https://www.proprietorwm.com/why-were-different daily 0.75 2023-05-12 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487097855738-76QDH2B58FIA33FRL8UA/Ascend_InvestmentApproach_Final_Cover.jpg Why We're Different - The Evidence https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098118872-0DR47BXVJZY7ELOE95DC/Ascend_InvestmentApproach_Final_01.jpg Why We're Different - Forecasting Has Low Odds of Success Conventional investment strategies rely on highly-trained investment managers (“stock pickers”) who use forecasting to identify the best stocks and bonds to own. These methods virtually guarantee higher risk, fees and taxes, and have generally produced poor investment returns. The large blue boxes represent all mutual funds that existed over the 5- and 15-year periods prior to 12/31/15. Here are their results: During the 15-year period, only 43% of funds survived, and just 17% of stock funds and 7% of bond funds managed to beat their benchmarks. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098131806-2O8PXZWXWBXCQQZLLKJP/Ascend_InvestmentApproach_Final_02.jpg Why We're Different - Investment Costs Are a Drag on Returns Higher costs are typically associated with funds claiming to have an “edge” to produce better results, but evidence suggests otherwise. Here, we show the performance of stock and bond funds ranked into quartiles based on their expenses over the past 5 and 15 years prior to 12/31/15. Among stock funds, only 7% of the highest cost funds outperformed over the past 15 years. And among bond funds, where returns are typically lower, the rate of outperformance was only 1%. The wide range of expenses represent varying investment styles, yet the outcome is always the same—a low probability of overall success and a systematic decrease in performance as costs rise. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098147918-PNR2N85FBMTR646E8TQ8/Ascend_InvestmentApproach_Final_03.jpg Why We're Different - Lower Volatility = Less Stress and Greater Wealth Lowering the volatility of your investments not only decreases your emotional anxiety, but can also result in greater wealth creation. Consider two securities with the same average return over time; however, one has lower volatility. While you might expect both securities to produce similar results, it’s a mathematical fact that the less volatile one will provide greater wealth. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098165618-Q28VPLXK0WJIMN1D1TJP/Ascend_InvestmentApproach_Final_04.jpg Why We're Different - Seek Broad Diversification No one—even on Wall Street or in the financial media—can truly predict the future. Here’s a periodic table that ranks annual returns among major asset classes and shows no predictable pattern; it is virtually impossible to predict which asset class will outperform each year. Whether you look at asset classes, sectors, or countries, this same random pattern of performance is evident. Seeking broad diversification among thousands of securities is the surest way to invest when you can’t know what the future holds. It’s also the greatest panacea for volatility. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098184172-4BH8SCRKJMBA2ZUCR852/Ascend_InvestmentApproach_Final_05.jpg Why We're Different - Think Global Diversification within your home market is not enough. The US represents only 52% of the world's market capitalization (and is often not among the world’s top performers), which means half of your wealth creating opportunities can be found abroad. But, how do you decide which countries to invest in? Viewing the world according to market capitalization provides clarity to asset allocation decisions and is more meaningful than looking at a country’s GDP, population size or exports. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098201259-D29KNHDK4OJDO8G45XGP/Ascend_InvestmentApproach_Final_06.jpg Why We're Different - Identify Sources of Higher Return While difficult to predict which stocks will outperform in any given year, Nobel Prize-winning research has identified various risk factors that generate market-beating returns over time. Among these factors, company size (small vs. large), relative price (value vs. growth), and profitability (high vs. low) have proven to be the most sensible, persistent and pervasive indicators of higher expected returns. For example, investors in smaller US companies have received an average excess return of 2.28% annually vs. owning the S&P 500, a large company index. There are logical, economic reasons why these factors should continue to show up over time and across markets. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098225059-ANRGEJ2RXC1I6K5FGHF5/Ascend_InvestmentApproach_Final_07.jpg Why We're Different - Pay Attention to Portfolio Structure Combining what we know about forecasting being unreliable and that certain factors in the market are more attractive than others, we can look to portfolio structure to pursue higher expected returns. These boxes represent the total stock market and the dots are individual stocks. By carefully structuring a portfolio to tilt towards desirable parts of the market and then owning thousands of those securities, you can increase your expected returns and lower your risk. Sometimes combining two or more factors together (e.g., a small cap value fund) can be particularly potent. