The Boutique Premium. Do Boutique Investment Managers Create Value? AMG White Paper June

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1 The Botiqe Premim Do Botiqe Investment Managers Create Vale? AMG White Paper Jne

2 Exective Smmary Botiqe active investment managers have otperformed both non-botiqe peers and indices over the last 20 years While the debate over the vale of active investment management has intensified in recent years, the otperformance of botiqe managers has been overlooked. A proprietary stdy of instittional eqity strategies from 1995 to 2014 demonstrates that: Botiqes significantly otperformed non-botiqes in instittional eqity categories Figre 1: Botiqe Otperformance vs. Non-Botiqes: Botiqes Otperformed by Average Annal 51 bps (100) Sorce: MercerInsight database tilized for retrn data (50) EM Eqity Global Eqity US LC Vale Investing exclsively with botiqes wold have created 11% greater wealth over 20 years Figre 2: Botiqe Wealth Creation: Investing Exclsively With Botiqes Wold Have Created 11% Greater Wealth 40% 30% 20% Average Annal Otperformance = 51 bps US MC Vale 20-Year Excess Wealth Creation (Botiqes vs. Non-Botiqes) = 11% US SC Vale Botiqes also generated sbstantial net excess retrns verss indices Figre 3: Botiqe Excess Retrns: Botiqes Delivered 141 bps Average Annal Net Excess Retrns vs. Indices Annal Botiqe Net Excess Retrn 5% 4% 3% 2% 1% 0% Global Eqity EM Eqity US SC Vale US LC Vale US MC Vale -1% 6% 8% 10% 12% 14% 16% Average Rolling 1-Year Index Retrn ( ) Sorce: MercerInsight database tilized for retrn data. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell Core botiqe characteristics position them to generate consistent otperformance Sophisticated investors arond the world are increasingly recognizing the ability of focsed botiqe active investment managers to otperform both non-botiqe peers and indices. Several core characteristics of botiqes position them well to consistently otperform in retrn-seeking asset classes (active eqities and alternatives), inclding: Principals have significant direct eqity ownership, ensring alignment of interests with clients Presence of a mlti-generational management team, flly engaged across the bsiness 10% 0% -10% -20% EM Eqity Global Eqity US LC Vale US MC Vale Sorce: MercerInsight database tilized for retrn data. US SC Vale Entreprenerial cltre with partnership orientation, which attracts talented investors Investment-centric organizational alignment, inclding carefl management of capacity Principals are committed to bilding an endring franchise, embedding an appropriately long-term orientation AMG 1

3 Seven Key Insights (detailed analysis beginning on page 6) 1. Botiqes broadly otperformed non-botiqes 5. Botiqe strategies, on average, had a high freqency of otperforming indices 2. Top-performing botiqes added more vale for clients than bottom-performing botiqes detracted 6. Individal botiqe strategies otperformed indices more often than not 3. Botiqes created significant vale verss indices 7. Botiqe otperformance verss indices was persistent 4. Top-performing botiqes generated exceptional excess retrns verss indices 2 AMG

