Stephens Small-Mid Cap Core Growth Strategy

Small-Mid Cap Core Performance


Stephens Small-Mid Cap Core Growth Separate Account (Inception 2/1/2005)

Month-End as of 6/30/2021:

Performance Since Inception
Annualized Cumulative
Net2.64%4.94%33.41%20.40%20.37% 13.89%11.57%503.98%
Russell 2500® Growth Index 5.37% 8.67% 49.63% 20.13% 20.67% 14.82% 12.05% 548.12%

YearTotalStrategy Assets*Composite AssetsAdvisory-Only AssetsAnnual Performance Results3 Yr Annualized Standard Deviation
USD (millions) No. of Accounts USD (millions) No. of Accounts Wrap Fee Assets Composite Russell 2500® Growth Composite Dispersion Composite Gross Russell 2500 ® Growth
Pure Gross1 Net
2020 6,916 91 13 54 10 52.28% 37 36.47% 35.33% 40.47% 0.09% 21.26% 23.93%
2019 5,416 77 14 48 11 47.09% 29 34.86% 33.51% 32.65% 0.19% 14.04% 15.85%
2018 4,301 64 14 39 11 44.09% 25 5.18% 4.31% -7.47% 0.09% 13.84% 15.33%
2017 4,442 59 14 39 11 46.05% 19 22.76% 21.76% 24.45% 0.67% 10.86% 13.04%
2016 3,644 54 13 32 10 45.60% 23 6.72% 5.82% 9.73% 0.05% 12.43% 14.67%
2015 2,897 51 13 27 10 51.11% 24 0.45% -0.40% -0.19% 0.39% 11.44% 13.29%
2014 3,430 52 14 27 10 51.36% 25 1.78% 0.90% 7.05% 0.10% 10.94% 12.54%
2013 3,054 51 13 27 10 51.46% 24 35.31% 34.07% 40.65% 0.12% 12.05% 16.48%
2012 1,222 29 12 11 9 100% 18 16.63% 15.44% 16.13% 0.14% 15.01% 19.82%
2011 933 23 11 9 9 100% 13 3.50% 2.35% -1.57% 0.07% 17.67% 22.91%

*Strategy assets include composite assets and advisory-only assets, and are shown as supplemental information as these assets include advisory-only UMA assets managed within the SMID Core Growth Strategy.

Small and Mid Cap Core Growth Separate Account Composite contains fully discretionary accounts invested primarily in small cap and mid-cap common stock of U.S. companies. Under normal market conditions, most of the securities purchased for this composite have market capitalizations equal to or less than the largest company contained within the Russell 2500® Growth Index at the time the security was initially purchased by accounts in the composite and are securities of companies which appear to have clear indicators of future earnings growth or that appear to demonstrate other potential for growth of capital. Securities purchased for this composite are predominantly those categorized by SIMG as core growth securities which are securities SIMG perceives to be high quality, well managed businesses that have the potential for consistent, predictable revenue and earnings growth. In addition to common stock the composite may also purchase convertible and preferred stock as well as certain Exchange Traded Funds. This composite is actively managed and securities in the composite are frequently purchased and sold by the manager. For comparison purposes the composite is measured against the Russell 2500® Growth Index. Prior to September 1, 2011, this composite was known as the Small/Mid Cap Growth Separate Account Composite.

Stephens Investment Management Group, LLC claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Stephens Investment Management Group has been independently verified for the periods December 1, 2005 through December 31, 2020. 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. The Small and Mid Cap Core Growth Separate Account Composite has had a performance examination for the periods February 1, 2005 through December 31, 2020. The verification and performance examination reports are available upon request.

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.

Stephens Investment Management Group, LLC is a registered investment advisor specializing in equity investment management, specifically small and mid-capitalization growth companies.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

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 is calculated using actual fees incurred. 1Pure Gross returns are shown as supplemental information and are stated gross of all fees and transaction costs; net returns are reduced by all fees and transaction costs incurred. In addition to a management fee, the accounts pay an all-inclusive fee based on a percentage of assets under management. Other than brokerage commissions, this fee includes advisory, custody, execution and other services provided in connection with the program. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

The fee schedule begins at 1% of assets under management for non-bundled fee accounts. Actual investment advisory fees incurred by clients vary.

The Small-Mid Cap Core Growth Separate Account Composite inception date is February 1, 2005, and the creation date is December 1, 2005. Performance for the period prior to December 1, 2005 occurred while the Portfolio Management Team provided services on behalf of the prior firm, Stephens Inc., and the Portfolio Management Team members were the only individuals responsible for selecting the securities to buy and sell.

Beginning September 30, 2007, composite policy requires the temporary removal of any account from the composite which incurs a client initiated significant cash inflow or outflow of 10% or more of the value of the net assets of the account in any 30 day period. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite at the beginning of the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request.

The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. The three-year annualized ex-post standard deviation of the composite and annual composite dispersion are calculated using gross-of-fees returns.

Firm AUM does not include accrued dividends.

A conversion of our accounting system resulted in SIMG materially overstating our net performance for this composite for 4Q2019 by 0.14%, for 2019 by 0.177% and our 3, 5, 10-year and ITD net performance. Corrections have been made.

A list of composite descriptions, a list of limited distribution pooled fund descriptions and a list of broad distribution pooled funds are available upon request.
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