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Capital Management
The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in connection with your
review of this presentation. This presentation has been prepared by i-Cthru Inc. 2015 i-Cthru Inc. All rights reserved.
How Many Doubles?
STARTING
WITH
$1
- One Million Dollars -
Math
i-Cthru - Wealth Management 2
Behavior
i-Cthru - Wealth Management 3
Why investors often fail
• Loss aversion
• Optimism
• Choice
• Instant gratification
• Myopia
• Greed
• Panic
i-Cthru
eliminates
behavioral
biases
Curaçao
i-Cthru - Wealth Management 4
Curaçao
• Cross-border investment structures
• Family offices & Asset Protection
• Central Time-zone
• Trading Exchanges
- Missing Opportunity -
Connect to the world’s largest & most efficient equity market
Market analysis
Market
i-Cthru - Wealth Management 5
1. The markets follow a long-term secular growth trend but undergo short-term volatility
2. Indexing strategies represent more than 55% of the moneys invested in Equity Mutual
Funds (source: Morningstar 2014)
The need for scalable alpha strategies AND downside protection has never been higher,
from both individual and institutional investors
i-Cthru’s strategy uniquely answers both needs
S&P500 – 5 years S&P500 – 1 year
A Capital Management Boutique
• We offer long-term capital growth paired with short-term capital
preservation in managed accounts
• We invest globally with a strong focus on the US
• We apply a focused strategy and aim for absolute returns
• We invest in quality business, with high ROICs, reasonable debt
and valuation
• Founders have a significant part of their wealth invested
i-Cthru Inc.
SEC Registered
1562 First Ave
New York, NY
info@i-cthru.com
www.i-cthru.com
Our Firm
i-Cthru - Wealth Management 6
Focus on value and asset protection
Investment process
Approach: Fundamental
Asset Class: Equities
Geography: US listed
Industries: all
Min Market Cap: $5bn
Min Free Float: $1bn
• i-Cthru’s research analyzes detailed financials of circa 10,000
companies and their derivative contracts, with the same stable
process every month
• i-Cthru focuses on companies with:
> High Return on Invested Capital
> Proven past earnings and growing future earnings
> Healthy balance sheets
> Low valuations compared to history
• Unique combination of stock selection and options delivers long-
term growth with short-term protection
i-Cthru - Wealth Management 7
Our Portfolio
i-Cthru - Wealth Management 8
Risk Management
Strict Sell Discipline
• Focused : maximum 10 positions
• Aiming to maintain an approximate
equal weight per name
• Where assets allow: every position will
be covered with a put option aiming for
an average drawdown of 15%
i-Cthru protects your assets against
systematic and unsystematic risk
1. Floating stop loss order (if no options)
• Automatic sell order to limit
possible drawdown
1. Put options
• Downside protection per position
• Focus on price/value per option
Companies
i-Cthru - Wealth Management 9
i-Cthru’s performance is net of fees, trading costs and protection. Past performance is no guarantee for future returns.
i-Cthru - Wealth Management 10
Performance
Monthly Performance (USD) – Time Weighted Rate of Return
Monthly Performance (EUR) – Time Weighted Rate of Return
i-Cthru’s performance is net of fees, trading costs and protection. Past performance is no guarantee for future returns.
i-Cthru - Wealth Management 11
Benchmark
Performance Benchmark Year to Date 2015
i-Cthru - Wealth Management 12
Fees
• Management Fee of 0.175% per month
• For qualified investors or professional investors:
> Management Fee of 1% per annum
> Performance Fee of 20%, with high watermark
Qualified Investor
For US clients, Rule 205-3 issued under the Investment Advisers Act of 1940 defines a qualified
client as: a natural person who or a company that has at least $1m under the management of the
investment adviser; or a natural person who or a company that the adviser reasonably believes
has a net worth of more than $ 2m.
Professional Client
For European clients, a Professional Client is a client who possesses the experience, knowledge
and expertise to make its own investment decisions and properly assess the risks that it incurs.
