Disclaimer

Ferrell Capital Management LLC Source Content

You are being provided this information for the exclusive purpose of determining whether you wish to give consideration to a potential product or service offered by Ferrell Capital Management, LLC (“Ferrell Capital”) or its affiliates or associates. This information does not constitute an offer to sell or a solicitation of any offer to buy a security or investment.
 
The services, products, data, calculations, and other content and information herein are provided by Ferrell Capital “as is” and is referred to as “Ferrell Capital Content.” Ferrell Capital does not warrant that Ferrell Capital Content is error free, complete, accurate, correct, or timely, or that the analytical principles, techniques, methods, and calculations used in creating Ferrell Capital Content are either sound or free of logical, scientific, methodological, or epistemological misunderstandings, mistakes, errors, omissions, oversights, or other deficiencies, imperfections, or flaws. Judgments and approximations are an integral part of constructing back-tested, simulated, hypothetical, or pro-forma returns and the reader should bear in mind that any estimate of what could have been a strategy’s performance is highly likely to differ from what the strategy would actually have yielded had it been in existence during the back-testing period.
 
Ferrell Capital Content relies on historical observations as well as a limited and imperfect knowledge of funds, managers, investment strategies, indices, and the markets, and should not be relied upon to predict future market movements or to assess the future performance of market participants, securities, investment products, or investment advisors. Investors are advised not to rely exclusively on Ferrell Capital Content in assessing the investment characteristics or suitability or desirability of any security or investment product or investment advisor. Ferrell Capital Content is not, and should not be construed to be, a recommendation to buy, sell, or hold any security or investment product, even if all or parts of Ferrell Capital Content was used by other parties to promote the sale or purchase of securities or investment products.
 
Ferrell Capital Content is only one of many sources of information at the disposal of investors and is not a substitute for due diligence and common sense. Ferrell Capital Content could misrepresent the historical, current, and future risk and return characteristics of a fund, security, index, or strategy if its returns in any way have been inaccurately represented to Ferrell Capital.
 
In the absence of expressed prior written consent by Ferrell Capital, you may not copy, use or transmit this brochure or any data or information contained herein, in whole or in part, or permit such action by others for any purpose except that you may provide copies of this brochure or portions hereof to your legal, tax, financial and other advisers for the purpose of assisting you in exploring a potential product or service offering by Ferrell Capital. You must return this brochure to Ferrell Capital and delete permanently any and all electronic versions and other representations thereof, upon a request do so.
 
This private and confidential material has been made available to you on the condition that you do not disclose either the existence of this material or its contents to anyone outside your organization except for your advisors unless you have prior written permission from Ferrell Capital to do so. The advisors with whom you are allowed to share this material shall be bound by the same conditions that govern your access and it is your responsibility to make sure your advisors are aware of these restrictions.
 
Data Sources
All data used in this work was obtained from publicly available information, the Bloomberg data service, and other third-party sources believed to be reliable, as well as internally developed data. Ferrell Capital has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to the accuracy completeness or reliability of information accuracy, completeness, of such information.
 
A particular risk factor relating to the source and use of data is that the arithmetic operations used for manipulating sourced, calculated, or derived data may be incorrect, inappropriate, or otherwise deficient; a further risk factor is that incorrect data may have been used for otherwise appropriate calculations.
 
Any historical, or assumed historical, data used and shown in Ferrell Capital Content has no bearing on what the future actual returns might be for the instruments, indices, and strategies that are mentioned in Ferrell Capital’s Content; past performance is no guarantee or indication of future performance.
 
Performance Results
The gross and net results in Ferrell Capital Content are based on simulated and hypothetical portfolios the resulting returns of which have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Because the trades assumed in this document have not actually been executed, these results may have under- or over-compensated for the impact, if any, of certain market factors such as lack of liquidity or the ability to obtain the execution prices that have been assumed. The Net Asset Value (NAV) of any model portfolio are based on valuations calculated in dollars.  All performance results include reinvestment of dividends.  Valuations are computed and performance is reported in U.S. dollars. Model returns are net of 1.25% management fee and reflect trading costs and brokerage fees. The brokerage fees are $0.005/closing security price multiplied by the change in the percentage of the security position relative to the NAV; this represents an estimate of $0.005/share in trading costs.  Actual client account performance may differ significantly based upon the level of trading costs and/or brokerage costs charged by a particular custodian or adviser. In addition, client performance may differ based upon the structure of a particular investment program. For example, some programs are structured as a wrap fee program in which trading costs and brokerage commissions are included in one all-inclusive wrapped fee. As such, these costs may be higher than if the client were to pay trading costs and brokerage commissions separately. Deviation from the model’s diversified structure may result in different risk, return, and diversification characteristics and would therefore not be representative of the models.

The results for simulated or hypothetical trading in general are also subject to the fact that a strategy is designed with the benefit of hindsight and it is therefore likely that any actual strategy or program, had it existed during the period for which results are shown in Ferrell Capital Content, would have been different from the assumed strategy. No representation is being made that any account will, or is likely to, achieve profits or losses similar to these being shown. Past performance is not a guarantee of future performance and simulated hypothetical returns likewise have no bearing on potential future actual returns.