Glossary (Cont.)
Sortino Ratio

Time-Weighted Return (TWR)

The ratio measures the risk adjusted return of the account. The ratio penalizes only
those returns that fall below the required rate of return.

TWR measures the percent return produced over time independent of contributions or
withdrawals. TWR eliminates the impact of the timing of inflows and outflows and
isolates the portion of a portfolio's return that is attributable solely to the account's
actions.

Standard Deviation
Standard deviation is a statistical measurement of variability. It shows how much
variation or dispersion there is from the average.

Time Period Return

Value-Added Monthly Index (VAMI)
A statistical figure that tracks the daily/monthly/quarterly performance of a
hypothetical $1000 investment.

The return your portfolio has gained or lost for the specific time period. Time period
performance is presented as a percentage.

PortfolioAnalyst

Page: 27