Investment Adviser

Sizemore Capital

Sizemore Capital

Education Texas Christian University; London School of Economics
Qualifications BA Phi Beta Kappa; Master's in Finance and Accounting
Investment Experience 10 years
Founded 2008

Sizemore Investment Letter

Exceptions
Sell Discipline
Allocation Discipline
Research
Approach
Summary

The Sizemore Investment Letter Portfolio is based on the ideas discussed in the Sizemore Investment Letter monthly newsletter, edited by Charles Lewis Sizemore, CFA (http://www.sizemoreletter.com). The Portfolio employs a Global Macro strategy and has a strong value focus.

In the Sizemore Investment Letter, editor Charles Sizemore identifies the powerful macro trends driving the global economy and attempts to take advantage of short-term mispricings. In the words of Warren Buffett, he attempts to be greedy when others are fearful and fearful when others are greedy and in the words of legendary speculator George Soros, he attempts to identify the trend whose premise is false and bet against it.

In taking a "Big Picture" approach to portfolio management, Mr. Sizemore will augment traditional investment analysis by considering such factors as geopolitical developments, historical precedents and demographic trends.

In managing the portfolio, Sizemore Capital Management will utilize various data sources, including but not limited to company financial statements, research reports, financial periodicals, academic papers, and security screeners and databases.

The Sizemore Investment Letter Portfolio is a concentrated portfolio comprised primarily of stocks and ETFs. The Portfolio will invest in the securities discussed in the Sizemore Investment Letter newsletter, and will generally hold 15-20 positions. Generally speaking, the Portfolio positions will be equally-weighted, though the manager may over or under-weight some positions as part of the risk management process. There is no specific holding period. Some positions will considered "core" positions and will be held long term; other positions will be more speculative in nature and will have shorter holding periods.

Generally, the manager will use stop loss orders or trailing stops as a risk management technique, though other methods may also be used (Note: the Covestor replication process does not consider stop loss orders). The sell discipline will vary from position to position based on the risks and characteristics of the investment (i.e. certain investments may have wider stops than others). The manager will take profits on successful investments when it believes its investments are fairly valued or it sees better opportunities elsewhere.

None.

Replicability

91.7%

8.3%

Replicable
Non-replicable

Top 5 Holdings View all

6.6%

5.6%

5.0%

4.9%

4.8%

Model commentary

And the Masters of the Universe say...

19 May 2013

Some of these “smart money” guys haven’t been looking too smart of late.
Learning from what Big Money's thinking 1 May 2013
Gold: What happened?! 25 April 2013
Charles Sizemore on CNBC: Apple looks like Microsoft 10 years ago 23 April 2013
Gallop along with the global nouveau riche 23 April 2013

Performance detail

Manager
S&P 500

30D 90D 365D SI

Performance

Inception July 06, 2011

as of May 23, 2013	Manager	S&P 500	Average Subscriber
Past 30 days	2.2%	4.5%	-
Past 90 days	2.2%	8.9%	-
Past 365 days	24.2%	25.1%	-
Since Inception (Annualized)	8.4%	11.7%	-
2013 (YTD)	5.1%	15.7%	-
2012	20.1%	13.4%	-

Risk Metrics

Last 365 days

as of May 23, 2013	Manager	S&P 500
Best 30 days	9.9%	8.2%
Worst 30 days	-5.2%	-7.0%
Volatility	14.7%	12.7%
Sharpe Ratio	1.64	1.97
Sortino Ratio	2.54	2.85
Maximum Drawdown	-5.6%	-7.7%
Value-at-risk (95%, 1 week)	-3.4%	-2.9%

	vs. S&P 500
Information Ratio	-0.15
Alpha	-1.6%
Beta	1.05
R-Squared	0.82

Sizemore Capital's other strategies

Latest transactions view all

Average trades per month 3.6

Executed	Symbol	Security	Replicable	Type	Price
05/09/13	TKC	TURKCELL ILETISIM HIZMET-ADR		Sell	$15.60
05/09/13	DVA	DAVITA HEALTHCARE PARTNERS I		Buy	$129.37
04/18/13	SBY	Silver Bay Realty Trust Corp		Buy	$19.79
04/18/13	INTC	Intel Corp		Sell	$22.19
03/15/13	COP	ConocoPhillips		Buy	$59.24
03/15/13	STO	STATOIL ASA-SPON ADR		Buy	$24.52
01/24/13	COH	COACH INC		Sell	$50.91
01/24/13	GSVC	GSV CAPITAL CORP		Buy	$8.57

Important Information

1. Past performance is no guarantee of future results.

2. Performance of the model manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions, and broker commissions. Manager returns include trades that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. More

3. Average subscription returns ("Avg Sub" or "Avg Client") are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying model. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. More

4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription required to follow a particular model. The minimum amount is determined by Covestor, based on the characteristics of the underlying model. It should not be considered as specific investment advice for your investment situation.

5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.

6. Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividends and earnings distributions, or transaction costs. More

7. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.

8. All Model Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Model Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Model classifications (Approach, Asset Class) are provided by Covestor, and are intended to serve as a general guide.

9. Top Replicable Holdings: These securities are currently held in the model manager's brokerage account. Those marked as "Replicable Holdings" currently pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may vary.

10. Latest Transactions: These transactions were executed in the model manager's brokerage account. Those marked as "Replicable" () passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription trade activity may vary.

11. S&P 500 Index is an unmanaged index compiled by Standard & Poor´s Corp. Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. S&P 500 index data: S&P/Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies Copyright © 2013.

Sizemore Capital