Performance Disclosures
The performance shown is for the period beginning on January 1, 2005. Before that, the only composite maintained by the predecessor to McCullough & Associates LLC (the “Firm”) was a composite containing tax-free institutional accounts with assets above $2 million. The composites that the Firm currently uses were established on January 1, 2005, when the Firm was reorganized. These composites do not accurately present the performance of any specific account, as individual account performance depends on investment timing and weighting, and other factors that vary from account to account. The descriptions of the composites and the criteria for including accounts in the composites can be found in the Composite Definitions link.
The results shown on the performance page reflect the reinvestment of dividends and other earnings, as well as the deduction of expenses and investment advisory fees. The Firm believes that the results were generated using an investment strategy similar to that which it expects to continue to use, but future investments will be made under different economic conditions, in different securities and may be made using different investment strategies than those discussed herein. Further, the results do not reflect performance in all different economic or market cycles. Future returns, if any, may not be comparable to those shown. The U.S. Dollar is the currency used to express performance.
The comparison of these results to the S&P 500 Index may be considered inappropriate because the S&P 500 Index is more diversified than the Firm's portfolios and represents only unmanaged results. In addition, the Firm's portfolios included cash and may have included fixed-income securities. The S&P 500 Index contains 500 industrial, transportation, utility and financial companies and generally is representative of the large capitalization U.S. stock market. Due to the differences among those portfolios and the S&P 500 Index, potential investors are cautioned that such index is not directly comparable to the performance shown and McCullough & Associates LLC is not aware of any market index that is directly comparable.
