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Important Notes and Disclaimer

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. You should consider QuantVal and QuantCredit investments based on the suitability of each strategy in relation to your objectives and risk tolerances. Although the statements of fact and data in this report have been obtained from sources believed to be reliable, Midwest does not guarantee their accuracy, and assumes no liability or responsibility for any omissions/errors.

GIPS Disclosures

Presentation Standards: Midwest Asset Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Midwest Asset Management, Inc. has not been independently verified. Midwest Asset Management, Inc. has hired Ashland Partners & Company LLC to perform an independent verification for the periods 01-01-05 to 12-31-16.
Firm Definition: Midwest Asset Management, Inc. ("Midwest") is an independent Registered Investment Advisor registered with the State of WI.
Composite Definitions: QuantVal Small-Cap Value Equity Composite (the "Composite") was created in Dec 2007, and includes all fully discretionary, fee paying, taxable, and non-taxable equity portfolios larger than $200,000 that are managed by Midwest in the quantitative small-cap value style. The Composite was created in Dec 2007 to combine portfolios from the old QuantVal Small-Cap Value and QuantVal All-Cap Value composites from Jan 2005 since they were both essentially the same strategy with similar small-cap value holdings. There was not a meaningful difference between the portfolios to warrant two separate products, and were therefore consolidated into a single small-cap value offering to more accurately reflect the strategy. The Composite includes equity segments that are carved out from balanced portfolios. Carve-out performance includes cash and cash equivalents that are allocated at the beginning of each month according to the portfolio's target equity allocation. Fees, cash flows, and disbursements are allocated throughout each month according to the portfolio's target equity allocation. Carve-out segments represented 36% of the Composite's total assets as of Dec 2009. QuantVal Mid-Cap Value Equity Composite (the "Composite") was created in Sep 2010, and includes all fully discretionary, fee paying, taxable, and non-taxable equity portfolios larger than $200,000 that are managed by Midwest in the quantitative mid-cap value style. QuantVal Large-Cap Value Equity Composite (the "Composite") was created in Jan 2010, and includes all fully discretionary, fee paying, taxable, and non-taxable equity portfolios larger than $200,000 that are managed by Midwest in the quantitative large-cap value style. QuantVal Equity Market Neutral Composite (the "Composite") was created in Mar 2006, and includes all fully discretionary, fee paying, taxable, and non-taxable equity portfolios larger than $200,000 managed by Midwest in the quantitative market neutral style. QuantCredit Intermediate Investment Grade Corporate Bond Composite (the "Composite") was created in January 2006 and includes all fully discretionary, fee-paying, taxable, and non-taxable investment grade corporate fixed income portfolios larger than $200,000 that are managed by Midwest. The composite includes fixed income segments that are carved out from balanced portfolios. Carve-out performance includes cash and cash equivalents that are allocated at the beginning of each month according to the portfolio's target fixed income allocation. Fees, cash flows, and disbursements are allocated throughout each month according to the portfolio's target fixed income allocation. Carve-out segments represented 0% of the Composite's total assets as of Dec 2009. In cases where multiple accounts are managed as a whole for a single client, the accounts are combined into and treated as a single portfolio. New portfolios are included in the Composites beginning with the first complete month of fully discretionary management. Closed portfolios remain in the Composites through the last complete month of fully discretionary management. Although the philosophy behind each Composite portfolio is similar, performance varies due to different selection, market capitalization, sector weighting, and timing components. A complete list and description of all Midwest composite definitions available upon request.
