Quarter End Performance

As of 12/31/2016


QTD YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Net 3.51% -0.81% -0.81% 1.77% 11.96% 5.94% 6.72%
S&P 500 Index 3.82% 11.96% 11.96% 8.87% 14.66% 6.95% 7.45%

Net of fees performance is calculated using actual management fees.  The net return is reflective of actual fees and fees paid vary by client.

Past performance is not indicative of future results.  It should not be assumed that any of the recommendations or characteristics discussed here will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable.  BCM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

ALPS Distributors, Inc. is not affiliated with the separately managed account products of Brown Capital Management.