Fundamental Value (FV) had an exceptional 2016, returning 16.8% before fees vs 7.5% for the SPDR S&P 500 ETF (SPY). The majority of FV’s return came in the fourth quarter, as it gained 10.1% vs a 4.0% return in the benchmark. This brings the portfolio’s outperformance, after typical fees, to 8.3% since inception.1 |