Lindner Capital Advisors
Lindner Capital Advisors
“Managing Risk” – Modern Portfolio Theory, Post-Modern
Portfolio Theory, and Tactical Asset Management
Kovack Securities. October 2011
About Lindner
• Registered Investment Advisor (Founded 1996 in Atlanta,
Georgia)
• Apply Academic Research, Analytical Skills and Practical
Experience to Create Portfolios using Institutional Asset
Class Strategies –
• Dimensional Fund Advisors as our Core Strategy
• Plus Alternative Investments and Enhanced Strategies
• Full Service Turn-key Asset Management Program – TAMP
• Investment Management
• Sales & Marketing Support
• Practice Management
• Trading & Rebalancing
• Operations and Performance Reporting
• Retirement, Tax-Managed, 401K, & Custom Portfolios
FOR ADVISOR USE ONLY – NOT FOR PUBLIC DISTRIBUTION
Fiduciary Oversight
Certification for Global Fiduciary
Standards of Excellence
Independent recognition of an Investment
Stewards conformity to all 23 Fiduciary
Practices defined by the Prudent Practices
for Investment Stewards handbook
ORGANIZE
FORMALIZE
MONITOR
3
IMPLEMENT
Lindner Capital Portfolio Strategies
Traditional
Defensive
LCA
Contemporary
Tactical
Low Costs: Internal Fund Expenses
16
Lindner Capital Portfolio Strategies
Traditional
Defensive
LCA
Contemporary
Tactical
LCA Defensive Portfolio Series
Defensive
Defensive Portfolio Overview
A Managed 100% Fixed Income
Portfolio
–High Quality – 90+% AAA Rated
–Short Term - < 2.5 years duration
–Low Internal Expenses (22bps)
–Low Turnover
–Liquid, No Lock Up Periods
–No Deferred Sales Charge
As of December 31, 2010
Defensive
Defensive Portfolio
Performance Comparison
Performance as of August 31, 2011
– Defensive Capital – Qualified
2010
4.53%
2011
2.56%
– Defensive Capital - Taxable
4.15%
2.83%
– Net of fees and transactions costs
Compare to:
– Average Money Market Rate – practically zero
– 6 Month T Bills - .06%
– 1 Yr CD’s – 0.90%
Past performance is not indicative of future results. For illustrative purposes only. Please review this information in conjunction with LCA’s Composite
Performance Disclosure which accompanies this presentation.Source: LCA Coposites
Gathering Assets
Over the next 20 years, the youngest baby boomer will be 66 yrs
old. Investable assets will increase 40% over the next 4 years to
$12 trillion. Theses boomers don’t understand that the REAL BIG
SCARE is “Extinction of Purchasing Power”. How do you help a
client/prospect preserve capital for 30 yrs?
Invest in a Growth Portfolio with Risk Management
Two LCA Growth Strategies for Baby Boomers:
Contemporary Portfolio and Tactical Economic Portfolio
Lindner Capital Portfolio Strategies
Traditional
Defensive
LCA
Contemporary
Tactical
Contemporary Portfolio
Equities
55%
Fixed Income
20%
Alternatives
25%
Types of Alternative Investments
Alternative Investment vehicles have challenges:
 Private Equity: Lock up periods of 5 yrs, capital calls are
uncertain, lack of liquidity, and correlations to public
equity. High $25 mm minimums.
 Real Estate: High maintenance cost, and requires local real
estate expertise.
 Hedge Funds: Lack of transparency and requires extensive
due diligence. Most funds have experienced correlations
with stocks and bonds.
There is no guarantee any investment product will achieve its objectives, generate profits or avoid losses. Past performance is not
indicative of future results.
What Are Managed Futures?
An Alternative to Traditional Investments
Managed Futures:
CURRENCIES
U.S. Dollar
Euro
British Pound
Japanese Yen
Australian Dollar
An alternative asset class in which Commodity Trading Advisors seek to
generate returns using futures contracts on financial instruments such as
currencies, treasury bonds, and equity indexes, and commodities such as
corn, oil, gold, and sugar.
