Celebrating Excellence: Three Bailard Equity Strategies Attain PSN Top Guns List Status for Q4 2023

San Francisco, CA – March 26, 2024 – Bailard is thrilled to announce its inclusion in the PSN Top Guns List for top performance in separate accounts, managed accounts, and managed ETF strategies for the fourth quarter of 2023. This recognition, presented by Zephyr, highlights the achievements of product offerings within the PSN peer reporting framework.

“This accolade serves not just as a ranking, but an acknowledgement of our asset management team’s relentless strategic emphasis on innovation, paired with a consistent pursuit of excellence,” said Bailard’s CEO, Sonya Mughal, CFA. “Bailard’s firm stance on excellence and the creation of value amidst the dynamic market environment is unwavering.”

Through a combination of PSN’s proprietary performance screens, the PSN Top Guns list ranks products in six proprietary categories in over 75 universes based on continued performance over time. The rankings were announced February 2024. There was no fee to enter.

Bailard’s Micro Cap Value, Technology, and Technology & Science strategies achieved notable rankings on the list.

Micro Cap Value Strategy:

• Micro Cap Universe (57 products): Top Gun, Manager of the Decade Rating, Bull/Bear Masters, and 1, 3, and 4 Stars.
• US Equity Socially Responsible Universe (153 products): Top Gun, 1, and 3 Stars.

Bailard Technology Strategy:

• All Cap Growth Universe (81 products): Top Gun, 1, 2, and 3 Stars.
• All Cap Universe (399 products): Top Gun, 1, and 2 Stars.
• US Equity Universe (2,659 products): Top Gun, 2 Stars.
• US Growth Universe (648 products): Top Gun, 1, and 2 Stars.

Bailard Technology & Science:

• All Cap Growth Universe (81 products): Top Gun, 1, and 2 Stars.
• All Cap Universe (399 products): Top Gun, 1, and 2 Stars.
• US Equity Universe (2,659 products): Top Gun, 2 Stars.
• US Growth Universe (648 products): Top Gun, 1, and 2 Stars.

Below is a description of each ranking, based on gross of fee returns. The deduction of fees and expenses could have affected performance ratings.

• Top Gun One Star Rating means the strategy had one of the top ten returns for the quarter in their respective strategy.
• Top Gun Two Star Rating means the strategy had one of the top ten returns for the one-year period in their respective strategy.
• Top Gun Three Star Rating means the strategy had one of the top ten returns for the three-year period in their respective strategy.
• Top Gun Four Star Rating means the strategy had an r-squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s returns exceeded the style benchmark for the three latest three- year rolling periods. The top ten returns for the latest three-year period then become the 4 Star Top Guns.
• Top Gun Manager of the Decade Rating means the strategy had an r-squared of 0.80 or greater relative to the style benchmark for the latest 10-year period. Moreover, the strategy’s returns were greater than the style benchmark for the latest 10-year period and also standard deviation less than the style benchmark for the latest ten-year period. At this point, the top ten performers for the latest 10-year period become the PSN Top Guns Manager of the Decade.
• Top Gun Bull & Bear Masters means the strategy had an r-squared of 0.80 or greater relative to the style benchmark for a three- year period. Moreover, the strategy had an upside market capture over 100 and a downside market capture less than 100 relative to the style benchmark. The top ten ratios of Upside Capture Ratio over Downside Capture Ratio become the PSN Bull & Bear Masters.

Past performance does not guarantee future results. All investments involve the risk of loss.

To learn more about our equity strategies, please visit https://bailard.com/equity-strategies/.

The complete list of PSN Top Guns and an overview of the methodology can be found at https://psn.fi.informais.com/. Registration is required.

 

About Bailard, Inc.

Founded in 1969, Bailard is an independent asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible, and impact investing expertise. We combine these investment capabilities with financial, tax, and estate planning to provide comprehensive wealth management. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with $5.8 billion in assets under management as of 12/31/2023, Bailard is a majority employee-owned and women-led firm, a Certified B Corporation™, and a Principles of Responsible Investing signatory.

