Definitions

* AR/Standard Deviation

AR/Standard Deviation means Annual Return divide by Standard Deviation. (The annualized return is the geometric mean of the returns with respect to one year.)

* AR/Downside Standard Deviation

AR/Downside Standard Deviation means Annual return divide by Downside Standard Deviation. (The annualized return is the geometric mean of the returns with respect to one year.)

* Alpha

Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates a fund has underperformed, given the expectations established by the fund's beta.

* Sharpe Ratio

The Sharpe Ratio of a manager series is the quotient of the annualized excess return of the manager over the cash equivalent and the annualized standard deviation of the manager return.