2021-02-22 OMA Agenda - Board of Trustees (002)
Board of Trustees Meeting February 22, 2021 5:00 pm – 6:30pm
Mountain Standard Time (MST) Via computer, tablet, or smartphone https://obesitymedicine-org.zoom.us/j/94386434761?pwd=ZXVvQnU5T2t4WXl1K2l4ZVhOTmFPZz09 Presiding: Craig Primack, MD, FACP, FAAP, FOMA, President Time Topic Lead Action Doc# 5:00 Call to Order and Opening Remarks Craig Primack Order 5:02 Approval of the Agenda Craig Primack Decision 5:05 Conflict of Interest Disclosures Lydia Alexander Declarations 5:10 2020 Investment Performance 2020 Financial Performance Summary 2020 Financial Performance (preliminary) Holly Baroway, Stifel Katrina Crist Reports Class I docs 1 2 3 5:35 Journal of Obesity Medicine Association (JOMA) Craig Primack Katrina Crist Harold Bays Discussion and Decision Class III docs 4,5,6 6:20 Consent Agenda/Class II Documents • December 15, 2020 Minutes Craig Primack Decision Class II docs 7 6:25 New Business Craig Primack Introduction 6:30 Call to Adjourn and Closing Remarks Craig Primack Adjourn Board of Trustees - Briefing Documents for February 22,2021 meeting Class III Documents – Materials to be thoroughly reviewed in advance of the board meeting in preparation of introducing motions for deliberation and decision-making. 4. Journal Options and Summary 5. OMA Elsevier Journal Publishing Proposal letter 6. Insights to Societal Journal Class II Documents – Materials to be reviewed in advance of board meeting. These requests and documents are considered non-controversial or not needing board discussion, however, they do require formal approval or adoption by the Board of Trustees. Therefore, they are presented as part of a “consent agenda” which means they will be voted on as one motion to approve. If there is an issue/document you believe should be pulled for discussion/deliberation, please notify the President at craigprimack@gmail.com and the Executive Director at katrina@obesitymedicine.org 24 hours in advance of the meeting. Please include your reason for requesting discussion/deliberation on the issue. 7. December 15, 2020 Board of Trustee Meeting Minutes Class I Do u ents – Provided for your information to keep you updated and in the loop of communication on items as needed. 1. 2020 Investment Performance 2. 2020 Financial Performance Summary 3. 2020 Financial Performance (preliminary)
BarowayFinancial Group HollyBaroway 201 Columbine Street Suite 250 Denver, CO 80206 (720)409-5337
Prepared by
OBESITY MEDICINE February 16, 2021
OBESITY MEDICINE ConsolidatedAssetSummary
Unrealized Gain/Loss
Realized Gain/Loss
Est.Annual Income
Name
AccountNumber MoneyMarket
SecurityValue Total Value Adj.CostBasis
CurrentYield
Corporate Accounts Obesity Medicine Association
XXXX-3260 XXXX-2357 XXXX-7968 XXXX-5016 XXXX-8499
$102,603
$3,475,133
$3,577,736
$3,129,141
$448,595 $58,873 $37,105 $28,414
$55,901
$66,011
1.85% 0.00% 3.65% 3.14% 0.00% 1.81% 1.81%
OBESITY MEDICINE ALT
$1
$704,381 $677,256 $620,948
$704,382 $685,443 $633,036 $529,779
$625,485 $648,339 $604,622 $529,779
-
-
OBESITY MEDICINE OBESITY MEDICINE OBESITY MEDICINE
$8,187 $12,088 $529,779 $652,658 $652,658
-$1,131
$25,007 $19,900
- -
-
-
-
Corporate Accounts Total:
$5,477,718 $5,477,718
$6,130,376 $6,130,376
$5,537,365 $5,537,365
$572,987 $572,987
$54,770 $54,770
$110,918 $110,918
Total:
As of February 15, 2021
Page 2 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
UNDERLYING ASSET ALLOCATION
Market Value
%of Portfolio
AssetClass
Liquid Funds
Cash in Accounts Cash from Securities
$652,658 $37,294 $689,952
10.65% 0.61% 11.26% 31.91% 9.51% 41.42% 34.96% 0.86% 0.01% 35.83% 11.49% 0.01% 0.00% 100.00%
Cash in Accounts Cash from Securities Domestic Equity International Equity Domestic (Taxable) International (Taxable) Domestic (Tax-Free) Alternative Investments Other Off-Book
Total Liquid Funds
Equity
Domestic
$1,956,159
International
$582,760
Total Equity Fixed Income
$2,538,919
Domestic Taxable
$2,143,171
International Taxable Domestic Tax-Free
$52,621
$900
Total Fixed Income
$2,196,693
Alternative Investments
$704,381
Other
$431
Off-Book Positions
-
Total Client Assets
$6,130,376
ACCOUNTVALUEFORTHELAST12MONTHS(HELDATSTIFEL)
MARCH 2020 TO FEBRUARY 2021
$6,000,000
$5,500,000
$5,000,000
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
As of February 15, 2021
Page 3 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
PROJECTED INCOME SUMMARY
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000
Feb2021 Mar2021 Apr2021 May2021 Jun2021 Jul 2021 Aug2021 Sep2021 Oct 2021 Nov2021 Dec2021 Jan2022
Dividends
$2,465 $2,009
$8,607 $2,779
$3,639 $4,326
$2,465 $12,515
$3,484 $4,639
$2,390 $2,105
$8,602 $2,653
$3,639 $4,326
$2,390 $12,170
$3,484 $4,551
Taxable Income Tax Free Income
$3,634
$5,125
$3,634
$5,125
-
-
-
-
-
-
-
-
-
-
-
-
Principal
-
$5,000
-
-
-
$8,000
-
-
-
$7,000
-
$40,000
Total Estimated income
$4,474 $16,386
$7,965 $3,281 $1,045 $3,639 $7,965
$6,099 $17,640 $16,123
