Investment Solutions

Mid Cap Equity GIPS® Disclosure

Year
End
Total Firm
Assets
(thousands)
Strategy
Assets*
(thousands)
Composite
Assets
(thousands)
Number of
Portfolios
% of Carve
Outs
Annual Performance ResultsComposite
Dispersion
Composite
Gross
Composite
Net
S&P 400
20211,399,218141,602132,6959257.45%24.66%23.43%24.76%2.91%
20201,165,210133,843121,3939157.65%16.82%15.71%13.65%1.56%
20191,105,791117,00845,85135-20.72%19.85%26.21%1.25%
20181,030,85790,27034,65632--8.77%-9.47%-11.10%0.51%
20171,172,959104,82136,39026-16.02%15.19%16.26%0.89%
20161,275,810107,93746,57627-18.21%17.51%20.75%0.94%
20151,306,500224,559139,65933--3.67%-4.24%-2.18%0.82%
20141,331,249216,629145,84433-13.31%12.68%9.77%0.70%
20131,205,495184,033110,90930-28.05%27.36%33.50%1.51%
20121,042,175123,20271,01823-17.08%16.00%17.88%1.35%
2011964,87090,89257,38524-1.47%0.24%-1.73%1.32%

N/A information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
* Strategy assets are supplemental information to the required GIPS® disclosures.

Year End3 Year Annualized Standard Deviation3 Year Annualized Return
CompositeBenchmarkCompositeBenchmark
202121.14%21.83%20.69%21.41%
202023.05%23.31%8.77%8.44%
201915.61%14.46%8.52%9.26%
201813.84%13.32%7.76%7.66%
201713.05%10.91%9.73%11.15%
201613.52%12.23%8.87%9.04%
201511.66%11.70%11.81%12.76%
201410.36%11.13%19.32%19.99%
201313.64%15.01%15.01%15.64%
201216.77%17.90%15.35%13.62%
201118.33%21.85%23.26%19.57%

Stewart Capital Advisors, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Stewart Capital Advisors, LLC has been independently verified for the periods 8/1/06 through 12/31/2021. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS® standards must establish policies and procedure for complying with all the applicable requirements of the GIPS® standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS® standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. Prior to 8/1/06 the track record was reviewed for conformance with the portability requirements of the GIPS® standards. 

The Mid Cap Carve Out Composite contains discretionary portfolios that invest in a diversified group of equities with market capitalizations between $1 billion and $10 billion. Additionally, convertible securities and covered calls may be used from time to time. For comparison purposes, the composite is measured against the S&P 400® Mid Cap Index, which is unmanaged and may represent a more diversified list of securities than that reflected in client portfolios. There is no minimum account size for this composite. Prior to July 2020 the minimum was $250,000 and prior to April 2008 the minimum was $100,000. Investments cannot be made in an index.

Stewart Capital Advisors, LLC, a subsidiary of S&T Bank, is an SEC-registered investment adviser that was formed on August 1, 2006. Investment performance prior to August 1, 2006 was achieved by S&T Wealth Management Group. On that date, the investment process and those responsible for investment decisions moved from the S&T Wealth Management Group to Stewart Capital. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary portfolios under management, including those portfolios no longer with the firm. Composite performance is presented net of foreign withholding taxes on ADR dividends. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of income. Net of fee performance was calculated using actual fees. Policies for valuing investments, calculating performance, and preparing GIPS® Reports are available upon request.

The annual investment management fee schedule for mid cap value accounts is 0.80% on the first $10 million, 0.70% on the next $20 million, and 0.60% on the remainder. Actual investment advisory fees incurred by clients may vary. Some account may pay additional fees to custodians such as custody fees, administration fees and other.

Prior to January 1, 2010, carve-outs were included in this composite and performance reflects required total segment plus cash returns using predetermined pro-rata distribution based on the allocation to fixed income and equities at the composite level.

Starting in March 2020, carve-outs were included in this composite and performance reflects standalone accounts in combination with carved-out assets, which reflects the entire strategy. Cash has been distributed based on month-end cash values on standalone accounts. Fees in carve-outs represent the highest fee paid across portfolios.

Internal dispersion is calculated using the equal-weighted standard deviation of all portfolios included in the composite for the entire year.

The decrease in composite assets in 2010 is due to removing equity segments that are part of a larger portfolio strategy from the composite. Strategy assets as displayed in the table above are shown as supplemental information and reflect the market value of all portfolio segments invested in the Mid Cap Equity Strategy regardless of the larger portfolio strategy.

The Mid Cap Composite was incepted January 1, 2003. The Mid Cap Composite was created August 1, 2006.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.