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This new blog series will highlight our unique approach to investment strategies and customizing portfolios as we dive deep into the steps we carefully take to make sure we achieve customer satisfaction and ensure we take the right risks, utilizing our stop-loss principles. Check back every month to read about CEO Fred Fern and President Randy Conner’s expert insights with in-depth commentary on Churchill Management Group’s investment services and strategies.

As we look into the various approaches Registered Investment Advisors use for each of their individual clients, some wonder why others excel in Assets Under Management (AUM), client satisfaction and trust. At Churchill, CEO Fred Fern developed his stop-loss principle from the very beginning at the firm’s inception in 1963. Under the mentorship of now IBD’s editor-in-chief, Fern grasped an opportunity and studied the market to its core over the past 50 years.

Following technical, fundamental and sentiment factors that are the base in making investment decisions, Churchill has charted the market’s performance dating back to 1915 on a daily basis. The charts illuminate high and low risk points which may signal investment opportunities. Fred developed his own investment philosophy, which stresses three key points:

• History repeats itself.
• You have got to have discipline.
• It is important to have the goal of keeping your losses small.

“Aim to grow capital in favorable markets and protect it in less favorable, high-risk environments.”  – CEO Fred Fern

The tactical strategies can be blended with fully invested strategies aiming to best achieve clients’ individual goals. But what makes a good RIA and what sets them apart? Let’s break this down.

Speaking to the client and laying out their goals and objectives is crucial.

Below are a few standard questions we ask our clients in order to gauge individual risk tolerance to make they’re in an allocation of Tactical and Fully Invested strategies to suit their unique goals.

• Will you be comfortable with your level of risk in both good and bad markets?
• Do you have a protection plan?
• What is your primary purpose for investing?
• What is your investment time horizon for this account?

These questions, along with additional insight from a one on one discussion with our dedicated advisors, will help you to better understand your unique risk profile.

Every month we will provide a guide of our unique investment strategies: tactical, fully invested, combination, and fixed income.

Tactical: Tactical investment strategies aim to stay invested in low risk markets, and reduce exposure in high risk markets.

Fully Invested: Fully Invested strategies stay invested at all times, regardless of overall market risks.

Combination: When one strategy doesn’t fit your needs, the right combination can help alleviate risk.

Fixed Income: A solid approach for your desired level of risk.

If you would like to set up a meeting with one of our representatives please contact us here: https://www.churchillmanagement.com/contact

About Churchill Management Group

Churchill charted the market’s performance dating back to 1915 on a daily basis. Churchill’s experience and in-depth research places an emphasis on the goal of growth with preservation of capital under its tactical strategies, while aiming to help investors achieve their financial goals. To create an investment approach that is suited to each client’s needs, the firm offers a selection of both tactical and fully invested equity strategies along with a fixed income approach. In addition, the firm may offer complimentary Financial Planning which assists in achieving Clients’ expectations and goals. Churchill offers this dual equity approach to navigating various markets, understanding that each approach may perform better or worse depending on where we are in the stock market cycle. To date, Churchill manages over $4 billion with an average client account size of approximately $750k for around 5,000 clients with offices across the country from California to New York.**

See additional disclosures here: https://www.churchillmanagement.com/services-q10321-disclosures-aspx/

This new blog series will be an insider’s look into our differentiated key advantages as a leading advisory firm. Check back every month to read about CEO Fred Fern and President Randy Conner’s expert insights with in-depth commentary on Churchill Management Group’s market outlook. We will have an ongoing discussion touching on charting, technical indicators, sector rotation, the current macroeconomic climate, and portfolio management.

While there has recently been stigma surrounding asset managers and the finance industry as a whole, it can be a bit daunting to gauge whether firms are reputable, experienced, and trustworthy. At Churchill, we pride ourselves in securing top rankings from the most respectable industry leaders such as Barron’s, Financial Times, and Morningstar both nationally and for the state of California.

