The US Large Cap Equity strategy is driven by a fundamental research process in which our analysts play the key role in stock selection. We believe that we can identify undervalued securities through intensive bottom-up research that focuses on longerterm fundamentals. In analyzing individual companies we focus on investing in companies where we think we can exploit a
‘Growth Gap’; looking for companies with unrecognized or underappreciated earnings potential. The strategy invests in two types of growth stocks: secular growth (60%-75%) and opportunistic ideas (25%-40% ). The analysts grade stocks 1-4 (1 being most upside potential), and an investment discussion then occurs between the analysts and the Portfolio Manager. The Managers then determine whether or not the stock will be purchased for the portfolio and in what size. The fi nal portfolio consists of
50-70 stocks.
– Team, co-managed by Matthew Ward and Alan Straus, manages approximately $5 billion in US Large Cap strategy
– Dedicated team of 6 analysts with an average of 15 years of investment experience
– Analyst research and grading process is the primary driver of stock selection
– Markets are ineffi cient – we can exploit a ‘Growth Gap’
– Quality stocks with a sustainable competitive advantage
– A focus on long-term earnings potential
– Consistently apply a robust investment process
– Well resourced and experienced team drives stock selection
As of March 31, 2016
*Inception December 31,1988
20%
† Index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or
NASDAQ
15%
10%
Schroder US Large Cap Equity (Gross)
Schroder US Large Cap Equity (Net)
S&P 500
Difference (Gross)
Difference (Net)
5%
0%
1.35
-0.10
-0.29
-5%
QTD
-1.45%
-1.63%
†
-0.10-0.29
1.35
YTD
-1.45%
-1.63%
-1.24
-1.98
1.78
1 yr
-3.02%
-3.76%
11.42
11.82
10.59
11.08
10.25
11.58
3 yr
-0.40%
-1.23%
5 yr
-0.50%
-1.33%
7.36
6.56
7.01
10 yr
+0.36%
-0.44%
9.31
10.00
8.50
Annual S.I.*
-0.69%
-1.50%
Gross
Net
S&P 500
Difference (Gross)
Difference (Net)
2015
1.17%
0.42%
1.38%
-0.21%
-0.97%
2014
12.79%
11.95%
13.69%
-0.90%
-1.74%
2013
33.45%
2012
18.30%
2011
0.04%
32.39% 16.00% 2.11%
+1.06% +2.30% -2.07%
+0.07% +1.41% -2.81%
Past performance is not a guide to future performance. The value of an investment can go down as well as up and is not guaranteed. Please refer to the disclosures at the end of the document for important information about the composite, including the defi nition of the Benchmark. Performance for periods greater than 1 year is annualized. Please see the disclosures at the end of this document for more details about the composite creation date.
All data and statistics as of March 31, 2016.

Schroder US Large Cap Equity
20.8
23.0
Information Technology
Consumer Discretionary
Financials
Health Care
Consumer Staples
Industrials
Energy
Telecommunication Svcs
Materials
6.3
6.8
9.9
10.4
8.5
10.1
4.0
2.8
2.8
2.8
2.8
3.4
Utilities
Cash 0.0
1.0
0 5 10
Source: Schroders, S&P 500 as of March 31, 2016. Representative Portfolio.
Sectors listed are shown for illustrative purposes and are not to be considered a recommendation to buy or sell.
12.9
13.7
15.3
15.6
12.8
14.3
15
Schroder US Large Cap Equity
S&P 500
20 25
Number of issues/holdings
Weighted average market cap ($billion) 1
Earnings growth (1 year trailing) 2
Earnings growth (1 year projected) 3
Schroder US Large Cap Equity
63
143.20
9.10
7.10
S&P 500 Index
501
129.17
9.30
3.40
Price to earnings ratio (trailing 12 month) 4
Price to earnings ratio (forward 12 month) 5
Price to book (trailing 12 month)
Return on equity (5 years) 7
6
18.80
18.10
2.90
18.80
17.90
17.60
2.90
19.60
Tracking error* ( 5 years) 8 2.17
–
Beta* (5 years) 9 1.04
–
Source: Schroders, S&P 500 as of March 31, 2016.
