Fundamental Global Franchise ADR

The Fundamental Global Franchise strategy seeks to provide long-term value creation primarily through the investment of globally competitive companies, which, in the manager's opinion, have a sustainable competitive advantage and cash flow generation. Some accounts in the strategy are sub-advised at an affiliated firm. From inception to present, none of the strategy portfolios are wrap fee portfolios. The Fundamental Global Franchise Wrap strategy results presented are from the institutional track record with the wrap sponsor fee applied.