time

Fre

qu

en

cy

Theoretical (Normal Distribution)Actual Experience

Snow Model breaks down

Nice Weather Model Works

Example for illustrative purposes only. The presenter did not track commute times.

909 Commutesfrom 1/1/2006 to 12/31/2009

909 Commutesfrom 1/1/2006 to 12/31/2009


For

Ad

viso

r U

se

On

ly Histogram of ReturnsJanuary 1991 - March 2010

Per

cent

age

of M

onth

s (%

)

0

5

10

15

20

25

Returns Range (%)

< -17 -17 to -15 -15 to -13 -13 to -11 -11 to -9 -9 to -7 -7 to -5 -5 to -3 -3 to -1 -1 to 1 1 to 3 3 to 5 5 to 7 7 to 9 9 to 11 > 11

S&P 500

S&P 500 Tail Risk S&P 500 Tail Risk


For

Ad

viso

r U

se

On

ly Snow for Asset Classes Snow for Asset Classes

Source: PSN/Informa Investment Solutions

Monthly Returns for Asset Classes 1/98 to 3/09

MetricBarclay

AggregateML High

Yield S&P 500 REITSMSCI EAFE

MSCI Emerging Mkts.

DJ AIG Comm-odity

Mean Monthly Return 0.5 0.3 0.1 0.3 0.2 0.8 0.7

Monthly Standard Deviation 1.1 2.8 4.7 6.4 5.0 7.6 5.9

100 Year Monthly Loss (Normal Distribution) -2.9 -8.4 -14.8 -19.8 -15.4 -23.0 -17.8

Worst 4 out of 135 Months1st Worst Month -3.4 -16.3 -16.8 -32.7 -20.2 -28.9 -29.9

2nd Worst Month -2.6 -8.4 -14.5 -24.7 -14.4 -27.4 -15.5

3rd Worst Month -2.4 -8.3 -10.9 -21.7 -12.4 -17.5 -12.6

4th Worst Month -1.8 -7.1 -10.6 -18.2 -10.7 -15.5 -9.0

Years between extreme monthly lossthat should occur based upon normal distribution

1st Worst Month 428 71,649,687

464 633,762

4,265 1,891 918,716

2nd Worst Month 37 97 79 1,742 53 820 29

3rd Worst Month 19 88 8 285 15 10 7

4th Worst Month 4 22 7 42 6 5 2


For

Ad

viso

r U

se

On

ly Snow for Asset Classes Snow for Asset Classes


Monthly Returns for Asset Classes 1/98 to 3/09

Metric ML High Yield S&P 500

Mean Monthly Return 0.3 0.1

Monthly Standard Deviation 2.8 4.7

100 Year Monthly Loss (Normal Distribution) -8.4 -14.8

1st Worst Month -16.3 -16.8

2nd Worst Month -8.4 -14.5

3rd Worst Month -8.3 -10.9

4th Worst Month -7.1 -10.6

1st Worst Month 71,649,687 464

2nd Worst Month 97 79

3rd Worst Month 88 8

4th Worst Month 22 7


For

Ad

viso

r U

se

On

ly

-20 -15 -10 -5 0 5 10 15

-30

-25

-20

-15

-10

-5

0

5

10

15

20

9/08 + 10/08

10/08 + 11/08

8/98 + 9/98

8/01 + 9/01

12/08 + 1/09

Monthly Return + Next Month (Snow Tomorrow)

Mon

thly

Retu

rn (

Sn

ow

Tod

ay)

S&P 500 Index 1/98 to 12/09 Serial Correlation

Snow Today

Snow Tomorrow

Snow Today/Snow Tomorrow Snow Today/Snow Tomorrow



For

Ad

viso

r U

se

On

ly

Negative Annual S&P Returns

Calendar Year

S&P 500 Index

Return

Probability of Event based on

Normal Distribution

1929 -8 11

1930 -25 124

1931 -43 6,829

1932 -8 10

1937 -35 935

1940 -10 13

1941 -12 16

1946 -8 10

1953 -1 < 10-year event

1957 -11 14

1962 -9 11

Calendar Year

S&P 500

Index Return

Probability of Event based on

Normal Distribution

1966 -10 13

1969 -8 11

1973 -15 24

1974 -26 166

1977 -7 < 10-year event

1981 -5 < 10-year event

1990 -3 < 10-year event

2000 -9 12

2001 -12 17

2002 -22 76

2008 -37 1,473

???