*Based upon composite. 1. An average that takes into account the proportional relevance of each component, rather than treating each component equally. Market cap is the market price of an entire company on any given day, calculated by multiplying the number of shares outstanding by the price per share. 2. A measure of historical growth in a company’s net income. 3. A measure of projected growth in a company’s net income. 4. The sum of a company’s price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share for the past 12 months. 5. The sum of a company’s price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share projected for the next 12 months. 6. A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. 7. The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profi tability by revealing how much profi t a company generates with the money shareholders have invested. 8. The annualized standard deviation of the active returns of a portfolio relative to the benchmark. 9. A mathematical measure of the sensitivity of rates of return on a portfolio compared with rates of return on the market as a whole. A beta of 1.0 indicates that an asset closely follows the market; a beta greater than 1.0 indicates greater volatility than the market.
1.
Apple Inc.
2.
Alphabet Inc.
3.
Facebook, Inc.
4.
AT&T Inc.
Industry % of Total Market Value
Computer Technology
Computer Services Software & Systems
Computer Services Software & Systems
5.
Exxon Mobil Corporation
6.
Amazon.com, Inc.
7.
Home Depot, Inc.
Utilities: Telecommunications
Oil: Integrated
Diversifi ed Retail
8.
Comcast Corporation
9.
Wells Fargo & Company
10.
JPMorgan Chase & Co.
Total
Source: Schroders as of March 31, 2016.
Securities listed are shown for illustrative purposes and are not to be considered a recommendation to buy or sell.
Specialty Retail
Cable Television Services
Banks: Diversifi ed
Diversifi ed Financial Services
4.21
4.10
3.20
2.97
2.76
2.40
2.40
2.36
2.28
2.19
28.88

Schroder US Large Cap Equity
Market Review
In like a lion, out like a lamb. The quarter began with a thud as the US equity market had its weakest January since 2009. We saw a global risk-off trade to start the year as volatility spiked by over 10% on fears of a slowdown in China and yuan weakness that would lead to global defl ation. The free-fall continued to mid-February, however, when the Federal Reserve pushed back against negative rates, combined with positive consumer data which cooled concerns about a recession, we saw a much-needed relief rally. March saw a continued rebound in US equity markets.
Good employment reports and consumer confi dence data and an improving ISM survey of manufacturing all contributed to a more balanced outlook for the American economy. March saw a weaker dollar also which, in all likelihood, contributed to a rebound in commodities. Additionally, dovish central banks helped drive a return to risk assets. Federal Reserve Chair Janet Yellen said that she was prepared to let infl ation overshoot rather than tighten too quickly or precipitously. The European Central Bank provided markets with a positive surprise by announcing its decision to buy investment grade credit.
2015 and the fi rst quarter of 2016, in particular, encompassed a period of extremes. According to Merrill Lynch and Goldman
Sachs, the factor reversals we saw in the fi rst quarter of this year have occurred only two percent of the time since 1980. Specifi cally, growth went from being the dominant factor in more than 70% of the quarters since 2009 to being a dramatic underperformer this quarter. Momentum stocks, as represented by the muchtalked-about FANG stocks (Facebook, Amazon, Netfl ix and
Google) outperformed all others by two or three times in the third quarter of 2015, but ended the fi rst quarter of this year as the worst performing, down 10% on a relative basis. Even quality, as represented by strong balance sheets, which was a critical factor in the third quarter of 2015, was abandoned this latest quarter.
Clearly, a year with so many cross-currents has made life diffi cult for long-term buy-and-hold strategies.
After a volatile quarter, the S&P 500 Index returned 1.4% over the period. Healthcare and fi nancials were the only sectors to fi nish in the red. The defensive, dividend-paying sectors of telecommunications services and utilities were the strongest performers. Consumer staples were strong also, fi nishing the quarter up 5.6%.
Performance and Strategy
The Schroder US Large Cap Equity Strategy lagged the S&P 500
Index during the quarter. Consumer staples and healthcare were the bright spots, led by our biotechnology and food holdings.
However, we saw disappointing performances from our holdings in the industrials, fi nancials and consumer discretionary sectors.