Fee Structure
• Managed accounts
> 24/7 online connection allowing full transparency
> Free deposits & withdrawals
> Limited power of attorney
• i-Cthru will open your account, with your assistance
• Possible account types
> Individual
> Joint
> Trust
> Corporation, Limited Liability Corporation, Partnership
> Unincorporated legal structures
i-Cthru - Wealth Management 13
Account
Simple and Secure
i-Cthru - Wealth Management 14
eBook
Bull Fights: Investment Insights from Wall Street
Complimentary Kindle eBook for 24 hours
Vincent van Doorn, CEO
Vincent has over 25 years of investment experience as a financial professional in New York, both as
portfolio manager at Vontobel Asset Management and as head of equity & derivatives sales, dealing with
some of the largest Hedge Funds in the world. Vincent is specialized in the Equity markets and has in depth
knowledge of various products and structures used by financial institutions, institutional investors and
Hedge Funds to invest and offset risk. Vincent co-authored a book titled “Global Equity Strategies“ and
holds an MBA from the University of Groningen.
Celine Herault, CCO
Celine is a financial services professional with experience across multiple disciplines, including accounting,
finance, operations, compliance and technology. Celine worked for Ernst & Young France as a financial
auditor for multinational companies as clients before joining Société Générale Corporate Investment Bank in
Paris and New York. Celine holds business degrees from Dublin City University and Reims Management
School.
Gerwin de Groot, CTO
Gerwin is an IT services professional with a broad experience in developing software programs and
enterprise multi-channel digital client experiences. Gerwin worked on many projects for different
international corporations. Gerwin also has experience with designing and developing all of the online client
experiences for start-up companies. He holds a master’s degree in Mathematics from the University of
Utrecht.
i-Cthru - Wealth Management 15
Key Team - Biographies
In reviewing this presentation, you should consider the following:
i-Cthru commenced operations on January 1, 2014.
Unless otherwise indicated in this presentation, returns are calculated net of all fees, expenses and trading costs. Certain investors are not subject to
advisory fees, and the inclusion of such investors’ accounts in the returns presented will result in such returns being higher than if such accounts were
not included. Furthermore, since the fee rates applicable to investors vary, inclusion of investor accounts that are subject to lower effective fees in the
returns presented will result in such returns being higher than the returns that would be achieved by particular fee paying investors subject to higher
effective fees over the same time period. Additional details relating to the methodology used in calculating returns and returns calculated net of specific
fee rates are available upon request , from Interactive Brokers. Figures for 2014 are provided by Interactive Brokers.
Interactive Brokers LLC is a registered Broker-Dealer, Futures Commission Merchant and Forex Dealer Member, regulated by the U.S. Securities and
Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), and is a member of
the Financial Industry Regulatory Authority (FINRA) and several other self-regulatory organizations. Interactive Brokers is not affiliated with and does
not endorse or recommend any financial advisors, including i-Cthru Inc. Interactive Brokers provides execution and clearing services to customers of i-
Cthru Inc. For more information regarding Interactive Brokers, please visit www.interactivebrokers.com.
The data or other information contained herein (“i-Cthru Information”) is general in nature and does not take into account any investor’s particular
circumstance. i-Cthru’s SEC Form ADV is available at: http://www.adviserinfo.sec.gov. Except as otherwise specifically agreed, none of i-Cthru or any
of its affiliates acts as agent/broker for prospective investors. An investor must rely on its own examination of i-Cthru’s service offering in identifying and
assessing the merits and risks of investing according to i-Cthru’s investment policy.
INVESTING IN THE STOCK MARKET INVOLVES SUBSTANTIAL RISK (INCLUDING THE POSSIBLE LOSS OF THE ENTIRE AMOUNT
INVESTED). Market Risks- generally, the risks that economic and market conditions and factors may materially adversely affect the value of a client’s
managed account. Strategy Risks- generally, the risks associated with the possible failure of i-Cthru’s asset allocation. Structural Risks- generally,
the risks arising from the organizational structure as well as the operative terms of the relevant i-Cthru’s managed accounts. Valuation Risks-
generally, the risks relating to i-Cthru’s reliance on Investment Managers to accurately value the financial instruments in its clients’ managed accounts.
Tax Risks- generally, the tax risks and special tax considerations arising from the operation of managed accounts. Investors with i-Cthru are typically
subject to tax withholding treatment on their investment. In addition, i-Cthru and its related persons are subject to certain actual and potential conflicts of
interest in making investment decisions for i-Cthru’s managed accounts.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THE PERFORMANCE OF I-CTHRU’S MANAGED
ACCOUNTS COULD BE VOLATILE. NO INVESTOR SHOULD INVEST WITH i-CTHRU UNLESS SUCH INVESTOR HAS NO NEED FOR
LIQUIDITY WITH RESPECT TO SUCH INVESTMENT, IS FULLY ABLE TO BEAR THE FINANCIAL RISKS OF SUCH INVESTMENT FOR AN
INDEFINITE PERIOD OF TIME AND IS FULLY ABLE TO SUSTAIN THE POSSIBLE LOSS OF THE ENTIRE INVESTMENT. NO ASSURANCE CAN
BE GIVEN THAT ANY ACCOUNT MANAGED BY i-CTHRU WILL ACHIEVE ITS OBJECTIVES OR AVOID SIGNIFICANT LOSSES.