METALS
AGRICULTURALS
Steel Rebar Futures,
SHFE
Copper Futures, SHFE
High Grade Primary
Aluminum Futures,
LME Gold Futures,
Nymex SPDR Gold
Shares
ETF Options
Soy Meal Futures,
DCE
White Sugar Futures,
ZCE
Soy Oil Futures, DCE
Rubber Futures, SHFE
Corn Futures, CME
The products listed above are a representative sampling of those traded by money managers.
The list is provided for illustrative purposes and is not intended to be exhaustive.
EQUITIES
Kospi 200 Options,
KRX
E-mini S&P 500
Futures, CME
SPDR S&P 500 ETF
Options
DJ Euro Stoxx 50
Futures, Eurex
S&P CNX Nifty
Options, NSE India
INTEREST
RATES
ENERGY
Eurodollar Futures,
CME
Eurobor Futures, Liffe
10 Year Treasury Note
Futures, CME
Euro-Bund Futures,
Eurex One Day InterBank
Deposit Futures, BM&F
Light, Sweet Crude Oil
Futures,
CME Brent Crude Oil
Futures,
ICE Futures Europe
Natural Gas Futures,
CME WTI Crude Oil
Futures,
ICE Futures Europe
Fuel Oil Futures, SHFE
30-Year Performance
Commodities, Managed Futures, Equities
Managed Futures Performance During
Equity Up Markets
In the 63 months when equities were up 5%
or more, managed futures were up 39 times (62%).
Managed Futures Performance During Equity Up Markets
(with increases of at least 5% per month) January 1980 – December 2010
25%
20%
15%
10%
5%
0%
Equities
S&P 500® Total
Return Index.
Source: PerTrac
Financial Solutions.
CASAM CISDM CTA Asset
Weighted Index through
Oct.2010. Barclay BTOP50
Index® thereafter. Source:
PerTrac Financial Solutions.
Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making
any investments.
See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices.
Dec
’10
Dec '10
’10
Jul '10
Jul
Sept ’10
Mar ’10
Jul ’09
’09
Nov '09
Nov
Apr ’09
May ’09
May
'09
Mar ’09
Mar '09
Oct ’03
Oct
'03
Dec ’03
Apr ’03
Managed Futures
Apr
’03
May '03
Oct ’02
’02
Nov '02
Oct
Apr ’01
’01
Nov '01
Apr
Mar ’00
Mar '00
Oct ’98
Dec ’99
Oct '99
Mar ’98
Dec '98
’98
Sept
Oct
’98
Feb '98
Sept ’97
May ’97
’97
Jul '98
Mar
Jan ’97
’97
Apr '97
Sep
Nov ’96
May '97
Dec ’91
Jan '97
Sept ’96
Nov ’90
Sep
’91
Feb '96
Jul ’89
Feb
’90
May '91
Jan ’89
’89
Apr '90
May
Jul ’87
’87
Dec '89
Apr
Jun ’87
Dec '87
Oct ’86
Jan ’87
Jun '87
Oct
'86
Aug ’86
May ’86
Feb ’86
May
’86
Mar '86
May ’85
Feb
’85
Nov '86
Aug ’84
’85
Jan '85
May
Oct ’82
Apr ’83
Aug
'84
Aug ’82
Oct '82
Nov ’80
Oct
'81
Oct ’81
Jul
’80
Jul '80
’80
Jan '80
Jan
-10%
May ’80
-5%
Managed Futures Performance During
Equity Down Markets
In the 33 months when equities were down 5%
or more, managed futures were up 26 times (79%).
Managed Futures Performance During Equity Down Markets
(with declines of at least 5% per month) January 1980 – December 2010
10%
5%
0%
-5%
-10%
-15%
-20%
Equities
S&P 500® Total
Return Index.
Source: PerTrac
Financial Solutions.
Managed Futures
CASAM CISDM CTA Asset
Weighted Index through
Oct.2010. Barclay BTOP50
Index® thereafter. Source:
PerTrac Financial Solutions.
Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making
any investments.
See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices.
Jun '10
May '10
Feb '09
Jan '09
Nov '08
Oct '08
Sep '08
Jun '08
Jan '08
Dec '02
Sep '02
Jul '02
Jun '02
Apr '02
Sep '01
Aug '01
Mar '01
Feb '01
Nov '00
Sep '00
Jan '00
Aug '98
Aug '97
Aug '90
Jan '90
Nov '87
Oct '87
Sep ' 86
Jul '86
May '84
Feb '82
Aug '81
Mar '80
-25%
Managed Futures Returns During
Five Worst Equity Drawdowns
Five Worst Drawdowns in the S&P 500® TRI Since 1980
40%
28.12%
20%
18.68%
17.54%
8.46%
5.76%
0%
-20%
-16.56%
-15.38%
Dec '80 - Jul '82
Jul '98 - Aug '98
-29.72%
-40%
-44.73%
-50.95%
-60%
Nov '07 - Feb '09
Sept '00 - Sept '02
Sept '87 - Nov '87
Equities
S&P 500® Total
Return Index. Source:
PerTrac Financial Solutions.
Managed Futures
CASAM CISDM CTA Asset
Weighted Index. Source:
PerTrac Financial Solutions.
The selected periods are used for illustrative purposes only and may not correspond with the precise starting and ending dates surrounding any
particular period of crisis, real or perceived.
Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to
making any investments.
See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices.
Low Correlation with Traditional Markets
Low Correlation when NEEDED
MOST!
Fat Tail Events
Source: Equinox Fund Management, LLC
Contemporary Portfolio
Contemporary
Contemporary Portfolio
Minimum Investment $100,000
Investor
All
Risk Profile
Moderate
Contemporary Portfolio Options
CPS – Accredited Version
Minimum Investment
Investor
Risk Profile
$250,000
Accredited Only
Moderate
Contemporary Portfolio
Minimum Investment
Investor
Risk Profile
Contemporary
$100,000
All
Moderate
Lindner Capital Portfolio Strategies
Traditional
Defensive
LCA
Contemporary
Tactical
LCA Tactical Portfolio
Tactical
LCA Tactical Economic
 Managed account platform
 Tactical shift among equity/fixed income
allocations; nice complement to existing
buy and hold portfolios
 Model driven by quantitative signals
 $100,000 minimum
 Maximum management fee - 80 bps
 Eligible for advisory fees
LCA Tactical Economic
The Tactical Economic: Objective
 Align with the stock market during market
rallies and move defensively during market
downturns
LCA Tactical Economic
The Tactical Economic: Goal
 Capture equity risk premium that
coincides with the business cycle
LCA Tactical Economic
Markets
LCA Tactical Economic
 Quantitative Model generates signals for
shift to 80-100% equity or 80-100% fixed
income. (0-20% alternative and 2% cash
buffer)
 Only uses major U.S. asset classes for asset
allocation
 Not short term trading or high frequency
trading
 Only 6 signals given using the simulated
model from 2000-2010.
LCA Tactical Economic
Source: www.standardsandpoors.com. For Illustrative purposes only
LCA Tactical Economic






No Leverage
No Over The Counter Short Selling
No Derivatives
No Sector trading
No stock picking
No Buy&Hold or static model allocation, e.g.
60/40 equity/fixed
LCA Tactical Economic Portfolio
 Quantitative Signals within the Model:
* ECRI = Economic Research Institute
* US Treasury Yield - curve slope
* Monetary Policy - direction of Fed Funds
* ECRI’s US Weekly Leading Index
* ECRI’s US WLI growth rate
* Technical analysis of S&P 500
* Mathematical confirmation signals
What is ECRI?
Economic Cycle Research Institute
 This proprietary system of quantitative analysis
distinguishes ECRI from other forecasters. As The
Economist noted, “ECRI is perhaps the only organization to
give advance warning of each of the past three recessions;
just as impressive, it has never issued a false alarm.”
