Composite Definitions
Each composite includes all unrestricted fee-paying accounts that meet the attributes of that composite. Unrestricted accounts are those in which the client did not direct the sale, purchase or retention of any asset. An account is included in the appropriate composite at the beginning of the first full calendar quarter when the account meets the attributes of that composite. Accounts closed or that no longer meet the attributes of a composite in each year are included in the appropriate composite through the end of the last calendar quarter that each such account was open or met those attributes.
Value – Taxable Accounts Composite (Formerly named Taxable Value Composite): Composite includes all discretionary, tax-free accounts (above $400,000) which are primarily invested in equities (80%+ allocation to equities and strategic cash).
Value – Non-Taxable Accounts Composite (Formerly named Tax-Free Value Composite): Composite includes all discretionary, taxable accounts (above $400,000) which are primarily invested in equities (80%+ allocation to equities and strategic cash).
Balanced Value: Composite includes all discretionary accounts (above $400,000) which are to be invested using a balanced mix of equities and bonds. The target allocation for the composite is 60 % equities (and strategic cash) / 40% fixed income (and strategic cash) with a 20% +/- range for each asset class. Accounts which exceed 80% equities (and strategic cash) or exceed 60% fixed income (and strategic cash) are not considered balanced for the purposes of this composite.
Restricted Composite: Composite includes all accounts which are considered restricted because the client has the right to direct the sale, purchase or retention of any asset, and also includes all accounts which are below $400,000
. McCullough & Associates LLC (the “Firm”) maintains a list describing with respect to each client account in this composite, the reason that the Firm considers such account to be restricted. On request, the Firm will provide the performance of the restricted composite for the same periods that performance for the Firm’s other composites is reported on this website
Performance
Composite Definitions
Tax-Free Value Composite
Taxable Value Composite
Balanced Value Composite
Restricted Composite
Performance Disclosures