i-Cthru - Wealth Management 16
Notes and Disclosures
By your acceptance of i-Cthru Information, you understand, acknowledge and agree that: (i) i-Cthru Information is confidential and proprietary, and you
may not copy, transmit or distribute i-Cthru Information, or any data or other information contained therein, or authorize such actions by others, without
i-Cthru’s express prior written consent, except that you may share i-Cthru Information with your professional advisors for the purpose of making or
monitoring investment decisions. If you are a professional financial adviser, you may share i-Cthru Information with those of your clients that you
reasonably determine to be eligible to invest in i-Cthru’s Managed Account strategy (i-Cthru assumes no responsibility with respect to information
shared that is presented in a form different from that presented in i-Cthru Information); (ii) except as provided above, the copying or distribution of i-
Cthru Information, or any data or other information contained therein, in whole or in part, or the authorization of such actions by others, without i-Cthru’s
express prior written consent, may constitute a breach of contract and applicable copyright laws; (iii) to the extent that i-Cthru Information includes
information provided by parties who are not affiliated with i-Cthru, including Interactive Brokers, neither i-Cthru nor any of its affiliates has independently
verified such information and makes no representation or warranty as to its accuracy or completeness; and (iv) the information and opinions (if any)
expressed in i-Cthru Information are as of the date set forth therein, and i-Cthru does not undertake to update i-Cthru Information or to advise recipients
of revisions to the information or opinions (if any) presented therein.
i-Cthru and/or certain qualified officers and employees of i-Cthru (and members of their families) may at any time own an account managed by i-Cthru.
However, no such person is required to maintain an account managed by i-Cthru.
To the extent i-Cthru Information includes i-Cthru’s performance: (I) the rate of return figure for a stated period represents the percentage change from
the end of the previous stated period; (ii) i-Cthru Information may not include performance data for the most recent month of performance; and (iii)
interpretation of the performance statistics, if any, used in i-Cthru Information is subject to certain limitations, including that statistical methods often
make simplifying assumptions that may or may not apply to a given situation. You are advised to interpret these and all performance statistics with
caution. The figures for any index (an "Index") referred to herein include the reinvestment of dividends or interest income, as the case may be. i-Cthru
may use “estimated" figures for an Index in circumstances where "final" figures are not yet available. Except in cases where a particular Index is
formally referenced as a performance objective, no Index referred to herein is intended to be used as a performance benchmark, but is merely provided
as an indication of the performance of a particular segment of the capital markets. Further, comparison to an Index is not meant to imply that investing
with i-Cthru is comparable to an investment in such Index or in the underlying constituents of such Index. Certain Indices may not be "investable”.
Further, i-Cthru’s managed accounts typically are actively managed, while one or more Indices used for comparison purposes may be "passive."
Comparisons of actively-managed products to any Index, passive or actively-managed, are subject to material inherent limitations.
The performance and tax consequences of an investment in an i-Cthru managed account, on the one hand, and an investment in any Index (if
"investable"), or in the underlying constituents of an Index, on the other hand, are likely to be materially different- Except as expressly otherwise
provided, the figures for each Index presented herein represent the U.S. dollar-denominated figures for such Index.
i-Cthru - Wealth Management 17
Notes and Disclosures
i-Cthru - Wealth Management 18
Notes and Disclosures
To the extent i-Cthru Information contains commentary or "conclusions": i-Cthru Information does not purport to make any recommendations regarding,
or to serve as a basis or analysis on which persons might make investment decisions regarding, specific securities, investment strategies, industries or
sectors. References to specific securities, strategies, industries or sectors in i-Cthru Information, whether successful or unsuccessful, are presented
solely for illustrative purposes and should not be relied on in connection with making specific investment decisions. To the extent i-Cthru Information
contains "forward-looking” statements, such statements represent i-Cthru’s good-faith expectations concerning future actions, events or conditions, and
can never be viewed as indications of whether particular actions, events or conditions will occur.