Within industrials, the majority of the underperformance was due to our holdings in capital goods companies.
Outlook
The concerns are well articulated: a plummeting oil price, a
Chinese economic deceleration, and whether or not it was time for the Federal Reserve to change its key policy rate. Importantly, many of these issues are better discounted. Seemingly, China has stabilized: the government is focused aggressively on credit growth, targeting total credit/investment growth in excess of 30% year-onyear; China’s services economy continues to be healthy, growing at an annual rate of 8.1%; its manufacturing PMI just infl ected into expansionary territory (50.2%); and fund outfl ows have become more contained (the renminbi actually strengthened last quarter).
While the outlook for oil is harder to project, global demand seems more durable, production is beginning to decline in non-OPEC countries, and the contango has reached spreads indicative of past major oil bottoms (in 1998, 2008 etc.). While the Fed is dovish, talking down rate increases owing to a sensitivity towards more sluggish global growth and an accommodative monetary policy, economic growth in the US seems fairly durable: the latest jobs numbers are solid; there are early indications of an expansion in wages; the ISM manufacturing purchasing managers’ index has infl ected (51.8% in March); and the consumer, who represents over two thirds of the US economy, is robust and confi dent.
The fi rst-quarter earnings season will soon be upon us.
Expectations have been revised down to very achievable levels and the quarter should represent the near end of negative year-on-year comparisons associated with dollar strength and inventory drags arising out of depressed oil capex and the resulting impact on the industrial economy. Given this backdrop, we envisage a return to
2% GDP growth and margin expansions for both cyclical recovery and secular growth companies (nearly 20% of companies function inventory free compared with just 5% 20 years ago).
Source: Schroders
Important Information: Schroders is a global asset management company with $466.9 billion under management as of March 31, 2016. Our clients are major fi nancial institutions including banks and insurance companies, public and private pension funds, endowments and foundations, high net worth individuals, fi nancial intermediaries and retail investors.
Our aim is to apply our specialist asset management skills in serving the needs of our clients worldwide and in delivering value to our shareholders. With one of the largest networks of offi ces of any dedicated asset management company and over 450 portfolio managers and analysts covering the world’s investment markets, we offer our clients a comprehensive range of products and services. Further information about Schroders can be found at www.schroders.com/us. Portfolio data and risk characteristics based on a sample account.
Details may vary from account to account. This document does not constitute an offer to sell or any solicitation of any offer to buy securities or any other instrument described in this document. The information and opinions contained in this document have been obtained from sources we consider to be reliable. No responsibility can be accepted for errors of facts obtained from third parties. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Schroders has expressed its own views and opinions in this document and these may change. Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Sectors/securities illustrate examples of types of sectors/securities in which the strategy invested and may not be representative of the strategy’s current or future investments. Portfolio sectors/securities and allocations are subject to change at any time and should not be viewed as a recommendation to buy/sell. The opinions stated in this document include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized. Schroder Investment Management North America Inc. is an indirect wholly owned subsidiary of
Schroders plc and is a SEC registered investment adviser and registered in Canada in the capacity of Portfolio Manager with the Securities Commission in Alberta, British Columbia,
Manitoba, Nova Scotia, Ontario, Quebec, and Saskatchewan providing asset management products and services to clients in Canada. This document does not purport to provide investment advice and the information contained in this newsletter is for informational purposes and not to engage in a trading activities. It does not purport to describe the business or affairs of any issuer and is not being provided for delivery to or review by any prospective purchaser so as to assist the prospective purchaser to make an investment decision in respect of securities being sold in a distribution. Schroder Investment Management North America Inc. (“SIMNA Inc.”) is an investment advisor registered with the U.S. SEC. It provides asset management products and services to clients in the U.S. and Canada including Schroder Capital Funds (Delaware), Schroder Series Trust and Schroder Global Series
Trust, investment companies registered with the SEC (the “Schroder Funds”.) Shares of the Schroder Funds are distributed by Schroder Fund Advisors LLC, a member of the FINRA.
SIMNA Inc. and Schroder Fund Advisors LLC are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange.
875 Third Avenue, New York, NY 10022-6225, (212) 641-3800, www.schroders.com/us.

Schroder US Large Cap Equity
All investments involve risks including the risk of possible loss of principal. The market value of the portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions.
