The information contained herein is intended for use with current or prospective clients of Northern Trust Asset
Management. The information is not intended for distribution or use by any person in any jurisdiction where such
distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and
may effect transactions in the markets, contracts and related investments different than described in this information.
This information is obtained from sources believed to be reliable, and its accuracy and completeness are not
guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as
investment advice and does not take into account all the circumstances of each investor. Opinions and forecasts
discussed are those of the author, do not necessarily reflect the views of Northern Trust and are subject to change
This report is provided for informational purposes only and is not intended to be, and should not be construed as, an
offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice,
investment advice, or tax advice.
All securities investing and trading activities risk the loss of capital. Each portfolio is subject to substantial risks
including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can
be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits
or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or
eliminate risk in any market environment. Risk controls and models do not promise any level of performance or
guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust's efforts
to monitor and manage risk but does not imply low risk.
Past performance is no guarantee of future results. Performance returns and the principal value of an investment will
fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown
are provided as an indication of the performance of a particular segment of the capital markets and/or alternative
strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It
is not possible to invest directly in any index. Net performance returns are reduced by investment management fees
and other expenses relating to the management of the account. Gross performance returns contained herein include
reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment
management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2a of the Form
ADV or consult a Northern Trust representative.
Forward-looking statements and assumptions are Northern Trust's current estimates or expectations of future events
or future results based upon proprietary research and should not be construed as an estimate or promise of results
that a portfolio may achieve. Actual results could differ materially from the results indicated by this information.
If presented, hypothetical portfolio information provided does not represent results of an actual investment portfolio
but reflects representative historical performance of the strategies, funds or accounts listed herein, which were
selected with the benefit of hindsight. Hypothetical performance results do not reflect actual trading. No representation
is being made that any portfolio will achieve a performance record similar to that shown. A hypothetical investment
does not necessarily take into account the fees, risks, economic or market factors/conditions an investor might
experience in actual trading. Hypothetical results may have under- or over-compensation for the impact, if any, of
certain market factors such as lack of liquidity, economic or market factors/conditions. The investment returns of other
clients may differ materially from the portfolio portrayed. There are numerous other factors related to the markets in
general or to the implementation of any specific program that cannot be fully accounted for in the preparation of
hypothetical performance results. The information is confidential and may not be duplicated in any form or
disseminated without the prior consent of Northern Trust.
Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are
offered in accordance with local regulation. For more information, read our legal and regulatory information about
individual market offices (available at northerntrust.com/disclosures).
Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments
Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global
Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong
Kong Limited and The Northern Trust Company.
© 2019 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A.