Performance Reporting + Analysis

Our reporting is intended to support our investment decision making. Greycourt will closely monitor the portfolio and send regular consolidated performance reports. Specifically, these reports consist of the following:

• Quarterly performance reports that use our independent performance calculations reconciled to manager-reported results. Attribution reporting and analysis can also be included as part of the quarterly report. Included within each client's quarterly report is a detailed illustration of current holdings vs. the target allocation for each asset class. We create custom account-level performance benchmarks for each client based on their unique asset allocation targets. Each quarter we calculate what a client’s performance would have been had they been invested at their target weights by asset class and invested in passive indexes. We then compare this composite benchmark to the actual time-weighted performance of the client’s portfolio. We often create “naïve” benchmarks for a client – i.e., a portfolio of stocks, bonds and cash that has the same risk level as the portfolio created by Greycourt. Finally, at the manager level, each is compared to a benchmark based on the appropriate asset class and investment style. In addition, Greycourt will supply a written description of overall market activity for the quarter, a specific description of each portfolio’s performance, and any specific recommendations.

• Monthly manager “flash” reports that compare the manager reported performance against appropriate benchmarks. We investigate any significant over- or under-performance and will contact mangers for additional information and explanation of their performance.