General

Internet Advantage Strategy (IAS) - {Mid & Small Cap US Equity Long Short}

Note: Returns are expressed in U.S. dollars net of fees.

ZEGA Financial is a registered investment adviser and investment manager that specializes in derivatives. ZEGA is the parent company of Alpha DNA Investment Management. ZEGA is a separate accounts manager and all returns expressed herein are solely from the separate accounts business within ZEGA.

INTERNET ADVANTAGE STRATEGY: EQUITY BEST PICKS Composite includes all institutional and retail portfolios that invest in a highly diversified portfolio with up to 40 holdings. The portfolio is made up of Large, Mid, and Small Cap U.S. equities designed to be long only. The strategy aims to outperform the market by identifying the stocks most likely to outperform based on changing demand. The Internet Advantage Strategies is a series of strategies based on an innovative new research approach: Alpha DNA Investment Management tracks the digital internet footprint of publicly traded companies to find hidden demand trends int he marketplace. This composite includes all portfolios that were at least 70% dedicated to this strategy. The benchmark is the Russell 3000 Index. The Russell 3000 Index is a collection of 3,000 of the publicly-traded U.S. equity companies that span large-cap, mid-cap, and small-cap categories.

INTERNET ADVANTAGE STRATEGY: EQUITY LONG/SHORT Composite includes all institutional and retail portfolios that invest in a diversified portfolio of over 30 total U.S. equity positions -- either long and/or short. The strategy aims to reduce systematic market risk by identifying the stocks most likely to outperform other stocks based on changing demand. Risk is further mitigated by implementation in market neutral posture when the research indicates potential for a downward market. The portfolio is designed to find picks that will outperform the counterparts. The Internet Advantage Strategies is a series of strategies based on an innovative new research approach: Alpha DNA Investment Management tracks the digital internet footprint of publicly-traded companies to find hidden demand trends in the marketplace. This composite includes all portfolios that were at least 70% dedicated to this strategy. The benchmark is the HFRI Quantitatvie Directional Equity Hedge Fund Index. The HFRI Quantitative Directional Equity Hedge Fund Index is a subset of the HFRI Equity Hedge Fund Index that measure the aggregate performance of equity hedge funds that employ quantitative strategies that can use long and short equity positions and the portfolio can be positioned net long or net short. This HFRI benchmark will always include an estimate from HFRI for the most recent month. the returns are typically finalized by HFRI within one month after the end of the reported month - but can sometimes be revised up to 90 days later by HFRI.

ZEGA Financial claims compliance with the Global Investment Performance Standards (GIPS). To receive a full list of composite descriptions of ZEGA Financial and/or a presentation that complies with the GIPS standards, contact Wayne Ferbert at 443-288-6444 or wayne.ferbert@alphadnaim.com

All investments involve the risk of potential investment losses as well as the potential for investment gains. Prior performance is no guarantee of future results and there can be no assurance, and clients should not assume, that future performance of any of the model portfolios will be comparable to past performance.

These results should not be viewed as indicative of the advisor's skill. The prior performance figures indicated herein represent portfolio performance for only a short time period, and may not be indicative of the returns or volatility each portfolio will generate over a long time period. The performance presented should also be viewed in the context of the broad market and general economic conditions prevailing during the periods covered by the performance information. The actual results for the comparable periods would also have varied from the presented results based upon the timing of contributions and withdrawals from individual client accounts. The performance figures contained herein should be viewed in the context of the various risk/return profiles and asset allocation methodologies utilized by the asset allocation strategists in developing their model portfolios, and should be accompanied or preceded by the model.
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility.