SGA
Sustainable Growth Advisers
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Quarterly Client Commentaries

U.S. Large Cap Growth

Q4 2016

SGA’s U.S. Large Cap Growth Portfolio returned -3.6% (gross) and -3.8% (net) in Q4 2016 compared to 1.0% for its primary benchmark the Russell 1000 Growth Index and 3.8% for the S&P 500 Index.

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Global Growth

Q4 2016

SGA’s Global Growth Portfolio returned -7.0% (gross) and -7.3% (net) in Q4 2016 compared to 1.2% for its primary benchmark the MSCI All Country World Index (ACWI) and -2.3% for the MSCI ACWI Growth Index.

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Emerging Markets Growth

Q4 2016

SGA’s Emerging Market Portfolio returned -8.0% (gross) and -8.3% (net) in Q4 2016 compared to -4.2% for its primary benchmark the MSCI Emerging Market Index. During the same period, the MSCI Emerging Markets Growth returned -7.1%.

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International Growth

Q4 2016

SGA’s International portfolio returned -9.9% (gross) and -10.1% (net) in Q4 2016 compared to -1.3% for its primary benchmark the MSCI ACWI ex-USA.

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Returns gross and net of fees through 12/31/2016. 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.