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098240118-BB39CO2ACDFPB5MXWXV1/Ascend_InvestmentApproach_Final_08.jpg Why We're Different - Find Balance A well-balanced investment strategy that is structured to capture higher returns and is broadly diversified among stocks and bonds can yield greater wealth with less volatility. Here, we show the risk and returns of investing in the S&P 500 Index, compared to a more balanced portfolio (60% stocks/40% bonds) since the beginning of 2000. Notably, this period includes the “lost decade” of 2000-2009 that marked the most challenging time to start investing since the 1930s due to two major market corrections and the Great Recession. In this case, the balanced portfolio provided greater wealth with much lower volatility.   https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098256375-SLO40CRX1EQPBA5DECFF/Ascend_InvestmentApproach_Final_09.jpg Why We're Different - Exert Some Control Poor performance among professional managers has made indexing a popular investment choice. However, index funds were designed to serve as benchmarks, not investment vehicles, and therefore have a number of inherent weaknesses. Because index funds attempt to match the returns of a commercial benchmark, they have no control over their holdings and must quickly buy and sell (or “reconstitute”) the same securities as the benchmark at the same time (the “effective date”). This high trading volume within a short period of time has an undesirable effect on security prices, which lowers index fund returns. A better approach to investing incorporates a flexible and patient trading approach that does not demand liquidity at the same time as the rest of the market. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098271948-A13T6NPWXYWMMG6IHC4W/Ascend_InvestmentApproach_Final_10.jpg Why We're Different - Avoid Style Drift An index fund that purports to represent a certain asset class may not be doing its job. Consider the small cap-focused Russell 2000 Index: due to infrequent—once a year—reconstitution, the index, along with any funds that track it, lose their targeted exposure to the smallest 10% of stocks throughout the year, only to regain it briefly at the time of reconstitution. This style drift occurs because stocks can move in or out of an asset class at any time (e.g., small cap stocks can grow into mid or large cap stocks), yet index funds reconstitute their holdings much less frequently. This presents a challenge to achieving consistent exposure to desirable parts of the market and may leave an investor holding stocks they don’t want to own. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098288949-S25H8J4MOAMGKPIFGZDX/Ascend_InvestmentApproach_Final_11.jpg Why We're Different - Stay the Course The value of staying invested throughout market cycles cannot be overstated. Some of the market’s best days occur as a result of oversold conditions during periods of extreme panic and fear. However, many investors miss these best days and often miss the ensuing recovery for the months or even years that follow. Missing the top five days over the past 45 years—or only one day every nine years—lowered annual returns by 1% for the entire period. Staying invested throughout the expected ups and downs of the market requires a sound investment strategy that is designed specifically to help you stay the course. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098303474-DXMK4N5OBFA8XFWVC7Q6/Ascend_InvestmentApproach_Final_12.jpg Why We're Different - The Power of Compounding Because we’re living longer, healthier, and more active lives, it is important to make smarter investment decisions now so your portfolio can provide for you as you age. Due to the power of compounding, the difference between earning 7% or 8% on $1mm over 30 years is an additional $2,450,400. This increase in wealth can substantially enhance your life in retirement, the gift you provide to your heirs, or your philanthropic aspirations. You owe it to yourself to make the smartest investment decisions possible. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098326212-25O6JS73LEM6V0ICBKHV/Ascend_InvestmentApproach_Final_Appendix.jpg Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666757431-TZGHZAK73JE4URWRQ86Z/ascend-icons-R2-small-08.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666461433-2AGHHVGHCB7LAU3898Z2/ascend-icons-R2-small-09.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666477183-194515JXBPNHJK4SRR0Y/ascend-icons-R2-small-01.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1483556737806-JGTHK5NMKTS71XAT63FF/ascend-icons-R2-small-03.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666569370-QOIYC30NQFSPHOZDIS2O/ascend-icons-R2-small-07.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666520543-PVX1WGQLKEQBAV169EK7/ascend-icons-R2-small-06.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666778397-SWJHOASX1ZHOZB35UWCR/ascend-icons-R2-small-04.