 Over three generations of continuous research covering
dozens of economies and hundreds of leading indicators.
 ECRI researchers have uncovered reliable sequences of
events that occur around turning points in economic
growth, inflation and employment.
Source: www.businesscycle.com
What Makes ECRI Different
The approach used by most economists
extrapolates economic trends;
ECRI has a leading indicators approach
Source: www.businesscycle.com
Benefits of Leading Indicators
Source: www.businesscycle.com
For Illustrative Purposes Only
August Market Movers
 Q2 GDP disappointed 1.3% vs. 2.5%
expectations; Q1 GDP revised to
0.4% from 1.9%
 US Treasury Downgrade to AA+ (S&P only)
 ISM Manufacturing @ 50.9 vs. expected 54.3
European Default Crisis
Headlines
LCA Tactical Economic Portfolio
 The stock market is a reaction not a prediction
 Recessions and stock market performance have
historically shown that equities are flat to
negative during recessions.
Recessionary Periods
Mid 1970s and Early 1980s
S1396.6
Recession
17 months
Recession Begins
November 1973
Unemployment
Peaks at 9.0%
May 1975
Recession Ends
March 1975
Recession
17 months
Unemployment
Peaks at 10.8%
Nov/Dec 1982
Recession End Announced
July 8, 1983
Recession Begins
July 1981
Recession Ends
November 1982
Recession Announced
January 6, 1982
Prior to 1979, there were no formal announcements of business cycle turning points.
Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. For illustrative purposes only.
Past performance is not a guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for
economic expansions and recessions data; the S&P data are provided by Standard & Poor’s Index Services Group; US Bureau of Labor Statistics for unemployment data.
Recessionary Periods
Early 1990s and Early 2000s
Recession
9 months
Recession Begins
July 1990
Recession Announced
April 25, 1991
S1396.6
Unemployment
Peaks at 7.8%
June 1992
Recession End Announced
December 22, 1992
Recession Ends
March 1991
Recession
9 months
Recession Begins
March 2001
Recession Announced
November 26, 2001
Recession Ends
November 2001
Unemployment
Peaks at 6.3%
June 2003
Recession End Announced
July 17, 2003
Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. For illustrative purposes only.
Past performance is not a guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for
economic expansions and recessions data; the S&P data are provided by Standard & Poor’s Index Services Group; US Bureau of Labor Statistics for unemployment data.
Recessionary Period
January, 2007 – December, 2010
60%
Recession
30 months
S&P 500 Index Cumulative Total Return
40%
20%
Recession Begins
December 2007
Unemployment
Rate at 5.0%
Recession Ends
June 2010
Unemployment
Rate at 9.5%
0%
Recession Announced
December 1, 2008
Unemployment
Rate at 7.3%
-20%
Unemployment
Rate Peaks at 10.1%
October 2009
-40%
-60%
Dec 2006
Unemployment
Rate at 9.4%
December 2010
Dec 2007
Dec 2008
Dec 2009
End of Recession
Announced
September 20, 2010
Unemployment
Rate at 9.6%
Dec 2010
For illustrative purposes only.
Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a
guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for economic expansions and
recessions data; the S&P data are provided by Standard & Poor’s Index Services Group; US Bureau of Labor Statistics for unemployment data.
ETF Equity Asset Allocation
 Market weighted approach with an
emphasis on diversification (>2,500
securities within the allocation)
 45% Large Cap U.S. Equity
 30% Mid Cap U.S. Equity
 23% Small Cap U.S. Equity
 2% Cash
* allocation subject to change
ETF Fixed Income Asset Allocation
 Allocation is a very conservative high credit
quality allocation to AAA
US Fixed Income
 49% 1-3 Year
 49% 3-7 Year
 2% Cash
 ANGLX fixed income alternative
*allocation subject to change
ETF Benefits
 High level of transparency for each of
the ETF holdings in the model.
 Low internal expense ratios; 9-20 bps.
 Intra day liquidity.
 Access to broad market index’s with a
very low internal management fee.
