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*All statistics are based on quarterly gross returns; net performance for the same time period is 13.9%. Thus, it can be thought of as how the manager performed if the market has had no gain or loss. Standard Deviation: A gauge of risk that measures the spread of the difference of returns from their average. The more a portfolio's returns vary from its average, the higher the standard deviation. Sharpe Ratio: Measures excess return per unit of risk. It relates the difference between the portfolio’s return and the return of the risk free rate to the standard deviation of the differences for the same period. Downside Capture Ratio: A measure of the manager’s performance in down markets relative to the market itself. A down market is one in which the market's quarterly return is less than zero.
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