In certain cases, i-Cthru provides Activity Reports to parties outside the i-Cthru organization who wish to gain additional insight into i-Cthru’s investment
process by examining the types of analytical tools i-Cthru utilizes or does not utilize in implementing that process. Recipients of Activity Reports (or of
information included therein) should understand that the sole purpose of providing these reports to them is to enable them to gain a better
understanding of i-Cthru’s investment process.

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Presentation i-Cthru Curacao

  • 1. Capital Management The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in connection with your review of this presentation. This presentation has been prepared by i-Cthru Inc. 2015 i-Cthru Inc. All rights reserved.
  • 2. How Many Doubles? STARTING WITH $1 - One Million Dollars - Math i-Cthru - Wealth Management 2
  • 3. Behavior i-Cthru - Wealth Management 3 Why investors often fail • Loss aversion • Optimism • Choice • Instant gratification • Myopia • Greed • Panic i-Cthru eliminates behavioral biases
  • 4. Curaçao i-Cthru - Wealth Management 4 Curaçao • Cross-border investment structures • Family offices & Asset Protection • Central Time-zone • Trading Exchanges - Missing Opportunity - Connect to the world’s largest & most efficient equity market
  • 5. Market analysis Market i-Cthru - Wealth Management 5 1. The markets follow a long-term secular growth trend but undergo short-term volatility 2. Indexing strategies represent more than 55% of the moneys invested in Equity Mutual Funds (source: Morningstar 2014) The need for scalable alpha strategies AND downside protection has never been higher, from both individual and institutional investors i-Cthru’s strategy uniquely answers both needs S&P500 – 5 years S&P500 – 1 year
  • 6. A Capital Management Boutique • We offer long-term capital growth paired with short-term capital preservation in managed accounts • We invest globally with a strong focus on the US • We apply a focused strategy and aim for absolute returns • We invest in quality business, with high ROICs, reasonable debt and valuation • Founders have a significant part of their wealth invested i-Cthru Inc. SEC Registered 1562 First Ave New York, NY info@i-cthru.com www.i-cthru.com Our Firm i-Cthru - Wealth Management 6
  • 7. Focus on value and asset protection Investment process Approach: Fundamental Asset Class: Equities Geography: US listed Industries: all Min Market Cap: $5bn Min Free Float: $1bn • i-Cthru’s research analyzes detailed financials of circa 10,000 companies and their derivative contracts, with the same stable process every month • i-Cthru focuses on companies with: > High Return on Invested Capital > Proven past earnings and growing future earnings > Healthy balance sheets > Low valuations compared to history • Unique combination of stock selection and options delivers long- term growth with short-term protection i-Cthru - Wealth Management 7
  • 8. Our Portfolio i-Cthru - Wealth Management 8 Risk Management Strict Sell Discipline • Focused : maximum 10 positions • Aiming to maintain an approximate equal weight per name • Where assets allow: every position will be covered with a put option aiming for an average drawdown of 15% i-Cthru protects your assets against systematic and unsystematic risk 1. Floating stop loss order (if no options) • Automatic sell order to limit possible drawdown 1. Put options • Downside protection per position • Focus on price/value per option
  • 10. i-Cthru’s performance is net of fees, trading costs and protection. Past performance is no guarantee for future returns. i-Cthru - Wealth Management 10 Performance Monthly Performance (USD) – Time Weighted Rate of Return Monthly Performance (EUR) – Time Weighted Rate of Return
  • 11. i-Cthru’s performance is net of fees, trading costs and protection. Past performance is no guarantee for future returns. i-Cthru - Wealth Management 11 Benchmark Performance Benchmark Year to Date 2015
  • 12. i-Cthru - Wealth Management 12 Fees • Management Fee of 0.175% per month • For qualified investors or professional investors: > Management Fee of 1% per annum > Performance Fee of 20%, with high watermark Qualified Investor For US clients, Rule 205-3 issued under the Investment Advisers Act of 1940 defines a qualified client as: a natural person who or a company that has at least $1m under the management of the investment adviser; or a natural person who or a company that the adviser reasonably believes has a net worth of more than $ 2m. Professional Client For European clients, a Professional Client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. Fee Structure
  • 13. • Managed accounts > 24/7 online connection allowing full transparency > Free deposits & withdrawals > Limited power of attorney • i-Cthru will open your account, with your assistance • Possible account types > Individual > Joint > Trust > Corporation, Limited Liability Corporation, Partnership > Unincorporated legal structures i-Cthru - Wealth Management 13 Account Simple and Secure
  • 14. i-Cthru - Wealth Management 14 eBook Bull Fights: Investment Insights from Wall Street Complimentary Kindle eBook for 24 hours