 Tax efficiency.
Model Update AUGUST
 Model is updated every Friday
 Last signal July 29 , 2011 to fixed
income
 Trigger signal on May 13th 2011 to fixed
 Model typically moves to fixed income
within 8-10 weeks of trigger signal
 Model was allocated to equities from
Oct 2010 to July 2011
Tactical Economic Portfolio
Returns YTD As Of 9/30/11
 LCA Tactical Economic Series: YTD composite
performance returns are as of 9/30/11
*Net of fees
Tactical Economic
S&P 500

MTD
+0.04%
-7.03%
QTD
-2.45%
-13.87
YTD
+3.38%
-8.68%
Source: LCA Composites
Past performance is not an indication of future performance. All information is qualified
by the disclosures set forth on the accompanying pages, which must be read in
conjunction with this information.
Investors May Need to Get Used to Greater
Downside Volatility
Past performance is not an indication of future performance. All information is qualified by the disclosures
set forth on the accompanying pages, which must be read in conjunction with this information.
Contemporary Plus
 Blended Portfolio Allocation
37.5% Tactical Economic
37.5% DFA 65.35
25% Managed Futures Alternatives
Allocation subject to change
Summary
 The past few years have been volatile for everyone
 Growing your business by managing portfolios is
not efficient
 With more regulations every year, the cost and
hassle of doing business gets worse by the day.
 Investors are more demanding and knowledgeable.
The wealthiest are looking for wealth management
vs. financial advise.
 It is time to make a positive change: Outsource
portfolio management and reclaim your time
building relationships
Partner with Linder Capital Advisors
The LCA Advantage
 Strategic Partnership with Institutional
Investment Manager
 Academically Sound Portfolio
Construction
 Low Costs
 Fiduciary Responsibility
 Leverage the power of outsourcing:
– Allowing you to focus on business
development and client relationships
– Capture Additional Assets
– Leverage current relationships
 Lindner’s Standards of Service Excellence
and Training
Performance Disclosure




This presentation is confidential and may not be disseminated or reproduced without LCA’s consent. This presentation is
intended for informational purposes only and is not intended to constitute investment advice or recommendations by LCA
or any other party. Lindner Capital Advisors, Inc. (“LCA”) is an SEC registered investment adviser. Past performance of
LCA’s Portfolio Composites (the “Composites”) is no guarantee of future performance, and LCA’s strategies, like most
investment strategies, involve the risk of loss. No chart, graph, or other figure provided should be used to determine which
securities to buy or sell. Asset allocation and diversification strategies do not assure a profit or protect against a loss.
The performance data shown represents the performance of the various Composites, each of which is based on the
performance of client accounts managed in the identified strategy, subject to the qualifications set forth in the following
paragraphs. LCA creates the Composites as of each month-end by calculating the performance returns for fully
discretionary client accounts over $50,000, temporarily excluding client accounts whose inclusion LCA believes is not
appropriate for one of the following reasons: (1) accounts with a significant cash flow of 30% or more in one month; (2) all
outlier accounts, which are those accounts with a performance return that exceeds a z-score of 3.0; and (3) accounts that
have changed management strategies at the request of the client or external relationship manager. Excluded accounts are
removed as of the beginning of the month and re-enter their previous or enter a new Composite (as applicable) the first full
month after the occurrence of the applicable exclusion reason.
Composite returns including periods prior to June 2008 may include return information from client accounts that were not
managed in the identified strategy for the entirety of the periods. LCA implemented the portfolio accounting system used to
create the Composites in June 2008. LCA applied the system’s methodologies to its existing historical data. Such data did
not support adjusting the accounts that appeared in each Composite based on historical changes in such accounts’
management strategies. LCA believes the effect of the inclusion of such accounts in the Composites is immaterial, however,
based on its policy of excluding outlier accounts as described above and its belief that the number of accounts that changed
management strategies over the period was minimal. Please contact LCA if there are questions concerning Composite
returns.
