Patton Fund Management, Inc. is a Registered Investment Advisor (RIA) with the U.S. Securities and Exchange Commission (SEC).

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IMPORTANT NOTICE: INFORMATION ABOUT PAST PERFORMANCE

Not indicative of future returns. Past performance is not indicative of future returns, which may vary. Accordingly, future returns are not guaranteed and there can be no assurance that any Patton Fund, Strategy, or Portfolio (“Patton Investments”) will achieve comparable investment results or its investment objective. You may lose money on your investment in a Patton Investment.

Strategy Developed based on Back-testing. The investment strategies used by Patton were developed, in part, by back-testing its investment program against past market and economic conditions.  In other words, the strategies were designed to succeed based on knowledge of events that occurred in the past.  One limitation of such a strategy is that it is inherently focused on the past, and cannot necessarily take account of market and economic conditions that may arise in the future.  If future market and economic conditions are different from past market and economic conditions, and if investors behave differently from past investors, Patton’s investment strategies may not work as anticipated and the Strategy, Fund, or any Patton Investments, may lose money.

Fees and Distributions. The performance information shown reflects the deduction of actual expenses of the applicable Patton Investment for periods during which the Patton Investment has been in operation (see below). The performance figures shown reflect the reinvestment of all dividends, interest and other income, and assume that the applicable Patton Investment has not made any distributions to investors.  Estimated fees and expenses including brokerage commissions, borrowing costs, and advisory fees, have been deducted from all back-tested performance.

Portfolio Characteristics. Portfolio characteristics, including specific holdings, contributors to performance, and country, sector and industry exposure, are shown as of the date indicated only, and are subject to change without notice. Portfolio characteristics are designed to illustrate the application of the Patton Investments’ investment style only, and should not be considered a recommendation.

Third Party Information. Information contained herein is based on data obtained from statistical services, company reports or communications, or other sources. Patton Fund Management believes these sources to be reliable. However, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness.

IMPORTANT NOTICE: INFORMATION ABOUT BACK-TESTED PAST PERFORMANCE

Performance results may be presented that pre-dates the commencement of operations of a Patton Investment Strategy. Because the Patton Investment Strategy was not in operation during certain periods shown, the performance information prior to the date the Patton Investment Strategy commenced operations is back-tested performance (sometimes referred to as hypothetical performance).

Patton Investment Strategies Inception Dates (first full month)

• Patton 45: April 2001 (not open to new investors)
• Patton Edge Strategy: February 2010
• Patton Flex Strategy: February 2010
• Audacity Strategy: April 2020

There are several important factors to consider when reviewing back-tested, or hypothetical, performance information:

Back-tested Performance is Hypothetical. The performance information shown for the Patton Investment Strategy you select includes performance information that is hypothetical, and is not real nor based on an actual portfolio managed by Patton. As such, the back-tested portion of the performance presentation does not represent the investment performance or the actual Patton Investment Strategy or any investors in the Patton Investment Strategy. The securities in these hypothetical portfolios were selected with the full benefit of hindsight, after their performance over the period shown was known. It is not likely that similar results could be achieved in the future.  The back-tested results may not reflect the impact that any material market or economic factors might have had on the results if the Strategy had been used during the period to actually manage client assets.  Furthermore, back-testing does not reflect how Patton actually might have reacted when managing client investments to economic and market events. The hypothetical portfolios presented here are purely illustrative, and representative only of a small sample of possible future scenarios.

Back-testing is Subject to Limitations. While it is believed that back-tested performance information presented is relevant to evaluating an investment in the Patton Investment Strategy, no representation is or could be made that the information presents what the performance results would have been in the past or are likely to be in the future. There are frequently sharp differences between hypothetical performance results and actual performance results subsequently achieved. One limitation of hypothetical performance is that it is generally prepared with the benefit of hindsight. In addition, no hypothetical track record can completely account for the impact of financial risk in actual trading. For example, back-factors that affect markets in general, the impact of fees and expenses, market liquidity and other factors may all have affected actual performance.