$4,495 $11,255
$7,965 $13,025 $17,295 $48,035
XXXX-7968 - OBESITY MEDICINE XXXX-5016 - OBESITY MEDICINE
$1,293
$7,046
$2,063 $1,571
$1,847 $10,080
$1,293
$1,920
$3,281 $1,045 $3,639
$9,063 $1,571
$1,847
$1,992
$716
$733
$3,278
$2,559 $3,484
$811
$733
$3,278 $42,559
XXXX-3260 - Obesity Medicine Association
$2,465
$8,607
$2,465 $12,515
$2,390
$8,602
$2,390 $12,170
$3,484
Total Estimated income
$4,474 $16,386
$6,099 $17,640 $16,123
$4,495 $11,255
$7,965 $13,025 $17,295 $48,035
As of February 15, 2021
Page 4 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
PORTFOLIO INVESTMENT STYLE
EQUITY
FIXED INCOME
Market Value
%of Equity
%of Portfolio
Market Value
%of FixedIncome
%of Portfolio
Large Cap Growth
High Quality Long
$408,170
12.57% 34.37% 14.48% 61.42% 1.75% 7.47% 4.38% 13.60% 0.00% 3.30% 0.00% 3.30%
6.66% 18.21% 7.67% 32.54% 0.93% 3.96% 2.32% 7.21% 0.00% 1.75% 0.00% 1.75%
$328,025 $418,200
11.38% 14.51% 39.01% 64.90% 2.55% 10.97% 11.96% 25.48% 0.00% 3.84% 5.79% 9.63%
5.35% 6.82% 18.34% 30.51% 1.20% 5.16% 5.62% 11.98% 0.00% 1.81% 2.72% 4.53%
Core Value
$1,116,526
Interm
$470,315
Short
$1,124,195 $1,870,420
Total Large Cap
$1,995,011
Total High Quality Medium Quality Long
Mid Cap
Growth
$56,813 $242,487 $142,418 $441,718
$73,364 $316,216 $344,602 $734,182
Core Value
Interm
Short
Total Mid Cap
Total Medium Quality Low Quality/Not Rated Long
Small Cap Growth
-
-
Core Value
$107,190
Interm
$110,716 $166,758 $277,474
-
Short
Total Small Cap
$107,190
Total Low Quality/Not Rated
Other
Other
Other
$704,381
21.68% 100.00%
11.49% 53.00%
Other
-
0.00%
0.00% 47.00%
Total Equity
$3,248,300
Total Fixed Income
$2,882,076
100.00%
EQUITY STYLE BOX
FIXED INCOME STYLE BOX
Large
Market Capitalization
High
14.00% 34.00% 13.00%
39.00% 15.00% 11.00%
Credit Quality
Med Low/NR
Mid Small
4.00% 7.00% 2.00%
12.00% 11.00% 3.00%
0.00% 3.00% 0.00%
6.00% 4.00% 0.00%
Value
Core
Growth
Short
Interm Long Duration
Investment Style
As of February 15, 2021
Page 5 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
INVESTMENT STYLE BY SECURITIES
ResearchRating
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income Cur.Yield
Security
QTY
Price MarketValue %ofTotal
CostBasis
Stifel/KBW
S&P
Large Cap Growth ISHARES S&P 500 GROWTH ETF
IVW 2,568
$67.25 $172,698
2.82% $121,177 $51,521 0.56% $20,541 $14,087
$1,340
0.78% 1.76% 0.00% 0.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.16% 0.55% 1.90% 1.47% 1.45% 1.68% 2.50% 0.73% 3.31% 0.00% 0.61% 2.37% 3.32% 1.21% 2.05%
QUALCOMM INC ALPHABET INC CL A PAYPAL HOLDINGS INC
QCOM GOOGL
234 $147.98 $34,627 13 $2,095.03 $27,235 89 $298.37 $26,555 156 $142.12 $22,171 166 $128.96 $21,407 87 $240.37 $20,912 6 $3,277.71 $19,666 50 $341.00 $17,050 22 $591.29 $13,008 204 $98.31 $20,056
$608
3 Star 5 Star 3 Star 5 Star
0.44% $18,916
$8,319
- -
Hold
PYPL
0.43% $10,349 $16,206
0.00% Outperform
NIKE INC CL B
NKE
0.36% $15,630 0.35% $14,945 0.34% $13,567 0.33% $15,514 0.32% $11,181 0.28% $16,064 0.21% $6,687 0.21% $6,344
$6,541 $6,463 $7,345 $4,542 $8,485
$172
Buy
LVMH MOET HENNESSY LOUIS VUITTON ADR
LVMUY
- - - -
SALESFORCE.COM INC
CRM
Buy
5 Star
CIE FINANCIERE RICHEMONT AG ZUG NEW
CFRHF AMZN
AMAZON.COM INC
Buy
4 Star 4 Star 4 Star
MASTERCARD INC CL A
MA
$986
$88
0.52% Outperform
SERVICENOW INC
NOW
$6,321 $6,440
-
Buy
TENCENT HOLDINGS LTD UNSPON ADR
TCEHY
129
$99.10 $12,784
$20
SubTotal:
$408,170
7.00% $270,915 $137,255
$2,228
Large Cap Core ISHARES CORE MSCI EAFE ETF VANGUARD S&P 500 INDEX ETF
IEFA VOO SPY IEMG UPS
4,248
$72.45 $307,768
5.02% $276,026 $31,741 3.84% $192,281 $43,124 3.68% $173,142 $52,234 1.27% $58,746 $18,837 0.42% $14,316 $11,499
$5,837 $3,458 $3,267 $1,299
652 $361.05 $235,405 574 $392.64 $225,375
SPDR S&P 500 ETF
ISHARES CORE MSCI EMERGING MARKETS ETF
1,120
$69.27 $77,582
UNITED PARCEL SERVICE INC CL B
158 $163.39 $25,816 76 $290.25 $22,059 30 $722.98 $21,689 117 $178.70 $20,908 85 $242.46 $20,609 152 $135.37 $20,576
$645 $161 $496 $693 $125 $479 $571 $206 $340 $187 $300 -
Buy Buy
5 Star 3 Star 5 Star 4 Star 3 Star 4 Star 3 Star 3 Star
ESTEE LAUDER CO INC
EL
0.36% $15,108 0.35% $16,149 0.34% $16,686 0.34% $19,197 0.34% $12,439 0.33% $12,994 0.28% $18,118 0.28% $15,811 0.27% $16,307 0.25% $14,913 0.24% $16,236
$6,951 $5,541 $4,222 $1,412 $8,137 $7,230 -$942 $1,190
BLACKROCK INC
BLK
2.28% Market Perform
3M COMPANY
MMM BRK/B AAPL
BERKSHIRE HATHAWAY INC CL B NEW
APPLE INC
EMERSON ELECTRIC CO
EMR
237 312 255
$85.33 $20,223 $55.05 $17,176 $66.67 $17,001
UNILEVER PLC SPONSORED ADR NEW
UL
KERING S A ADR
PPRUY NSRGY
NESTLE S A SPON ADR REPSTG REG SHS BROOKFIELD ASSET MANAGEMENT INC HEINEKEN HOLDING N V SPONS ADR
146 $113.23 $16,532
$225 $506
BAM
359 326
$42.95 $15,419 $45.56 $14,853
1.21% Outperform
3 Star
HKHHY
-$1,384
2.02%
As of February 15, 2021
Page 6 of 20
ResearchRating
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income Cur.Yield
Security
QTY
Price MarketValue %ofTotal
CostBasis
Stifel/KBW
S&P
DIAGEO PLC NEW SPON ADR DIGITAL REALTY TRUST INC