The z-score is defined as how far a performance return deviates from the average performance return of all account in the
composite list. A z-score of 3.0 indicates three standard deviations that an account’s performance return is above or below
the mean. Previously, LCA published hypothetical model returns for its strategies. LCA now presents the Composites, each
of which is based on actual performance of client accounts. As a result, the returns presented are slightly different than
those previously published.
Performance Disclosure




Returns are presented net of advisory fees and account transaction expenses and include the reinvestment
of dividends and other earnings. LCA management fees have ranged from 0.40% - 2.10% during the
periods presented. Management fees incurred by clients may vary. LCA’s current fee schedule is described
in its Form ADV Part II, which is available upon request. Each strategy’s underlying investments include
commingled investment vehicles such as mutual funds that pay other fees and expenses in addition to LCA’s
advisory fees.
Inclusion of market index information is for informational purposes only and does not imply that a strategy
will achieve similar returns. Index performance does not reflect the deduction of transaction costs,
management fees, or other costs which would reduce returns. An investor cannot invest directly in an
index. The composition of an index does not reflect the manner in which a strategy is constructed in
relation to expected or achieved returns, investment guidelines, restrictions, sectors, correlations,
concentrations, volatility or tracking error targets, all of which may change over time.
The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample
of leading companies in leading industries within the U.S. economy and is widely used as indicative of the
performance of the U.S. stock market. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged
index that covers the U.S. dollar denominated, investment-grade, fixed-rate, taxable bond market securities,
The index includes bonds from the Treasury, government-related, corporate, mortgage backed securities
(MBS), asset backed securities (ABS), and commercial mortgage backed securities (CMBS) sectors. The
Blended Benchmark Indices were created by LCA to reflect the performance of a benchmark comprised of
the stated percentages of the S&P 500 and Barclays Capital U.S. Aggregate Bond Index.
Actual client performance in the strategies and the periods depicted may be materially different and
possibly lower than the performance data presented, due to various factors including: different rebalancing
frequency and implementation, investment cash flows, cash balances, different management fees, varying
custodian fees and transaction costs, different timing of fee deduction and other factors. Clients must refer
to their individualized performance evaluation for information concerning their actual account’s
performance.
Performance Disclosure


Different types of investments involve varying degrees of risk, and there can be no assurance that any
specific investment strategy will be profitable. Each asset class has inherent risks associated with that asset
class. Understanding these risks is critical to making reasonable risk/return comparisons and sound
investment decisions. Each of LCA’s strategies may make small and micro-cap investments, which are
subject to greater volatility than those in other asset categories. Each of LCA’s strategies may invest in
sector funds, which may involve a greater degree of risk than an investment in other funds with greater
diversification.
Each of LCA’s strategies may invest in fixed-income investments, which are subject to various risks,
including changes in interest rates, credit quality, market valuations, liquidity, prepayments, corporate
events, tax ramifications, and other factors. Each of LCA’s strategies may make international investments,
which are subject to additional risks, such as currency fluctuation, confiscatory policy, political instability,
or potential illiquidity. Investing in emerging markets may accentuate these risks. Since no one manager is
suitable for all types of investors, it is important to review investment objectives, risk tolerance, liquidity
needs, tax consequences and any other considerations with a financial professional before choosing an
investment style or manager
LCA Composite Disclosure

Composite performance results are based on a composite of LCA’s managed accounts that fall within the
specified stock-to-bond ratios in each of the identified products. Performance results may or may not
depict the actual investment experience of any single client due to the timing of investment contributions,
withdrawals, trade implementations and client or adviser directed investments. The annual composite
dispersion is an equal-weighted standard deviation calculated for the accounts in the composite over the
entire year. Composite performance results exclude (i) accounts under management which do not maintain
a balance during the entire composite period, and (ii) certain accounts under management that have
temporarily been removed from discretion through client initiated actions.
Past performance is not indicative of future results.
Performance Disclosure

Lindner Capital Advisors, Inc. (LCA) Disclosure for Back tested Performance Information

Back tested performance is hypothetical (it does not reflect trading in actual accounts) and is provided for informational purposes to
indicate historical performance had the model portfolios been available over the relevant period.