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481666495928-2N09TPLBJOER579JHTV4/ascend-icons-R2-small-05.png Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528093628383-9VVMX80N5IS0W73K7N0D/Ascend_AboutUs_Banner.jpg Why We're Different https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528094694535-7KQF7OD7H11HWM098QDI/Ascend_Services_Banner.jpg Why We're Different https://www.proprietorwm.com/investment-approach-gallery daily 0.75 2017-06-12 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487097855738-76QDH2B58FIA33FRL8UA/Ascend_InvestmentApproach_Final_Cover.jpg Investment Approach Gallery - The Evidence https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487097855738-76QDH2B58FIA33FRL8UA/Ascend_InvestmentApproach_Final_Cover.jpg Investment Approach Gallery - The Evidence https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1484090974626-JEFVKFT6942H5WL7IW3Z/Ascend_InvestmentApproachSlideshow-cover.jpg Investment Approach Gallery https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098118872-0DR47BXVJZY7ELOE95DC/Ascend_InvestmentApproach_Final_01.jpg Investment Approach Gallery - Forecasting Has Low Odds of Success Conventional investment strategies rely on highly-trained investment managers (“stock pickers”) who use forecasting to identify the best stocks and bonds to own. These methods virtually guarantee higher risk, fees and taxes, and have generally produced poor investment returns. The large blue boxes represent all mutual funds that existed over the 5- and 15-year periods prior to 12/31/15. Here are their results: During the 15-year period, only 43% of funds survived, and just 17% of stock funds and 7% of bond funds managed to beat their benchmarks. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1483572415290-YKK2LZQVGTHSBMYIKT49/Ascend_InvestmentApproachSlideshow_Cover.png Investment Approach Gallery - Evidence That Informs Our Investment Approach https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098131806-2O8PXZWXWBXCQQZLLKJP/Ascend_InvestmentApproach_Final_02.jpg Investment Approach Gallery - Investment Costs Are a Drag on Returns Higher costs are typically associated with funds claiming to have an “edge” to produce better results, but evidence suggests otherwise. Here, we show the performance of stock and bond funds ranked into quartiles based on their expenses over the past 5 and 15 years prior to 12/31/15. Among stock funds, only 7% of the highest cost funds outperformed over the past 15 years. And among bond funds, where returns are typically lower, the rate of outperformance was only 1%. The wide range of expenses represent varying investment styles, yet the outcome is always the same—a low probability of overall success and a systematic decrease in performance as costs rise. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481671967178-9VL8QTBIT58IT1W97XVK/Ascend_InvestmentApproachSlideshow-cover.gif Investment Approach Gallery https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098147918-PNR2N85FBMTR646E8TQ8/Ascend_InvestmentApproach_Final_03.jpg Investment Approach Gallery - Lower Volatility = Less Stress and Greater Wealth Lowering the volatility of your investments not only decreases your emotional anxiety, but can also result in greater wealth creation. Consider two securities with the same average return over time; however, one has lower volatility. While you might expect both securities to produce similar results, it’s a mathematical fact that the less volatile one will provide greater wealth. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1481230113097-JMOJL4XOLAIHOOWBIFDH/slideshow-cover.jpg Investment Approach Gallery https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098165618-Q28VPLXK0WJIMN1D1TJP/Ascend_InvestmentApproach_Final_04.jpg Investment Approach Gallery - Seek Broad Diversification No one—even on Wall Street or in the financial media—can truly predict the future. Here’s a periodic table that ranks annual returns among major asset classes and shows no predictable pattern; it is virtually impossible to predict which asset class will outperform each year. Whether you look at asset classes, sectors, or countries, this same random pattern of performance is evident. Seeking broad diversification among thousands of securities is the surest way to invest when you can’t know what the future holds. It’s also the greatest panacea for volatility. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098184172-4BH8SCRKJMBA2ZUCR852/Ascend_InvestmentApproach_Final_05.jpg Investment Approach Gallery - Think Global Diversification within your home market is not enough. The US represents only 52% of the world's market capitalization (and is often not among the world’s top performers), which means half of your wealth creating opportunities can be found abroad. But, how do you decide which countries to invest in? Viewing the world according to market capitalization provides clarity to asset allocation decisions and is more meaningful than looking at a country’s GDP, population size or exports. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098201259-D29KNHDK4OJDO8G45XGP/Ascend_InvestmentApproach_Final_06.jpg Investment Approach Gallery - Identify Sources of Higher Return While difficult to predict which stocks will outperform in any given year, Nobel Prize-winning research has identified various risk factors that generate market-beating returns over time. Among these factors, company size (small vs. large), relative price (value vs. growth), and profitability (high vs. low) have proven to be the most sensible, persistent and pervasive indicators of higher expected returns. For example, investors in smaller US companies have received an average excess return of 2.28% annually vs. owning the S&P 500, a large company index. There are logical, economic reasons why these factors should continue to show up over time and across markets. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098225059-ANRGEJ2RXC1I6K5FGHF5/Ascend_InvestmentApproach_Final_07.jpg Investment Approach Gallery - Pay Attention to Portfolio Structure Combining what we know about forecasting being unreliable and that certain factors in the market are more attractive than others, we can look to portfolio structure to pursue higher expected returns. These boxes represent the total stock market and the dots are individual stocks. By carefully structuring a portfolio to tilt towards desirable parts of the market and then owning thousands of those securities, you can increase your expected returns and lower your risk. Sometimes combining two or more factors together (e.g., a small cap value fund) can be particularly potent. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098240118-BB39CO2ACDFPB5MXWXV1/Ascend_InvestmentApproach_Final_08.jpg Investment Approach Gallery - Find Balance A well-balanced investment strategy that is structured to capture higher returns and is broadly diversified among stocks and bonds can yield greater wealth with less volatility. Here, we show the risk and returns of investing in the S&P 500 Index, compared to a more balanced portfolio (60% stocks/40% bonds) since the beginning of 2000. Notably, this period includes the “lost decade” of 2000-2009 that marked the most challenging time to start investing since the 1930s due to two major market corrections and the Great Recession. In this case, the balanced portfolio provided greater wealth with much lower volatility.   https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098256375-SLO40CRX1EQPBA5DECFF/Ascend_InvestmentApproach_Final_09.jpg Investment Approach Gallery - Exert Some Control Poor performance among professional managers has made indexing a popular investment choice. However, index funds were designed to serve as benchmarks, not investment vehicles, and therefore have a number of inherent weaknesses. Because index funds attempt to match the returns of a commercial benchmark, they have no control over their holdings and must quickly buy and sell (or “reconstitute”) the same securities as the benchmark at the same time (the “effective date”). This high trading volume within a short period of time has an undesirable effect on security prices, which lowers index fund returns. A better approach to investing incorporates a flexible and patient trading approach that does not demand liquidity at the same time as the rest of the market. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098271948-A13T6NPWXYWMMG6IHC4W/Ascend_InvestmentApproach_Final_10.jpg Investment Approach Gallery - Avoid Style Drift An index fund that purports to represent a certain asset class may not be doing its job. Consider the small cap-focused Russell 2000 Index: due to infrequent—once a year—reconstitution, the index, along with any funds that track it, lose their targeted exposure to the smallest 10% of stocks throughout the year, only to regain it briefly at the time of reconstitution. This style drift occurs because stocks can move in or out of an asset class at any time (e.g., small cap stocks can grow into mid or large cap stocks), yet index funds reconstitute their holdings much less frequently. This presents a challenge to achieving consistent exposure to desirable parts of the market and may leave an investor holding stocks they don’t want to own. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098288949-S25H8J4MOAMGKPIFGZDX/Ascend_InvestmentApproach_Final_11.jpg Investment Approach Gallery - Stay the Course The value of staying invested throughout market cycles cannot be overstated. Some of the market’s best days occur as a result of oversold conditions during periods of extreme panic and fear. However, many investors miss these best days and often miss the ensuing recovery for the months or even years that follow. Missing the top five days over the past 45 years—or only one day every nine years—lowered annual returns by 1% for the entire period. Staying invested throughout the expected ups and downs of the market requires a sound investment strategy that is designed specifically to help you stay the course. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098303474-DXMK4N5OBFA8XFWVC7Q6/Ascend_InvestmentApproach_Final_12.jpg Investment Approach Gallery - The Power of Compounding Because we’re living longer, healthier, and more active lives, it is important to make smarter investment decisions now so your portfolio can provide for you as you age. Due to the power of compounding, the difference between earning 7% or 8% on $1mm over 30 years is an additional $2,450,400. This increase in wealth can substantially enhance your life in retirement, the gift you provide to your heirs, or your philanthropic aspirations. You owe it to yourself to make the smartest investment decisions possible. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1487098326212-25O6JS73LEM6V0ICBKHV/Ascend_InvestmentApproach_Final_Appendix.jpg Investment Approach Gallery https://www.proprietorwm.com/white-papers-source daily 0.75 2017-05-29 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1495646742252-RKPJ3GCRU1CPJAKDWE67/bookshelf-v02-lightened.jpg White Papers SOURCE https://www.proprietorwm.com/white-papers-source/2017/5/24/and-one-more-title-here monthly 0.5 2022-03-19 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1536555986856-L5NBLUTIT5M1E0057FWO/AI_cover.png White Papers SOURCE - Ascend Investing: An Evidence-Based Investment Approach https://www.proprietorwm.com/white-papers-source/accessing-roth-iras-through-the-backdoor-a-workaround-for-high-income-earners monthly 0.5 2022-03-19 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1527175297849-YPO664GFBL0R5NR5WVQ3/headshot.small.2.jpg White Papers SOURCE - Accessing Roth IRAs Through the Backdoor: A Workaround for High-Income Earners https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1527788912919-52Y37XR491J0AKSVDRSG/BuyingPower.png White Papers SOURCE - Accessing Roth IRAs Through the Backdoor: A Workaround for High-Income Earners https://www.proprietorwm.com/white-papers-source/2017/5/21/advanced-tax-planning monthly 0.5 2022-03-19 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1495581245716-A439EWEN6UWY65X2D9Q7/image-asset.png White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1527180627160-UHXBK25R6ISHKMEPVXZF/headshot.small.2.jpg White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1497984234673-09D4BLY188254MUDEV2A/image-asset.jpeg White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1497987570100-0JF4S7CSF7ROH2Y8FMYR/image-asset.jpeg White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1495581138795-66PMVHGFUBK5AOS7QQFH/image-asset.png White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1497916185743-APY5Y48W31QLEVF8U7OJ/image-asset.png White Papers SOURCE - Advanced Tax Planning: The Holy Grail of Investing https://www.proprietorwm.com/contact daily 0.75 2023-05-30 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528094084637-5ZHE27S3KJFF9Z0H17BU/Ascend_Contact_Banner_LessVibrant.jpg Contact Us https://www.proprietorwm.com/the-firm daily 0.75 2023-05-30 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528090517306-RJV296H3NI33VXG1UJXI/image-asset.jpeg The Firm https://www.proprietorwm.com/home daily 1.0 2023-05-30 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1527106031078-330GV4OECNOBLFWXPCSA/shutterstock_219455494_highres_orig.jpg Ascend Wealth Management https://www.proprietorwm.com/our-clients daily 0.75 2025-10-14 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528090686212-UE4CI03CFIAX77TJ55CC/image-asset.jpeg Our Clients https://www.proprietorwm.com/resource-partners daily 0.75 2025-12-08 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1480539797510-XEKW3HH5H1LMXYBDN0BK/demensional_logo.png Resource Partners https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1480539448786-RR9TZ18EXURO11US6NLN/image-asset.png Resource Partners https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1480539794718-836BJWQMXZZKNLG3OUST/static1.squarespace.png Resource Partners https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528090579659-I6GKDUD8U2VVXGDR4MHO/image-asset.jpeg Resource Partners https://www.proprietorwm.com/whatexactlywedo daily 0.75 2023-11-04 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1528094868638-ZRADMR9IRZZEZPEJ6UJY/iStock-607974568.high.istock.landscape.xl.jpg What Exactly We Do https://www.proprietorwm.com/ascend-investing-archive daily 0.75 2019-09-09 https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1515008665252-XIULN3CUZTY6YNNAHQMD/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1567970581610-3026WFED542JQL4TPX4W/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1552191380758-V1OXJOQO119L8T3GOF4K/1803_market+volatility.2.png Ascend Investing Archive In US dollars. For illustrative purposes. The missed best day(s) examples assume that the hypothetical portfolio fully divested its holdings at the end of the day before the missed best day(s), held cash for the missed best day(s), and reinvested the entire portfolio in the S&P 500 at the end of the missed best day(s). Annualized returns for the missed best day(s) were calculated by substituting actual returns for the missed best day(s) with zero. S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. One-Month US T- Bills is the IA SBBI US 30 Day TBill TR USD, provided by Ibbotson Associates via Morningstar Direct. Data is calculated off rounded daily index values. