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Raymond James – April 2015

“Size matters not, said Jedi Master Yoda”

Raymond James Chief Investment Strategist Jeffrey Saut cites Michael Corbett’s 1st Quarter Manager Commentary at length in his investment strategy note “Size Wars.” Mr. Saut agrees with our analysis of the small/micro-cap universe beginning to outperform its large cap peers (Small/micro-caps represented by the Russell 2000 Index, and large caps represented by The S&P 500 Index, as of 3/31/15).  In his opinion, “the micro-cap space is where there are a lot of mispriced stocks…. And there is little (if any) research coverage.”

To view the Raymond James Morning Tack Report, click here.

Delta is defined as the ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative.

Russell 2000 Index is an index measure the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks.

S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

Past performance is not a guarantee of future results. Index performance is not indicative of Fund performance. Current standardized performance of the Fund may be obtained by clicking here. It is not possible to invest directly in an index.

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