Back tested performance does not represent actual performance and should not be interpreted as an indication of such performance.
Actual performance for client accounts may be materially lower than that of the model portfolios. Performance information of
benchmark indices are included for comparison purposes only, however, it should be recognized that the volatility of the benchmarks is
materially different from the volatility of the back tested portfolios.
Back tested performance results have certain inherent limitations. Such results do not represent the impact that material economic and
market factors might have on an investment adviser’s decision-making process if the adviser were actually managing client money.
Back tested performance also differs from actual performance because it is achieved through the retroactive application of model
portfolios designed with the benefit of hindsight. As a result, the models theoretically may be changed from time to time to obtain more
favorable performance results. Additionally, the models may include some types of securities that the adviser no longer recommends
for its clients.
Back tested performance results assume the reinvestment of dividends, ordinary and capital gains and quarterly rebalancing. The
performance of the strategy reflects and is net of the effect of LCA's annual investment management fee of 1.5%. Clients who open
accounts for less than 200k will be charged a one time $200 set up fee, the proceeds of which accrue solely to Lindner Capital. Actual
LCA advisory fees are deducted quarterly in increments of 0.375%. Depending on the size of your assets under management, your
investment management fee may be more or less. Back tested risk and return data are a combination of live (or actual) mutual fund
results and simulated index data, and mutual fund fees and expenses have been deducted from both the live (or actual) results and the
simulated index data.
Performance results do not reflect transaction fees charged by custodians and other expenses charged by broker-dealers, which reduce
returns.
Not all of LCA’s clients follow our recommendations and depending on unique and changing client and market situations we may
customize the construction and implementation of the portfolios for particular clients, including the use of tax-managed mutual funds,
tax-harvesting techniques and rebalancing frequency and precision. In taxable accounts, LCA uses tax-managed index or asset class
funds (where available and/or appropriate) to manage client assets. However, the tax-managed index funds are not used in calculating
the back tested performance of the model portfolios, unless specified in the table or chart. Some client’s substitute the mutual funds
recommended by LCA with other investment options available through the custodian, thereby creating a custom asset allocation. The
performance of custom asset allocations may differ materially from (and may be higher or lower than) that of the model portfolios.
As with any investment strategy, there is potential for profit as well as the possibility of loss. LCA does not guarantee any minimum level
of investment performance or the success of any model portfolio or investment strategy. All investments involve risk (the amount of
which may vary significantly) and investment recommendations will not always be profitable. The investment return and principal
value of investor portfolios will fluctuate so that an investor's shares, when redeemed, maybe worth more or less than their original cost.
Further, there can be no assurance that any of the portfolios will achieve its investment objective.
Past performance does not guarantee future results.
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Disclosure Alternative Investments
Alternative investment products, including hedge funds and managed futures, involve a high degree of
risk, often engage in leveraging and other speculative investment practices that may increase the risk of
investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation
information to investors, may involve complex tax structures and delays in distributing important tax
information, are not subject to the same regulatory requirements as mutual funds, often charge high fees
which may offset any trading profits, and in many cases the underlying investments are not transparent
and are known only to the investment manager. Alternative investment performance can be volatile. An
investor could lose all or a substantial amount of his or her investment. Often, alternative investment
fund and account managers have total trading authority over their funds or accounts; the use of a single
advisor applying generally similar trading programs could mean lack of diversification and,
consequently, higher risk. There is often no secondary market for an investor's interest in alternative
investments, and none is expected to develop. There may be restrictions on transferring interests in any
alternative investment. Alternative investment products often execute a substantial portion of their
trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those
associated with investments in U.S. markets. Additionally, alternative investments often entail
commodity trading, which involves substantial risk of loss. PAST RESULTS ARE NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.