4 Methodology Primary Data Sorces The MercerInsight global database was the primary sorce tilized for retrn data in or analysis, given its deep pool of performance data for instittional eqity strategies offered by investment managers arond the world. Classification of individal investment managers (and their corresponding investment strategies in the MercerInsight database) as either botiqes or non-botiqes was based entirely on AMG s proprietary analysis, tilizing the SEC database and individal manager disclosres for backgrond information on ownership strctre, scope of bsiness, and level of assets nder management ( AUM ). Scope And Process Of The Analysis Or analysis incorporated more than 1,200 individal investment management firms arond the world and nearly 5,000 instittional eqity strategies comprising approximately $7 trillion in AUM. We analyzed rolling one-year retrns for the trailing 20-year period ending 12/31/14, across 11 different investment prodct categories, on a strategyby-strategy basis. More specific details regarding the data set behind or analysis are as follows: 11 investment prodct categories: or analysis spanned the 11 broadest instittional eqity prodct categories, as defined by Mercer: Emerging Markets Eqity Global Eqity U.S. Large Cap Vale Eqity U.S. Large Cap Growth Eqity U.S. Large Cap Core Eqity U.S. Mid Cap Vale Eqity U.S. Mid Cap Growth Eqity U.S. Mid Cap Core Eqity U.S. Small Cap Vale Eqity U.S. Small Cap Growth Eqity U.S. Small Cap Core Eqity Retrn-focsed: retrns were the primary measre of botiqe manager vale creation tilized in or analysis. Gross retrns, a primary metric reported in the MercerInsight database, were tilized for comparing botiqe retrns relative to non-botiqe retrns, given the minimal disparity of fee rates between botiqe and non-botiqe strategies. Meanwhile, we estimated net excess retrns verss indices incorporating botiqes available pblished or rack fee rates in MercerInsight in order to approximate net vale creation for investors. Trailing 20-year time horizon: or analysis is based on rolling one-year retrns over the trailing 20 years ending 12/31/14 (i.e., 20 individal measrement periods based on calendar years ). The rolling one-year focs ltimately yielded a larger sample size than rolling three- or five-year retrns. Eqal-weighted basis: importantly, or analysis represents a measre of performance by strategy, instead of performance by manager. In order to avoid bias to any one investment strategy, each individal strategy was given an eqal weighting when aggregating reslts for each prodct category. Dplicate strategies (typically sb-advisory) were exclded from or analysis in order to avoid excessive weighting to any single strategy by doble conting, althogh this had minimal impact on the reslts given the small nmber of dplicates broadly observed. Acconting for srvivorship bias: or analysis captred each individal strategy reporting gross retrns to MercerInsight in all 11 prodct categories at any point dring the trailing 20-year period, inclding deleted strategies (strategies and/or managers no longer in existence, or no longer covered by MercerInsight ). Ths, we minimize the impact of srvivorship bias. AMG 3

5 Classification Of Botiqe And Non-Botiqe Investment Managers Or proprietary classification of over 1,200 individal investment managers and their corresponding investment strategies in the MercerInsight database as either botiqes or non-botiqes (Figre 4) was an integral component of the analysis. Botiqes ltimately comprised 68% of the investment managers, bt jst 47% of the investment strategies captred in or data set. Investment managers and their corresponding strategies were classified as botiqes in or analysis only if they fit each of the following for specific criteria: 1) Significant principal ownership: determined by whether principals held a significant amont of eqity in their own firm, defined as a minimm of 10%. The 10% threshold was set to both exclde firms whose principals have received small amonts of eqity as part of their annal compensation and to align with a ct-off point in the SEC database (individals or entities with ownership below 10% appear as either NA or A in the SEC database). However, principals at the vast majority of botiqe investment managers held a significant minority, majority, or 100% of their firms eqity. 2) Investment management is sole bsiness: investment managers exclsively focsed on investing were the only firms eligible to be classified as botiqes in or analysis. This effectively exclded managers that were part of broader financial services platforms, inclding banks, life insrers, and wealth managers providing a broad site of advice-based services. 3) Manage less than $100 billion in AUM: investment managers with over $100 billion in AUM were exclded from being classified as botiqes. While some investment managers with over $100 billion in AUM cold certainly be considered botiqes, the prpose of this criterion was to increase the objectivity of the analysis while simltaneosly eliminating certain firms that have accmlated large levels of AUM by offering a wide variety of prodcts across varios asset classes, styles, and geographic regions. 4) Not exclsively smart beta or fnd-of-fnds: managers exclsively offering smart beta or fnd-of-fnds platforms were removed from consideration as botiqes. Instead, the firms classified as botiqes in or analysis inclded active managers with teams focsed on adding vale throgh distinct investment philosophies and highly focsed investment processes. Figre 4: Classification of Investment Managers: 68% Botiqes, 32% Non-Botiqes Non-Botiqe (over $100 billion AUM) 1.3% Non-Botiqe (principals own < 10%) 10.5% Non-Botiqe (Fnd-of-Fnds, Smart Beta) 1.7% Non-Botiqe (broader platform) 18.0% Botiqe 68.0% Non-Botiqe (combinations) 0.6% Sorce: AMG proprietary classification of investment managers in the MercerInsight database. 4 AMG