Snow Today/Snow Tomorrow Snow Today/Snow Tomorrow


For

Ad

viso

r U

se

On

ly

Source: Ned Davis Research, Inc – The Anatomy of Standard & Poor’s 500 Stock Index Declines 1/03/1928 to 6/29/2005

The Frequency of Market Declines

The Frequency of Market Declines

S&P 500 Declines

Occurences Per Year

Frequency Average

Probability of Decline Moving to Next Stage

-5% or more 3.4 Every 14 weeks 34%

-10% or more 1.1 Every Year 44%

-15% or more 0.5 Every 2 years 61%

-20% or more 0.3 Every 3 years N/A


For

Ad

viso

r U

se

On

ly

Correlation1/1998 to 10/2007 S&P 500

Barclay Aggregat

eML High

Yield REITSMSCI EAFE

MSCI Emerging Markets

DJ AIG Commodity

S&P 500 1.00 .18 .49 .41 .62 .58 -.02

Barclay Aggregate 1.00 .28 .13 .06 -.05 .20

ML High Yield 1.00 .41 .36 .42 .01

REITS 1.00 .28 .34 -.02

MSCI EAFE 1.00 .58 .05

MSCI Emerging Markets 1.00 .11

DJ AIG Commodity 1.00Correlation10/2007 to

3/2009 S&P 500

Barclay Aggregat

eML High



DJ AIG Commodity

S&P 500 1.00 .38 .73 .83 .91 .79 .47Barclay Aggregate 1.00 .37 .34 .52 .40 .42

ML High Yield 1.00 .68 .76 .80 .61

REITS 1.00 .72 .60 .39

MSCI EAFE 1.00 .94 .61

MSCI Emerging Markets 1.00 .66

DJ AIG Commodity 1.00


Normal vs. Extreme Conditions



For

Ad

viso

r U

se

On

ly

CorrelationIncrease %

S&P 500

Barclay Aggregat

eML High



DJ AIG Commodity

S&P 500 1 111% 49% 102% 47% 36% 4600%

Barclay Aggregate 1 86% 323% 483% -420% 230%

ML High Yield 1 51% 128% 107% 2200%

REITS 1 143% 112% 6000%

MSCI EAFE 1 45% 760%

MSCI Emerging Markets 1 509%

DJ AIG Commodity 1

Percentage Increase in Correlation

1/1998 to 10/2007 compared to 10/2007 to

3/2009





For

Ad

viso

r U

se

On

lyCorrelation of the S&P 500 vs.

Other Asset ClassesCorrelation of the S&P 500 vs.

Other Asset Classes

Source: Ned Davis Research

Past

perf

orm

an

ce i

s n

ot

a g

uara

nte

e o

f fu

ture

resu

lts.

Monthly Data 1/31/1976 - 3/31/2010

Median = 0.024

Correlation of the S&P 500 vs. Other Asset Classes

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Average of the 60-Month Correlation of Monthly Changes in theS&P 500 with the Monthly Changes of:

MSCI EAFE IndexMSCI Emerging Markets Index (starting 12/31/1992)

CRB IndexSpot Gold

Copper Perpetual Futures (starting 1/31/1984)10-Yr. T-Bond Yield3-Mo. T-Bill Yield

Euro (starting 4/30/1977)

10

-0.14

-0.12-0.10-0.08-0.06-0.04-0.020.00

0.020.040.060.080.100.120.140.16

0.180.200.220.240.260.280.30

0.320.340.360.380.400.420.44

0.460.48


For

Ad

viso

r U

se

On

lyModern Portfolio Theory’s

Cruel JokeModern Portfolio Theory’s

Cruel Joke

Good Times Bad Times

Low Correlation High Correlations

Low Volatility High Volatility

High Returns Low Returns

“Any plan conceived in moderation, must fail when

circumstances are set in extremes.”

