MSCI World Index: The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets. Source: MSCI.

MSCI World Value: The MSCI World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets (DM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Source: MSCI.

The Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristic. Indexes are not securities that can be purchased or sold.

The S&P 500 Index, or the Standard & Poor's 500 Index, is a market-capitalization-weighted index of the 500 largest publicly-traded companies in the U.S. It is not an exact list of the top 500 U.S. companies by market capitalization because there are other criteria to be included in the index.

The FTSE EPRA/NAREIT Developed Real Estate Index was developed by the European Public Real Estate Association (EPRA), a common interest group aiming to promote, develop and represent the European public real estate sector, and the North American Association of Real Estate Investment Trusts (NAREIT), the representative voice of the US REIT industry. The index series is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European and Asian Real Estate markets. The Index is capitalization-weighted. The index is not a security that can be purchased or sold.

FTSE EPRA Nareit Global ex US Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts in both developed and emerging markets. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an index.

Price-to-earnings ratio: (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

Price to Book: Weighted harmonic average of the ratio of current share price to its book value per share of each security holding invested in the portfolio.

Price to Sales: Weighted harmonic average of the ratio of current share price to its trailing 12-months sales per share of each security holding invested in the portfolio.

Price to Cash Flow: Weighted harmonic average of the ratio of current share price to its trailing 12-months cash flow per share of each security holding invested in the portfolio.

Net debt-to-EBITDA: (earnings before interest depreciation and amortization) ratio is a measurement of leverage, calculated as a company's interest bearing liabilities minus cash or cash equivalents, divided by its EBITDA.

Free cash flow: (FCF) represents the cash that a company generates after accounting for cash outflows to support its operations and maintain its capital assets.

Excess Return: Refers to the return from an investment above the benchmark.

Resource conversions: Include mergers, privatizations, spin-outs, recapitalizations or significant buybacks.

EBITDA: Short for earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income.

Capitalization rate: Also known as cap rate, is used in the world of commercial real estate to indicate the rate of return that is expected to be generated on a real estate investment property.

A basis point: (BPS) is a unit of measure used to indicate percentage changes in financial instruments, making it possible to communicate small variations in financial variables.

Enterprise Value: (EV) is the measure of a company’s total value. It looks at the entire market value rather than just the equity value, so all ownership interests and asset claims from both debt and equity are included.

Enterprise multiple: Also known as the EV multiple, is a ratio used to determine the value of a company. The enterprise multiple, which is enterprise value divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), looks at a company the way a potential acquirer would by considering the company's debt.

Return of capital: (ROC) is a payment that an investor receives as a portion of their original investment and that is not considered income or capital gains from the investment. Note that a return of capital reduces an investor's adjusted cost basis.

Earnings yield: Refers to the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield (the inverse of the P/E ratio) shows the percentage of a company's earnings per share.

Net cash: Refers to the position of a company with regard to its liquidity position. To calculate net cash, a company will need to deduct its current liabilities from its cash balance. Liabilities are a business’ obligations to transfer assets or provide a service that’s already taken place.

Dividends: The percentage of a company's earnings that is paid to its shareholders as their share of the profits. Dividends are generally paid quarterly, with the amount decided by the board of directors based on the company's most recent earnings.

Share repurchase: A transaction whereby a company buys back its own shares from the marketplace.

Liquidation value: Is the net value of a company's physical assets if it were to go out of business and the assets sold. The liquidation value is the value of company real estate, fixtures, equipment, and inventory. Intangible assets are excluded from a company's liquidation value.Readily ascertainable NAV

Net asset value: (NAV) is the value of an investment fund that is determined by subtracting its liabilities from its assets.

Return on assets: (ROA) is a financial ratio that indicates how profitable a company is relative to its total assets.

Book value: The value of a company's assets after netting out its liabilities. It approximates the total value shareholders would receive if the company were liquidated.

Return on equity: (ROE) is a measure of a company's financial performance. It is calculated by dividing net income by shareholders' equity.

Net cash: Calculated by subtracting liabilities from a company’s cash balance.