Executive Summary
The GIPS Composite Performance report covers the investment results for multiple strategies managed by Vann Equity Management between 2018 and 2024. These strategies span US large‑cap growth and value equities, international ADR equities, index‑based and actively managed ETF portfolios (domestic, global, international and small/mid), real estate investment trusts (REITs) and structured notes. For each composite you will find annual gross and net returns, benchmark comparisons, dispersion statistics, risk metrics and multi‑year performance figures. The report adheres to the Global Investment Performance Standards (GIPS®) and includes detailed notes, composite descriptions and benchmark definitions.
Objective
Provide complete, GIPS‑compliant performance data for Vann Equity Management's investment composites, ensuring full transparency and regulatory compliance.
Highlights
The International ADR composite delivered the highest relative annual gross return of 13.46% in 2024 vs MSCI EAFE benchmark of 3.82%.
Risk Profile
Risk levels vary across strategies: equity composites generally exhibit higher dispersion and volatility than index‑based ETF portfolios, and smaller‑cap strategies tend to have larger drawdowns in challenging years.
Composite Details
US Large Cap Growth Equity Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Russell 1000 Growth (TR) Returns | S&P 500 (TR) Returns | Composite Dispersion | Composite 3-Yr Std Dev | Russell 1000 Growth 3-Yr Std Dev | S&P 500 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 67.91 | 44 | 31.01% | 29.66% | 33.36% | 25.02% | 0.84% | 18.03% | 20.33% | 17.15% |
| 2023 | 703.75 | 50.11 | 32 | 33.57% | 32.19% | 42.68% | 26.29% | 1.86% | 18.08% | 20.51% | 17.29% |
| 2022 | 610.75 | 38.22 | 26 | -25.42% | -26.22% | -29.14% | -18.11% | 1.36% | 21.65% | 23.47% | 20.87% |
| 2021 | 711.19 | 55.43 | 28 | 25.41% | 24.30% | 27.60% | 28.71% | N/A | 17.36% | 18.17% | 17.17% |
| 2020 | 611.09 | 44.63 | 22 | 38.90% | 37.79% | 38.49% | 18.40% | 3.38% | N/A | N/A | N/A |
| 2019 | 510.81 | 33.93 | 23 | 34.61% | 33.47% | 36.39% | 31.49% | 1.31% | N/A | N/A | N/A |
| 2018* | 433.84 | 27.47 | 23 | -2.24% | -2.51% | -7.29% | -6.28% | N/A | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | S&P 500 (TR) Returns | Russell 1000 Growth (TR) Returns |
|---|---|---|---|---|
| 1-Year | 31.01% | 29.68% | 25.02% | 33.36% |
| 5-Year | 17.85% | 16.72% | 14.53% | 18.96% |
| Since-Inception* | 18.11% | 17.05% | 14.42% | 18.24% |
Composite Description and Notes
US Large Cap Growth Equity Composite: A pure growth portfolio of typically between 60 to 75 US large cap stocks with diversified exposure across industries. We seek to invest in competitively advantaged businesses at various stages of their corporate life cycle, leveraging innovation and change to drive rapid growth in earnings and cash flow. We look to identify stocks with the potential to deliver sustainable earnings growth, capitalizing on both secular and cyclical growth. We are patient investors, aiming to invest in companies trading at attractive valuations relative to their long term potential and taking advantage of cyclical opportunities to build positions in high conviction names. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy.
The US Large Cap Growth Equity composite is compared against the Russell 1000 Growth (TR) and the S&P 500 (TR). The US Large Cap Growth Equity composite has a minimum of $100,000. The US Large Cap Growth Equity composite was created in July 2024 and incepted on June 1, 2018.
Benchmark Definitions
Russell 1000 Growth: The Russell 1000 Growth measures the performance of those Russell 1000 companies with higher price to book ratios and higher forecasted growth values.