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1541884005518-R1ZMU9TTDX69MFX40AZO/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1510001784295-BNP79NJ81YCH03D7KNN0/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1511815001001-HO0H2H64POIN85119RJ9/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1511815537184-WVTR7UWD1LL07U77W9L7/april+%2717.1.png Ascend Investing Archive Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. 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. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. Actual returns may be lower. See “Index Descriptions” in the appendix for descriptions of Dimensional and Fama/French index data. Eugene Fama and Ken French are members of the Board of Directors for and provide consulting services to Dimensional Fund Advisors LP. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078634078-DVMW2LSIH7BEZ710S7JE/Exhibit+7.png Ascend Investing Archive US Large Cap is the S&P 500 Index. US Large Cap Value is the Russell 1000 Value Index. US Small Cap is the Russell 2000 Index. US Small Cap Value is the Russell 2000 Value Index. US Real Estate is the Dow Jones US Select REIT Index. International Large Cap Value is the MSCI World ex USA Value Index (net dividends). International Small Cap Value is the MSCI World ex USA Small Cap Value Index (net dividends). Emerging Markets is the MSCI Emerging Markets Index (net dividends). Five-Year US Government Fixed is the Bloomberg Barclays US TIPS Index 1–5 Years. The S&P data is provided by Standard & Poor’s Index Services Group. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Dow Jones data provided by Dow Jones Indices. MSCI data ©MSCI 2017, all rights reserved. Bloomberg Barclays data provided by Bloomberg. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is no guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1552176107136-UG6YPJ1LFLTN6A9PRM9J/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1510001726757-XR49DLC40BTJHEAOCPIH/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1504308184223-YK4RJRK528RX2DA3SCUM/negativerealreturns_ex2.png Ascend Investing Archive Source: Dimson, Marsh, and Staunton (DMS); Morningstar. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1504308326413-IIDJ5OLXMY35SKW8XQKB/negativerealreturns_ex3.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1552176341227-JBZRPG9QVH5WMH7ZMG4O/headshot+-+Copy.jpg Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078500360-PISC0UA98TDLRBEOSBDO/Exhibit+6.png Ascend Investing Archive Number of holdings and countries for the S&P 500 Index and MSCI ACWI (All Country World Index) Investable Market Index (IMI) as of December 31, 2016. The S&P data is provided by Standard & Poor’s Index Services Group. MSCI data ©MSCI 2017, all rights reserved. International investing involves special risks such as currency fluctuation and political stability. Investing in emerging markets may accentuate those risks. Diversification does not eliminate the risk of market loss. Indices are not available for direct investment. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1510000938363-KS65QZ448XSXXI9ZEZXK/newmarkethighs_ex+2.png Ascend Investing Archive Information provided by Dimensional Fund Advisors LP. In US dollars. The 10-year rolling equity premium is computed as the 10-year annualized compound return on the Fama/French Total US Market Index minus the 10-year annualized compound return of the one-month US Treasury Bill. Fama/French indices provided by Ken French. Index descriptions available upon request. Eugene Fama and Ken French are members of the Board of Directors for and provide consulting services to Dimensional Fund Advisors LP. 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 no guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1504308095351-H1S33Z2FH3MEJBKYUDO3/negativerealreturns_ex1.png Ascend Investing Archive Source: Dimson, Marsh, and Staunton (DMS); Morningstar. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078339027-1JL2K1CU0A866DD4N2D8/Exhibit+3.png Ascend Investing Archive Source: *Mutual Fund Landscape 2017, Dimensional Fund Advisors. See Appendix for important details on the study. Past performance is no guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1567970337954-7KIUN9SOPEB5TGUQKKEB/sWhat+You+Pay_+What+You+Get_+Connecting+Price+and+Expected+Returns+%281%29_Page_2.png Ascend Investing Archive *In the study results, “benchmark” refers to the Morningstar category index used to evaluate the performance of each respective mutual fund in the sample. The sample includes funds at the beginning of the 5-, 10-, and 15-year periods ending December 31, 2017. Past performance is no guarantee of future results. See footnote for additional information. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078713439-PZ9YY315N6HETV1RC00W/Exhibit+8.