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    上传于:2013-02-06

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    FirstTrustAdvisor fact sheet

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    内容提示: Investment Selection Process Top-down — Ibbotson Associatesutilizes its proprietary Strategic Asset Allocation investment process to optimally allocateamong asset classes. This model’s objective is to efficiently allocate to asset classes based on long-term expectations forreturns, risk, and correlation.Ibbotson Associates implements its proprietary research to determine the optimal weightings of each asset class. TheStrategic Asset Allocation Model’s goal is to maximize return and reduce risk. Ibbotson...

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    Investment Selection Process Top-down — Ibbotson Associatesutilizes its proprietary Strategic Asset Allocation investment process to optimally allocateamong asset classes. This model’s objective is to efficiently allocate to asset classes based on long-term expectations forreturns, risk, and correlation.Ibbotson Associates implements its proprietary research to determine the optimal weightings of each asset class. TheStrategic Asset Allocation Model’s goal is to maximize return and reduce risk. Ibbotson employs a statistical technique knownas Resampled Mean Variance Optimization which analyzes how each recommended component will perform under a varietyof capital market conditions.• Equity Asset Classes (100% of initial portfolio): International equities; emerging markets; REITs; U.S. large-cap growth;U.S. large-cap value; U.S. mid-cap growth; U.S. mid-cap value; U.S. small-cap growth; and U.S. small-cap value stocks.Bottom-up— First Trust Advisors L.P. (“FTA”)selects portfolio positions based on the percentage weightings designatedby the Ibbotson Strategic Asset Allocation Model using a disciplined equity selection process that incorporates quantitativeand fundamental criteria.Step 1 - Quantitative Analysis:FTA utilizes a proprietary multi-factor model to rank stocks trading on U.S. exchanges subjectto certain size and liquidity requirements. The model is used to identify a subset of stocks that possesses desirable attributesshown to produce superior returns. The subset of stocks is then eligible for further fundamental analysis before beingconsidered for the portfolio. Step 2 - Fundamental Analysis: Fundamental analysis is used to make final portfolio selections and focuses on assessing thevaluation of the company. Among the factors considered are the cash flow generated by the company, the asset baseemployed to generate that cash flow, management’s stewardship of investor capital and risk/return tradeoff. The entireprocess is focused on identifying companies whose true value is not being reflected in the current market price.As an expression of the disciplined application of FTA’s security selection process, our portfolio companies will share certaincharacteristics. They will:• be profitable;• have strategies in place for continuous improvement in operations; • not be excessively leveraged so as to introduce unnecessary financial risk;Step 3 - Portfolio Management Process: Portfolio asset class weightings are readjusted and rebalanced annually to reflectthe most recent Ibbotson Strategic Asset Allocation Model. The portfolio typically holds 50-65 positions. FTA retains flexiblesector and industry weights and its weightings in such categories are principally a result of its bottom-up stock selectionprocess.Equity Sell Discipline – positions are continually reviewed and may be sold if:- The share price reaches or exceeds intrinsic value;- The company’s fundamentals deteriorate;- There is a significant change in company management;First Trust Advisors L.P.FTA offers managed accounts for Large-Cap, Small-Cap and Multi-Cap investors. These accounts are managed by the firm’s in-houseteam of analysts and portfolio managers using a disciplined, structured approach to security selection which is designed to helpinvestors meet their investment goals.Investment PhilosophyAs a bottom-up, value-focused manager, FTA seeks to achieve above-market returns at low risk by buying securities for less than theyare worth. The term “value” is simply an expression of what we look for in our security selection process. We define risk as a permanentloss of capital. As long as our estimate of intrinsic value for a company does not change with market movements, stock price volatility isnot a relevant measure of risk.FTA believes both quantitative and fundamental analysis are important to security selection. A universe of stocks can be narrowed usingquantitative factors to a subset of stocks that possesses desirable investment characteristics. When candidates for in-depth fundamentalanalysis are taken from the subset and final portfolio selections are made, we believe superior investment outcomes are possible.Our fundamental equity investment philosophy incorporates a view that financial markets set the price of stocks based on expectationsfor future corporate performance. In FTA’s view, the key to finding value and outperforming the market is to select stocks where embed-ded expectations present a low hurdle for management to exceed. Our efforts are therefore directed at understanding a stock’s embed-ded expectations and evaluating management skill. Simply stated, we seek to own well-managed companies at attractive prices.Investment Goals— outperform the relevant benchmark over a full market cycle— outperform competitors— generate consistent results• be guided by skilled managers who demonstrate awarenessof the opportunity cost of capital when making investmentdecisions;• have significant trading histories with adequate liquidity forinvestment.