S&P 500: The S&P 500 measures the performance of 500 large capitalization stocks in the United States.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
US Large Cap Value Equity Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Russell 1000 Value Returns | S&P 500 (TR) Returns | Composite Dispersion | Composite 3-Yr Std Dev | Russell 1000 Value 3-Yr Std Dev | S&P 500 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 47.11 | 34 | 17.73% | 16.51% | 14.37% | 25.02% | 0.41% | 14.21% | 16.66% | 17.15% |
| 2023 | 703.75 | 41.60 | 32 | 7.57% | 6.44% | 11.46% | 26.29% | 2.02% | 14.09% | 16.51% | 17.29% |
| 2022 | 610.75 | 42.04 | 31 | -5.72% | -6.71% | -7.54% | -18.11% | 1.01% | 18.92% | 21.25% | 20.87% |
| 2021 | 711.19 | 45.89 | 27 | 24.94% | 23.84% | 25.16% | 28.71% | N/A | 16.96% | 19.06% | 17.17% |
| 2020 | 611.09 | 25.69 | 18 | 8.61% | 7.69% | 2.80% | 18.40% | 0.45% | N/A | N/A | N/A |
| 2019 | 510.81 | 24.17 | 21 | 24.72% | 23.65% | 26.54% | 31.49% | 1.86% | N/A | N/A | N/A |
| 2018* | 433.84 | 17.63 | 21 | -3.04% | -3.29% | -6.46% | -6.28% | N/A | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | S&P 500 (TR) Returns | Russell 1000 Value Returns |
|---|---|---|---|---|
| 1-Year | 17.73% | 16.51% | 25.02% | 14.37% |
| 5-Year | 10.13% | 9.06% | 14.53% | 8.68% |
| Since-Inception* | 10.75% | 9.75% | 14.42% | 9.29% |
Composite Description and Notes
US Large Cap Value Equity Composite: A US large cap value portfolio of typically between 60 to 85 US large cap stocks with diversified exposure across industries. We seek to invest in competitively advantaged businesses at various stages of their corporate life cycle. We look to identify stocks with the potential to deliver sustainable earnings growth and demonstrate value characteristics including attractive valuations, durable profitability, and resilient balance sheets.
The US Large Cap Value Equity composite is compared against the Russell 1000 Value and the S&P 500 (TR). The US Large Cap Value Equity composite has a minimum of $100,000. The US Large Cap Value Equity composite was created in July 2024 and incepted on June 1, 2018.
Benchmark Definitions
Russell 1000 Value: The Russell 1000 Value measures the performance of those Russell 1000 companies with lower price to book ratios and lower forecasted growth values.
S&P 500: The S&P 500 measures the performance of 500 large capitalization stocks in the United States.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
International ADR Equity Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 24.79 | 15 | 13.46% | 12.27% | 3.82% | 0.52% | 17.74% | 18.80% |
| 2023 | 703.75 | 21.58 | 15 | 18.95% | 17.71% | 18.24% | N/A | 18.95% | 18.71% |
| 2022 | 610.75 | 20.77 | 15 | -14.99% | -15.90% | -14.03% | N/A | 18.08% | 17.49% |
| 2021 | 711.19 | 20.14 | 14 | 9.74% | 8.72% | 11.26% | N/A | N/A | N/A |
| 2020 | 611.09 | 12.31 | 7 | 17.89% | 16.89% | 7.82% | N/A | N/A | N/A |
| 2019 | 510.81 | 8.33 | 5 | 27.36% | 26.17% | 22.00% | N/A | N/A | N/A |
| 2018* | 433.84 | 8.73 | 6 | -7.21% | -7.50% | -13.79% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 13.46% | 12.27% | 3.82% |
| 5-Year | 13.47% | 12.37% | 8.11% |
| Since-Inception* | 13.20% | 12.11% | 7.07% |
Composite Description and Notes
International ADR Equity Composite: International ADR core is a thematic growth portfolio that is focused on owning approximately 20 to 35 American Depository Receipts with emphasis on large capitalization and mid capitalization companies. These holdings allow the investor to own stock in foreign companies and trade them on US markets. The portfolio spans a variety of developed foreign markets with diversified exposure across industries. We aim to invest in competitively advantaged businesses with attractive valuations, strong free cash flow, and sustainable earnings growth. The strategy may experience losses as it is subject to market risk, interest rate risk, currency risk, and other economic risks that may influence the returns of this strategy. The International ADR Equity composite is compared against the MSCI EAFE (TR Net). The International ADR Equity composite has a minimum of $100,000. The composite was created on July 1, 2024 and incepted on June 1, 2018.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Index Advantage Domestic ETF Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2023** | 703.75 | 12.86 | 30 | 7.56% | 6.94% | 17.37% | 0.60% | 11.54% | 14.64% |
| 2022 | 610.75 | 17.73 | 35 | -10.57% | -11.46% | -18.11% | 0.50% | 19.67% | 19.22% |
| 2021 | 711.19 | 28.65 | 45 | 19.15% | 18.08% | 28.71% | 0.52% | N/A | N/A |
| 2020 | 611.09 | 41.18 | 43 | 22.45% | 21.23% | 18.40% | 0.96% | N/A | N/A |
| 2019 | 510.81 | 37.23 | 36 | 24.45% | 23.38% | 31.49% | 0.51% | N/A | N/A |
| 2018* | 433.84 | 29.96 | 29 | -8.62% | -8.97% | -6.28% | N/A | N/A | N/A |
Period - As of 7/31/2023