Annual Disclosures: QuantVal Small-Cap Value Equity number of composite portfolios: 2005: 2; 2006: 5; 2007: 5; 2008: 3; 2009: 3; 2010: 3; 2011: 2; 2012: 2; 2013: 1; 2014: 1; 2015: 1; 2016: 1. Composite assets ($M): 2005: 3.5; 2006: 4.3; 2007: 2.2; 2008: 0.8; 2009: 1.2; 2010: 2.1; 2011: 1.3; 2012: 1.0; 2013: 0.9; 2014: 1.3; 2015: 1.2; 2016: 1.5. QuantVal Mid-Cap Value Equity number of composite portfolios: 2010: 1; 2011: 1; 2012: 1; 2013: 1; 2014: 1; 2015: 1; 2016: 1. Composite assets ($M): 2010: 0.6; 2011: 0.5; 2012: 0.5; 2013: 0.8; 2014: 1.2; 2015: 1.2; 2016: 1.3. QuantVal Large-Cap Value Equity number of composite portfolios: 2010: 1; 2011: 1; 2012: 1; 2013: 1; 2014: 1; 2015: 1; 2016: 1. Composite assets ($M): 2010: 0.6; 2011: 0.5; 2012: 0.6; 2013: 1.1; 2014: 1.3; 2015: 1.3; 2016: 1.5. QuantVal Equity Market Neutral number of composite portfolios: 2006: 1; 2007: 7; 2008: 4; 2009: 1; 2010: 1; 2011: 1; 2012: 1; 2013: 1; 2014: 1; 2015: 1; 2016: 1. Composite assets ($M): 2006: 1.3; 2007: 6.3; 2008: 1.8; 2009: 1.5; 2010: 2.9; 2011: 3.7; 2012: 4.0; 2013: 4.3; 2014: 4.5; 2015: 5.3; 2016: 5.7. QuantCredit Intermediate Investment Grade Fixed number of composite portfolios: 2006: 1; 2007: 1; 2008: 1; 2009: 2; 2010: 2; 2011: 2; 2012: 2; 2013: 2; 2014: 2; 2015: 2; 2016: 2. Composite assets ($M): 2006: 1.2; 2007: 1.1; 2008: 1.9; 2009: 2.7; 2010: 2.9; 2011: 2.4; 2012: 2.6; 2013: 2.8; 2014: 4.7; 2015: 2.3; 2016: 2.3. Total Firm Assets ($M): 2000: 3.0; 2001: 3.8; 2002: 5.9; 2003: 5.2; 2004: 10.0; 2005: 10.4, 2006: 14.0; 2007: 13.0; 2008: 5.3; 2009: 7.1; 2010: 10.4; 2011: 9.7; 2012: 12.2; 2013: 12.7; 2014: 13.8; 2015: 12.2; 2016: 12.5 (includes 0.6 in non-GIPS compliant and 0.3 non-discretionary accounts). All Midwest composite annual disclosures available upon request.
Calculation Methodology: Composite returns are presented both gross-of-fees and net-of-fees, are calculated using a time-weighted rate-of-return formula, and include cash, cash equivalents, realized and unrealized gains/losses, and the re-investment of all income. External cash flows are daily-weighted and accounted for using the modified Dietz formula. Market values are provided by each portfolio's custodian and are not verified by Midwest. Values are U.S. dollar based, and account for dividend accruals and interest accruals only if explicitly calculated by the custodian. Portfolios are valued at the end of each calendar month using trade-date accounting, and composite returns are calculated by weighting individual portfolio returns by their beginning market value as a percentage of the total Composite beginning value. Monthly Composite returns are geometrically linked to produce quarterly and annual returns. Performance analysis statistics are calculated using monthly returns since inception, and annualized where appropriate. Additional information regarding policies for calculating and reporting returns and performance statistics available upon request.
Expenses: Net-of-fees returns reflect the deduction of Midwest investment management fees, and both net-of-fees and gross-of-fees returns reflect transaction expenses. Neither includes non-Midwest custodial and administrative fees, and withholding taxes. Midwest investment management fees are allocated to portfolios in the month the custodian records the disbursement, or at the midpoint of the period covered if paid externally. Fees are pro-rated to account for any months not included in the Composite. Investment management fees vary depending mainly on portfolio size, but do not exceed an annual maximum of 0.50% equity, 0.25% fixed, and 1.00% alternative. Please contact us for a detailed fee schedule.
Benchmarks & Trademark Info: QuantVal long-only equity composites are compared to the appropriate Russell Value Indices (which measure performance of companies with lower price-to-book ratios and lower forecasted growth rates). QuantVal market neutral composite is compared to the Russell Small Value - Small Growth + the Rolling 90-day T-bill return differential. QuantCredit composite is compared to the Barclays Intermediate Term Investment Grade Corporate Index. Indices include the reinvestment of income, cannot be invested in directly, and do not incur any fees or expenses. Russell indices are registered trademarks of Frank Russell Company, Bloomberg Barclays indices are copyrights of Bloomberg L.P. and QuantVal and QuantCredit are registered service marks of Midwest Asset Management, Inc.

May 18, 2017



8383 Greenway Blvd., Suite 600   •   Middleton, WI 53562   •   (608) 273-2900   •   contact@quantmanagement.com

Past performance does not guarantee future success. All investments are subject to risks, including the possible loss of principal. You should consider Midwest based on the suitability of its investment strategies in relation to your objectives and risk tolerance. By using this website, you acknowledge that you have read and accepted Midwest's Terms of Use.

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