Disclosure Risk
You should carefully consider whether your financial condition permits you to participate in a
commodity pool. In so doing, you should be aware that futures and options trading can quickly lead to
large losses as well as gains. Such trading losses can sharply reduce the net asset value of the pool and
consequently the value of your interest in the pool. In addition, restrictions on redemptions may affect
your ability to withdraw your participation in the pool. Further, commodity pools may be subject to
substantial charges for management, and advisory and brokerage fees. It may be necessary for those
pools that are subject to these charges to make substantial trading profits to avoid depletion or
exhaustion of their assets. The disclosure document contains a complete description of each expense
to be charged this pool and a statement of the percentage return necessary to break even, that is, to
recover the amount of your initial investment. You should carefully study those sections of the
disclosure document prior to making an investment decision.
This brief statement cannot disclose all the risks and other factors necessary to evaluate your
participation in this commodity pool. Therefore, before you decide to participate in this commodity
pool, you should carefully study this disclosure document, including a description of the principal risk
factors of this investment.
You should also be aware that this commodity pool may trade foreign futures or options contracts.
Transactions on markets located outside the united states, including markets formally linked to a
united states market, may be subject to regulations which offer different or diminished protection to
the pool and its participants. Further, united states regulatory authorities may be unable to compel
the enforcement of the rules of regulatory authorities or markets in non-united states jurisdictions
where transactions for the pool may be effected.
Disclosures
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Growth of a Dollar: The charts are generated by Advisory World- ICE. They are hypothetical in nature, do not reflect actual investment results
and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not
guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed,
may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.
The graphs displays the hypothetical historical performance of the selected portfolios) for the indicated time horizon. The information
displayed above is for illustrative purposes solely. No guarantees can be given about future performance and this illustration shall not be
construed as offering such a guarantee. It should be recognized that the portfolio may invest in both passive and actively managed accounts and
securities, that the actual weightings of these investments can and will vary and, as a result, actual returns and volatility characteristics can be
higher or lower than those presented above. Indexes are not available for investment and they are not indicative of any particular investment.
Asset class data provided by various sources including Standard & Poors, Salomon Brothers, Wilshire Associates and Russell. Mutual Fund,
Variable Annuity and Closed End Fund data provided by Thomson Financial. Separate Account data provided by Morningstar, Inc. All data and
the aforementioned business names are copyrights of their respective corporations, all rights reserved. Investors should consider the
investment objectives, risks and charges and expenses of the investment company carefully before investing. The prospectus contains this and
other information about the investment company. You can obtain a prospectus from your financial representative. Read the prospectus carefully
before investing.
Asset allocations may vary from target allocations. Asset allocation does not guarantee future results, assure a profit or protect against loss.
Investment in an individual fund or funds, in a single asset class, may outperform or underperform an asset allocations fund. Share values will
fluctuate and, when redeemed, may be worth more or less than the original cost.
Integrated Capital Engine (ICE) Disclosures:
IMPORTANT: The projections or other information generated by ICE regarding the likelihood of various investment outcomes are hypothetical
in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time.
Graphs displayed hypothetical historical performance of the selected portfolio(s) for the indicated time horizon. The information displayed is
for illustrative purposes solely. No guarantees can be given about future performance and these illustrations shall not be construed as offering
such a guarantee. It should be recognized that the portfolio may invest in both passive and actively managed accounts and securities, that the
weightings of these investments can and will vary and, as a result, actual returns and volatility characteristics can be higher or lower than those
presented above. Indexes are not available for investment an they are not indicative of any particular investment.
Definitions: Cumulative Rate of Return displays the holding period return for the time horizon specified; Annualized Rate of Return displays
the annualized rate of return for the number of 12 month periods within the time horizon specified; High Growth Rate displays the highest
historical 12 month rate of return experienced during the time horizon specified; Low Growth Rate displays the lowest historical 12 month rate
of return experienced during the time horizon specified; Number of Positive Periods indicates how many historical rolling 12 months periods
experienced positive growth; Number of Negative Periods indicates how many historical rolling 12 months periods experienced negative
growth.
Portfolio returns and Standard Deviation are based on historical performance of indexes and/or securities.