“Any plan conceived in moderation, must fail when

circumstances are set in extremes.” Prince Metternick


For

Ad

viso

r U

se

On

ly

What Is Your Plan?What Is Your Plan?


For

Ad

viso

r U

se

On

lyInvestment PhilosophyInvestment Philosophy

Provide Superior Risk Adjusted Returns through a Disciplined Process Focused on Meaningful Diversification, Risk Management and Opportunistic Asset Allocation.


For

Ad

viso

r U

se

On

lyTraditional

Risk Management ToolsTraditional

Risk Management Tools

Fixed Income

Alternative Asset Classes

Tactical Management (forecasting)


For

Ad

viso

r U

se

On

lyInnovative Risk Management

ToolsInnovative Risk Management

Tools

Meaningful Diversification Significant alternative asset class

exposure through target allocations to specific commodities, currencies, precious metals and hedge strategies.

Opportunistic Core & Explore Asset Allocation

Core allocation for targeted beta exposure complimented by Explore allocations for targeted alpha opportunities.

Navigator Sentry Option Innovative institutional-level strategy

for portfolio protection that utilizes put options in an effort to prevent considerable portfolio losses due to severe market setbacks.


For

Ad

viso

r U

se

On

lyExpanding the Efficient

Frontier with Alternative Asset Classes

Expanding the Efficient Frontier with Alternative

Asset Classes

Alternative Asset Classes serve as a powerful diversification agents in a portfolio and tend to result in lower portfolio volatility and improved risk-adjusted returns.


For

Ad

viso

r U

se

On

lyMeaningful Diversification through Alternative Asset

Classes

Meaningful Diversification through Alternative Asset

Classes

Targeted Alternative ExposureCommodities

Currencies

Real Estate

Hedge/Absolute Return Strategies

Long/Short Opportunities

Inverse Strategies

Equity and Fixed Income Special Opportunities

Sentry Strategy


For

Ad

viso

r U

se

On



Tools





Navigator Sentry Option Innovative institutional-level

strategy for portfolio protection that utilizes put options in an effort to prevent considerable portfolio losses due to severe market setbacks.


For

Ad

viso

r U

se

On

lyCore & ExploreCore & Explore


For

Ad

viso

r U

se

On

lyWhat Is Core Structure? What Is Core Structure?

Goal to Provide Stability in The Portfolio (Beta Exposure)

Utilizes: Institutional Separate

Account Managers Institutional Mutual

Funds Exchange Traded Funds

Customization Active Core Passive Core


For

Ad

viso

r U

se

On

lyWhat Is Explore Structure? What Is Explore Structure?

Goal to Provide Alpha - Excess Return

Consists of ETFs Style ETFs – value/growth, small/mid/large cap

Sector ETFs – Energy, financials, healthcare, technology, etc

International ETFs – Europe, Asia, Latin America

Fixed income – US, international, municipal tax free, government securities, high yield, etc.

Alternative – commodities, real estate, currencies, options, hedge funds

ExploreAllocations

ExploreAllocations


For

Ad

viso

r U

se

On

lyWhy Explore Structure?Why Explore Structure?

Dynamic Quantitative Disciplined Process

Major Emphasis on Proven Relative Strength Methodology

Unemotional

Actively Managed Strategy

Flexibility is the key to Alpha

Market Direction Does Not Matter

Avoid Areas of Disaster Financials, Home Builders, etc..