DEO DLR
88 $167.08 $14,703 98 $140.06 $13,726
0.24% $14,233 0.22% $12,620 0.15% $7,154
$470
$311 $439
2.12% 3.20% 0.00% 1.68%
3 Star 3 Star 2 Star
$1,106 $1,953
Buy Buy
ALIBABA GROUP HOLDING LTD SPONS ADS
BABA
34 $267.85
$9,107
-
SubTotal:
$1,116,526
18.00% $922,474 $194,052 $18,811
Large Cap Value ISHARES S&P 500 VALUE ETF TRUIST FINANCIAL CORP U S BANCORP DE NEW JPMORGAN CHASE & CO CISCO SYSTEMS INC TE CONNECTIVITY LTD LOCKHEED MARTIN CORP GILEAD SCIENCES INC DUKE ENERGY CORP NEW VERIZON COMMUNICATIONS INC
IVE
1,359 $133.77 $181,793
2.97% $158,835 $22,958
$4,349
2.39%
TFC USB JPM TEL LMT GILD DUK CSCO
510 505
$54.01 $27,545 $47.64 $24,058
0.45% $24,055 0.39% $19,005 0.35% $13,475 0.32% $14,709 0.29% $13,478 0.29% $17,404 0.27% $15,837 0.25% $16,692 0.24% $16,393 0.23% $18,295 0.23% $11,116 0.23% $16,403 0.21% $15,211 0.21% $12,362 0.20% $12,765 0.20% $15,961 0.18% $13,527 0.17% $12,088
$3,490 $5,053 $8,278 $4,775 $4,300
$918 $848 $554 $610 $263 $541 $699 $668 $688
3.33% Market Perform 3.53% Market Perform 2.55% Market Perform
4 Star 4 Star 3 Star 4 Star 4 Star 5 Star 3 Star 4 Star 2 Star 4 Star 3 Star 4 Star 3 Star 5 Star 3 Star 3 Star 3 Star 3 Star
154 $141.25 $21,753
412
$47.29 $19,483
3.13% 1.48% 3.08% 4.25% 4.30% 4.63% 0.00% 4.98% 7.56% 6.89% 5.57% 4.49% 7.22% 5.58% 5.40% 3.42%
137 $129.77 $17,778 52 $337.73 $17,562
Buy Buy
$158 $618
246 173 274
$66.89 $16,455 $89.82 $15,539 $54.20 $14,851
-$1,154 -$1,542 -$4,159 $2,775 -$2,609 -$2,530
VZ BA
BOEING COMPANY
67 $210.98 $14,136 133 $104.44 $13,891
-
ABBVIE INC
ABBV ENB XOM
$692
ENBRIDGE INC
399 251 146 355 427 122
$34.57 $13,793 $50.52 $12,681 $86.12 $12,574 $34.72 $12,326 $28.80 $12,298 $92.55 $11,291
$1,043
EXXON MOBIL CORP
$873 $701 $554 $888 $630 $567
PHILIP MORRIS INTL INC
PM PFE
$212 -$439
Buy
PFIZER INC AT&T INC
T
-$3,664 -$2,236 -$1,578
CHEVRON CORP
CVX IBM
INTL BUSINESS MACHINES CORP
87 $120.80 $10,510
Buy
SubTotal:
$470,315
8.00% $437,610 $32,705 $16,085
Mid Cap Growth VANGUARD MID CAP GROWTH ETF INTUITIVE SURGICAL INC NEW
VOT ISRG
173 $230.34 $39,849 21 $807.81 $16,964
0.65% $29,863 0.28% $8,373
$9,986 $8,591
$204
0.51% 0.00% 0.36%
-
Buy
2 Star
SubTotal:
$56,813
1.00% $38,236 $18,576
$204
Mid Cap Core INVESCO RUSSELL 1000 EQUAL WEIGHT ETF
EQAL
5,768
$42.04 $242,487
3.96% $194,967 $47,520 4.00% $194,967 $47,520
$3,663 $3,663
1.51% 1.51%
SubTotal:
$242,487
Mid Cap Value VANGUARD MID CAP VALUE ETF
VOE
365 $127.71 $46,614
0.76% $43,499
$3,116
$1,026
2.20%
As of February 15, 2021
Page 7 of 20
ResearchRating
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income Cur.Yield
Security
QTY
Price MarketValue %ofTotal
CostBasis
Stifel/KBW
S&P
INTERNATIONAL PAPER COMPANY
IP
506 296 329 298 132
$49.18 $24,885 $80.86 $23,935 $69.86 $22,984 $51.86 $15,454
0.41% $20,570 0.39% $23,764 0.37% $18,404 0.25% $16,115 0.14% $11,531 2.00% $133,882
$4,315
$1,037 $1,362
4.17%
3 Star 4 Star 3 Star 4 Star 3 Star
PRUDENTIAL FINANCIAL INC
PRU
$171
5.69% Market Perform
NETAPP INC
NTAP
$4,580 -$661 -$2,985 $8,535
$632 $579 $517
2.75% 3.75% 6.06% 3.62%
Hold
CARDINAL HEALTH INC VALERO ENERGY CORP
CAH VLO
$64.74
$8,546
SubTotal:
$142,418
$5,153
Small Cap Core VANGUARD RUSSELL 2000 INDEX FD ETF SHARES
VTWO
436 $183.55 $80,028 107 $253.85 $27,162
1.31% $76,763 0.44% $26,149 2.00% $102,912
$3,265 $1,013 $4,278
$638 $315 $953
0.80% 1.16% 0.89%
ISHARES CORE S&P MID CAP ETF
IJH
SubTotal:
$107,190
Other PARTNERS GROUP PRIVATE EQUITY LLC CL A IRONWOOD MULTI-STRATEGY FUND LLC
54,171
$6.69 $362,323
5.91% $317,948 $44,374 5.58% $307,535 $14,499 11.00% $625,484 $58,873
- -
0.00% 0.00% 0.00%
46333A108
289 $1,184.37 $342,059
SubTotal:
$704,381
$0
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
Long Duration High Quality ISHARES 7-10YR TREASURY BOND ETF
IEF TIP
189
$117.79 $127.65 $62.12 $42.18 $119.83 $108.18 $108.41 $107.10 $106.67 $116.59 $116.58 $169.42 $108.35
$22,262 $7,148 $26,153 $46,398 $11,983 $2,985 $4,596 $3,208 $4,151 $9,373 $1,301 $16,942 $27,087
0.36% $21,482 0.12% $6,780 0.43% $26,165 0.76% $51,638 0.20% $11,812 0.05% $2,926 0.07% $4,648 0.05% $3,125 0.07% $3,951 0.15% $11,818 0.02% $2,239 0.28% $13,062 0.44% $26,972
$781 $368 -$12
$244
1.10% 1.07% 1.11% 1.79%
ISHARES TIPS BOND ETF SCHWAB U S TIPS ETF
56
$76
SCHP SPTL
421
$291 $831 $450
SPDR PORTFOLIO LONG TERM TREASURY ETF CALIFORNIA ST VARIOUS PURP RFDG B/E TXBL
1,100
-$5,240
13063DGD4
10,000
$172
3.76% 04/01/2033 04/01/2028 No Call
FEDL NATL MTG ASSN POOL #BM5279 FEDL NATL MTG ASSN POOL #FM1007 FEDL HOME LOAN MTG CORP POOL #SB0048 FEDL HOME LOAN MTG CORP POOL #SB0100
3140J92M2 3140X4DM5 3132CWBR4 3132CWDD3 31403C6L0 31403DBY4 13063A5G5 386442UZ8
5,000 8,000 5,000 5,000
$59
$109 $165
3.65% 12/01/2033 3.60% 05/01/2034 2.66% 08/01/2034 2.32% 10/01/2034 4.21% 02/01/2036 4.20% 03/01/2036 4.46% 04/01/2039
-$52
$82
$85 $96
$201
FEDL NATL MTG ASSN POOL #745275 FEDL NATL MTG ASSN POOL #745355
336,000 46,000 10,000 25,000
-$2,445 -$938 $3,880
$394
$55