6 Backgrond Indstry Debate: Does Active Management Add Vale? Backgrond Of The Indstry Debate The vale of active investment management has been a spirited indstry debate for nearly half a centry, perhaps beginning in earnest when Michael C. Jensen s stdy fond that mtal fnds on average were nable to otperform a by-the-market-and-hold policy from 1945 to The debate has intensified in recent years, with many third-party reports characterizing all of active management as flawed. The Case Against Active Management Skepticism srronding the vale created by active management has picked p since the Global Financial Crisis, particlarly as passive index and ETF providers have weighed in more prominently on the debate. For example, Vangard fond in a recent stdy 2 that a majority of active eqity managers had nderperformed benchmarks (net of fees) in most U.S. open-end fnd strategies and for most time periods (Figre 5). The stdy also fond that a majority of active mtal fnds in less satrated sectors (e.g., EM Eqity) nderperformed over longer time horizons after acconting for closed fnds. Figre 5: Vangard: Percentage of Active Eqity Managers Beating Benchmark (Trailing 1-Year Basis) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% The Case For Active Management However, this is not a one-sided debate, as other investment managers have arged that active management adds significant vale for clients over varios time horizons. A recent J.P. Morgan Asset Management stdy 3 fond that more than 50% of instittional-focsed investment managers otperformed benchmarks in the majority of broad eqity prodct categories over the trailing 5- and 7-year periods. Figre 6: J.P. Morgan Asset Management: Percentage of Instittional Managers Otperforming Benchmarks (5-Year) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Large Cap Core Large Cap Vale Large Cap Growth Mid Cap Core Mid Cap Vale Mid Cap Growth Small Cap Core Small Cap Vale Small Cap Growth Sorce: J.P. Morgan Asset Management, A Search For Intelligent Life In The Active Eqity Management Universe, Exhibit 4. Mlti Cap Core The Middle Of The Road Still other indstry participants, inclding certain instittional consltants, have recommended a combination of active and passive management. Many of these recommendations incorporate a theory that active management is best tilized in less efficient asset classes. Mlti Cap Vale Mlti Cap Growth Eqity Income EAFE Emerging Markets Global All-Contry ex-u.s. Erope Japan Asia ex-japan Large Blend Large Growth Large Vale Mid Blend Mid Growth Mid Vale Small Blend Small Growth Small Vale Sorce: Vangard, The Case For Index-Fnd Investing, Figre 8. 1 Jensen, M. (1967). The Performance Of Mtal Fnds In The Period Jornal of Finance Volme 23 (No. 2), Vangard (April 2014). The Case For Index-Fnd Investing. 3 J.P. Morgan Asset Management (November 2013). A Search For Intelligent Life In The Active Eqity Management Universe. AMG 5

7 Seven Key Insights: Strong Evidence That Botiqes Have Added Vale Have Botiqes Added Vale For Clients? Or analysis of instittional eqity strategy retrns for the trailing 20-year period provides strong evidence that active botiqe investment managers generated significant vale for clients, both relative to non-botiqe managers and to indices. The data also demonstrates that top-performing botiqe strategies created tremendos vale for clients; that the majority of botiqe strategies otperformed indices on a net basis; and that botiqe otperformance was persistent. Seven key insights from or analysis are otlined below. 1. Botiqes broadly otperformed non-botiqes 2. Top-performing botiqes added more vale for clients than bottom-performing botiqes detracted Or analysis demonstrates that top-decile and top-qartile botiqe strategies otperformed their non-botiqe conterparts by a wide margin (average annal 232 bps and 142 bps, respectively). However, jst as notable was the fact that bottom-qartile and bottom-decile botiqe strategies lagged their non-botiqe conterparts by a mch narrower margin (41 bps and 115 bps, respectively). This sggests that any otsized botiqe risk-taking didn t necessarily reslt in excessive downside for bottom performers. Over the past 20 years, the average botiqe strategy otperformed the average non-botiqe strategy in 9 ot of 11 prodct categories examined, by an annal average 51 bps across all categories (Figre 7). Botiqe otperformance was most significant in Emerging Markets Eqity (+127 bps annally), Global Eqity (+113 bps), and U.S. Small Cap Eqity (ranging from +31 bps to +101 bps) strategies. Figre 7: Botiqe Otperformance vs. Non-Botiqes: Botiqes Otperformed by Average Annal 51 bps (50) (100) EM Eqity Global Eqity Average Annal Otperformance = 51 bps US LC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. MercerInsight database tilized for retrn data. Firms represented inclde AMG Affiliates. Analysis based on rolling one-year gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14. US MC Vale US SC Vale Figre 8: Top-Performing Botiqes vs. Non-Botiqes: Top Performers Added 55 bps More Vale Annally (vs. Non-Botiqes) Than Bottom Performers Detracted (50) (100) (150) Top 10% Top-Performing Botiqes Created 55 bps More Vale Annally than Bottom Detracted (vs. Non-Botiqes) Top 25% Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Analysis based on rolling one-year gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14. Top and bottom performers incorporate investment strategies in the 10th, 25th, 75th, and 90th percentile on an annal basis. 3. Botiqes created significant vale verss indices In sharp contrast to indstry reports finding that a significant majority of active managers have nderperformed benchmarks, or analysis determined that botiqe instittional eqity strategies were able to deliver significant net excess retrns relative to indices over the trailing 20-year period. Across the 11 prodct categories examined, botiqe net retrns otpaced primary indices by an average annal 141 bps. In fact, the average botiqe strategy otperformed its primary index net of fees in most cases by a wide margin in 9 ot of 11 prodct categories. Bottom 25% Bottom 10% 6 AMG

8 Figre 9: Botiqe Excess Retrns: Botiqes Generated 141 bps of Annal Net Excess Retrns vs. Indices (50) EM Eqity Global Eqity Average Annal Net Excess Retrn = 141 bps US LC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Net retrns estimated by taking one-year rolling gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14 less estimated average botiqe fee rates based on available data for each prodct category. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell US MC Vale US SC Vale Figre 10: Top-Performing Botiqes vs. Indices: Top-Decile Botiqes Beat Indices by Average Annal 1,133 bps 2,000 1,800 1,600 1,400 1,200 1, Average Top-Decile Botiqe Excess Retrn = 1,133 bps EM Eqity Global Eqity US LC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Net retrns estimated by taking one-year rolling gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14 less estimated average botiqe fee rates based on available data for each prodct category; top performers inclde botiqe strategies in the top 10% and top 25%. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell US MC Vale Top-10% Botiqe Top-25% Botiqe Avg. Top-10% Botiqe US SC Vale 4. Top-performing botiqes generated exceptional excess retrns verss indices 5. Botiqe strategies, on average, had a high freqency of otperforming indices Or analysis also demonstrates that the top-performing botiqe strategies added a tremendos amont of vale relative to indices net of fees. Top-decile botiqe strategies added an average annal 1,133 bps verss primary indices, while top-qartile botiqes added an average annal 589 bps (Figre 10). Similar to or analysis of average botiqe otperformance, top-decile botiqe otperformance was most prononced in Emerging Markets Eqity, Global Eqity, and U.S. Small Cap Eqity. Meanwhile, despite more modest levels of otperformance for average botiqe strategies in the U.S. Large Cap Eqity and U.S. Mid Cap Eqity categories, the top performers generated significant excess retrns. Across all prodct categories examined, the average botiqe strategy otpaced its primary index 59% of the time over the trailing 20-year period net of fees. In addition, the average botiqe strategy beat its primary index in at least half of the 20 one-year rolling periods in 8 ot of 11 prodct categories. Figre 11: Botiqe Otperformance Freqency: Average Botiqe Strategy Beat Index 59% of the Time 90% 65% 50% 50% 50% 40% 45% 45% 70% 70% 75% EM Eqity Global Eqity US LC Vale US MC Vale US SC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Net retrns estimated by taking one-year rolling gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14 less estimated average botiqe fee rates based on available data for each prodct category. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell AMG 7