For

Ad

viso

r U

se

On

lyNavigator Unified Solution

Explore ComponentsNavigator Unified Solution

Explore Components

2009 2008 2 Year

Navigator U.S. Sector Explore 34.87 -39.67 -18.63

Navigator U.S. Style Explore 31.18 -35.50 -15.39

Navigator International Explore 43.11 -43.66 -19.37

Navigator Fixed Income Explore 41.32 4.14 47.17

Navigator Alternative 22.22 -19.39 -1.48

S&P 500 with Dividends 26.45 -37.00 -20.34

Barclay Capital Governmentand Credit Bond Index 3.09 5.09 8.34

MSCI EAFE 31.63 -38.95 -19.64

Net of Fees. As of 12/31/2009

Navigator Unified Solutions results combine actual and hypothetical and do not represent individual client accounts. See important disclosure at the end of presentation.


For

Ad

viso

r U

se

On

lyWhy Core and Explore? Why Core and Explore?

Multiple Methodologies to Work through All Market Environments

Flexibility

Built in Opportunistic Allocations

Tax-Aware Structure

Lower Tracking Error Possibility Less Unexpected Consequences


For

Ad

viso

r U

se

On

lyHow They Work TogetherHow They Work Together


For

Ad

viso

r U

se

On



Tools





Navigator Sentry Option Innovative institutional-level

strategy for portfolio protection that utilizes put options in an effort to prevent considerable portfolio losses due to severe market setbacks.


For

Ad

viso

r U

se

On

lyProtective Put Hedge Strategy Protective Put Hedge Strategy

S&P 500

S&P 500 Put

Option

Down Market

S&P 500

S&P 500 Put

Option

Up Market

Consistent Negative Correlation


For

Ad

viso

r U

se

On

lyProtective Put StrategyProtective Put Strategy


For

Ad

viso

r U

se

On

lyNavigator Sentry ObjectivesNavigator Sentry Objectives

Reduce equity volatility

Prevent large portfolio losses through systematic portfolio put option protection

Provide consistent negative correlation in all market environments

Provide systematic risk management without forecasting or market timing influence

Provide confidence in the expected outcome in all market environments

Provide continuous protection from event driven declines (i.e. natural disaster, terrorist attacks)


For

Ad

viso

r U

se

On

ly

S&P 500 index puts

9 to 18 months in duration

5 to 10% out of the money

Consistently applied to cover 100% of equity exposure in a portfolio

Targeting 3 to 7% allocation over market cycle

Navigator Sentry Implementation

Navigator Sentry Implementation


For

Ad

viso

r U

se

On

lySentry Put TradesSentry Put Trades

Date Action Position Gain/Loss

02/06/08Sell

Buy

June ’08 1325*

Dec. ’08 130024.13%

06/27/08Sell

Buy

Dec. ’08 1300

Mar. ’09 1275-13.50%

09/15/08Sell

Buy

Mar. ’09 1275

Dec. ’09 120013.73%

10/06/08Sell

Buy

Dec. ’09 1200

Dec. ’09 110098.21%

10/10/08Sell

Buy

Dec. ’09 1100

Dec. ’09 90048.32%

01/15/09Sell

Buy

Dec. ’09 900

Dec. ’09 80025.72%

03/05/09Sell

Buy

Dec. ’09 800

June ’10 700-0.001%

Cumulative Return 351.33%


For

Ad

viso

r U

se

On

lyLevel 5 with Sentry vs. 60/40Level 5 with Sentry vs. 60/40

Since Inception Versus S&P 500

Portfolio Beta

Level 5 with Sentry .49

60% S&P 500 /40% BCGC .58

What’s the cost of 40% in Bonds compared to 10% in Sentry?What’s the cost of 40% in Bonds compared to 10% in Sentry?


Composite Active Core Portfolios. Net of Fees. As of 3/31/2010

*Inception Date 10/1/2000.

UpsideCapture

67.6

63.3

DownsideCapture

35.3

55.9


For

Ad

viso

r U

se

On


Portfolio Performance Navigator Unified Solution

Portfolio Performance

2009 2008 2 Year

Level I with Sentry 19.59 -3.50 15.40

Level II with Sentry 16.91 -14.38 0.10

Level III with Sentry 19.75 -19.46 -3.55

Level IV with Sentry 19.83 -22.75 -7.43

Level V with Sentry 21.16 -23.45 -7.25

S&P 500 with Dividends 26.45 -37.00 -20.34





For

Ad

viso

r U

se

On


Portfolio PerformanceNavigator Unified Solution


1Year

3Year

5Year

SinceIncep.

