Shenandoah launched this strategy on October 12, 2007. The charts below were generated from the Plan Sponsor Network (PSN) database of Informa Investment Solutions. They utilize a universe of managers designating the S&P Midcap 400^® Index as their benchmark.

Gross Returns

The chart below can be downloaded in a printer friendly format here: SAM Custom Midcap Peer Returns

Information Ratios

The Information Ratio (IR) measures the active return generated by the manager relative to the risk taken by the manager versus the benchmark. It is calculated as the annualized excess return above the benchmark divided by the annualized volatility of those excess returns (tracking error).

The chart below can be downloaded in a printer friendly format here: SAM Custom Midcap Peer IR

Sources
S&P MidCap 400^® Index is a registered trademark of Standard & Poor's, a Division of The McGraw-Hill Companies, Inc.
Plan Sponsor Network (PSN) is a product of Informa Investment Solutions
Global Industry Classification Standards (GICS^®) are a registered trademark of Standard & Poor's and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied Finance Group, LTD.

Disclosure
Past performance does not guarantee future results. Performance for periods greater than one year is annualized. Gross returns (including realized and unrealized capital gains, reinvestment of dividends and interest) are before fees and administrative expenses. Net returns reflect the return to investors after all fees and expenses.