Hypothetical Performance this historical performance includes simulated back-tested performance for a more extended look at how these strategies performed before their respective inception dates. After the inception date, the strategy performance is derived from extracted “carve-out” returns from actual client accounts invested in these strategies. So, before the inception date, the performance is “hypothetical", and from the inception date to the present, it is based on returns generated actual client investments. A 2.0% management fee is deducted from the returns, so this performance is “net of fees”.