Cumulative Returns as of 3/31/17

Annualized Returns as of 3/31/17



Cumulative and Annualized returns are compounded quarterly, are net of management fees (Andvari’s is 1% per annum for the first $2 million), time-weighted, and includes all cash and securities. The indexes and funds are listed as benchmarks and are total return figures and assumes dividends are reinvested and net of their respective management fees. “Andvari Total” represents all of Douglas Ott’s investment accounts and all of the discretionary accounts Andvari manages where it takes an active role in picking individual stocks and receives a fee. From 12/31/12 to 4/12/13 results included only Ott’s personal and retirement accounts—the first Andvari clients transferred their accounts on 4/12/13. Andvari believes including Ott’s performance figures for the first 4 months of 2013 is fair as he managed those assets in a way similar to later clients: in a careful and concentrated manner with the majority of assets in the top 5 to 7 holdings.