CALIFORNIA ST VARIOUS PURP BABS B/E TXBL GRAND RVR DAM AUTH OK REV TXBL SER B B/E
$755
$115
$1,136
4.20% 06/01/2039 06/01/2024 No Call
FEDL NATL MTG ASSN POOL #AD6437
31418UEK6
21,000 20,000
$116.61 $109.78
$2,837 $21,955
0.05% $3,220 0.36% $22,128
-$384 -$173
$120 $807
4.23% 06/01/2040
SAN FRANCISCO CA CITY & CNTY PUB UTILS COMM 79765RQ44
3.68% 11/01/2041 11/01/2026 No Call
As of February 15, 2021
Page 8 of 20
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
FEDL NATL MTG ASSN POOL #AJ9332 FEDL NATL MTG ASSN POOL #AL7306
3138E2LN3 3138EQDL3
8,000
$112.00 $112.48 $109.29 $112.43 $111.01 $111.02 $112.80 $119.41 $109.29 $110.51 $110.49
$2,313 $4,551 $2,577 $2,847 $2,503 $2,919 $3,073 $7,164 $2,858 $5,615 $60,771
0.04% $2,395 0.07% $5,101 0.04% $2,352 0.05% $2,815 0.04% $2,733 0.05% $2,864 0.05% $3,229 0.12% $6,225 0.05% $2,939 0.09% $5,770 0.99% $60,992 0.03% $2,393 0.06% $3,501 0.07% $3,940 0.07% $4,215 5.00% $329,764 2.13% $130,528 1.16% $68,897 1.28% $77,118 0.02% $2,212 0.11% $6,114 0.13% $6,334
-$81
$80
3.45% 01/01/2042 3.83% 09/01/2042 3.13% 11/01/2042 3.80% 11/01/2043 3.51% 01/01/2044 3.53% 03/01/2044 3.88% 06/01/2044
13,000
-$550 $225
$174
FEDL HOME LOAN MTG CORP POOL #G61296 GOLD 31335BNM4
4,000 9,000 8,000 9,000 7,000 6,000
$81
FEDL NATL MTG ASSN POOL #AS0910 FEDL NATL MTG ASSN POOL #AV2359 FEDL NATL MTG ASSN POOL #AV7104 FEDL NATL MTG ASSN POOL #AL9243
3138WAAL1 3138XDTR1 3138XJ3N5 3138ERHV5 594918BD5 3138WECG2 3138ERUC2 696543QH3
$32
$108
-$230
$88
$55
$103 $119 $225
-$156 $939
MICROSOFT CORP NOTE
3.14% 02/12/2045 08/12/2044 No Call
FEDL NATL MTG ASSN POOL #AS4570 FEDL NATL MTG ASSN POOL #AL9578
6,000
-$81
$90
3.15% 03/01/2045 3.48% 06/01/2045
13,000 55,000
-$155 -$221
$195
PALM BCH CNTY FL PUB IMPT REV TXBL SER C B/E
$2,584
4.25% 12/01/2045 12/01/2025 No Call 3.37% 12/14/2045 06/14/2045 No Call
VISA INC SR NOTE
92826CAF9
6,000
$127.75
$7,665
$1,331
$258
FEDL NATL MTG ASSN POOL #AL8743 FEDL NATL MTG ASSN POOL #BC1155
3138ETWD4 3140EVH91 31335BNJ1 31335B5H5
5,000 7,000 6,000 6,000
$111.42 $108.82 $108.55 $109.70
$2,080 $3,980 $4,344 $4,383
-$313 $480 $404 $168
$82
3.94% 06/01/2046 2.68% 06/01/2046 2.70% 12/01/2047 3.09% 11/01/2048
$107 $117 $135
FEDL HOME LOAN MTG CORP POOL #G61293 GOLD FEDL HOME LOAN MTG CORP POOL #G61748 GOLD
SubTotal:
$328,025
-$1,739
$10,161
3.10%
Intermediate Duration High Quality ISHARES CORE U S AGGREGATE BOND ETF ISHARES 3-7YR TREASURY BOND ETF SCHWAB INTERMEDIATE TERM U S TREASURY ETF FEDL HOME LOAN MTG CORP MULTICL REMIC K061 CL A2 FEDL HOME LOAN MTG CORP MULTICL REMIC K063 CL A2 FEDL NATL MTG ASSN POOL #AI4871
AGG
1,119
$116.58 $132.26 $57.73 $107.03 $113.44
$130,453 $71,288 $78,340
-$75
$2,775
2.13% 1.13% 1.53%
IEI
539
$2,391 $1,222 -$906
$803
SCHR
1,357
$1,196
3138AJMV1 3137BTUM1
27,000
$1,307 $6,806
$47
3.62% 06/01/2026 2.95% 11/25/2026
6,000
$692
$201
3137BVZ82
9,000
$114.08
$10,267
0.17% $9,221
$1,047
$309
3.01% 01/25/2027
GREENSBORO NC LTD OBLIG TXBL STEVEN B TANGER 395476BF0
10,000
$112.37 $112.31
$11,237 $7,862
0.18% $11,068 0.13% $6,952
$168 $910
$333 $221
2.96% 02/01/2027
KAISER FNDTN HOSPS PERMANENTE TXBL BOND
48305QAC7
7,000
2.81% 05/01/2027 02/01/2027 No Call
FEDL HOME LOAN MTG CORP MULTICL REMIC K071 CL A2
3137FCLD4
6,000
$114.22
$6,853
0.11% $6,334
$520
$197
2.88% 11/25/2027
JOHNSON & JOHNSON NOTE
478160CK8
25,000
$110.90
$27,726
0.45% $28,260
-$535
$725
2.62% 01/15/2028 10/15/2027 No Call
FEDL HOME LOAN MTG CORP MULTICL REMIC K076 CL A2
3137FEZU7
10,000
$118.44
$11,844
0.19% $10,475
$1,368
$390
3.29% 04/25/2028
CALIFORNIA ST UNIV SYSWIDE SER B
13077DFK3
15,000
$117.25
$17,588
0.29% $17,344
$243
$548
3.12% 11/01/2028
As of February 15, 2021
Page 9 of 20
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
SANTA MONICA CA CMNTY CLLG DIST 2002 ELECT
802385RU0 931142EQ2
15,000 20,000
$101.42 $107.09
$15,212 $21,418
0.25% $15,306 0.35% $21,904
-$94
$148 $475
0.98% 08/01/2029
WALMART INC UNSECD NOTE
-$486
2.22% 09/24/2029 06/24/2029 No Call
SubTotal:
$418,200
7.00% $411,734
$6,466
$8,368
2.00%
Short Duration High Quality Money Market
652,658
$1.00
$652,658 $34,462 $128,700 $26,147 $104,363 $40,678 $20,553 $26,069 $31,812 $31,643 $27,111 $1,124,195
10.65% $652,658 0.56% $33,899 2.10% $127,593 0.43% $25,894 1.70% $103,665 0.66% $39,598 0.34% $20,079 0.43% $25,062 0.52% $30,227 0.52% $29,755 0.44% $24,989 18.00% $1,113,419
-
-
0.00% 0.94% 2.10% 1.16% 1.70%
ISHARES 1-3 YR TREASURY BOND ETF
SHY MBB
399
$86.37 $110.00 $51.37 $53.99 $101.70 $102.77 $104.28 $106.04 $105.48 $108.44
$563
$324
ISHARES MBS ETF
1,170
$1,107
$2,707
SCHWAB SHORT TERM U S TREASURY ETF VANGUARD MORTGAGE BACKED SECURITIES ETF
SCHO VMBS
509
$253 $698
$303
1,933
$1,774
FEDL NATL MTG ASSN NOTE
3135G0S38 912828XQ8 3135G0T94 3137EAEN5 912828U57 3135G0ZR7
40,000 20,000 25,000 30,000 30,000 25,000
$1,080
$800 $400 $594 $825 $638 $656
1.97% 01/05/2022 1.95% 07/31/2022 2.28% 01/19/2023 2.59% 06/19/2023 2.02% 11/30/2023 2.42% 09/06/2024
U S TREASURY NOTE
$474
FEDL NATL MTG ASSN NOTE
$1,007 $1,586 $1,888 $2,121 $10,776
FEDL HOME LOAN MTG CORP MEDIUM TERM NOTE
U S TREASURY NOTE
FEDL NATL MTG ASSN NOTE
SubTotal:
$9,021
0.80%
Long Duration Medium Quality GMAC INC SR GTD NOTE
36186CBY8 544646ZR6 544646XZ0
6,000 5,000 5,000
$145.93 $148.70 $139.48 $107.12
$8,756 $7,435 $6,974 $10,712
0.14% $7,302 0.12% $6,312 0.11% $5,958 0.17% $10,535
$1,454 $1,123 $1,016
$480 $338 $288 $400
5.48% 11/01/2031 4.55% 07/01/2034 4.12% 07/01/2034
LOS ANGELES CA UNI SCH DIST SER RY BABS B/E LOS ANGELES CA UNI SCH DIST BABS REV B/E TXBL
WAYNE ST UNIV MI UNIV REV TXBL RFDG GENL SER B 946303WE0
10,000
$176
3.73% 11/15/2037 05/15/2026 No Call 3.47% 10/01/2044 10/01/2029 No Call 3.98% 07/20/2045 01/20/2045 No Call 3.35% 09/15/2048 03/15/2048 No Call
BROWARD CNTY FL ARPT SYS SER A
114894YR3
20,000
$115.35
$23,069
0.38% $22,743
$327
$800
CVS HLTH CORP SR NOTE
126650CN8
7,000
$128.87
$9,021
0.15% $7,987
$1,034
$359
GEORGE WASHINGTON INIV BOND
372546AW1
6,000
$123.29
$7,398
0.12% $6,031
$1,366
$248
SubTotal:
$73,364
1.00% $66,868
$6,496
$2,912
3.97%
Intermediate Duration Medium Quality ISHARES 5-10 YEAR INVESTMENT
IGIB VCIT
618 870
$61.20 $96.17 $110.94
$37,822 $83,668 $2,219
0.62% $36,459 1.36% $82,705 0.04% $1,873
$1,362
$1,046 $2,133
2.77% 2.55%
VANGUARD INTERMEDIATE TERM CORP BOND ETF
$963 $345
AMERICAN TOWER CORP SR NOTE
03027XAK6
2,000
$68
3.04% 10/15/2026 07/15/2026 No Call 3.14% 11/16/2026 11/16/2025 No Call
GOLDMAN SACHS GROUP INC SR NOTE
38145GAH3
10,000
$111.31
$11,131
0.18% $9,574
$1,557
$350
As of February 15, 2021
Page 10 of 20
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
AT&T INC GLBL NOTE
00206RDQ2
7,000
$116.05
$8,124
0.13% $7,071
$1,053
$298
3.66% 03/01/2027 12/01/2026 No Call 3.07% 04/01/2027 02/01/2027 No Call 4.96% 05/15/2027 05/15/2025 No Call 4.90% 10/15/2027 10/15/2025 No Call 3.36% 11/15/2027 08/15/2027 No Call 1.01% 03/15/2028 01/15/2028 No Call 3.56% 04/17/2028 01/17/2028 No Call 3.25% 05/15/2028 02/15/2028 No Call 3.59% 10/01/2028 07/01/2028 No Call 3.45% 03/18/2029 12/18/2028 No Call 4.52% 04/15/2029 01/15/2029 No Call 3.85% 07/01/2029 04/01/2029 No Call 2.84% 08/05/2029 05/05/2029 No Call 3.03% 10/01/2029 04/01/2029 No Call 5.63% 02/15/2029
GENL DYNAMICS CORP UNSECD NOTE
369550BL1
20,000
$113.86
$22,772
0.37% $22,850
-$78
$700
EQUINIX INC SR NOTE
29444UAR7
6,000
$108.37
$6,502
0.11% $6,162
$340
$323
WPX ENERGY INC UNSECD SR NOTE
98212BAJ2
7,000
$107.15
$7,501
0.12% $7,100
$400
$368
CNH INDL NV NOTE
12594KAB8
6,000
$114.73
$6,884
0.11% $5,974
$910
$231
COCA COLA CO SR NOTE
191216DD9
25,000
$98.42
$24,604
0.40% $24,976
-$372
$248
GENL MILLS INC UNSECD NOTE
370334CG7
20,000
$117.93
$23,585
0.38% $19,788
$3,797
$840
GENERAL DYNAMICS CORP UNSECD NOTE
369550BC1
20,000
$115.27
$23,054
0.38% $20,455
$2,599
$750
FISERV INC SR NOTE
337738AR9
6,000
$117.05
$7,023
0.11% $6,022
$1,001
$252
NEW JERSEY ECON DEV AUTH ST PENSION FDG REV NPFG
645913AA2
8,000
$131.98
$10,559
0.17% $9,115
$1,443
$594
RELX CAP INC GTD NOTE
74949LAC6
6,000
$115.78
$6,947
0.11% $5,930
$1,016
$240
ENERGY TRANSFER OPER LP SR NOTE
29278NAG8
6,000
$116.05
$6,963
0.11% $6,573
$389
$315
PENTAIR FIN SA SR NOTE
709629AR0
7,000
$116.81
$8,176
0.13% $6,958
$1,219
$315
FEDEX CORP NOTE
31428XBV7
7,000
$109.25
$7,647
0.12% $6,977
$671
$217
COMMONSPIRIT HLTH BOND
20268JAB9
10,000
$110.37
$11,037
0.18% $10,226
$810
$335
SubTotal:
$316,216
5.00% $296,789
$19,427
$9,621
3.04%
Short Duration Medium Quality ISHARES 1-5 YEAR INVESTMENT
IGSB VCSH
1,003
$55.08 $83.13 $100.35 $103.46 $104.56
$55,245 $26,186 $5,017 $25,865 $24,049
0.90% $54,162 0.43% $26,000 0.08% $4,996 0.42% $25,750 0.39% $23,322
$1,083
$1,309
2.37% 2.20%
VANGUARD SHORT TERM CORP BOND ETF
315
$186
$575 $128 $811
AIRCASTLE LTD SR NOTE BP CAP MKTS PLC GTD NOTE TYSON FOODS INC SR NOTE
00928QAM3 05565QBZ0 902494AT0
5,000
$22
2.55% 03/15/2021 3.14% 05/06/2022
25,000 23,000
$114 $727
$1,035
4.30% 06/15/2022 03/15/2022 No Call
HOUSTON TX ARPT SYS REV SUB LIEN
442349EJ1 126650CK4
25,000 20,000
$100.67 $103.94
$25,167 $20,787
0.41% $25,000 0.34% $20,232
$167 $555
$221 $700
0.88% 07/01/2022
CVS HLTH CORP SR NOTE
3.37% 07/20/2022 05/20/2022
As of February 15, 2021
Page 11 of 20
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status No Call
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
AIRCASTLE LTD SR NOTE
00928QAP6 37045XAL0 68389XAS4 06053FAA7 87612EBD7
4,000 7,000
$107.34 $107.66 $107.96 $109.02 $110.17 $116.10
$4,294 $7,536 $21,592 $27,255 $27,541 $6,966
0.07% $4,132 0.12% $6,915 0.35% $20,589 0.44% $25,581 0.45% $25,029 0.11% $6,180
$161 $621
$200 $298 $725
4.66% 04/01/2023 3.95% 05/15/2023 3.36% 07/15/2023 3.76% 07/24/2023 3.18% 07/01/2024
GENL MOTORS FINL CO INC SR NOTE
ORACLE CORP NOTE
20,000 25,000 25,000
$1,004 $1,674 $2,512
BANK AMERICA CORP SR NOTE
$1,025
TARGET CORP NOTE
$875 $353
CHENIERE CORPUS CHRISTI HLDGS LLC SR SECD NOTE 16412XAC9
6,000
$786