StdDev* Beta* Alpha*

Level I with Sentry 22.76 6.36 6.07 8.37 7.74 0.00 6.03

Level II with Sentry 23.24 2.55 4.72 6.34 7.71 0.19 4.30

Level III with Sentry27.0

11.8

15.0

16.35 9.98 0.49 4.81

Level IV with Sentry 27.20 0.73 4.51 6.32 11.06 0.53 4.94

Level V with Sentry 27.21 0.17 3.95 5.66 10.55 0.49 4.22

S&P 500 with Dividends 49.74

-4.17

1.90 -0.31 18.09 1.00 0.00





For

Ad

viso

r U

se

On




1Year

3Year

5Year

SinceIncep.

StdDev* Beta* Alpha*

Level I with Sentry 22.76 6.36 6.07 8.37 7.74 0.00 6.03

Level II with Sentry 23.24 2.55 4.72 6.34 7.71 0.19 4.30

Level III with Sentry 27.01 1.81 5.01 6.35 9.98 0.49 4.81

Level IV with Sentry 27.20 0.73 4.51 6.32 11.06 0.53 4.94

Level V with Sentry 27.21 0.17 3.95 5.66 10.55 0.49 4.22

S&P 500 with Dividends 49.74

-4.17

1.90 -0.31 18.09 1.00 0.00





For

Ad

viso

r U

se

On




Upside Capture

Downside Capture

SharpeRatio

Level I with Sentry 31.08 -26.95 0.77

Level II with Sentry 42.28 2.99 0.51

Level III with Sentry 72.06 35.04 0.40

Level IV with Sentry 76.48 39.58 0.36

Level V with Sentry 67.63 35.34 0.31

S&P 500 with dividends 100.00 100.00 -0.15





For

Ad

viso

r U

se

On

lyWinning by Not LosingWinning by Not Losing

Fund Name10/9/2007 to 12/31/2009

Approx %Gain Neededto Recapture

Loss

Oppenheimer Cap. Appr. (OPTFX) -24.18 32%

T-Rowe Price Large-Cap Value (TRVLX) -19.23 24%

American Funds New World (NEWFX) -13.22 15%

American Gr. Fund of America (AGTHX) -18.53 23%

Level 3 with Sentry -1.12 1%

Level 4 with Sentry -4.80 5%

ETF Explore with Sentry -5.93 6%

S&P 500 Index -20.87 26%

Source: Morningstar for Funds. See Disclosure for CCMG Portfolios

Net of fees. Actual Performance results. See important disclosures at end of presentation.

10/9/2007 to 3/31/2010



For

Ad

viso

r U

se

On

ly

$1,789,300

$970,943

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

10/1/00 3Q-01 3Q-02 3Q-03 3Q-04 3Q-05 3Q-06 3Q-07 3Q-08 3Q-09

14.19% gain/year for 5 years required for S&P 500 to catch up to the Sentry portfolio today

Navigator Unified Solutions Accumulation Phase

Navigator Unified Solutions Accumulation Phase

Avg. Annual Beta Std Dev

Level IV with Sentry 6.32% 0.53 11.06

S&P 500 with Dividends

-0.31% 1.00 18.09





For

Ad

viso

r U

se

On

ly

$914,788

$496,399

$250,000

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

10/1/00 3Q-01 3Q-02 3Q-03 3Q-04 3Q-05 3Q-06 3Q-07 3Q-08 3Q-09

Navigator Unified Soultion Level IV withSentry with 6% Distribution

S&P 500 with 6% Distribution

15.81% gain/year for 5 years required for S&P

500 with 6% Distribution to catch up to the Sentry portfolio

today

Navigator Unified Solutions Distribution Phase

Navigator Unified Solutions Distribution Phase

$535,755 Withdrawn

$330,573Withdrawn

Level IV with Sentry with 6% Distribution

S&P 500 with Dividends with 6% Distribution





For

Ad

viso

r U

se

On

lyProspect QuestionsProspect Questions

What are you or your current advisor doing to

manage risk?