Actual Investor Experience Varies. The back-tested results are not indicative of the skill of Patton. For example, each Patton Investment Strategy began trading on the date indicated above. Back-tested performance shown for each Patton Investment Strategy reflects hypothetical performance determined using the current investment strategy of the applicable Patton Investment Strategy. However, Patton has been managing money using quantitative strategies since 2001.  During this period Patton has experienced periods of poor performance and Patton has closed other Patton Investment Strategies that it has managed as a result of poor performance.  Investors in some of Patton’s closed Strategies (and funds) have lost money.

Back-testing Period.  During the back-tested period, Patton was either not providing investment advice or was not providing investment advice according to the Strategy used to calculate the back-tested results.

Indices. The historical performance of various indices, such as the S&P 500 Index, may be included. An index is an unmanaged, broad-based market index and investing in any Patton Investment Strategy is not similar to investing in an index. An index is not available for direct investment, and the securities in an index will not match the Strategy's holdings. In addition, unlike an index, the Strategy's performance will be affected by fees and expenses.

Forward-looking Statements. Any forward-looking statements represent the subjective views of Patton and their validity may be affected by events and conditions not now contemplated and by other factors, many of which may be beyond Patton's control. Actual results may vary and such variations may be material, and no representation or warranty is made regarding any forward-looking information contained herein.

Patton Strategy Composites

Patton Edge Strategy Actual Results. Performance results for February 2010 forward represents a dollar-weighted average of all accounts utilizing this strategy.  The net return is the gross return reduced by 1/12 of 2.0% monthly.  NOTE - an enhancement was made to the Strategy in March 2021 that is expected to have a meaningful impact on the performance of the Strategy in the future during the early months of a bull market.

Patton Edge Performance Statistics:

Start	End	Composite Return	Portfolio Count	Portfolio Count (End Period)	End Capital
12/31/2010	12/31/2011	9.53	3	8	1,692,849
12/31/2011	12/31/2012	11.26	5	8	1,683,360
12/31/2012	12/31/2013	27.11	6	11	2,236,018
12/31/2013	12/31/2014	11.93	8	14	1,188,751
12/31/2014	05/31/2015	0.00	14	17	1,697,507
12/31/2014	12/31/2015	5.29	13	19	1,656,694
12/31/2015	12/31/2016	-5.88	15	28	2,558,860
12/31/2016	12/31/2017	18.60	23	31	2,675,077
12/31/2017	12/31/2018	-4.54	14	18	994,749
12/31/2018	12/31/2019	15.06	14	14	841,753
12/31/2019	12/31/2020	-0.41	12	12	573,401
12/31/2020	12/31/2021	10.79	10	10	597,863
12/31/2021	12/31/2022	1.94	8	8	441,354
12/31/2022	12/31/2023	4.22	6	6	360,066

Patton Flex Strategy Actual Results. Performance results for February 2010 forward represents a dollar-weighted average of all accounts utilizing this strategy.  The net return is the gross return reduced by 1/12 of 1.5% monthly.  A performance-based fee structure is charged to some investors utilizing the Patton Flex Strategy that could result in higher fees than 1/12 of 1.5% annually.  NOTE - an enhancement was made to the Strategy in March 2021 that is expected to have a meaningful impact on the performance of the Strategy in the future during the early months of a bull market.

Patton Flex Performance Statistics:

Start	End	Composite Return	Portfolio Count	Portfolio Count (End Period)	End Capital
01/31/2010	12/31/2010	13.85	1	1	1,142,400
12/31/2010	12/31/2011	22.48	1	1	1,739,954
12/31/2011	12/31/2012	34.24	1	1	3,114,146
12/31/2012	12/31/2013	68.92	1	1	5,074,023
12/31/2013	12/31/2014	22.43	1	1	11,795,197
12/31/2014	12/31/2015	25.79	1	1	24,493,849
12/31/2015	12/31/2016	-7.66	1	6	31,760,856
12/31/2016	12/31/2017	40.16	4	16	54,716,935
12/31/2017	12/31/2018	-13.95	15	42	61,359,349
12/31/2018	12/31/2019	17.73	29	45	79,211,768
12/31/2019	12/31/2020	-2.69	36	47	74,874,709
12/31/2020	12/31/2021	29.15	34	47	92,471,626
12/31/2021	12/31/2022	-2.55	41	49	88,897,349
07/31/2022	12/31/2022	-5.97	45	50	88,900,320
12/31/2022	12/31/2023	2.62	42	52	91,036,035

Audacity Performance Actual Results. Performance results for April 2020 forward represents a dollar-weighted average of all accounts utilizing this strategy. The net return is the gross return reduced by 1/12 of 4.0% monthly. A performance-based fee structure is charged to some investors utilizing the Audacity Strategy that could result in higher fees than the monthly management fee deducted from this data.  NOTE - an enhancement was made to the Strategy in March 2021 that is expected to have a meaningful impact on the performance of the Strategy in the future during the early months of a bull market.

