Note: Returns in the stock models above, prior to 2007, were created using components as of the end of 2006. As a result, there is a factor of survivor bias within these returns prior to that date.

The performance numbers on this page are price returns unless otherwise indicated, not inclusive of all transaction costs. Neither the returns for the models nor the model benchmarks reflect the reinvestment of dividends unless marked with "TR". Past performance is not indicative of future results. Potential for profits is accompanied by possibility of loss. The information found on this page has been prepared without regard to any particular investor's investment objectives, financial situation, and needs. Accordingly, investors should not act on any recommendation (express or implied) or information in this report without obtaining specific advice from their financial advisor and should not rely on information herein as the primary basis for their investment decisions. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation or an offer to buy any securities or commodities mentioned herein.

* Performance information prior to model "First Publish" date is a result of a strategy back test.

Some performance information presented on this page is the result of back-tested performance. Back-tested performance is hypothetical and is provided for informational purposes to illustrate the effects of the strategy during a specific period. The hypothetical returns have been developed and tested by NDW, but have not been verified by any third party and are unaudited. Back-testing performance differs from actual performance because it is achieved through retroactive application of a model investment methodology designed with the benefit of hindsight. Model performance data (both back-tested and live) does not represent the impact of material economic and market factors might have on an investment advisor’s decision making process if the advisor were actually managing client money. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital can occur.