Disclosures
The Leuthold Group was founded in 1981 as an independent investment research firm. In 1987, the firm registered an RIA subsidiary with the Securities and Exchange Commission and began to direct investment portfolios based on the financial analysis of their research. Historical performance reflected is for the Leuthold Tactical Alllocation Conservative, Moderate, and Aggressive ETF Portfolio strategies. These are asset allocation strategies and utilize quantitative analysis in order to seek capital appreciation and/or growth. “Gross” performance results reflect the deduction of all transaction costs, but do not include custodial, investment advisory fees or other expenses. “Net” performance is an estimate that reflects the de- duction of all transaction costs and investment advisory fees paid. For periods in the current quarter, net estimates are calculated based upon the highest investment advisory fee paid. The current month’s gross performance is an estimate.
Returns presented for the strategies assume reinvestment of all dividends, interest, and realized gains. Gross Returns are presented before deduction of management and custodial fees, but after trading expenses. Past performance should not be considered predictive of future performance. As with any investment, there can be no assurance that the Adviser’s investment objective will be achieved or that an investor will not lose a portion or all of his investment. The strategy composites were established on December 29, 2016.
† Morningstar Rating™ or “star rating”: For funds with at least a 3-year history, a risk-adjusted return measure is calculated to account for variation in monthly performance, placing more emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, next 22.5%=4 stars, next 35%=3 stars, next 22.5%=2 stars, and bottom 10%=1 star. The “Overall” Rating is derived from a weighted average of the 3-, 5-, and 10-year ratings. Within the Global Aggressive Allocation category, for the 3-, 5-, and 10-year periods, respectively, Leuthold Aggressive Allocation ETF Portfolio is rated 3, 3, and NA stars, among 148, 129, and NA portfolios. ©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Leuthold Funds’ adviser pays a license fee for the use of Morningstar Ratings™.
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