Important Disclosures and Key Risks

Bailard Micro Cap Value Strategy Key Risks: The Bailard Micro Cap Value Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with micro cap stocks. These companies may face greater economic cycle risk, credit risk, geographic risk, product, and customer concentration risk than that faced by larger companies. Micro cap stocks are more volatile and less liquid than larger cap stocks and may be more difficult to trade. There are times when the micro cap value equity style underperforms other equity investment styles.

The application of various environmental, social and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in higher or lower returns than a similar investment strategy without such screens or other strategies that use a different methodology to exclude issuers or evaluate ESG criteria. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.

In evaluating a security or issuer based on ESG criteria, we are dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. There is also a risk that we may not apply the relevant ESG criteria correctly or that the strategy could have indirect exposure to issuers that do not meet the relevant ESG criteria used by the strategy. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.

The market value of an investment will fluctuate as the securities markets fluctuate. There can be no assurance that this or any investment strategy will achieve its investment objectives. All investments have the risk of loss.

Bailard Technology Strategy Key Risks: The Bailard Technology Composite is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks and technology stocks. The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate plus the style and sector risks associated with a complete weighting in the technology sector, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks.  The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards).  The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.

The application of various environmental, social, and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in lower returns than a similar investment strategy without such screens or other strategies that use a different methodology to exclude issuers or evaluate ESG criteria.  Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.

Adherence with strategy’s ESG criteria is determined at the date of purchase. Individual equity holdings in the strategy may cease to meet the relevant ESG criteria after the initial purchase but may nevertheless remain in the strategy until a future review or rebalance by the Bailard. As a result, certain securities in the strategy or the client’s portfolio as a whole, may not meet the relevant ESG criteria at all times.

In evaluating a security or issuer based on ESG criteria, we are dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. There is also a risk that we may not apply the relevant ESG criteria correctly or that the strategy could have indirect exposure to issuers that do not meet the relevant ESG criteria used by the strategy. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.

There can be no assurance that Bailard will achieve its investment objectives. All investments have the risk of loss.

Technology & Science Strategy Key Risks: The Bailard Technology & Science Composite (“the Composite”) includes a Bailard portfolio primarily invested in U.S. equities with growth characteristics and large capitalizations with a bias toward technology-focused sectors. The Technology and Science Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks, technology stocks and health care stocks (including emerging life sciences stocks). The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate, and the style and sector risks associated with a heavy weighting in the technology and health care sectors, which may be more volatile than the overall stock market.  The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards).

The application of various environmental, social, and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in lower returns than a similar investment strategy without such screens or other strategies that use a different methodology to exclude issuers or evaluate ESG criteria.  Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.

Adherence with strategy’s ESG criteria is determined at the date of purchase. Individual equity holdings in the strategy may cease to meet the relevant ESG criteria after the initial purchase but may nevertheless remain in the strategy until a future review or rebalance by the Bailard. As a result, certain securities in the strategy or the client’s portfolio as a whole, may not meet the relevant ESG criteria at all times.

In evaluating a security or issuer based on ESG criteria, we are dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. There is also a risk that we may not apply the relevant ESG criteria correctly or that the strategy could have indirect exposure to issuers that do not meet the relevant ESG criteria used by the strategy. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.

There can be no assurance that Bailard will achieve its investment objectives. All investments have the risk of loss.

 

Additional Disclosures: This piece does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact Bailard or consult with the professional advisor of their choosing.

About PSN

For nearly four decades, PSN has been a top resource for investment professionals. Asset managers rely on Zephyr’s PSN to effectively reach institutional and retail investors. Over 2,800 firms, 285 universes, and more than 21,000 products comprise the PSN SMA database showing asset breakdowns, compliance, key personnel, ownership diversity, ESG, business objectives and strategy, style, fees, GIC sectors, fixed income ranges and full holdings. Unique to PSN is its robust historical database of nearly 40 Years of Data Including Net and Gross-of-Fee Returns. For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Robby Resendez at PSNdata@informais.com. There was no fee to enter. Visit PSN online to learn more.