Composite Performance as of December 31, 2022*
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The MSCI All Country World Energy Index is a free float-adjusted market capitalization weighted index designed to measure world energy performance. The MSCI ACWE Index is net of dividend withholdings.
Composite Performance reflects reinvestment of all income and capital gains and is shown in US dollars and after the deduction of transaction costs. Composite Performance is shown gross and net of actual management fees charged. Actual investment advisory fees incurred by clients may vary. Additional information on the calculation methodologies used herein is available upon request. Indexes are unmanaged, do not incur management fees and cannot be invested in directly. The Composite and index returns are net of any foreign withholding taxes on dividends, interest, and capital gains.
Past performance is not indicative of future results. Performance during certain periods reflect strong stock market performance that is not typical and may not be repeated.