Legal Disclosures

General Information

This website is for informational purposes only. See important Terms of Use and Privacy Policy. All rights reserved. © Covestor, Ltd. 2014.

Covestor is an investment adviser registered with the US Securities and Exchange Commission under the Investment Advisers Act of 1940. Additional information can be accessed directly from the Informational Brochure.

It should not be assumed that any information discussed herein will prove to be profitable or that decisions in the future will be profitable or provide similar results.

While Covestor does provide limited investment advice to its clients, the content herein is provided as general and impersonalized investment information and is not a recommendation or solicitation to buy or sell any security. Covestor does not guarantee or certify the quality, accuracy, completeness, or timeliness of any content contained herein. Please take appropriate professional advice in any investment decisions.

Financial Market Data powered by Quotemedia.com. All rights reserved. View the Terms of Use. NYSE/AMEX data delayed 20 minutes. NASDAQ and other data delayed 15 minutes unless indicated.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.

Portfolios and Portfolio Managers

All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request.

Performance Returns

Past performance is no guarantee of future results.

Periodic and since inception performance returns are calculated daily. Monthly vs. S&P 500 return and the corresponding spark chart is calculated to the most recent month end date. Performance of client accounts is calculated by Covestor daily on a time-weighted basis including cash, dividends paid, earnings distributions and broker commissions. Client and subscription performance is presented net of fees.

The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.

Manager Return

Performance of the portfolio manager’s account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions, and broker commissions. Manager returns include trades that fail Covestor’s trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. As a result, actual client returns will differ.

Historical portfolio manager returns with inception dates prior to launch on Covestor include trading history and positions data provided by the manager. Covestor has reviewed this data and confirmed it is consistent with current portfolio strategy.

Average Subscription Return

Average subscription returns (“Avg Sub” or “Avg Client”) are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying portfolio. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. Average subscription returns are not available for any period in which there were no active subscriptions associated with the portfolio. Covestor displays average subscription returns from January 1, 2010 forward. Average subscription returns prior to January 1, 2010 are available upon request.

Actual performance in your account may differ from Average Subscription returns, depending on your individual account size, subscription amount, brokerage commissions, investment guidelines and/or restrictions, inception date, and other factors. A complete list of all Average Subscription returns, along with additional information about Covestor's calculation methodology, can be requested via Customer Service.

Client Return

The performance of the client’s account has been calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions, and broker commissions. These returns reflect the client’s suitability and risk score restrictions and include Covestor advisory fees.

Benchmark Return

Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividends and earnings distributions, or transaction costs.

Benchmarks relevant to each portfolio are assigned by Covestor based on overall strategy, portfolio trade history, and/or other criteria as determined by Covestor.

Current use of the S&P 500 Index is intended for comparison to general equity market behavior only. This benchmark may not be suitable for comparison to individual portfolios with specific objectives, such as industry or security types.

Subscription Minimum

The subscription minimum is the minimum subscription required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.

Trial Accounts

15-day Trial Accounts simulate the subscription of funds to Covestor portfolios through the allocation of virtual dollars. Users are required to register with Covestor and establish a risk score for their account. Trial Accounts are for demonstration purposes only. The activity in a Trial Account does not represent the actual results a Covestor client could achieve in an actual account.

Trial Account valuations are calculated based on the allocated subscription amounts and the daily average subscriber returns for each designated portfolio. Trial Accounts do not track individual holdings, transactions, or daily individual security pricing. These estimated account valuations are for demonstration purposes only. Actual results in a Client account will be different than represented in the Trial Account. Additional information can be found here.

Trial Accounts simulate subscriptions to portfolios and do not represent actual results that would be achieved in a Account. Actual results will vary.

Estimated Covestor Fees (“Subscription Fees”) are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. Subscription Fees range between 0.5%-2.30% p.a. per subscription to a portfolio. Before subscribing to a portfolio, you will be advised of the specific subscription fee (these are displayed on all portfolio profiles). The $5.00 per month subscription minimum is applied regardless of the number of days in the month you are subscribed to a portfolio or lack of trade activity in the portfolio. No fees charged on cash that is not subscribed. Trial Account Subscription Fees are applied the first day of each month and calculated based on the valuations for each subscription as of the last day of the previous month.