9 6. Individal botiqe strategies otperformed indices more often than not 7. Botiqe otperformance verss indices was persistent We also fond that over half of the botiqe strategies in or data sample beat their primary indices net of fees in 7 ot of 11 prodct categories (Figre 12). The proportion of botiqes otperforming indices was particlarly high in the Emerging Markets Eqity, Global Eqity, and U.S. Small Cap Eqity categories. Across all 11 prodct categories, an aggregate 52% of botiqe strategies beat their primary indices net of fees. We find this qite constrctive given recent indstry reports sggesting that a significant majority of active managers have nderperformed indices. Figre 12: Proportion of Botiqes Beating Indices: Over 50% Beat Indices in 7 ot of 11 Prodct Categories 59% 53% 46% 51% 51% 47% 46% 46% 59% 53% 59% For prposes of measring the persistency of botiqe net excess retrns, we examined the percentage of botiqes beating the index in a year following one in which they otperformed. The reslts reflect favorably on botiqe managers, as their strategies beat indices 55% of the time in years following one in which they otperformed (Figre 13). Frther, botiqe otperformance persistency was greater than 50% in 8 ot of 11 prodct categories. Figre 13: Botiqe Otperformance Persistency: Beat Indices 55% of the Time After Otperforming Previos Year 62% 57% 49% 56% 58% 47% 49% 56% 58% 55% 59% 55% EM Eqity Global Eqity US LC Vale US MC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Net retrns estimated by taking one-year rolling gross retrns for instittional strategies dring trailing 20-year period ending 12/31/14 less estimated average botiqe fee rates based on available data for each prodct category. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell US SC Vale EM Eqity Global Eqity US LC Vale US MC Vale Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Botiqe persistency measred as percentage of botiqes beating their primary index (net of estimated fees) in sccessive years (after they had beaten the index in the previos year). Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell US SC Vale Weighted Average 8 AMG

10 Conclsion: Core Botiqe Characteristics Position Them Well To Add Vale For Clients Analysis Reflects Favorably On Botiqe Investment Managers While a considerable amont of research has focsed on the perennial active verss passive debate, or analysis focsed on an important indstry sbset active botiqe investment managers. Or analysis illstrates that botiqes have otperformed non-botiqe peers and delivered significant net excess retrns verss indices over the past 20 years. It also sggests that top botiqes generate significant alpha and that the strongest botiqe otperformance came in the Emerging Markets Eqity, Global Eqity, and U.S. Small Cap Eqity categories. Core Botiqe Characteristics Position Them To Generate Long-Term Otperformance Sophisticated investors arond the world are increasingly recognizing the ability of focsed botiqe active investment managers to otperform both non-botiqe peers and indices. Many of these investors follow a barbell strategy, where they complement their core passive exposres with allocations to active eqity and alternative strategies managed by botiqes. Core characteristics that position botiqes well to consistently otperform in retrn-seeking asset classes (active eqities and alternatives) inclde: Entreprenerial cltre with partnership orientation: key partners control the daily operations of a botiqe and are actively involved in bsiness planning and bilding an endring franchise. Great investors are more likely to be drawn to botiqes that offer an entreprenerial cltre and allow them to have a direct impact on the ftre sccess of their bsiness. Investment-centric: a botiqe has an investment-centric organizational alignment, typically geared to a distinct investment philosophy (e.g., vale-oriented with strong focs on prchasing secrities below their intrinsic vale) with a highly focsed investment process (e.g., bottom-p stock picking). These investment considerations have primacy at a botiqe, which is more likely to manage towards optimal risk-adjsted retrns, often setting capacity limits to remain nimble in its investment approach. Commitment to bilding an endring franchise: key principals are committed to the long-term growth and sccess of a botiqe, often signaled by their willingness to sign mlti-year employment agreements. A stable, long-term environment is ideal for generating investment sccess, and a grop of principals bond together by long-term eqity is best positioned to deliver this sccess. Alignment of interests: direct eqity ownership ensres that key principals have a vested interest in the long-term sccess of a botiqe. Many of the most talented investment professionals in the world are drawn to the botiqe strctre, where the incentive system allows them to own the reslts of their investment performance. Figre 14: Botiqe Model: Core Characteristics Giving Botiqes an Advantage in Generating Alpha Alignment of Interests Mlti-generational management: the presence of a mlti-generational management team, inclding a sccession plan, is another core fondation of a botiqe. This ensres that key principals will contine to remain Franchise Bilding Botiqe Investment Firm Mlti- Generational Management motivated and highly involved in bsiness development. Investment- Centric Entreprenerial Cltre Sorce: AMG AMG 9

