CUMULATIVE PERFORMANCE

Armstrong’s returns compounded over time have had a surprisingly large impact on wealth

Notes

Assuming a starting value of $1 million, Henry H. Armstrong Equity Composite outperformed the S&P 500 by $1.8 million, net of fee. Thus, 24% more wealth is available to the client.

The Wall Street Journal reports that more than 80% of U.S. money managers do not beat theS&P 500 over long periods.

Henry H. Armstrong Equity Composite returns are net of 1% management fee. The S&P 500 is prior to fees.