Quarterly Client Commentaries
SGA’s U.S. Large Cap Growth Portfolio returned 10.3% (gross) and 10.1% (net) in Q1 2017 compared to 8.9% for its primary benchmark the Russell 1000 Growth Index and 6.1% for the S&P 500 Index.
SGA’s Global Growth Portfolio returned 9.6% (gross) and 9.4% (net) in Q1 2017 compared to 6.9% for its primary benchmark the MSCI All Country World Index (ACWI) and 9.1% for the MSCI ACWI Growth Index.
SGA’s Emerging Market Portfolio returned 10.3% (gross) and 10.0% (net) in Q1 2017 compared to 11.4% for its primary benchmark the MSCI Emerging Market Index. During the same period, the MSCI Emerging Markets Growth returned 12.8% and the MSCI ACWI with EM Exposure Index returned 11.0%.
SGA’s International portfolio returned 10.3% (gross) and 10.1% (net) in Q1 2017 compared to 7.9% for its primary benchmark the MSCI ACWI ex-USA. The MSCI ACWI ex-USA Growth Index returned 9.1%.
Returns gross and net of fees through 3/31/2017. Returns reflect the reinvestment of dividends, interest and other earnings. For interest and capital gains, SGA does not withhold taxes, for dividends SGA will withhold taxes as reported by the client’s custodian. The Net Returns are calculated based upon the highest published fees. The net performance has been reduced by the amount of the highest published fee that may be charged to SGA clients as follows: (i) 0.75% for U.S. Large Cap Growth; (ii) 0.90% for Global Growth; (iii) 1.10% for Emerging Markets Growth; and (iv) 1.00% for International Growth. Actual fees charged to clients may vary depending on, among other things, the applicable fees schedule and portfolio size. SGA’s fees are available upon request and also may be found in Part 2A of its Form ADV.