  • 15. Vincent van Doorn, CEO Vincent has over 25 years of investment experience as a financial professional in New York, both as portfolio manager at Vontobel Asset Management and as head of equity & derivatives sales, dealing with some of the largest Hedge Funds in the world. Vincent is specialized in the Equity markets and has in depth knowledge of various products and structures used by financial institutions, institutional investors and Hedge Funds to invest and offset risk. Vincent co-authored a book titled “Global Equity Strategies“ and holds an MBA from the University of Groningen. Celine Herault, CCO Celine is a financial services professional with experience across multiple disciplines, including accounting, finance, operations, compliance and technology. Celine worked for Ernst & Young France as a financial auditor for multinational companies as clients before joining Société Générale Corporate Investment Bank in Paris and New York. Celine holds business degrees from Dublin City University and Reims Management School. Gerwin de Groot, CTO Gerwin is an IT services professional with a broad experience in developing software programs and enterprise multi-channel digital client experiences. Gerwin worked on many projects for different international corporations. Gerwin also has experience with designing and developing all of the online client experiences for start-up companies. He holds a master’s degree in Mathematics from the University of Utrecht. i-Cthru - Wealth Management 15 Key Team - Biographies
  • 16. In reviewing this presentation, you should consider the following: i-Cthru commenced operations on January 1, 2014. Unless otherwise indicated in this presentation, returns are calculated net of all fees, expenses and trading costs. Certain investors are not subject to advisory fees, and the inclusion of such investors’ accounts in the returns presented will result in such returns being higher than if such accounts were not included. Furthermore, since the fee rates applicable to investors vary, inclusion of investor accounts that are subject to lower effective fees in the returns presented will result in such returns being higher than the returns that would be achieved by particular fee paying investors subject to higher effective fees over the same time period. Additional details relating to the methodology used in calculating returns and returns calculated net of specific fee rates are available upon request , from Interactive Brokers. Figures for 2014 are provided by Interactive Brokers. Interactive Brokers LLC is a registered Broker-Dealer, Futures Commission Merchant and Forex Dealer Member, regulated by the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), and is a member of the Financial Industry Regulatory Authority (FINRA) and several other self-regulatory organizations. Interactive Brokers is not affiliated with and does not endorse or recommend any financial advisors, including i-Cthru Inc. Interactive Brokers provides execution and clearing services to customers of i- Cthru Inc. For more information regarding Interactive Brokers, please visit www.interactivebrokers.com. The data or other information contained herein (“i-Cthru Information”) is general in nature and does not take into account any investor’s particular circumstance. i-Cthru’s SEC Form ADV is available at: http://www.adviserinfo.sec.gov. Except as otherwise specifically agreed, none of i-Cthru or any of its affiliates acts as agent/broker for prospective investors. An investor must rely on its own examination of i-Cthru’s service offering in identifying and assessing the merits and risks of investing according to i-Cthru’s investment policy. INVESTING IN THE STOCK MARKET INVOLVES SUBSTANTIAL RISK (INCLUDING THE POSSIBLE LOSS OF THE ENTIRE AMOUNT INVESTED). Market Risks- generally, the risks that economic and market conditions and factors may materially adversely affect the value of a client’s managed account. Strategy Risks- generally, the risks associated with the possible failure of i-Cthru’s asset allocation. Structural Risks- generally, the risks arising from the organizational structure as well as the operative terms of the relevant i-Cthru’s managed accounts. Valuation Risks- generally, the risks relating to i-Cthru’s reliance on Investment Managers to accurately value the financial instruments in its clients’ managed accounts. Tax Risks- generally, the tax risks and special tax considerations arising from the operation of managed accounts. Investors with i-Cthru are typically subject to tax withholding treatment on their investment. In addition, i-Cthru and its related persons are subject to certain actual and potential conflicts of interest in making investment decisions for i-Cthru’s managed accounts. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THE PERFORMANCE OF I-CTHRU’S MANAGED ACCOUNTS COULD BE VOLATILE. NO INVESTOR SHOULD INVEST WITH i-CTHRU UNLESS SUCH INVESTOR HAS NO NEED FOR LIQUIDITY WITH RESPECT TO SUCH INVESTMENT, IS FULLY ABLE TO BEAR THE FINANCIAL RISKS OF SUCH INVESTMENT FOR AN INDEFINITE PERIOD OF TIME AND IS FULLY ABLE TO SUSTAIN THE POSSIBLE LOSS OF THE ENTIRE INVESTMENT. NO ASSURANCE CAN BE GIVEN THAT ANY ACCOUNT MANAGED BY i-CTHRU WILL ACHIEVE ITS OBJECTIVES OR AVOID SIGNIFICANT LOSSES. i-Cthru - Wealth Management 16 Notes and Disclosures
