Large Cap – Value 50

Positions typically start at 2% with a maximum of 5%

Portfolio is equal weighted:

• Positions rebalanced when they exceed tolerance bands

Sector weights unconstrained

Annual compounding rates of return ending 12/31/2022
*Composite inception date is 12/31/2011

*Composite inception date is 12/31/2011
**Pure gross returns are presented as supplemental information as they do not reflect the deduction of any expenses, including trading costs.

December 31, 2022

The end result of the investment process is a portfolio comprised of companies with solid growth prospects trading at compelling valuation levels.

Value 50 Composite contains fully discretionary accounts that are comprised of around 45-55 securities derived from our valuation work highlighting attractive companies based on their risk reward profile and have reasonable assumptions around growth and balance sheet strength. For comparison purposes the composite is measured against the Russell 1000 Value Index. **Pure gross returns are presented as supplemental information as they do not reflect the deduction of any expenses, including trading costs. Cornerstone Investment Partners is an independent, employee owned investment advisory firm. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. N.A.-Information is not statistically meaningful due to an insufficient number of portfolios in the composite for an entire year. The U.S. Dollar is the currency used to express performance. The composite includes both bundled fee and non-bundled fee accounts. Returns are presented gross and net of management fees and include the reinvestment of all income. For non-bundled fee accounts, gross returns were reduced by transaction costs, and the net of fee performance was calculated using actual management fees. For bundled fee accounts gross returns are shown as supplemental information and have not been reduced by transaction costs, net of fee performance has been reduced by the entire bundled fee. The bundled fee includes brokerage commissions, administrative, and custodial services, and in some cases the investment management fee.  Some of the bundled fee accounts included paying the investment management fee separately from the bundled fee.  For these accounts, the net of fee performance has been reduced by both the bundled fee and the investment management fee.  For non-fee paying accounts, a model fee based on the standard investment advisory schedule was applied. The Value 50 composite was created and incepted on December 31, 2011. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Cornerstone Investment Partners claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Cornerstone Investment Partners has been independently verified for the periods September 30, 2001 thru December 31, 2021. The verification and performance examination reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The firm maintains a complete list and description of composites. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Benchmark returns are not covered by the report of independent verifiers. To receive a list of composite descriptions and/or additional information, contact Cornerstone Investment Partners at 3438 Peachtree Rd, NE; Suite 900; Atlanta, GA 30326, 404-751-3850 or marketing@cornerstone-ip.com. The general fee schedule for accounts is as follows: 0.55% on the first $20,000,000; 0.45% on the next $20,000,000 and 0.35% on the balance. Actual investment advisory fees incurred by clients may vary. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Due to the marketing rule that went into effect on 11/4/22, the net returns were updated to comply with this regulation.  Additional information is available upon request.