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In this context ‘Buy’ means +10% or more upside on absolute basis over a 6-12 month period. ‘Sell’ means -10% or more downside on absolute basis over a 6-12 month period.

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Back-tested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retrospective application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can constitute to be changed until desired or better performance results achieved. Alternative modelling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

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