5.06% 03/31/2025 10/02/2024 No Call 4.26% 07/23/2025 04/23/2025 No Call 3.43% 08/15/2025 05/15/2025 No Call 3.56% 09/15/2025 06/15/2025 No Call 3.84% 02/15/2026 11/15/2025 No Call 4.60% 03/01/2026 12/01/2025 No Call 5.11% 03/15/2026 03/15/2024 No Call 4.23% 04/01/2026 01/01/2026 No Call 4.62% 06/01/2026 06/01/2024 No Call 4.72% 06/01/2026 05/31/2024 No Call 3.92% 09/30/2026 03/31/2026 No Call 5.33% 12/15/2026 12/15/2024 No Call 4.37% 06/01/2027 03/01/2027 No Call 4.93% 09/15/2027 03/15/2025 No Call 4.34% 12/15/2027 12/15/2025 No Call 3.10% 3.96% 06/12/2027
CHARTER COMMNS OPER LLC SR SECD NOTE
161175AY0
7,000
$115.24
$8,067
0.13% $7,222
$845
$344
CELGENE CORP SR NOTE
151020AS3
27,000
$113.08
$30,532
0.50% $27,041
$3,491
$1,046
BIOGEN INC SR NOTE
09062XAF0
20,000
$113.84
$22,768
0.37% $20,377
$2,392
$810
AMERICAN TOWER CORP SR NOTE
03027XAJ9
5,000
$114.68
$5,734
0.09% $5,010
$724
$220
SubTotal:
$344,602
6.00% $327,537
$17,065
$10,674
Intermediate Duration Low Quality/Not Rated PULTEGROUP INC SR NOTE
745867AW1
10,000
$119.53
$11,953
0.19% $10,442
$1,512
$550
LEVEL 3 FING INC SR NOTE
527298BM4
10,000
$102.83
$10,283
0.17% $10,231
$52
$525
NEWELL RUBBERMAID INC NOTE
651229AW6
10,000
$111.02
$11,102
0.18% $10,229
$873
$470
ARAMARK SVCS INC SR NOTE
038522AN8
6,000
$102.72
$6,163
0.10% $6,074
$89
$285
TELEFLEX INC SR NOTE
879369AE6
6,000
$103.34
$6,201
0.10% $6,116
$85
$293
CROWN AMER LLC CAP CORP SR NOTE
22819KAB6
2,000
$108.37
$2,167
0.04% $1,870
$297
$85
NUANCE COMMNS INC SR NOTE
67020YAQ3
10,000
$105.63
$10,563
0.17% $10,433
$130
$563
SEAGATE HDD CAYMAN SR NOTE
81180WAR2
20,000
$111.52
$22,304
0.36% $21,509
$795
$975
NOKIA CORP NOTE OLIN CORP SR NOTE
654902AE5 680665AJ5
7,000 7,000
$110.42 $104.00
$7,729 $7,280
0.13% $7,299 0.12% $7,018
$431 $262
$306 $359
SERVICE CORP INTL SR NOTE
817565CD4
7,000
$106.52
$7,456
0.12% $6,959
$497
$324
CIT GRP INC SUB NOTE
125581GX0
6,000
$125.25
$7,515
0.12% $6,557
$958
$368
4.89% 03/09/2028
As of February 15, 2021
Page 12 of 20
Symbol / CUSIP
Unrealized Gain/Loss
Est.Annual Income
Call Date / Call Status
Security
QTY
Price MarketValue %ofTotal
CostBasis
Cur.Yield MaturityDate
SubTotal:
$110,716
2.00% $104,737
$5,979
$5,101
4.61%
Short Duration Low Quality/Not Rated ISHARES IBOXX $ HIGH YIELD CORP BOND ETF
HYG
599
$87.78 $100.13 $103.50 $105.05 $107.65 $105.75
$52,580 $8,010 $7,245 $7,354 $6,459 $6,345
0.86% $52,557 0.13% $7,409 0.12% $7,088 0.12% $6,851 0.11% $6,082 0.10% $5,700
$23
$2,525
4.80%
TEVA PHARM FIN III BV SR NOTE CSC HLDGS LLC SR NOTE CROWN AMER LLC SR NOTE MGM RESORTS INTL SR NOTE TOLL BROS FIN CORP GTD SR NOTE
88167AAC5 126307AF4 228189AB2 552953CC3 88947EAN0
8,000 7,000 7,000 6,000 6,000
$601 $157 $503 $376 $645
$88
1.10% 07/21/2021 6.52% 11/15/2021 4.28% 01/15/2023 5.57% 03/15/2023
$473 $315 $360 $263
4.14% 04/15/2023 01/15/2023 No Call
UNITED CONTL HLDGS INC GTD SR NOTE WYNDHAMWORLDWIDE CORP NOTE
910047AH2 98310WAP3
8,000 6,000
$100.83 $107.00
$8,066 $6,420
0.13% $8,142 0.10% $6,110
-$76 $310
$400 $324
4.96% 02/01/2024
5.05% 04/01/2024 01/01/2024 No Call 5.24% 06/15/2024 06/15/2022 No Call 5.25% 10/15/2024 07/15/2024 No Call 4.96% 12/01/2024 06/01/2024 No Call
WESCO DISTR INC SR NOTE
95081QAM6
7,000
$102.50
$7,175
0.12% $7,083
$92
$376
AECOM GTD SR NOTE
00766TAD2
9,000
$112.00
$10,080
0.16% $9,368
$712
$529
CDW LLC FIN CORP SR NOTE
12513GBA6
6,000
$110.88
$6,653
0.11% $6,164
$488
$330
HCA INC SR NOTE
404119BR9 64110LAL0 02406PAR1
6,000 6,000 8,000
$113.00 $117.00 $103.72
$6,780 $7,020 $8,298
0.11% $6,480 0.11% $6,449 0.14% $7,878
$300 $571 $420
$323 $353 $500
4.76% 02/01/2025 5.02% 02/15/2025
NETFLIX INC SR NOTE
AMERICAN AXLE & MFG INC SR NOTE
6.03% 04/01/2025 04/01/2023 No Call 4.16% 05/30/2025 02/28/2025 No Call
LENNAR CORP SR NOTE
526057BV5
7,000
$114.25
$7,998
0.13% $6,853
$1,145
$333
BALL CORP SR NOTE
058498AT3
9,000
$114.19
$10,277 $166,758
0.17% $9,822 3.00% $160,036
$455
$473
4.60% 07/01/2025
SubTotal:
$6,722
$7,962
4.77%
Grand Total:
$6,130,376
100.00% $5,537,365
$572,987
$110,918
1.81%
As of February 15, 2021
Page 13 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
SECTOR ALLOCATION
Market Value
Current Allocation
S&P500 Allocation
Industrials Health Care Consumer Discretionary Consumer Staples Energy Financials Basic Materials Information Technology Utilities Communication Services Real Estate Miscellaneous
Sector
Industrials Health Care
$276,208 $282,887 $295,500 $220,355 $102,659 $418,679 $101,136 $466,323 $80,264 $208,299 $86,607
10.90% 11.10% 11.60% 8.70% 4.00% 16.50% 4.00% 18.40% 3.20% 8.20% 3.40% 0.00% 100.00%
8.40% 14.80% 10.60% 7.40% 2.80% 13.20% 2.20% 24.00% 3.10% 10.80% 2.80% 0.00% 100.00%
Consumer Discretionary
Consumer Staples
Energy
Financials
Basic Materials
Information Technology
Utilities
Communication Services
Real Estate
Miscellaneous
-
Total:
$2,538,919
% OF HOLDINGS
Current Allocation S&P 500 Allocation Benchmark: S&P 500 Sector Breakdown Source: Standard & Poor's
Industrials HealthCare ConsumerDiscretionary ConsumerStaples Energy Financials BasicMaterials InformationTechnology Utilities CommunicationServices Real Estate Miscellaneous