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 8.28% | 7.60% | 12.06% |
| 5-Year | 11.41% | 10.55% | 14.18% |
| Since-Inception* | 11.46% | 10.61% | 14.66% |
Composite Description and Notes
Index Advantage Domestic ETF Composite: The Index Advantage Domestic ETF composite is a core domestic ETF portfolio aimed at beating the market with minimal risk. It provides equity exposure across the domestic stock market through exchange traded funds and seeks to deliver competitive returns over a full market cycle. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The Index Advantage Domestic ETF composite is compared against the S&P 500 (TR). The Index Advantage Domestic ETF composite has a minimum of $50,000. The composite was created on July 1, 2024 and incepted on June 1, 2018.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Index Advantage Global ETF Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 15.86 | 31 | 15.28% | 14.06% | 18.69% | 0.38% | 13.94% | 13.88% |
| 2023 | 703.75 | 14.99 | 31 | 13.11% | 11.92% | 17.05% | N/A | 14.25% | 13.98% |
| 2022 | 610.75 | 13.45 | 29 | -12.52% | -13.45% | -18.11% | N/A | 16.37% | 15.78% |
| 2021 | 711.19 | 12.97 | 31 | 15.81% | 14.82% | 28.71% | N/A | 15.47% | 14.88% |
| 2020 | 611.09 | 11.71 | 30 | 21.89% | 20.95% | 18.40% | 0.29% | N/A | N/A |
| 2019 | 510.81 | 10.08 | 26 | 22.86% | 21.78% | 31.49% | N/A | N/A | N/A |
| 2018* | 433.84 | 8.79 | 25 | -11.83% | -12.13% | -6.28% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 15.28% | 14.06% | 18.69% |
| 5-Year | 13.31% | 12.12% | 14.53% |
| Since-Inception* | 11.99% | 10.97% | 14.66% |
Composite Description and Notes
Index Advantage Global ETF Composite: The Index Advantage Global ETF composite is a core global ETF portfolio aimed at beating the market with minimal risk. It provides equity exposure across global stock markets through exchange traded funds and seeks to deliver competitive returns over a full market cycle. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The Index Advantage Global ETF composite is compared against the S&P 500 (TR). The Index Advantage Global ETF composite has a minimum of $50,000. The composite was created on July 1, 2024 and incepted on June 1, 2018.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Index Advantage International ETF Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 20.19 | 55 | 0.37% | -0.63% | 2.63% | 0.52% | 14.08% | 14.38% |
| 2023 | 703.75 | 13.24 | 48 | 11.84% | 10.71% | 18.24% | N/A | 14.23% | 14.59% |
| 2022 | 610.75 | 13.35 | 51 | -11.20% | -12.11% | -14.03% | N/A | 15.92% | 15.54% |
| 2021 | 711.19 | 13.60 | 49 | 7.67% | 6.74% | 11.26% | N/A | 13.68% | 13.92% |
| 2020 | 611.09 | 15.60 | 48 | 12.14% | 11.03% | 7.82% | 0.37% | N/A | N/A |
| 2019 | 510.81 | 11.93 | 37 | 18.68% | 17.51% | 22.00% | N/A | N/A | N/A |
| 2018* | 433.84 | 12.08 | 41 | -9.81% | -10.16% | -13.79% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 0.37% | -0.63% | 2.63% |
| 5-Year | 6.57% | 5.49% | 4.45% |
| Since-Inception* | 5.74% | 4.78% | 5.03% |
Composite Description and Notes
Index Advantage International ETF Composite: The Index Advantage International ETF composite is a core international ETF portfolio aimed at beating the market with minimal risk. It provides equity exposure across international stock markets through exchange traded funds and seeks to deliver competitive returns over a full market cycle. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The Index Advantage International ETF composite is compared against the MSCI EAFE (TR Net). The Index Advantage International ETF composite has a minimum of $50,000. The composite was created on July 1, 2024 and incepted on June 1, 2018.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Index Advantage Small Mid ETF Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 20.62 | 45 | 8.32% | 7.17% | 15.12% | 0.31% | 16.50% | 16.34% |
| 2023 | 703.75 | 17.12 | 36 | 17.00% | 15.75% | 16.93% | N/A | N/A | N/A |
| 2022 | 610.75 | 23.10 | 48 | -16.04% | -16.92% | -20.44% | N/A | N/A | N/A |
| 2021* | 711.19 | 8.31 | 16 | 17.69% | 16.76% | 8.74% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 8.32% | 7.17% | 15.12% |
| 5-Year | N/A | N/A | N/A |
| Since-Inception* | 5.53% | 4.52% | 4.47% |
Composite Description and Notes
Index Advantage Small Mid ETF Composite: The Index Advantage Small Mid ETF composite is a small and mid capitalization ETF portfolio aimed at beating the market with minimal risk. It provides equity exposure across the small and mid capitalization stock markets through exchange traded funds and seeks to deliver competitive returns over a full market cycle. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The Index Advantage Small Mid ETF composite is compared against the Russell 2000 (TR). The Index Advantage Small Mid ETF composite has a minimum of $50,000. The composite was created on July 1, 2024 and incepted on April 1, 2021.