Schroder US Large Cap Equity Composite
As of: December 31, 2014
Defi nition of the Firm: The Firm is defi ned as all accounts managed by Schroder Investment Management in the UK and US, by wholly owned subsidiaries of Schroders PLC. Prior to January 1, 2007 SIM London & SIM North America existed as two separate Firms which were compliant & verifi ed as separate entities until December 31, 2006. The consolidation of these two Firms was made as part of a move towards creating one global Firm. Composite and Firm assets reported prior to January 1, 2007 represent those of the legacy fi rm which managed the product. Prior to January 1, 2011 the SPrIM (Schroder Property Investment Management) Firm existed separate to the Schroder Investment Management UK and US Firm, from January 1, 2011 these Firms have been combined into a single fi rm. On April 2, 2013, Schroder U.S. Holdings Inc., a subsidiary of Schroders plc, purchased STW
Fixed Income Management LLC (“STW”) and on July 2, 2013, Schroders plc, purchased Cazenove Capital Holdings; assets managed by STW and Cazenove are included in the Firm from January 1, 2014. Assets Managed against a liability driven mandate are excluded from the GIPS Firm. A complete list and description of the Firm’s composites and performance results is available upon request.
Composite Defi nition: Accounts included in the Schroder US Large Cap Equity Composite seek to achieve returns above the S & P 500 (GDR) or an equivalent benchmark by providing capital growth primarily through investment in equity securities of US companies. Large cap companies are considered companies which, at the time of purchase, form the top 85% by market capitalization of the US market.
In May 2007 the name of the composite changed from SIMNA Large Cap Equity composite to Schroder US Large Cap Equity composite. This change does not affect the composite history or the investment strategy.
Composite Construction: The composite returns include all of the Firm’s separate accounts and commingled funds which are discretionary, fee paying, tax exempt, above $2 million in size and managed as described above. New accounts are included in the composite one full month after inception date to ensure the account has been fully invested. Terminated accounts are excluded from the composite at the end of the previous month.
The composite’s creation date is 11-13-2003
The composite’s start date is 12-31-1988
Calculation Methodology: Composite returns are presented as gross returns, including cash, reinvestment of dividends, interest and other income earned in the period and are calculated on a trade date basis after transaction charges (brokerage commissions). Each account’s investment performance rate of return is calculated monthly in accordance with the ‘time-weighted’ rate of return method (Modifi ed Dietz). Additional information regarding policies for valuing portfolios, calculating and reporting returns is available upon request.
The Currency of the Composite is USD. Withholding Tax treatment may vary from portfolio to portfolio within this composite.
Fee Calculation: Net returns have been calculated based upon the highest fee rate charged to each account in the composite.
The fee scale applied to the composite is 0.75% per annum.
Dispersion: Internal dispersion is calculated using asset weighted standard deviation of all portfolios where there are at least
5 portfolios that are included in the composite for the entire year.
Leverage: None of the accounts in the Composite use leverage.
Additional Information: The exchange rates used are provided by WM. Each currency is valued at 4 pm on the last business day of the month. Additional information regarding policies for valuing portfolios, calculating and reporting returns and a description of all composites are available on request.
GIPS Compliance and Verifi cation: Schroder Investment Management (UK & US) claims compliance with the Global Investment Performance Standards GIPS® and has prepared and presented this report in compliance with the GIPS standards. Schroder Investment Management (UK & US) has been independently verifi ed for the periods January 1, 1996 to
December 31, 2014.
Verifi cation assesses whether (1) the fi rm has complied with all the composite construction requirements of the GIPS standards on a fi rm-wide basis and (2) the fi rm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Schroder US Large Cap Equity Composite (the “composite”) has been examined for the periods January 1, 1994 to December 31, 2014. The verifi cation and performance examination reports are available upon request.
Composite Performance Results
Composite - Schroder US Large Cap Equity Composite
Benchmark - S & P 500 (GDR)
Currency: USD
Gross Returns as of: Dec-31-2014
Firm: SIMNA
Year
2006
2005
2004
2003
2002
2001
2000
1999
2014
2013
2012
2011
2010
2009
2008
2007
As at Dec 2014
Annualized 3 Year
Annualized 5 Year
Annualized 7 Year
Annualized 10 Year
Annualized S.I.