What are you or your current advisor doing to

manage risk?

How has that worked for you?

How has that worked for you?


For

Ad

viso

r U

se

On

lyWhat Are Clients Thinking?What Are Clients Thinking?

How can you help me prevent this from happening again?

How can you help me prevent this from happening again?

How can I recapture some of these losses without taking the full risk of equity exposure?

How can I recapture some of these losses without taking the full risk of equity exposure?


For

Ad

viso

r U

se

On

lyWhat Are Advisors Thinking?What Are Advisors Thinking?

How can I get my clients/ prospects off the sidelines?

How can I protect my revenue stream against

future market downturns?

How can I get my clients/ prospects off the sidelines?

How can I protect my revenue stream against

future market downturns?


For

Ad

viso

r U

se

On

lyDisclosureDisclosure

The performance for the above Navigator Unified Solution Portfolios combines actual composite results with hypothetical results as described below. Actual Navigator Unified Solutions Portfolio performance is calculated using an asset weighted average performance of all actual, fully discretionary accounts under management within a specified Level, including those accounts no longer with the firm. All dividends and interest income is re-invested. Within the specified Level, account performance is calculated according to industry standards using the daily valuation methodology. A complete list and description of assets comprising the composites will be furnished upon request.

The hypothetical performance was calculated by compiling the actual performance of a static group of sub-advisors, mutual funds, and exchange traded funds in a target allocation for the period of 10/1/2000 through the below inception dates. Portfolio allocations were rebalanced annually to target allocation. In certain cases the advisor’s performance is both model and hypothetical. The time period commencing 10/01/00 has been selected by Clark Capital in its sole discretion as it is the earliest common date that data is available for the sub-advisors, mutual funds, exchange traded funds and which coincides with the advisor’s models. Performance results will vary for other periods.

The inception dates of Navigator Unified Portfolios Portfolio composites are as follows: 10/1/07 - Level III, Level III with Sentry, Level IV, Level IV with Sentry, and Level V; 12/31/07 - Level II and Level V with Sentry; 4/1/08 - Level I ; 7/1/08 - Level II Sentry

Hypothetical results do not represent actual trading in client accounts nor do they reflect client-specific activities such as contributions, withdrawals or restrictions. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, such results may not reflect the impact that material economic and market factors might have had if accounts had actually been managed by Clark Capital during the entire period portrayed. Neither past actual nor hypothetical performance guarantees future results. Clients should not rely solely on this performance or any other performance illustrations when making investment decisions. The Sentry Strategy allocation cannot guarantee against market loss, but has the potential to limit risk. It is possible that your investment, when redeemed, may be less than the original amount invested. Actual client results may differ materially.

S&P 500 index performance was obtained from Bloomberg. It is not possible to make a direct investment in any particular index. Index returns do not reflect any fee deductions and include the re-investment of dividends. The S&P 500 is an unmanaged market capitalization weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. It represents approximately 75% of the U.S. equities market.

Performance data for the portfolios reflect the maximum Investment Advisory Fee from the below table and the maximum Referring Investment Consultant Fee of 1.25%, debited quarterly. Actual client fees may be lower than fees used in this presentation. All dividends and interest income is re-invested. The Referring Investment Consultant can charge between 0% and 1.25%. If a lower Referring Investment Consultant Fee were reflected in the performance data, returns would be higher. Actual fees also may differ from the fees used in this presentation depending upon account size, investments and agreement with client. See Clark Capital’s Schedule H for Navigator Unified Solutions for a full description of management fees. See Clark Capital's ADV Schedule H for additional information about management fees.

Clark Capital Management Group, Inc. 1 For Advisor Use Only Clark Capital Management Group Sean...

Documents

Transcript of Clark Capital Management Group, Inc. 1 For Advisor Use Only Clark Capital Management Group Sean...