With 50+ years in the market, Founder and CEO of Churchill Management Group Fred Fern has always lived by a strong firm wide philosophy since its inception in 1963.  After witnessing major political and market changes over the years, Fern says, “We have found that the key to successful investment management is discipline. Philosophies must be applied objectively and unemotionally if they are to work successfully.”

Built around the important guiding principle of aiming to help our clients reach their specific goals based on their unique risk profile, Churchill developed technical, fundamental and sentiment indicators for their one-of-a-kind Tactical strategies, and blended in Fully Invested strategies, that serves as reference points for us to make the best investment decisions.

Some of the key advantages to working with Churchill Management Group are:

DUAL APPROACH TO STRATEGY

We look to use a blend of Tactical and Fully Invested strategies to navigate market dynamics, understanding that each approach may perform better or worse depending on where we are in the stock market cycle.

EXTENSIVE MARKET EXPERIENCE

Our senior Management Team has over 150 years of combined hands-on experience managing investments. They have worked through multiple market cycles and this experience is reflected in the strategies they manage.

PERSONALIZED CUSTOMER SERVICE

We build relationships with our clients and provide them with a dedicated service team to make sure we have consistent communication and a clear understanding of their unique goals and needs.

FINANCIAL PLANNING

The firm may offer complimentary Financial Planning with the aim of achieving Clients’ expectations and goals.

Over the next couple of months, we’ll break down these key advantages to give insight on how we segment and thoroughly standout from the sea of Registered Investment Advisors with the perfect formula in building a long-lasting reputation within the investment world.

Download Churchill’s June Market Update

Fred A. Fern,C.I.C. Chief Executive Officer & Chairman

Fred Fern founded Churchill Management Group in 1963 and is currently Chief Executive Officer and Chairman of the Board of Churchill Management Corporation. He chairs the Churchill Management Group investment team, which is responsible for managing all of the firm’s investment accounts. The entire portfolio management team has been intact together for over ten years with the senior management team bolstering over 150 years of experience. With over fifty years of experience in the management of securities investments, real estate investments, economic and political analysis, and counseling corporations and large investors on a variety of business, economic and financial issues, Mr. Fern has now become an award-winning advisor.

Randy C. Conner, President

Mr. Conner originally joined Churchill Management Group as a Securities Analyst in 1992 with the responsibility of providing fundamental research on individual companies. After a brief period in the banking industry, he became a Senior Vice President with Churchill Management Group. He is presently a part of Churchill Management Group’s Investment Team. Mr. Conner received his MBA from the University of Southern California (USC) and has done graduate work at The George Washington University in Washington, D.C. He also has Bachelor Degrees in both Business Administration and Communications.

See additional disclosures here: https://www.churchillmanagement.com/disclosures/

LOS ANGELES, May 4, 2017 /PRNewswire/ — Fred Fern, CEO of Churchill Management Group, a California-based financial advisory firm, continues to receive recognition, ranking among the nation’s leading advisors. The eight-year ranking string solidifies Mr. Fern among the nation’s top independent investment advisors and underscores the deep investment expertise offered by the entire financial advisory team at Churchill. Barron’s, the world’s premier investing publication released their annual rankings for “America’s Top 1200 Financial Advisors List” with Mr. Fern among the top advisors for the state of California for 2017. This recognition comes on the heels of Mr. Fern being named as the #1 Independent Financial Advisor across the nation in late 2016. The ranking reflects a proprietary Barron’s formula containing three major components: assets managed, revenue produced and quality of practice. This recent national and California ranking adds to a growing list of accomplishments by Churchill Management Group, including The Financial Times’ “2016 300 Top Registered Investment Adviser List,” “Largest Money Management Firm in L.A. County” – 2016 by Los Angeles Business Journal and WealthManagement.com’s “Top100 RIAs of 2015” (See link to disclosures below)*.

