Our Direct Stock Portfolios Enable You to Own a Stocks Directly, Rather Than Through a Fund

Because these are model portfolio, you own the shares directly, not through a fund. As such, there are no fund expenses, and we can harvest losses arising from the return dispersion that results from owning multiple issues. Because the model acts as a target, we can deviate from the target when it makes sense for your personal account (for example, a large preexisting gain, or a similar existing position). We can also take steps to minimize tracking error.

US Quality GROWTH Portfolio

Our US Quality Growth Portfolio is where quality meets conviction.

The portfolio is invested in at least 35 high-quality growth companies at attractive valuations. At least 80% of the portfolio is invested in US-listed stocks. Typical holdings exhibit the following characteristics:

1. Sustainable growth A track record of sales and earnings growth combined with solid margins and economic moats that make continued growth likely

2. Attractive valuations Growth at a reasonable price

3. Stability Sufficiently-large market capitalization, lower volatility

4. Financial strength Favorable balance sheet and interest coverage ratios

5. Earnings quality Earnings supported by cash flows.

We seek to effectively diversify across companies and industries while still seeking to outperform the MSCI US Large Cap Growth Index.

US Quality Dividend Portfolio

The US Quality Dividend Portfolio is invested in at least 35 sustainable dividend paying companies at attractive valuations. The Twende Quality Dividend Portfolio looks to invest in the strongest companies, positioned to weather challenging economic environments while targeting a yield of >2.5%.At least 80% of the portfolio is invested in US-listed stocks. Typical holdings exhibit the following characteristics:

1. Meaningful dividends Yields in excess of 2.5% p.a.

2. Sustainable growth A track record of sales and earnings growth combined with solid margins and economic moats that make dividend growth more likely

3. Attractive valuations Growth at a reasonable price

4. Stability Sufficiently-large market capitalization, lower volatility

5. Financial strength Favorable balance sheet and interest coverage ratios

6. Earnings quality Earnings supported by cash flows.

We seek to effectively diversify across companies and industries while still seeking to outperform the MSCI US Quality Dividend Index.

global GROWTH Portfolio

The Global Growth Portfolio is invested in at least 35 high-quality growth companies at attractive valuations. At least 80% of the portfolio is invested outside the US. Typical holdings exhibit the following characteristics:

1. Sustainable growth A track record of sales and earnings growth combined with solid margins and economic moats that make continued growth likely

2. Attractive valuations Growth at a reasonable price

3. Stability Sufficiently-large market capitalization, lower volatility

4. Financial strength Favorable balance sheet and interest coverage ratios

5. Earnings quality Earnings supported by cash flows.

We seek to effectively diversify across companies and industries while still seeking to outperform the MSCI World Ex USA Index.

GLOBAL Dividend Portfolio

The Global Dividend Portfolio is invested in at least 35 sustainable dividend paying companies at attractive valuations. The Twende Quality Dividend Portfolio looks to invest in the strongest companies, positioned to weather challenging economic environments while targeting a yield of >2.5%. At least 80% of the portfolio is invested outside the US. Typical holdings exhibit the following characteristics:

1. Meaningful dividends Yields in excess of 2.5% p.a.

2. Sustainable growth A track record of sales and earnings growth combined with solid margins and economic moats that make dividend growth more likely

3. Attractive valuations Growth at a reasonable price

4. Stability Sufficiently large market capitalization, lower volatility

5. Financial strength Favorable balance sheet and interest coverage ratios

6. Earnings quality Earnings supported by cash flows.

We seek to effectively diversify across companies, industries, and geographies while still seeking to outperform the MSCI ACWI ex USA High Dividend Yield Index.

Special Opportunity Portfolio

Our Special Opportunity Portfolio is invested in at least 35 growth companies at attractive valuations. At least 60% of the portfolio is invested outside the US. Typical holdings exhibit the following characteristics:

1. Sustainable growth A track record of sales and earnings growth combined with solid margins and economic moats that make continued growth likely

2. Attractive valuations Growth at a reasonable price

3. Stability premium All else equal, we still prefer more stable companies, unless we believe we will earn a sufficient premium from investing in smaller companies which typically exhibit higher volatility.

4. Financial strength Favorable balance sheet and interest coverage ratios

5. Earnings quality Earnings supported by cash flows.

We seek to effectively diversify across companies and industries while still seeking to outperform the MSCI World Smid Cap Index.

Real Yield MLP & REIT Portfolio

Direct ownership of real asset yield securities offers several advantages:

• Tax flow through advantages not available via an MLP ETF

• Targeted-exposed to high-graded stocks.

• Tactical exposure to various underlying economic drivers, emphasizing low business risk

• Inflation hedge via real asset ownership (mineral rights, property, pipelines, etc.)

The Twende Real Yield Portfolio seeks to invest in listed MLPs, REITs and C-Corps. These entities hold property, infrastructure, and natural resources that offer relative stability, favorable yields (after tax), and the prospect of price appreciation. We use a top down approach, opportunistically setting exposure to economic drivers (e.g. commodity prices); we then select undervalued entities, paying particular attention to distribution coverage and financial strength, management quality, and project qulity.