Investment Strategy

Seeks to provide long-term appreciation and income through exposure to global equities that we believe have exceptional quality, valuation, and dividend yield. Enhanced Dividend’s focus on the combination of value and dividend yield across the global opportunity set provides a unique take on equity income. Stocks are conviction-weighted and broadly constrained by region, sector, and industry.

ANNUALIZED RETURN

Annualized Rates* of Return for
Periods Ending 12/31/2023

O’Shaughnessy Enhanced Dividend® (Gross)
O’Shaughnessy Enhanced Dividend® (Net) **
MSCI AC World Index

4Q2023
6.6%
5.9%
11.0%
1
Year
13.0%
9.7%
22.2%
3
Year
8.2%
5.0%
5.8%
5
Year
7.9%
4.8%
11.7%
7
Year
6.4%
3.3%
10.1%
10
Year
4.4%
1.6%
7.9%
15
Year
8.7%
5.8%
10.2%
Since
Inception
5/1/2003
7.9%
5.1%
8.7%

* Any time period longer than one year is annualized.
** For composite performance presentation purposes, wrap fee account returns are net at 3% annually, which reflects the highest applicable “wrap” fee charged by any sponsor across our distribution channel. Non-wrap fee account returns are net of the actual advisory fees.

Important Performance Disclosures
ANNUAL RETURN

Annual Rates of Return (%)

O’Shaughnessy Enhanced Dividend® (Gross)
O’Shaughnessy Enhanced Dividend® (Net) *
MSCI AC World Index

2023
13.0%
9.7%
22.2%
-11.2%
-13.8%
-18.4%
2022

2021
26.2%
22.6%
18.5%
-3.2%
-6.1%
16.3%
2020

2019
19.3%
15.9%
26.6%
-12.3%
-14.8%
-9.4%
2018

2017
20.4%
17.1%
24.0%

2016
20.5%
17.9%
7.9%
-11.1%
-13.2%
-2.4%
2015
-7.3%
-9.4%
4.2%
2014

2013
16.8%
14.2%
22.8%

2012
12.7%
9.8%
16.1%
3.2%
0.3%
-7.4%
2011

2010
11.3%
8.1%
12.7%

2009
51.2%
47.0%
34.6%
-38.8%
-40.5%
-42.2%
2008

2007
11.6%
9.1%
11.7%

2006
28.4%
25.6%
21.0%

2005
7.7%
5.1%
10.8%

2004
15.4%
12.6%
15.2%

5/1/03
-12/31/03
25.7%
23.9%
29.7%

* For composite performance presentation purposes, wrap fee account returns are net at 3% annually, which reflects the highest applicable “wrap” fee charged by any sponsor across our distribution channel. Non-wrap fee account returns are net of the actual advisory fees.

Important Performance Disclosures
CHARACTERISTICS

Characteristics as of 12/31/2023
Holdings Based * O'Shaughnessy
Enhanced Dividend®
MSCI AC World Index
Price/Earnings Ratio 8.0x 18.7x
Price/Sales Ratio 0.7x 1.9x
Weighted Average Market Capitalization $44,720 Mil $468,622 Mil
Median Market Capitalization $29,630 Mil $11,666 Mil
Dividend Yield** 4.1% 2.0%
Foreign Exposure 45.8% 37.5%
Active Share 95.2%
 

Gross of Fees
* Based on a group of representative accounts. Each client account will differ based on start date and regenerations dates.
Turnover is last 12 months.
** The Dividend Yield is the annual percentage of the return earned by an investor on a common or preferred stock. The yield is calculated by dividing the amount of dividends paid per share over the past twelve months by the current market price per share of the stock. OSAM utilizes the services of Factset, a third party data provider vendor, to calculate portfolio characteristics and metrics. The dividend yield is a gross indicated yield. There is no guarantee that the rate of dividend payment will continue and the income derived is subject to taxes and expenses which will impact the actual yield experience of each investor.


Important Performance Disclosures
SECTORS

Sector Distribution as of 12/31/2023 (%)

O’Shaughnessy Enhanced Dividend®
MSCI AC World Index
Difference
Communication
Services
7.1%
7.3%
-0.2%
Consumer
Discretionary
13.8%
11.1%
2.7%
Consumer
Staples
5.3%
6.8%
-1.5%

Energy
8.6%
4.5%
4.1%

Financials
24.2%
15.9%
8.3%
Health
Care
6.6%
11.2%
-4.6%

Industrials
17.1%
10.7%
6.4%
Information
Technology
3.6%
22.9%
-19.3%

Materials
11.0%
4.5%
6.5%
Real
Estate
2.8%
2.4%
0.4%

Utilities
0.0%
2.6%
-2.6%

Based on a group of representative accounts.

Past performance is no guarantee of future results.
Due to ongoing research, the manager may from time to time adjust the model by changing certain factors or screens which compromise the model without prior notice. OSAM may determine it appropriate to rebalance at times other than regularly scheduled rebalance without prior notice. Stocks with small and mid-sized market capitilazations (those defined by OSAM as less than $10 billion) may have greater risk and volatility than those with larger market capitilizations.

Style allocations are approximate. They may change over time and vary by account.

The statements on this page are qualified in their entirety by the disclaimers and limitations contained here.