0%
5%
10%
15%
20%
As of February 15, 2021
Page 14 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
ESTIMATEDMARKET RETURN
Summary
Jan 2021 - Feb 2021
Jan 2020 - Dec 2020
Beginning Balance
$5,567,979
$5,868,233
Deposit/Withdrawals Receive and Deliver
-
-
Cash Transactions
$425,000 $425,000
-$800,000 -$800,000
Total Deposit/Withdrawals
Change in Value Dividend
$3,785 $5,435 $2,682 -$7,307
$66,749 $56,111 $28,188 -$26,972 $375,670 $499,746 $5,567,979
Interest
Principal/Cap Gains
Other/Fees
Security Performance
$132,802 $137,397 $6,130,376
Total Change in Value
Current Balance
Held Away
-
-
TAV
$6,130,376
$5,567,979
Estimated Time Weighted Return (Annualized for periods over 1 year)
2.34%
10.84%
Benchmark(s)
MSCI EAFE PR US Agg Bond TR
3.73% -1.23% 4.76%
5.43% 7.51%
S&P 500 PR
16.26%
$6,100,000
-1 % 0 % 1 % 2 % 3 % 4 % Est.MarketReturn Dec
$6,000,000
$5,900,000
$5,800,000
Values
$5,700,000
$5,600,000
Dec 2020
Jan 2021
Feb 2021
Jan 2021
Feb 2021
2020
Asset Value
Asset Value Net of Performance
Portfolio
US AGG Bond TR
MSCI EAFE PR
S&P 500 PR
As of February 15, 2021
Page 15 of 20
OBESITY MEDICINE ConsolidatedAssetSummary
ESTIMATED MARKET RETURN MONTHLY DETAIL
CumulativePortfolio Performance
BeginningBalance
Deposit /Withdrawals
Change inValue
EndingBalance
PortfolioPerformance
January February
2021 2021
$5,567,979 $5,983,475
$425,000
-$9,504
$5,983,475 $6,130,376
-0.11% 2.46%
-0.11% 2.34%
-
$146,901
Total
$5,567,979
$425,000
$137,397
$6,130,376
Annualized Time Weighted Return: 2.34%
As of February 15, 2021
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Important Disclosures The information contained herein is provided for informational purposes and as a courtesy to you, and may include securities owned by you on our records resulting from transactions processed through Stifel, Nicolaus & Company, Incorporated (“Stifel”) or supplemental information supplied by you for assets that Stifel does not hold on your behalf and which are not included on Stifel’s books and records. Assets held outside Stifel may not be covered by SIPC. We rely on the information you provided without further verification, and you represent that such information is true, accurate, and complete as of the date provided. We are not responsible for any analysis report prepared on the basis of information you provided that is incomplete or inaccurate. Prices are obtained from sources we consider reliable but are not guaranteed. The unrealized gain/loss information is for your information and should not be relied on for tax purposes. Please rely on your confirmations and monthly statements to ensure accurate information. The estimated annual income is a forward projection based on historical payment information. Special payments, modifications to dividend levels, or suspension of interest payments may cause material differences to the income estimates contained in these reports. The asset and sector classifications are provided by an independent third party. Questions relating to either asset or sector classifications should be directed to your Financial Advisor. Past performance does not guarantee future results. Note on Research Ratings: These reports are specific to individual clients and are not intended for mass distribution. As such, the information contained herein should not be considered a research report as defined by FINRA. The research ratings contained in these reports are provided for informational purposes and should not be construed as an offer to buy or sell any securities referred to herein. Any evaluation of the research ratings should be performed in conjunction with the underlying report. Opinions expressed are subject to change without notice and do not take into account any particular investment objectives, financial situation, or needs of individual investors. Employees of Stifel or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. Stifel’s research analysts receive compensation that is based upon (among other factors) Stifel’s overall investment banking revenues. Please visit the Research Page at www.stifel.com for the current research disclosures applicable to the companies mentioned in this publication that are within Stifel/KBW’s coverage universe. Stifel Stock Ratings: Buy: We expect this stock to outperform the S&P 500 by more than 10% over the next 12 months. For higher-yielding equities such as REITs and Utilities, we expect a total return in excess of 12% over the next 12 months. Hold: We expect this stock to perform within 10% (plus or minus) of the S&P 500 over the next 12 months. A Hold rating is also used for those higher-yielding securities where we are comfortable with the safety of the dividend but believe that upside in the share price is limited. Sell: We expect this stock to underperform the S&P 500 by more than 10% over the next 12 months and believe the stock could decline in value.