Estimated Broker Commissions are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. This estimate is based on the number of trades in the underlying portfolio(s) and an estimated commission of $1.00 per trade, based on the median commission our clients pay. This figure also reflects brokerage transaction costs related to establishing or cancelling individual subscriptions. However, this figure does not include any additional brokerage costs associated with non-trade activity that may occur in an actual brokerage account.

Valuation and Monthly Valuation are calculated using the Average Subscriber return which does incorporate Covestor and brokerage fees incurred in actual Covestor client accounts. The revised valuation amount shown here is the Trial Account valuation minus the estimated Covestor Fees and simulated brokerage commissions. Therefore, the impact of these expenses may be overstated. Learn more about client accounts.

Estimated Covestor Fee

Covestor Fees (“Subscription Fees”) are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. Subscription Fees range between 0.5%-2.30% p.a. per subscription to a portfolio. Before subscribing to a portfolio, you will be advised of the specific subscription fee (these are displayed on all portfolio profiles). The $5.00 per month subscription minimum is applied regardless of the number of days in the month you are subscribed to a portfolio or lack of trade activity in the portfolio. No fees charged on cash that is not subscribed. Trial Account Subscription Fees are applied the first day of each month and calculated based on the valuations for each subscription as of the last day of the previous month.

Estimated Commissions

Estimated Broker Commissions are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. This estimate is based on the number of trades in the underlying portfolio(s) and an estimated commission of $1.00 per trade, based on the median commission our clients pay. This figure also reflects brokerage transaction costs related to establishing or cancelling individual subscriptions. However, this figure does not include any additional brokerage costs associated with non-trade activity that may occur in an actual brokerage account.

Valuation

Trial Account valuations are calculated using the Average Subscriber return which does incorporate Covestor and brokerage fees incurred in actual Covestor client accounts. The revised valuation amount shown here is the Trial Account valuation minus the estimated Covestor Fees and simulated brokerage commissions. Therefore, the impact of these expenses may be overstated. Learn more about accounts.

Monthly Gain / Loss

Gain/Loss: Ending valuation - (Beginning valuation + Cashflows)

Monthly Simple Return

Simple return: Gain or Loss / (Beginning Valuation + Cashflows)

Covestor Blog full disclosures

The content of Covestor Blog includes the commentary by Covestor and does not necessarily represent the opinions of Covestor or any of its officers, directors, employees or staff. Transaction history of Covestor Portfolios is available upon request. For additional information or questions about this blog, please contact editorial@covestor.com.

Performance is no guarantee of future results. All investments in financial markets involve risk, including the risk of loss.

Performance for the portfolio manager’s account has been calculated by Covestor on a daily time-weighted basis, including cash, reinvested dividends and earnings, and broker commissions.

Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividend or earnings distributions, or transaction costs.

Current use of the S&P 500 Index is intended for comparison to general equity market behavior only. This benchmark may not be suitable for comparison to individual portfolios with specific objectives, such as industry or security types.

Month to Date returns & Since Inception returns are revised daily. All other returns (month, 3 month, year to date, et al) are calculated as of the most recent month end date. All external market data and charts provided by Yahoo Finance or Google Finance. See Yahoo and Google for information on those sites' data providers.

For more information regarding Covestor performance results, see the individual portfolio profile pages on Covestor as well as our Disclosures page.

Compensation of Authors

Portfolio Managers are compensated separately for licensing their investment data to Covestor and establishing an Investment Portfolio with Covestor. Additional information can be found at http://site.covestor.com/become-a-manager.

No redistribution

This content is provided by Covestor for use by users of Covestor.com in compliance with the Terms of Use of this website. No content may be reprinted, sold, or redistributed without the expressed written consent of Covestor.