Audacity Performance Statistics:

Start	End	Composite Return	Portfolio Count	Portfolio Count (End Period)	End Capital
03/31/2020	12/31/2020	8.96	2	2	7,437,680
12/31/2020	12/31/2021	49.97	2	2	9,652,268
12/31/2021	12/31/2022	-7.29	2	2	11,523,894
12/31/2022	12/31/2023	-3.24	2	2	11,373,001

Notes about Composites:

• "n/a" - Not statistically meaningful due to insufficient number of months.
• Dispersion: Performance dispersion is calculated annually.  Portfolios are only included that were in the strategy for the full year.  Dispersion is calculated by subtracting the lowest portfolio return from the highest portfolio return.
• Benchmark Description: The benchmark is the HFRX Equity Hedge index obtained from www.HedgeFundResearch.com.  This is an investable index of long/short U.S. equity hedge funds.  Its composition of securities and risk profile could be meaningfully different than the Patton Investment Strategy.
• The above composite performance presentation for the Patton Edge Strategy and the underlying methodology used was independently verified by Ashland Partners only for the period through 12/31/2014.  The above composite performance presentation for both the Patton Flex Strategy and Audacity Strategy and the underlying methodology used are identical to that of the Patton Edge Strategy.
• Leverage: the Patton Edge Strategy can have up to two times gross exposure; the Patton Flex Strategy can have up to five times gross exposure; the Audacity Strategy can have up to eight times gross exposure.
• The Patton Flex Fund, L.P., utilizing the Patton Flex Strategy, has a 0% management fee, 12% net annual hurdle, and a 50% incentive fee above the annual hurdle.  See the Fund's Private Placement Memorandum for details.  This fee structure can result in a meaningfully different net performance for investors.
• The Audacity Fund, L.P., utilizing the Audacity Strategy, has a 2.0% management fee, 0% net annual hurdle, and a 20% incentive fee above the annual hurdle.  See the Fund's Private Placement Memorandum for details.  This fee structure can result in a meaningfully different net performance for investors.
• Audacity Strategy Back-tested Performance: all performance is shown net of a 4.0% annual management fee.  The Strategy is also offered with a 2.0% annual management fee and a 20% annual performance fee on all gains above 0%.  Based upon research the 4.0% management fee structure is expected to be the lesser costly of the two fee structures.
• Accounts are generally added to a Composite for the first full month invested and removed after the last full month invested.
• The Strategy is sometimes carved out of accounts that contain other assets.

Super-Diversification Flex Growth Strategy

This is the actual NET performance of our clients utilizing our Super-Diversification Flex Growth Strategy totaling approximately $127,791,786 of assets.  Our Strategy and process has remained consistent over the entire period. Not all Patton Clients with the same strategy experienced the same performance due primarly to minor differences in allocations and differences in fees. A very limited number of Patton Clients pay fees from money outside of their portfolio resulting in a higher return.  Some clients are Qualified Clients and Accredited Investors as defined by the SEC and may pay a performance-based fee which can meaningfully impact performance.

Use of leverage on a portion of the portfolios represented by this composite return has had a material impact on the performance figures displayed.

Performance includes the reinvestment of dividends and other earnings. Investors may lose money, and are expected to lose money, during significant market declines and other market conditions, in this strategy.

The asset allocation of the strategy has been different than the ARC Private Client Index, resulting in differing performance, although the risk profiles of both have been generally similar. During the period being reported the market has been in an upward trend that has been stronger than historic averages. There is no assurance that this type of trend will persist or how we would perform if it did.

All other representations of Super-Diversification performance throughout our website is back-tested simulated results unless otherwise noted.

ARC Private Client Index

The ARC Private Client Index is an index created by and maintained by the ARC Group. These indexes consist of more than 350,000+ actual investor portfolio returns that are managed by 147 investment managers (as of November 2024) including some of the largest in the world. These 147 managers only represent a sample of the 10,000's of investment managers and other such service providers (financial planners, traditional brokers, etc.).