Churchill’s 50+ year track record of successful results, in part due to their flagship tactical strategies, provides an edge in the highly competitive space of registered investment advisory firms. With a stable Management Team that has invested in both up and down markets across a half of a century, Churchill’s tactical strategies use a simple approach, as Mr. Fern explains, “We aim to grow capital in favorable markets and protect it in less favorable, high-risk environments.” For many of these investment strategies, technical, fundamental and sentiment market indicators are used as tools in a “top-down” manner for asset allocation while the investments are evaluated from a “bottom-up” perspective.

“When the market exhibits risky signs, we like to take a step back. Then we try to take advantage of the low hanging fruit and capture our gains in perceived low risk markets. We let the market tell us what to do; when it says get out, we get out,” says Mr. Fern. With both this tactical expertise focused on building and preserving wealth and its over 50-year track record of delivering an effective client investment experience, Churchill Management Group is focused on continuing the attributes that have made Fred Fern the #1 Independent Investment Advisor on Barron’s for 2016.*

Mr. Fern’s philosophy and reputation traces back to a challenging experience when he sustained an investment loss in IBM as a young man in the 1960’s. Rather than discouraging Mr. Fern, this sparked his interest in the deep intricacies of what drives market volatility and performance–something he continued to study and pass on over the last five decades. Fred learned from Bill O’Neil, the founder of Investor’s Business Daily, that you must have a stop-loss policy and he ultimately developed his own investment philosophy that has become his signature and now firm-wide approach. The foundation is built on these three key points: history repeats itself, discipline is important, and aim to keep losses small.

Churchill realizes investors choose different paths in achieving their financial independence and offers an ability to customize portfolios based on individual needs and performance expectations. Churchill is comprised of an executive team that bolsters over 150 years of experience with attractive tactical strategies, often paired with fully invested strategies, that positions the client with an eye on the specific results needed to build and maintain wealth.

About Churchill Management Group

Churchill Management Group is a Registered Investment Advisor that was founded in 1963 by award-winning advisor Fred A. Fern, CEO and Chairman. Numerous years of experience have allowed Churchill to invest in all types of markets, including the turbulent markets of the 1960’s and 1970’s. The firm charted the market’s performance dating back to 1915 on a daily basis. The experience and in-depth research taught the firm that by placing an emphasis on a goal of growth with preservation of capital under one of Churchill’s tactical strategies investors can typically achieve their unique financial goals. To create an investment approach that is suited to each client’s needs, the firm offers a selection of equity strategies. In addition, the firm may offer complimentary Financial Planning which assists in achieving Clients’ expectations and goals. Churchill manages over $4 billion with an average client account size of approximately $750k for around 5,000 clients and has offices across the country from California to New York.

**AUM, number of employees, average account size, and number of clients are as of 3/31/17 and may have increased or decreased since this date.

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the ranking.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the ranking.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the ranking.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the ranking.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the ranking.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.

4Q15: Based upon Morningstar’s 4th Quarter 2015 ETF Managed Portfolios Landscape for its 3-Year Return (it ranked 3rd for its 5-Year Return). Morningstar is tracking 755 strategies from 154 firms with total assets (AUM and AUA) of $73 billion through December 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

Wealth Management Ranking Disclosure:

WealthManagement.com “Top100 RIAs of 2015” ranking was assembled using data from Meridian-IQ (in which Penton Media has a stake). Advisory firms are ranked by total assets under management.To land on the list, firms had to have a focus on financial and retirement planning for individual and high-net-worth Clients.  Institutional Clients do not make up a substantial portion of their businesses. Finally, none of these firms are owned by a bank, broker/dealer or investment company. The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance. CMG did not pay a fee to participate in the ranking.

