W.P.
Stewart & Co., Ltd. Notes to Global Equity Composite Historical
Performance
Account Inclusion
The W.P. Stewart Global Equity Composite currently consists of five
accounts which are managed using our global management approach and over
which we have complete discretionary authority. W.P. Stewart began using
its current approach to managing global equity portfolios with one
client account in 2004.
Performance Calculation
Performance figures have been calculated using a "time-weighted" rate of
return method, such that additions and withdrawals of capital are
weighted based on the amount of time such capital is held in the account
during the period. The annual performance of an account is derived by
linking the periodic rates of return for such account. The pre-fee
performance of our accounts reflects the deduction of brokerage
commissions but not the deduction of advisory fees which would reduce
the overall return. The post-fee performance of our accounts reflects
the deduction of brokerage commissions as well as actual advisory fees
charged to each account, adjusted for the effect of capital additions
and withdrawals.
MSCI World Index
The MSCI World Index is a free float-adjusted market capitalization
index that is designed to measure global developed market equity
performance. The MSCI World
Index’s quarterly and annual percentage returns were obtained from
Morgan Stanley Capital International Inc.’s website and include net
dividends reinvested. The
numbers do not reflect the deduction of any transaction or custodial
costs that would be involved in investing in the MSCI World Index.
The effect of these costs would be to reduce the indicated return
for the MSCI World Index by an undetermined amount.
For further information on the composition of this Index or its
reported returns, go to www.msci.com.