- There is a corporate action affecting the holding;- More attractive opportunities exist elsewhere.FTA/Ibbotson Multi-Discipline PortfolioAggressive All Equity Portfolioas of 9/30/12Portfolio Objective:The FTA/Ibbotson Multi-Discipline, Aggressive All Equity Portfolio, seeks to provide capital appreciation by investing across 9 equity asset classes using U.S. traded securities.Portfolio Characteristics1Russell3000®15.31 7.46 2.092.05%––Portfolio 14.64 8.732.08 1.89%60 39%P/E - Trailing 12 MonthsPrice-to-Cash FlowPrice-to-BookDividend YieldNumber of SecuritiesAnnual TurnoverAsset Allocation1Ten Largest Holdings1ACCENTURE PLCANHEUSER-BUSCH INBEV N.V. ADSCELGENE CORPORATIONCOMCAST CORPORATIONDIAGEO PLC ADSGOOGLE INC.SAP AG ADSVANGUARD ETF EMERGING MARKETS VANGUARD ETF REITWELLS FARGO & CO.The listing of “Ten Largest Holdings” is not a complete list of allsecurities in the portfolio or which First Trust Advisors L.P. may becurrently recommending. Furthermore, application of theinvestment strategy as of a later date will likely result in changesto the listing. 1This information is presented as supplemental informationto the disclosures required by the GIPS®standards.Large-CapGrowth 17%EmergingMarkets8%Large-CapValue 17%Mid-Cap Growth 7%Mid-CapValue 7%Small-CapGrowth 6%Small-CapValue 8%InternationalEquities 25%REITs 5% Composite Returns (%)For Periods Ending 9/30/12Pure Gross-of-Fees1Net-of-FeesBlended IndexYTD1 Year14.4928.339.00-1.4313.1926.397.19-3.1914.5125.269.89-0.483 Year Annualized5 Year AnnualizedSince Inception*Annualized3.481.673.851This information is presented as supplemental information to thedisclosures required by the GIPS® standards.First Trust Advisors L.P. is a registered investment advisor which providesinvestment advisory services using equity, fixed-income and balancedstrategies to individuals, organizations and institutions. The firmconsists of all portfolios managed by First Trust Advisors L.P. Returns arecalculated in U.S. dollars. Net-of-fees returns include investmentmanagement fees, custodian fees, trading costs and all other wrap fees.Pure gross-of-fees returns do not reflect the deduction of any expenses,including investment management fees, custodian fees, trading costsand all other wrap fees. Performance for periods less than one year is notannualized. The FTA/Ibbotson Multi-Discipline All Equity Composite is for the aggres-sive growth investor who seeks capital appreciation by investing acrossnine equity asset classes. First Trust Advisors L.P. claims compliance withthe Global Investment Performance Standards (GIPS®). To receive a com-plete list and description of First Trust Advisors L.P. composites and/or apresentation that adheres to the GIPS®standards, please call 800-222-6822.References to Ibbotson Associates are made pursuant to a licenseobtained by First Trust Advisors L.P., which is solely responsible for thecontent herein and is the sole investment manager of the portfoliosreferred to herein. FTA is the investment adviser responsible for the day-to-day management of the FTA/Ibbotson Multi-Discipline portfolios.Ibbotson Associates will provide FTA with a recommended assetallocation, which FTA will consider in managing a client's portfolio. FTAwill then select the specific securities utilizing its investment process.There can be no assurance that a purchase of the securities in thisportfolio will be profitable, either individually or in the aggregate, orthat such purchase will be more profitable than alternative investments.NL1195FTA/Ibbotson Multi-Discipline PortfolioPerformance AnalysisAggressive All Equity Portfolioas of 9/30/12Firm OverviewFounded in 1991Key Investment PersonnelChris Peterson, CFARobert Carey, CFAJon Erickson, CFAJohn Sherren, CFADavid McGarel, CFA, CPARoger Testin, CFA, CPADaniel Lindquist, CFAKey FTA Differentiators— Team-based decision making— Internally-generated research— Proprietary quantitative tools and modelsFTA Research Personnel— 22 staff— 14 CFA CharterholdersPure Gross-of-Fees1Net-of-FeesBlended Index2011-4.31-5.88-4.03201013.0511.0614.88200927.6925.3032.712008-40.32-41.50-40.31200712.2710.229.07200618.86Statistical Analysis1 Since inception*Pure Gross-of-Fees117.0219.23*Inception is 1/1/06First Trust Advisors L.P. w www.ftportfolios.com w 866.848.9727Risk/Reward Scatterplot1Since inception*Pure Gross-of-Fees11520250.02.55.0Portfolio Benchmarks — Blend of the following indices:Russell 3000®Index (70%) — Composed of 3000 large U.S. companies, as determined by market capitalization.MSCI All Country World ex U.S. Index (30%) — A free float-adjusted market capitalization index that is designed to measure equity marketperformance in the global developed and emerging markets, excluding the United States.Financial TermsStandard Deviation- a measure of price variability (risk) over a period of time. A higher standard deviation returns from month to month.Sharpe Ratio- quantifies risk-adjusted performance by measuring the excess return per unit of risk. A higher Sharpe Ratio suggestsbetter risk-adjusted performance.Beta- a measure of a stock or portfolio’s volatility (systematic risk) compared to an appropriate benchmark index. A beta of 1.1 indicatesthe investment has approximately 10% more volatility in returns than the benchmark index.R-Squared- indicates whether the comparison index is an appropriate benchmark based on correlation. Generally an R-Squared above70 is desirable.indicates more variability inAnnualized Standard DeviationAnnualized ReturnsNet-of-FeesBlended IndexNet-of-FeesBlended IndexAnnualized Standard Deviation19.4119.3718.44Sharpe Ratio0.02-0.070.05Beta1.031.031.00R-Squared96.0695.82100.00

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