  • 17. By your acceptance of i-Cthru Information, you understand, acknowledge and agree that: (i) i-Cthru Information is confidential and proprietary, and you may not copy, transmit or distribute i-Cthru Information, or any data or other information contained therein, or authorize such actions by others, without i-Cthru’s express prior written consent, except that you may share i-Cthru Information with your professional advisors for the purpose of making or monitoring investment decisions. If you are a professional financial adviser, you may share i-Cthru Information with those of your clients that you reasonably determine to be eligible to invest in i-Cthru’s Managed Account strategy (i-Cthru assumes no responsibility with respect to information shared that is presented in a form different from that presented in i-Cthru Information); (ii) except as provided above, the copying or distribution of i- Cthru Information, or any data or other information contained therein, in whole or in part, or the authorization of such actions by others, without i-Cthru’s express prior written consent, may constitute a breach of contract and applicable copyright laws; (iii) to the extent that i-Cthru Information includes information provided by parties who are not affiliated with i-Cthru, including Interactive Brokers, neither i-Cthru nor any of its affiliates has independently verified such information and makes no representation or warranty as to its accuracy or completeness; and (iv) the information and opinions (if any) expressed in i-Cthru Information are as of the date set forth therein, and i-Cthru does not undertake to update i-Cthru Information or to advise recipients of revisions to the information or opinions (if any) presented therein. i-Cthru and/or certain qualified officers and employees of i-Cthru (and members of their families) may at any time own an account managed by i-Cthru. However, no such person is required to maintain an account managed by i-Cthru. To the extent i-Cthru Information includes i-Cthru’s performance: (I) the rate of return figure for a stated period represents the percentage change from the end of the previous stated period; (ii) i-Cthru Information may not include performance data for the most recent month of performance; and (iii) interpretation of the performance statistics, if any, used in i-Cthru Information is subject to certain limitations, including that statistical methods often make simplifying assumptions that may or may not apply to a given situation. You are advised to interpret these and all performance statistics with caution. The figures for any index (an "Index") referred to herein include the reinvestment of dividends or interest income, as the case may be. i-Cthru may use “estimated" figures for an Index in circumstances where "final" figures are not yet available. Except in cases where a particular Index is formally referenced as a performance objective, no Index referred to herein is intended to be used as a performance benchmark, but is merely provided as an indication of the performance of a particular segment of the capital markets. Further, comparison to an Index is not meant to imply that investing with i-Cthru is comparable to an investment in such Index or in the underlying constituents of such Index. Certain Indices may not be "investable”. Further, i-Cthru’s managed accounts typically are actively managed, while one or more Indices used for comparison purposes may be "passive." Comparisons of actively-managed products to any Index, passive or actively-managed, are subject to material inherent limitations. The performance and tax consequences of an investment in an i-Cthru managed account, on the one hand, and an investment in any Index (if "investable"), or in the underlying constituents of an Index, on the other hand, are likely to be materially different- Except as expressly otherwise provided, the figures for each Index presented herein represent the U.S. dollar-denominated figures for such Index. i-Cthru - Wealth Management 17 Notes and Disclosures
  • 18. i-Cthru - Wealth Management 18 Notes and Disclosures To the extent i-Cthru Information contains commentary or "conclusions": i-Cthru Information does not purport to make any recommendations regarding, or to serve as a basis or analysis on which persons might make investment decisions regarding, specific securities, investment strategies, industries or sectors. References to specific securities, strategies, industries or sectors in i-Cthru Information, whether successful or unsuccessful, are presented solely for illustrative purposes and should not be relied on in connection with making specific investment decisions. To the extent i-Cthru Information contains "forward-looking” statements, such statements represent i-Cthru’s good-faith expectations concerning future actions, events or conditions, and can never be viewed as indications of whether particular actions, events or conditions will occur. In certain cases, i-Cthru provides Activity Reports to parties outside the i-Cthru organization who wish to gain additional insight into i-Cthru’s investment process by examining the types of analytical tools i-Cthru utilizes or does not utilize in implementing that process. Recipients of Activity Reports (or of information included therein) should understand that the sole purpose of providing these reports to them is to enable them to gain a better understanding of i-Cthru’s investment process.