The SFS Discount Capture Composite contains all discretionary, fee-paying accounts managed by Shaker Financial Services that participate primarily in closed end funds utilizing the core strategy of capturing discounts.  The composite generally utilizes margin accounts to take additional long positions.  The overall leverage for the composite is typically between 5% and 20%. 

For comparison purposes, the composite is displayed alongside S&P 500 Total Return, the Bloomberg Aggregate Bond Index and the Dow Jones Moderate Portfolio Index. The Dow Jones Moderate Portfolio Index is a globally diversified index with a moderate risk allocation of about 60% equity and 40% bond, designed to benchmark a moderate growth portfolio.

Shaker Financial Services, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.  Shaker Financial Services, LLC has been independently verified. For the periods June 30, 2004 through March 31, 2017, independent verification was conducted by Ashland Partners & Company LLP. For the periods March 31, 2017 through December 31, 2022, independent verification was conducted by ACA Compliance Performance Services.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The SFS Discount Capture Composite has been examined for the periods June 30, 2004 through December 31, 2020. The verification and performance examination reports are available upon request.

Shaker Financial Services, LLC is an independent registered investment adviser.  SFS’s list of composite descriptions is available upon request.

Results are based on discretionary accounts under management, including those accounts no longer with the firm.  Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains.  Withholding taxes may vary according to the investor’s domicile.  Past performance is not indicative of future results.  The annual composite dispersion presented is an asset-weighted standard deviation (net of fees) calculated for the accounts in the composite the entire year.

The U.S. Dollar is the currency used to express performance.  Returns are presented gross and net of management fees and include the reinvestment of all income.  Net of fee performance was calculated using actual management fees.  Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The current investment management fee schedule for the composite is 1.8% for clients whose AUM is less than $500,000, 1.6% for clients whose AUM is more than $500,000 but less than $1 million, 1.3% for clients whose AUM is more than $1 million but less than $3 million, 1.15% for clients whose AUM is more than $3 million but less than $5 million, and 1.0% for clients whose AUM is more than $5 million.  Actual investment advisory fees incurred by clients may vary.                          

The SFS Discount Capture Composite was created January 1, 1996.

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