Provident’s investment performance includes all discretionary “core equity” accounts over $350,000, our published minimum account size. The accounts included in this performance calculation represent 70% of Provident’s total assets under management as of 9/30/2019. Client accounts may be excluded from our composite calculation due to the presence of client-directed securities, client requirements that they approve transactions prior to execution, or the small size of certain portfolios.
Performance is calculated on a time-weighted basis, net of fees, which is the accepted industry method. Performance includes the reinvestment of income and capital gains.
There are considerable differences between Provident’s investment style and any broad indicator of market performance such as the Standard & Poor’s 500 Index. The volatility of the S&P 500 may be materially different from that of a Provident portfolio because there are differences in portfolio structure and methodology.