Past performance is not indicative of future results. The Winton Fund performance figures are based on The Winton Fund Limited Tranche B USD. Returns are shown net of all management fees and performance fees (from inception to 31 Aug 1998 (0.25/20%), from 01 Sep 1998 to 31 Mar 2017 (1/20%), from 01 Apr 2017 to date (0.9/16%)). Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The advisory fees are available upon request and are described in Part II of the adviser's Form ADV. All returns are confirmed by the Administrator, unless otherwise stated. Risk-adjusted figures relate to the same account. Volatility has been adjusted lower prior to 2009 to reflect more closely the risk levels at the time. From 2009, actual returns are used. These results are simulated and do not represent actual trading, the accompanying disclaimers on the last page should be read carefully when reviewing this data No representation is being made that any account will or is likely to achieve profits or losses similar to those being shown. MSCI World = M1WO Index; JPM US Agg. Bond Index = JGAGUSUS Index. The reference indices are selected by the Investment Manager for performance illustration and comparison purposes only. They are not formal benchmarks and do not form part of formal investment objectives or investment policy. Data as at 29 November 2019.