2CLIP Portfolio Analytics
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Important Notes and Disclaimer
The information contained herein is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent of 2nd Market Capital Advisory Corporation (2MCAC).
Suitability. The information contained herein is impersonal and not tailored to the investment needs of any particular person. It does not constitute a recommendation that any particular security or strategy is suitable for a specific person. We cannot determine whether the portfolio holdings presented are suitable for any given reader. Readers are encouraged to contact their financial professional to discuss the suitability of any strategies or holdings prior to implementation in their portfolio.
Forward-looking statements. Commentary may contain forward-looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MCAC cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in these documents.
Holdings. The specific securities identified and described herein do not represent all of the securities purchased or sold for advisory clients of 2MCAC. It should not be assumed that investments in the securities identified and described were or will be profitable. We do not intend presentation of 2CLIP's holdings as a recommendation, but rather as a statement of historical fact. It should not be assumed that purchases and sales made in the future will be profitable or will equal the performance of the securities in this list.
Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. The performance described represents the 2CLIP portfolio only and does not represent the performance of all advisory clients. Although the statements of fact and data in this commentary have been obtained from sources believed to be reliable, 2MCAC does not guarantee their accuracy and assumes no liability or responsibility for any omissions/errors.
Benchmark Comparison. 2CLIP's portfolio is compared to the iShares Real Estate ETF (IYR) and Vanguard REIT ETF(VNQ) because these are common methods for investing in a portfolio of REITs and we view these as competitors or alternatives to 2CLIP. The IYR tracks the investment results of an index composed of U.S. equities in the real estate sector. The VNQ Invests in stocks issued by real estate investment trusts (REITs), companies that purchase office buildings, hotels, and other real property. Its goal is to closely track the return of the MSCI US Investable Market Real Estate 25/50 Transition Index. Both IYR and VNQ have fees that are factored into performance, while 2CLIP does not have a fee aside from trading commissions which are factored into performance. 2CLIP’s dividends are reinvested, while VNQ’s and IYR’s dividends are paid but not reinvested.
Expenses. Returns reflect the deduction of any transaction expenses. There are no costs or management fees charged nor deducted.
Calculation Methodology. Partial year return, unaudited. Dividends in 2CLIP are reinvested.
Use of Leverage. 2CLIP intends to use leverage (typically described as margin), thereby increasing both the possibility of gains and the risk of loss. Margin limits are capped at 1:1 or 100% of borrowings against net equity. Margin levels are anticipated to range from 0% to 100% of borrowings against net equity. As of 7/1/2018 2CLIP’s cost of margin capital is 2.25%. 2CLIP’s margin rate was negotiated directly with the custodian; subscribers’ cost of margin may be higher.
Conflicts of Interest. We routinely own and trade the same securities purchased or sold for advisory clients of 2MCAC. This circumstance is communicated to clients on an ongoing basis. As fiduciaries, we prioritize our clients’ interests above those of our corporate and personal accounts to avoid conflict and adverse selection in trading these commonly held interests.
Investment advisory services offered through 2nd Market Capital Advisory Corporation, a Wisconsin registered investment advisor.
View disclosure information for 2nd Market Capital Advisory Corporation and our investment professionals by visiting the SEC Investment Advisor Public Disclosure website.