Spyglass Portfolio -- Megatrends
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Performance and Other Disclosures
Mid-Cap Growth Composite
Date Range: 10/1/2015 - 12/31/2022
Report Currency: USD
Composite Returns
Index Returns
3-year Annualized Standard
Deviation
Dispersion
Assets
Period
Total Gross
Total Net
Primary
Secondary Composite
Return AWR
Return AWR
Primary
Index
Secondary
Index
Internal
Asset Wtd.
# of
Portfolios
Composite
Firm Assets
(mm USD)
(mm USD)
2022
-46.85%
-47.40%
-26.71%
-26.22%
28.63%
24.52%
25.18%
0.42%
79
1,252.17
1,254.07
2021
-5.48%
-6.42%
12.72%
5.03%
25.38%
20.19%
21.97%
0.64%
106
3,805.72
3,808.45
2020
63.69%
62.13%
35.59%
40.46%
26.01%
21.45%
23.93%
0.69%
86
3,248.72
3,297.16
2019
37.63%
36.30%
35.47%
32.63%
18.22%
13.88%
15.85%
0.74%
58
761.05
773.93
2018
11.55%
10.46%
-4.76%
-7.49%
18.83%
12.82%
15.33%
n.m.
30
104.10
119.68
2017
48.02%
46.60%
25.26%
24.44%
<3 years
< 3 years
< 3 years
n.m.
< 5 accts
16.36
16.36
2016
-14.43%
-15.29%
7.30%
9.70%
20151
5.06%
4.80%
4.12%
3.81%
< 3 years
< 3 years
<3 years
<3 years
<3 years
<3 years
n.m.
≤ 5 accts
9.04
9.04
n.m.
≤ 5 accts
8.48
8.48
1 Represents performance from 10/1/2015 through 12/31/2015
Primary Index:
Russell Midcap Growth Index
Secondary Index: Russell 2500 Growth Index
GIPS Compliance and Verification Status. Spyglass Capital Management, LLC (Spyglass) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in
compliance with the GIPS standards. Spyglass has been independently verified solely for the periods October 1, 2015 to December 31, 2022. A firm that claims compliance with the GIPS standards must establish policies
and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund
maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not
provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or
quality of the content contained herein. Policies for valuing portfolios, calculating performance, GIPS Reports and a listing of composite descriptions are available upon request.
Firm Information. Spyglass is an investment advisor registered with the US Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
Composite Description. The Mid-Cap Growth Composite contains all fee-paying, discretionary accounts that are managed according to Spyglass's singular core strategy. The Mid-Cap Growth Strategy invests primarily in
U.S exchange traded equity securities in the mid-capitalization classification ($2 billion - $12 billion) and seeks long-term capital appreciation while incurring a low risk of permanent capital loss. The strategy uses a
concentrated and low turnover investment approach, and seeks to identify and invest in high-quality growth-oriented companies trading at discounts to Spyglass's assessment of their intrinsic value. Spyglass has
determined the most appropriate benchmark for the composite is the Russell Midcap Growth Index. The Mid-Cap Growth Composite was created in 2018; its inception date is October 1, 2015. From October 1, 2015 to
December 29, 2017, the composite is composed solely of an equity partnership fund. Spyglass' managing member and CIO served as portfolio manager for this fund. From December 29, 2017 to April 30, 2018, the
composite is composed solely of the successor equity mutual fund subsequent to the tax-free exchange of the partnership fund to the equity mutual fund. Subsequent to April 30, 2018, the composite also comprehends
all discretionary separately managed accounts resident for the entire period of presentation. The strategy and portfolio manager for the term of the composite were the same. For periods after May 1, 2018, the
composite is composed of the mutual fund, its predecessor partnership and separate accounts. Currently, the assets in the mutual fund comprise a significant majority of the composite's assets.
Fee Schedule. Spyglass' proforma annual asset-based management fee schedule is 1%. Gross performance results do not reflect the deduction of Spyglass' investment advisory fee which lowers a client's total return.
Gross of fees returns are calculated gross of management, fund administration, and custodial fees and net of transaction costs. Net of fees returns are calculated by deducting the monthly-equivalent amount of Spyglass'
highest applicable annual management fee of 1.00% ("Model Net Fee"), as described in the firm's Form ADV, Part 2A from the monthly composite gross return.
Reference Index Disclosure. The Russell Midcap Growth Index measures the performance of the mid-capitalization growth sector of the US equity market. It is a subset of the Russell Midcap Index. The Russell 2500
Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It is a subset of the Russell 2500 Index. Both indices are market-value weighted. Index figures reflect the
reinvestment of dividends. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index. Spyglass has licensed the right to present the Russell data.
Other. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in USD.
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