Disclosures & Backtesting Results Disclaimer
 
General
 
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schuler Capital Management LLC), or any non-investment related content, made reference to directly or indirectly in this piece will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this piece serves as the receipt of, or as a substitute for, personalized investment advice from Schuler Capital Management LLC. Investment performance results published herein do not include investment advisory fees paid, or any other related account expenses. Performance results have been compiled solely by Schuler Capital Management LLC, have not been independently verified, and do not reflect the impact of taxes on non-qualified accounts. 
 
Historical performance results for investment indices (provided for general comparison purposes only), strategies, models and/or indicators generally do not reflect the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. 
 
Our past recommendations, and Indicator, Risk Model, and Strategy results are not a guarantee of future results.  Using any graph, chart, formula, or other device to assist in deciding which securities to trade or when to trade them presents many difficulties and their effectiveness has significant limitations, including that prior patterns may not repeat themselves continuously or on any particular occasion.  In addition, market participants using such devices can impact the market in a way that changes the effectiveness of such device.
 
Not Qualified To Give Legal Or Tax Advice
 
Schuler Capital Management LLC is neither a law firm nor a certified public accounting firm and no portion of our website, our newsletter content or any other correspondence from us should be construed as legal or accounting advice. 
 
Backtested Results Disclaimer
 
Hypothetical performance results shown on the preceding pages and on schulercapital.com and safeguard1st.com are backtested and do not represent the performance of any account managed by Schuler Capital Management LLC, but were achieved by means of the retroactive application of each of the previously referenced models, certain aspects of which may have been designed with the benefit of hindsight. 
 
The hypothetical backtested performance does not represent the results of actual trading using client assets nor decision-making during the period and does not and is not intended to indicate the past performance or future performance of any account or investment strategy managed by Schuler Capital Management LLC. If actual accounts had been managed throughout the period, ongoing research might have resulted in changes to the strategy, which might have altered returns. The performance of any account or investment strategy managed by Schuler Capital Management LLC will differ from the hypothetical backtested performance results for each factor shown herein for a number of reasons, including without limitation the following: 

• Although Schuler Capital Management LLC may consider from time to time one or more of the factors noted herein in managing any account, it may not consider all or any of such factors. Schuler Capital Management LLC may (and will) from time to time consider factors in addition to those noted herein in managing any account. 

 

• Schuler Capital Management LLC may rebalance an account more frequently or less frequently than annually and at times other than presented herein. 

 

• The hypothetical backtested performance results assume full investment, whereas an account managed by Schuler Capital Management LLC may have a positive cash position upon rebalance. Had the hypothetical backtested performance results included a positive cash position, the results would have been different and generally would have been lower. 

 

• The hypothetical backtested performance results for each strategy include estimated values for transaction costs of buying and selling securities, which may not be accurate.  Investment management fees (including without limitation management fees and performance fees), custody and other costs, and taxes – all of which would be incurred by an investor in any account managed by Schuler Capital Management LLC are not included in performance results. If such costs and fees were reflected, the hypothetical backtested performance results would be lower. 

 

• The hypothetical performance does not reflect the reinvestment of dividends and distributions therefrom, interest, capital gains and withholding taxes. 

 

• Accounts managed by Schuler Capital Management LLC are subject to additions and redemptions of assets under management, which may positively or negatively affect performance depending generally upon the timing of such events in relation to the market’s direction.

 

• Simulated returns may be dependent on the market and economic conditions that existed during the period. Future market or economic conditions can adversely affect the returns. 

 
For Clients
 
In preparing performance reports for clients, Schuler Capital Management LLC relies upon information provided by the account custodian. Please defer to formal tax documents received from the account custodian for cost basis and tax reporting purposes. Please remember to contact Schuler Capital Management LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or modify any reasonable restrictions to our investment advisory services. Please Note: Unless you advise, in writing, to the contrary, we will assume that there are no restrictions on our services, other than to manage the account in accordance with your designated investment objective. Please Also Note: Please compare this statement with account statements received from the account custodian. The account custodian does not verify the accuracy of the advisory fee calculation. Please advise us if you have not been receiving monthly statements from the account custodian.