11 Appendix Figre 15: Botiqe Strategies vs. Non-Botiqe Strategies: Average Annal Otperformance Top 10% Botiqe Average Annal Vale Creation vs. Comparable Non-Botiqe (bps) Top 25% Botiqe Average Botiqe Bottom 25% Botiqe Bottom 10% Botiqe Percentage of Years Otperforming Average Botiqe > Non-Botiqe Median Botiqe > Non-Botiqe Emerging Markets Eqity (7) (103) 80% 70% Global Eqity (59) (90) 70% 70% U.S. Large Cap Vale Eqity (19) (100) 75% 60% U.S. Large Cap Growth Eqity (49) (110) 70% 60% U.S. Large Cap Core Eqity (45) (49) 55% 50% U.S. Mid Cap Vale Eqity (83) (125) 60% 55% U.S. Mid Cap Growth Eqity (4) (97) (144) 40% 35% U.S. Mid Cap Core Eqity (140) (88) (85) (53) (117) 40% 40% U.S. Small Cap Vale Eqity (3) (87) 75% 65% U.S. Small Cap Growth Eqity (49) (247) 50% 30% U.S. Small Cap Core Eqity (94) 70% 65% Mean (41) (115) 62% 55% Median (49) (103) 70% 60% Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Analysis based on rolling one-year gross retrns for instittional eqity strategies dring trailing 20-year period ending 12/31/14. Figre 16: Botiqe Strategies vs. Indices: Average Annal Net Excess Retrns Top 10% Botiqe Average Annal Net Vale Creation vs. Primary Index (bps) Top 25% Botiqe Average Botiqe Bottom 25% Botiqe Bottom 10% Botiqe Freqency of Avg. Botiqe > Index Other Statistics % of Botiqes Beating Index Emerging Markets Eqity 1, (230) (607) 90% 61% Global Eqity 1, (406) (816) 65% 56% U.S. Large Cap Vale Eqity (378) (744) 50% 45% U.S. Large Cap Growth Eqity 1, (420) (819) 50% 50% U.S. Large Cap Core Eqity (320) (656) 50% 50% U.S. Mid Cap Vale Eqity (1) (465) (838) 40% 46% U.S. Mid Cap Growth Eqity 1, (585) (1,073) 45% 47% U.S. Mid Cap Core Eqity (10) (397) (762) 45% 46% U.S. Small Cap Vale Eqity 1, (291) (763) 70% 59% U.S. Small Cap Growth Eqity 1,818 1, (406) (1,019) 70% 54% U.S. Small Cap Core Eqity 1, (247) (706) 75% 61% Mean 1, (377) (800) 59% 52% Median 1, (397) (763) 50% 50% Sorce: AMG proprietary analysis and classification of firms and strategies. Firms represented inclde AMG Affiliates. MercerInsight database tilized for retrn data. Net retrns estimated by taking one-year rolling gross retrns for instittional eqity strategies dring trailing 20-year period ending 12/31/14 less estimated average botiqe fee rates based on available data for each prodct category. Primary indices inclde MSCI EM, MSCI World, Rssell 1000 Vale, Rssell 1000 Growth, S&P 500, Rssell Midcap Vale, Rssell Midcap Growth, Rssell Midcap, Rssell 2000 Vale, Rssell 2000 Growth, Rssell AMG

12 Important Information FOR INSTITUTIONAL/WHOLESALE OR PROFESSIONAL CLIENT USE ONLY NOT FOR RETAIL DISTRIBUTION This material has been prepared by Affiliated Managers Grop, Inc. ( AMG ) and is provided for informational prposes only. This material is only directed at persons who may lawflly receive it, and yo shold satisfy yorself that yo are lawflly permitted to receive this material. AMG is in the bsiness of making investments in botiqe investment management firms, and is not in the bsiness of providing investment advice. This material is not intended to be relied pon as a forecast or research and is not a recommendation, offer or solicitation to by or sell any secrities or to adopt any investment strategy, nor is it investment advice. The views and opinions expressed in this material are those of AMG, are as of the date hereof and are sbject to change based on market and other conditions and factors. 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