*Performance is for a partial period from April 1, 2021 to December 31, 2021. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
REIT Equity Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 5.55 | 5 | -2.71% | -3.72% | 0.85% | N/A | 21.74% | 20.96% |
| 2023 | 703.75 | 5.41 | 5 | 13.23% | 12.07% | 11.33% | N/A | 21.65% | 20.33% |
| 2022 | 610.75 | 5.56 | 5 | -24.08% | -24.89% | -25.11% | N/A | N/A | N/A |
| 2021* | 711.19 | 6.51 | 5 | 19.74% | 18.93% | 40.30% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | -2.71% | -3.72% | 0.85% |
| 5-Year | N/A | N/A | N/A |
| Since-Inception* | 0.85% | -0.05% | 6.66% |
Composite Description and Notes
REIT Equity Composite: The REIT Equity composite is an equity portfolio that invests primarily in publicly traded real estate investment trusts and real estate related securities. The strategy seeks to provide long term capital appreciation and income. The strategy may experience losses as it is subject to market risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The REIT Equity composite is compared against the FTSE NAREIT All Equity REITs (TR). The REIT Equity composite has a minimum of $50,000. The composite was created on July 1, 2024 and incepted on April 1, 2021.
*Performance is for a partial period from April 1, 2021 to December 31, 2021. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Structured Notes Composite
Annual Performance
| Year End | Total Firm Assets (USD M) | Composite Assets (USD M) | # of Portfolios | Gross Returns | Net Returns | Benchmark Returns | Composite Dispersion | Composite 3-Yr Std Dev | Benchmark 3-Yr Std Dev |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 790.04 | 8.59 | 8 | 7.07% | 6.00% | 11.64% | N/A | 18.07% | 5.56% |
| 2023 | 703.75 | 7.40 | 10 | 36.56% | 35.25% | 32.18% | N/A | 23.76% | 5.43% |
| 2022 | 610.75 | 4.74 | 5 | -16.17% | -16.98% | -18.11% | N/A | N/A | N/A |
| 2021 | 711.19 | 3.41 | 4 | 7.31% | 6.45% | 28.71% | N/A | N/A | N/A |
| 2020 | 611.09 | 3.32 | 4 | -0.81% | -1.64% | 18.40% | N/A | N/A | N/A |
| 2019 | 510.81 | 2.38 | 4 | 19.85% | 19.23% | 31.49% | N/A | N/A | N/A |
| 2018* | 433.84 | 2.50 | 4 | 1.15% | 0.94% | -6.28% | N/A | N/A | N/A |
Period - As of 12/31/2024
| Period | Gross Returns | Net Returns | Benchmark Returns |
|---|---|---|---|
| 1-Year | 7.07% | 6.00% | 11.64% |
| 5-Year | 8.43% | 7.51% | 10.58% |
| Since-Inception* | 8.32% | 7.47% | 12.28% |
Composite Description and Notes
Structured Notes Composite: The Structured Notes composite includes portfolios that invest in structured notes and related products. The strategy seeks to provide returns with defined risk and return characteristics that may vary based on the underlying reference asset and note structure. The strategy may experience losses as it is subject to market risk, issuer credit risk, interest rate risk, and other economic risks that may influence the returns of this strategy. The Structured Notes composite is compared against a custom blended benchmark. The Structured Notes composite has a minimum of $100,000. The composite was created on July 1, 2024 and incepted on June 1, 2018.
Benchmark Definitions
Custom Blended Benchmark: The custom blended benchmark is a mix of indices designed to reflect the intended risk profile of the composite. Please refer to the full report for the benchmark construction methodology.
*Performance is for a partial period from June 1, 2018 to December 31, 2018. Performance is annualized for periods greater than 1 year. Composite dispersion is not presented for periods with five or fewer portfolios in the composite for the entire year. The three year annualized standard deviation is not presented for periods before 36 consecutive months of data is available.
Disclosures
The currency used to calculate and express performance is US Dollars. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS reports is available upon request. This report was prepared using the GIPS standards. Vann Equity Management, LLC has been independently verified for the periods 11/1/2017 through 12/31/2024. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. 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.
Firm and Compliance Disclosures
Vann Equity Management, LLC is a registered investment adviser with the United States Securities and Exchange Commission. Additional composite descriptions and full disclosures are available upon request.