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078208419-HQ7SD43H28IYCRDIR091/Exhibit+1.png Ascend Investing Archive Source: World Federation of Exchanges members, affiliates, correspondents, and non-members. Trade data from the global electronic order book. Daily averages were computed using year-to-date totals as of December 31, 2016, divided by 250 as an approximate number of annual trading days. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078257133-WDYWCXI5VLD6VTNKNK09/Exhibit+2.png Ascend Investing Archive Source: *Mutual Fund Landscape 2017, Dimensional Fund Advisors. See Appendix for important details on the study. Past performance is no guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1515806977569-RPO0CXYV1LQU3E0KRGVM/Sept17.2.jpg Ascend Investing Archive In US dollars. Represents cumulative total returns of a balanced strategy invested on the first day of the following calendar month of the event noted. Balanced Strategy: 12% S&P 500 Index,12% Dimensional US Large Cap Value Index, 6% Dow Jones US Select REIT Index, 6% Dimensional International Marketwide Value Index, 6% Dimensional US Small Cap Index, 6% Dimensional US Small Cap Value Index, 3% Dimensional International Small Cap Index, 3% Dimensional International Small Cap Value Index, 2.4% Dimensional Emerging Markets Small Index, 1.8% Dimensional Emerging Markets Value Index, 1.8% Dimensional Emerging Markets Index, 10% Bloomberg Barclays Treasury Bond Index 1-5 Years, 10% Citigroup World Government Bond Index 1-5 Years (hedged), 10% Citigroup World Government Bond Index 1-3 Years (hedged), 10% BofA Merrill Lynch 1-Year US Treasury Note Index. The S&P data are provided by Standard & Poor’s Index Services Group. The Merrill Lynch Indices are used with permission; copyright 2017 Merrill Lynch, Pierce, Fenner & Smith Incorporated; all rights reserved. Citigroup Indices used with permission, © 2017 by Citigroup. Bloomberg Barclays data provided by Bloomberg. For illustrative purposes only. Dimensional indices use CRSP and Compustat data. 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. Not to be construed as investment advice. Rebalanced monthly. Returns of model portfolios are based on back-tested model allocation mixes designed with the benefit of hindsight and do not represent actual investment performance. See Appendix for additional information. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078019648-QQ0O5IYH3CFZXS0RWQ15/spacer.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1515009773580-C5RDPAORMD7AWHRT2XQS/whenratesgoup.png Ascend Investing Archive https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1552191310925-50D41GBELH186B0C0SG3/1803_market+volatility.1.png Ascend Investing Archive In US dollars. US Market is measured by the Russell 3000 Index. Largest Intra-Year Gain refers to the largest market increase from trough to peak during the year. Largest Intra-Year Decline refers to the largest market decrease from peak to trough during the year. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1509991605664-1CMX22JWPMEAYZ4QQ24K/newmarkethighs_ex+1.png Ascend Investing Archive From January 1926–December 2016, 319 months, or approximately 29% of monthly observations, were new closing highs. Note: 1,081 monthly observations. The S&P data is provided by Standard & Poor's Index Services Group. For illustrative purposes only. Index is not available for direct investment. Past performance is no guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1510001102162-VIBYUHL9K752BPEXMXIX/newmarkethighs_ex+3.png Ascend Investing Archive Market is Fama/French Total US Market Index. T-Bills is One-Month US Treasury Bills. There are 877 overlapping 15-year periods, 937 overlapping 10-year periods, 997 overlapping five-year periods, and 1,045 overlapping one-year periods. Information provided by Dimensional Fund Advisors LP. Based on rolling annualized returns using monthly data. Rolling multiyear periods overlap and are not independent. This statistical dependence must be considered when assessing the reliability of long-horizon return differences. Fama/French indices provided by Ken French. Index descriptions available upon request. Eugene Fama and Ken French are members of the Board of Directors for and provide consulting services to Dimensional Fund Advisors LP. Indices are not available for direct investment. Past performance is not a guarantee of future results. https://images.squarespace-cdn.com/content/v1/5826113259cc68a88e583a69/1540078391683-9XWS12TJXCNXDD3RYTQZ/Exhibit+4.png Ascend Investing Archive US Small Cap is the CRSP 6–10 Index. US Large Cap is the S&P 500 Index. Long-Term Government Bonds is the IA SBBI US LT Govt TR USD, provided by Ibbotson Associates via Morningstar Direct. Treasury Bills is the IA SBBI US 30 Day TBill TR USD, provided by Ibbotson Associates via Morningstar Direct. US Inflation is measured as changes in the US Consumer Price Index. US Consumer Price Index data is provided by the US Department of Labor Bureau of Labor Statistics. CRSP data is provided by the Center for Research in Security Prices, University of Chicago. The S&P data is provided by Standard & Poor’s Index Services Group. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. 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