There are 4 Private Client Indexes each with a different risk profile. We have selected the ARC Private Client Index with the most comparable risk profile, Steady Growth (allocation approximately 49.37% equities, 20.46% Fixed Income, 8.47% Cash, and 21.70% Other as of November 2024), to our Patton Clients performance.

For more information about these indexes, visit the ARC Group's website here.

Industry benchmarks presented for comparison to Super-Diversified Portfolios are believed to be comparable risk portfolios although the holdings are very likely significantly different.  Simulated portfolio benchmarks, such as a "Traditional Portfolio", does have a similar risk profile but is allocated only to traditional asset classes of stocks, bonds, and cash.

IMPORTANT NOTICE: INFORMATION ABOUT MODEL PORTFOLIO PERFORMANCE

Unless otherwise noted, the performance of all portfolios ("Model Portfolios") are simulations of various combinations of asset classes used to simulate the performance of various types of portfolios with various risk profiles. All Model Portfolios for all time periods are back-tested hypothetical simulated results.

Model Portfolios have been developed based on historical performance of the described indexes for the relevant time period using our proprietary process and do not represent the results of actual trading of investor assets. Model performance has inherent limitations.  Since these are simulated portfolios (hypothetical) and do not reflect any investor's actual experience with owning, trading or managing an actual investment account, there can be no assurance that an investor would have achieved similar rates of return over the time frame.  Thus, the performance shown does not reflect the impact that material economic and market factors had or might have had on decision making if actual investor money had been managed. In addition, since the time period in question is a historical one, there can be no assurance that future results achieved by investors will in any way resemble those represented by the Model Portfolios. Model Portfolios are rebalanced monthly. All performance data is total returns which includes interest and dividends. The calculations are net of the estimated management and/or performance fees, trading costs, and fund expense ratios (see below table for estimated expense ratios by Asset Class) if applicable.  Performance does not reflect the deduction of other fees or expenses, including but not limited to brokerage account fees, custodial fees, and fees and expenses charged by mutual funds, exchange traded funds, and other investment companies that may be in addition to the expense ratio (these additional expenses tend to be extremely low).

The following describes how a model portfolio monthly return is calculated:

• Portfolio Allocation: 50% U.S. Large-Cap, 50% U.S. Aggregate Bonds
• Portfolio Fees: 1.2% annually or 0.1% per month
• Month's Performance: U.S. Large-Cap = +3.0%, U.S. Aggregate Bonds = +1.0%
• Portfolio Performance: (50% x 3.0%) + (50% x 1.0%) = +2.0% less 0.1% (fees) = +1.9%

Model Portfolios presented on our website are portfolios blended from various indexes.  The blended asset allocation of every Model Portfolio is readily available within the website.  The benchmark index(es) used to represent each asset class is disclosed elsewhere in this disclosure.  We do adjust the performance of the benchmark indexes for fees of an applicable fund available to invest in that index or asset class.

When a Model Portfolio's performance is compared to a single benchmark index, such as the S&P 500, the index has not been selected to represent an appropriate benchmark to compare an investor's performance, but rather are disclosed to allow for comparison of the investor's performance, for the convenience of the investor, to that of certain well-known and widely recognized indices.  Indices are typically not available for direct investment, are unmanaged, and do not incur fees or expenses.

The goal of a portfolio is not to outperform and single index.  The objective of a portfolio is total return.  All portfolios are subject to the risk of loss.  Patton was not necessarily managing portfolios similar to any given model portfolio.  Model Portfolios are not indicative of the skill of Patton nor the performance of portfolios managed by Patton.

The performance calculations of all Model Portfolios have not been audited by any third party.  Actual performance of client portfolios may differ materially due to the timing related to additional client deposits or withdrawals and the actual deployment and investment of a client portfolio, the length of time various positions are held, the client’s objectives and restrictions, and fees and expenses incurred by any specific individual portfolio.

Any presentation of two portfolios for comparison is intended to have a similar risk profile.  Some Model Portfolios are more diversified than others such as Patton's Super-Diversified Portfolios generally including more asset classes than more traditional portfolios.  Generally the purpose of such presentations is to demonstrate the impact of added diversification.