S&P Stock Ratings: 5 Stars: Indicates Strong Buy. Total return is expected to outperform the total return of the S&P 500 Index by a wide margin with shares rising in price on an absolute basis. 4 Stars: Indicates Buy. Total return is expected to outperform the total return of the S&P 500 Index with shares rising in price on an absolute basis. 3 Stars: Indicates Hold. Total return is expected to closely approximate the total return of the S&P 500 Index with shares rising in price on an absolute basis. 2 Stars: Indicates Sell. Total return is expected to underperform the total return of the S&P 500 Index, and share price is not anticipated to show a gain. 1 Star: Indicates Strong Sell. Total return is expected to underperform the total return of the S&P 500 Index by a wide margin with shares falling in price on an absolute basis. Additional information is available upon request. Structured Products Information presented in this report related to Structured Products is provided by www.StructuredRetailProducts.com. This information may not be copied or distributed separate from this report; and is not warranted to be accurate, complete, or timely. Performance Reports: The following types of securities are not included in performance reports: variable and fixed annuities, insurance, non-networked mutual funds, and any other securities not physically held at Stifel. A dollar-weighted return takes into consideration the money you subsequently added to the account or withdrew. It represents the rate of return that would make the present value of future cash flows plus the final market value of an investment equal the current market price of the investment. A time-weighted rate of return removes the distorting effects of the inflows of new money to the portfolio by assuming a single investment at the beginning of the period and measuring the performance of that amount at the end of the period. It is the return figure most often used to compare the performance of different accounts over the same time period. The information presented should not be considered a replacement for your trade confirmations and/or monthly statements. Performance is calculated net of any trading expenses and management fees to the extent that those fees are paid by funds from the account. For accounts with margin debit balances, the performance may be a leveraged return, which may not reflect the actual performance net of debit balances. Although the method of calculation is considered reliable, the information’s accuracy is not guaranteed by Stifel, Nicolaus & Company, Incorporated. Performance Definitions: Asset Value reflects the month-end value of all securities held at Stifel, Nicolaus & Company, Incorporated. Asset Value Net of Performance reflects the month-end value of the account net of the
change in value of securities. Performance Benchmarks:
Percentage returns for selected indices are provided for informational purposes only. The major stock indices only include a change in value and do not include dividends. Indices are unmanaged and are not available for direct investment.
As of February 15, 2021
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Dow Jones Industrial Average Total Return The Dow Jones Industrial Average is an index that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock
NASDAQ 100 Total Return The NASDAQ 100 is a modified capalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market. It includes both foreign and domestic companies and does not include any financial or investment companies. Total Return includes all distributions. NASDAQ 100 Price Return The NASDAQ 100 is a modified capalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market. It includes both foreign and domestic companies, and does not include any financial or investment companies. Russell 1000 Total Return The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The average market capitalization is approximately $11 billion, and the median market capitalization is approximately $3.5 billion. Total Return
market. Total Return includes all distributions. Dow Jones Industrial Average Price Return
The Dow Jones Industrial Average is an index that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market. S&P 500 Total Return The Standard & Poor's 500 Index (S&P 500) is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. Total Return includes all distributions. S&P 500 Price Return The Standard & Poor's 500 Index (S&P 500) is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. NASDAQ Composite Total Return The NASDAQ Composite Index is a capitalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market, which includes both domestic and foreign companies. Total The NASDAQ Composite Index is a capitalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market, which includes both domestic and foreign companies. Barclays U.S. Aggregate Bond Total Return The Barclays U.S. Aggregate Bond Index is an index of U.S. dollar-denominated, investment- grade U.S. corporate, government, and mortgage-backed securities. Total Return includes all distributions. Barclays U.S Corporate Investment Grade Total Return The Barclays U.S. Corporate Investment Grade Index covers U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities sold by industrial, utility, and financial issuers. It includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate indices. Total Return includes all distributions. Barclays U.S. Corporate High-Yield Total Return The Barclays U.S. Corporate High-Yield Bond Index covers the U.S. dollar-denominated, non- investment-grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes Emerging Markets debt. The U.S. Corporate High-Yield Bond Index is part of the U.S. Universal and Global High-Yield Indices. Total Return includes all distributions. Barclays Treasury Total Return The Barclays Treasury Index is a measure of the public obligations of the U.S. Treasury. Total Return includes all distributions. Barclays U.S. Government Total Return The Barclays U.S. Government Index is composed of publicly issued, nonconvertible, domestic debt of the U.S. Government or any agency thereof, quasi-federal corporations, or corporate debt guaranteed by the U.S. Government. Flower bonds and pass-through issues are excluded. Total Return includes all distributions. Barclays Municipal Total Return The index measures the performance of the U.S. dollar-denominated long-term tax-exempt Return includes all distributions. NASDAQ Composite Price Return
includes all distributions. Russell 2000 Total Return
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the broader Russell 3000 Index. The average market capitalization is approximately $490 million, and the median market capitalization is approximately $395 million. Total Return
includes all distributions. Russell 3000 Total Return
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of all the investable U.S. equity market. The average market capitalization is approximately $4 billion, and the median market capitalization is approximately $700 million. Total Return includes all distributions. Russell 3000 Price Return The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of all the investable U.S. equity market. The average market capitalization is approximately $4 billion, and the median market capitalization is approximately $700 million. Barclays Municipal 1-Year Total Return The Barclays 1-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 1- year (1-2) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 3-Year Total Return The Barclays 3-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 3- year (2-4) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 5-Year Total Return The Barclays 5-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 5- year (4-6) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 7-Year Total Return The Barclays 7-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 7- year (6-8) component of the Barclays Municipal Bond Index. Total Return includes all
As of February 15, 2021
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