L.A. BUSINESS JOURNAL MONEY MANAGEMENT FIRMS LIST (MAY 2016)

The L.A. Business Journal (“LABJ”) “May 2016 List of Largest Money Management First in L.A. County” includes Churchill Management Group (“CMG”). The rating is not representative of any client’s experience because the rating reflects only size of firms based on assets under management as of December 31, 2015. The rating is not indicative of future performance. CMG did not pay a fee to participate in the LABJ List.

According to LABJ: “Information for this list provided by representatives of the firms themselves. Firms are ranked by assets under management in L.A. County offices as of December 31, 2015. To the best of our (LABJ) knowledge, this information is accurate as of press time. While every effort is made to ensure the accuracy and thoroughness of the list, omissions and typographical errors sometimes occur.”

FINANCIAL TIMES RANKING

The Financial Times (“FT”) “2016 300 Top Registered Investment Adviser List” includes Churchill Management Group (“CMG”).  The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors, but to CMG’s knowledge, not any sample of the experience of any of CMG’s Clients.  The rating is not indicative of future performance.  CMG did not pay a fee to participate in the FT list, but did pay for reprints.

According to The Financial Times: The 2016 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2016). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

BARRON’S RANKING – TOP INDEPENDENT FINANCIAL ADVISORS

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. The rankings are based on data provided by individual advisors and their firms.  Advisor data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components:  assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of Clients. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

BARRON’S RANKING – TOP ADVISOR RANKINGS BY STATE

The Barron’s ranking is for Fred Fern of Churchill Management Group (“CMG”). The rating may not be representative of any one client’s experience because the rating reflects a quantitative and qualitative analysis of factors that may include only a sample of the experience of CMG’s Clients. The rating is not indicative of future performance.  CMG did not pay a fee to participate in the Rankings, but did purchase reprints of the Barron’s article.

According to Barron’s: The formula Barron’s uses to rank advisors is proprietary. In evaluating advisors, Barron’s examines regulatory records, internal company documents, and data provided by the advisors themselves. The rankings for all states are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by Clients’ risk tolerance than by an advisor’s investment-picking abilities. The quality-of-practice component includes an evaluation of each advisor’s regulatory record.

Morningstar Ranking Disclosure:

Based upon Morningstar’s 3rd Quarter 2015 ETF Managed Portfolios Landscape for its 5-Year Return (it ranked 4th for its 3-Year Return). Morningstar is tracking 737 strategies from 148 firms with total assets (AUM and AUA) of $75 billion through September 2015. The ranking may not be representative of any one client’s experience because the ranking reflects composite performance of multiple Clients. The ranking is not indicative of future performance. CMG did not pay to participate in the Morningstar Ranking and is not affiliated with Morningstar.

LinkedIn Page Disclosures:

The purpose of this page is to provide information about Churchill Management Group. The information provided on this page should not be construed as a solicitation or offer to sell securities or provide investment advisory or consulting services over the internet.  Services will only be provided upon execution of a written agreement with Churchill Management Group. Churchill Management Group will not be liable for any direct or indirect damages, losses or expenses arising in connection with the use or reliance on any information contained herein.  If you are a Churchill Management Group client and have questions or concerns that are specific to your account(s), please contact Churchill Management Group directly.  Churchill Management Group does not accept endorsements on this page.  More information about Churchill Management Group can be found at www.churchillmanagement.com.

Information presented on this page is believed to be factual and up-to-date, but Churchill Management Group does not guarantee its accuracy and the information presented should not be regarded as a complete analysis of the subjects discussed.  All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Churchill Management Group may post links to other websites on this page. Churchill Management Group does not control or monitor these sites, nor does it assume responsibility for the accuracy, completeness or timeliness of the information located there.  Churchill Management Group does not necessarily endorse or recommend any commercial product or service described at any linked websites.

LinkedIn Posts Disclosure:

This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.

LinkedIn Post from 2/3/16:

Newer accounts may be even less invested as we were waiting to build up their percentage invested until they had some profits. Of course, additional factors such as whether we have full discretion, account opening date and specific client restrictions could impact the percentage invested further.