Although we have done our best to present this information fairly, hypothetical performance is still potentially misleading. Hypothetical data does not represent actual performance and should not be interpreted as an indication of actual performance. This data is based on transactions that were not made. Instead, the trades were simulated, based on knowledge that was available only after the fact and thus with the benefit of hindsight. Results do not include the impact of taxes, if any. Past performance is not indicative of future performance.

General Information

This website content is subject to change without notice and, due to the rapidly changing nature of the security markets, may quickly become outdated. All materials presented are compiled by Patton from sources believed to be reliable and current, but accuracy cannot be guaranteed. This information is distributed for education purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product, or service.  Content is prohibited from being reproduced.

Diversification does not ensure a profit or protect against a loss in a declining market.

Investments involve risk and unless otherwise state, are not guaranteed.  Consider the investment objectives, risks, and expenses carefully before investing.

Readers of the information contained on this website should be aware that any action taken by the viewer/reader based on this information is taken at their own risk. This information does not address individual situations and should not be construed or viewed as any type of individual or group recommendation. Be sure to first consult with a qualified financial adviser, tax professional, and/or legal counsel before implementing any securities, investments, or investment strategies discussed.

Exchange-Traded Funds and Index Mutual Funds (“Index Funds”).  All Index Funds are subject to risk, which may result in the loss of principal. International Index Funds involve additional risks, including currency fluctuations and political uncertainty. Index Fund products that invest in emerging markets are generally more risky than those that invest in developed countries because countries with emerging markets may have relatively unstable and less-established markets and economies. Sector Index Funds are subject to sector risks and non-diversification risks, which may result in performance fluctuations that are more extreme than fluctuations in the overall stock market. In addition, sector Index Funds that sample their target indexes to comply with tax diversification rules may experience a greater degree of tracking error than other Index Funds. Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks.

Source Data for Analysis

Any analysis reflecting daily performance for any Patton Investment Strategy is an actual data for the periods available and back-tested data for prior periods.  Daily data for diversified portfolios uses an applicable index fund (see the Asset Classes table in this Disclosure "Index Fund" column) performance less the applicable fees.

Mutual fund performance and performance statistics come from Steele Mutual Fund Expert (https://steelesystems.com/).

Client Performance Reporting

Client performance reporting, illustrated as the "Family", in the password protected areas of our webiste, including our Super-Diversified Portfolio Statements section, does represent the actual performance of an individual client's portfolio.  Returns are shown net of fees, deposits, and withdrawals.  These returns are calculated consistent with industry standards (returns are linked for periods upon a deposit or withdrawal).

Every effort is made to insure correct calculations.  Please notify Patton if you believe your returns do not appear correct.

For clients with an investment in a Patton hedge fund / L.P., all current date valuations and daily returns for hedge fund investments are an estimate. These estimates are based on your most recent actual month-end balance, if applicable, and incremented by the estimated daily percent change. Month-end market valuations are actual once the hedge fund statement has been posted to the website.

Performance for specific asset classes does NOT represent the actual performance for the client; this performance is for the asset class based on the assumptions and descriptions made in our Asset Classes Descriptions in our full disclosure.

Any reference to the "Benchmark" portfolio is a simulated portfolio.  This does not represent actual returns.  It is used as a simulated benchmark to compare to the client's actual performance.  See the "Benchmark Portfolio" report in the Dashboard reports for details about the asset allocation and more of the Benchmark Portfolio.

Portfolio Performance Composites

We have multiple portfolio performance composites. Each portfolio performance composite represents a different portfolio strategy and a different risk profile. Generally all Patton client portfolios that meet the minimum value, typically $100,000, are included in one of the portfolio performance composites.  Portfolios may be excluded for various reasons and periods of time when it is deemed their performance is not representative of the Composite (example: use of margin).  Portfolios are generally added to a Composite for the first full month it is invested and removed after the last full month it is invested.  The result is multiple performance composites consisting of all like-type (strategy and risk profile) Patton client portfolios.

