Disclosure

The S&P 500 Index (S&P) has been used as a comparative benchmark because the goal of the above account is to provide equity-like returns. The S&P is one of the world’s most recognized indexes by investors and the investment industry for the equity market and is generally considered representative of the U.S. stock market. The S&P, however, is not a managed portfolio and is not subject to advisory fees or trading costs. Investors cannot invest directly in the S&P 500 Index. The S&P returns also reflect the reinvestment of dividends. Oristano Capital Management is aware of the benchmark comparison guidelines set forward in the SEC Clover No-Action Letter (1986) and compares clients’ performance results to a benchmark or a combination of benchmarks most closely resembling clients’ actual portfolio holdings. However, investors should be aware that the referenced benchmark funds may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark funds’ ultimate performance results. Therefore, an investor’s individual results may vary significantly from the benchmark’s performance.

Portfolios are individually managed, so no inference should be drawn by present or prospective clients that managed accounts will achieve similar investment performance in the future as the results depicted in this model. Model results are inherently limited to the extent that such results represent one typical account but may differ from account to account based on allocation and asset holding restrictions imposed by client and specific changes made to model portfolio.

Performance is represented net of fees using a 1.5% annual fee, which is the highest fee charged to any client account.

Past performance is not a guarantee of future results. Views regarding the economy, securities markets or other specialized areas, like all predictors of future events, cannot be guaranteed to be accurate and may result in economic loss to the investor. This site may include forward-looking statements. All statements other than statements of historical fact are forward-looking statements (including words such as "believe," "estimate," "anticipate," "may," "will," "should," and "expect"). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those discussed in such forward-looking statements.

Joseph Pickard Jr. was primarily responsible for achieving the performance results depicted while employed at Oppenheimer & Co., and the accounts managed by him at Oppenheimer & Co. are substantially similar to accounts currently under his management at Oristano.