3
Gross Composite
Return
12.79%
33.45%
18.30%
0.04%
13.66%
31.35%
-36.40%
6.71%
16.43%
5.88%
10.16%
31.73%
-26.80%
-15.12%
-8.94%
15.78%
Gross Composite
Return
21.20%
15.15%
7.80%
8.33%
9.74%
Net Composite
Return
11.95%
32.46%
17.42%
-0.70%
12.81%
30.37%
-36.87%
5.91%
15.57%
5.09%
9.34%
30.75%
-27.35%
-15.75%
-9.62%
14.92%
Net Composite
Return
20.30%
14.29%
6.99%
7.52%
8.92%
Benchmark
Return
13.69%
32.39%
16.00%
2.11%
15.06%
26.46%
-37.00%
5.49%
15.79%
4.91%
10.79%
28.67%
-22.10%
-11.89%
-9.10%
21.04%
Benchmark
Return
20.41%
15.45%
7.27%
7.67%
10.39%
3 Year
Composite Risk
9.65%
13.05%
16.49%
18.82%
22.04%
19.49%
15.93%
7.87%
6.72%
9.24%
16.89%
19.67%
19.84%
16.84%
17.66%
16.62%
1
Composite Risk
1
9.65%
13.93%
17.06%
14.87%
14.41%
3 Year
Benchmark
Risk
1
9.10%
12.11%
15.30%
18.97%
22.16%
19.91%
15.29%
7.79%
6.91%
9.16%
15.07%
18.32%
18.81%
16.94%
17.67%
16.76%
Benchmark
Risk
1
9.10%
13.00%
16.82%
14.67%
14.58%
Number of
Portfolios
(throughout period)
< 5
< 5
< 5
< 5
< 5
< 5
< 5
< 5
< 5
5 (3)
< 5
< 5
< 5
6 (5)
7 (4)
6 (6)
Account
Dispersion n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
0.07% n/a
0.29%
2
Market Value at end of Period
3,327,632,176
2,452,288,033
1,838,439,352
1,632,312,209
1,525,168,867
1,480,009,742
1,056,436,852
1,367,645,582
857,046,613
761,351,540
583,357,394
408,745,997
317,384,975
601,424,718
663,185,050
674,455,493
1 Annualized standard deviation of gross monthly returns for the composite and monthly returns for the benchmark
2 Asset weighted standard deviation of annual gross returns of accounts that have been in the composite for the entire year
3 Since Inception
4 Since December 31, 2003 Total Firm Assets include non-fee paying accounts. 2003 Total Firm Assets value has been restated due to the inclusion of those non-fee paying accounts
Total Firm Assets from 2007 incorporate the UK & US firm merger as detailed in the Definition of the Firm, from the start of 2011 Schroder Property Investment Management Multi
Manager accounts are included in the Total Firm Assets
N/A - Information is not statistically meaningful due to an insufficient number of portfolios for the entire year
* Return from composite inception date to end of year
Average Account
Value at end of
Period
831,908,044
817,429,344
612,813,117
544,104,070
508,389,622
493,336,581
352,145,617
455,881,861
285,682,204
152,270,308
194,452,465
204,372,999
105,794,992
100,237,453
94,740,721
112,409,249
Percentage of
Firm Assets
1.18%
0.96%
0.82%
0.84%
0.75%
0.92%
1.18%
0.85%
2.41%
2.61%
2.09%
1.50%
1.42%
1.94%
1.73%
1.42%
Total Firm Assets
4
282,697,291,678.31
255,707,099,715.41
223,940,416,622.14
194,958,113,724.01
202,946,283,267.48
161,183,088,769.55
89,646,473,691.69
161,124,537,714.28
35,533,229,886.00
29,123,758,149.00
27,861,264,909.00
27,165,162,499.00
22,354,464,000.00
30,975,119,000.00
38,355,527,000.00
47,492,361,000.00
Source: Schroders
PFS-USLCEQ