Following are the strategies for the portfolio performance composites:

• Super-Diversified with Flex: diversified portfolios including an allocation to the Patton Flex Strategy or Patton Flex Fund, L.P.
• Super-Diversified with Audacity: diversified portfolios including an allocation to the Audacity Strategy or Audacity Fund, L.P.
• Better-Diversified: diversified portfolios without an allocation to any Patton strategy

The three diversified portfolio performance composites are further separated by the following risk profiles: Conservative, Moderate, and Growth.

All references to "Patton Clients" on our website represents the Super-Diversified with Flex performance composite for the Growth risk profile.

Use of leverage on a portion of the portfolios represented by this composite return has had a material impact on the performance figures displayed.

Performance is calculated as a dollar-weighted average meaning that larger accounts have a larger impact on the composite average.

Performance is shown net of client fees.

The following table provides details for each portfolio performance composite:

Portfolio Performance Composite Details

Asset Classes

The following table shows the Asset Classes that are available throughout the website, the market index that is used to represent each asset class, and the estimated fee that is deducted from the performance of the index.

Strategy Portal

Our Strategy Portal and its content is intended as a research tool.  Individual client performance, holdings, etc. could differ from the information displayed in this portal.

All daily, month-to-date, year-to-date, and since inceptions returns are estimates.

A disclosure crawl appears at the top of the page indicating periods that are actual returns and those that are simulated.  If the period selected for display and/or analysis includes both simulated and actual performance, these will be combined as one.

An enhancement to the strategy, designed to improve returns during the early months following a sharp market decline and following rally, was implemented in March 2021.  Therefore, performance data is accessible for the strategy both with and without the enhancement.

The strategy is offered with varying fee structures.  Therefore, performance data is accessible for the strategy net the various fee structures.  Furthermore, the strategy's gross return (no deduction for management fees or performance fees) is also accessible.

Portfolio Analysis Portal: Our Portfolio Analysis Portal and its content is intended to be a research tool.  All performance is simulated (it is NOT actual performance of any clients).  The performance is based on the selected portfolio and allocation of that portfolio.  For more details on the simulated portfolios selected, see the "Compare Allocations" report from the Dashboard.

Patton Flex Strategy - the following is a description of the various performance data available:

• Performance History Types
  • Research Returns: an enhancement to the Strategy was implemented in March 2021.  All performance data for all periods reflects the impact of this Strategy enhancement.  Returns for April 2021 and later are actual returns and all prior to this date are simulated.
  • Real Returns from Inception: all performance data from February 2010, the inception date of the Strategy, are actual returns and all prior to this date are simulated.  The Strategy enhancement implemented in March 2021 is NOT reflected in any of the performance data.
• Fee Type
  • Management Fee: the Strategy performance is net of a 1.50% management fee.
  • Performance Fee: the Strategy performance is net of a 0.00% management fee and 50% performance fee above 12% annually.
  • None: this is the gross performance of the Strategy with no management fees and no performance fees deducted.

Any combination of "Performance History Type" and "Fee Type" can be selected to access the described performance data.

The Flex Strategy was launched in February 2010.  There is backtested research from July 1963.  All returns prior to February 2010 are backtested.  Furthermore, an enhancement was made to the Strategy implemented March 2021.  The Research Returns allow you to see how the Strategy would have performed had this enhancement been in place since the Strategy inception.

Audacity Strategy - the following is a description of the various performance data available:

• Performance History Type
  • Research Returns: an enhancement to the Strategy was implemented in March 2021.  All performance data for all periods reflects the impact of this Strategy enhancement.  Returns for April 2021 and later are actual returns and all prior to this date are simulated.
  • Real Returns since Inception: all performance data from April 2020, the inception date of the Strategy, are actual returns and all prior to this date are simulated.  The Strategy enhancement implemented in March 2021 is NOT reflected in any of the performance data.
• Fee Type
  • Management Fee: the Strategy performance is net of a 4.00% management fee.
  • Performance Fee: the Strategy performance is net of a 2.00% management fee and 20% performance fee above 0% annually.
  • None: this is the gross performance of the Strategy with no management fees and no performance fees deducted.

Any combination of "Performance History Type" and "Fee Type" can be selected to access the described performance data.

The Audacity Strategy was launched in April 2020.  There is backtested research from July 1963.  All returns prior to April 2020 are backtested.  Furthermore, an enhancement was made to the Strategy implemented March 2021.  The Research Returns allow you to see how the Strategy would have performed had this enhancement been in place since the Strategy inception.