Mid-Cap Value

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Mid-Cap Value

Objective/Philosophy

>	To exceed the Russell Mid-Cap Value Index¹ by 100-200 bps annually, after fees.
>	To target a tracking error² of 200-400 bps.
>	Select relatively undervalued stocks that can potentially outperform their respective universe by using valuation and trading factors.

Portfolio Managers

Daniel Glickman

>	Currently a Managing Director at NYLIM Equity Investors.
>	10 years of investment experience.
>	University of Chicago, M.B.A. in Analytic Finance and Econometrics; Columbia University, B.S. in Operations Research; Massachusetts Institute of Technology, B.S. in Mathematics.
>	Joined NYLIM in 2006.

Victor Samoilovich

>	Currently a Managing Director at NYLIM Equity Investors.
>	17 years of investment experience.
>	Moscow State University (Russia).
>	Joined NYLIM in 2006.

¹Russell MidCap Value Index: Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index.

²Tracking error is one possible measurement of a portfolio's returns from its stated benchmark. More specifically, it is the standard deviation of such excess returns. Tracking error figures are representations of statistical expectations falling within "normal" distributions of return patterns. Normal statistical distributions of returns suggests that approximately two thirds of the time the annual gross returns of the accounts will lie in a range equal to the benchmark return plus or minus the tracking error if the market behaves in a manner suggested by historical returns. Targeted tracking error therefore applies statistical probabilities (and the language of uncertainty) and so cannot be predictive of actual results. The tracking error that will actually be achieved may inherently lie outside of the range suggested by a "normal" statistical distribution of returns. The actual tracking error is the result of many factors (including but not limited to market volatility, company specific anomalies, instability of correlation between benchmark holdings, timing difference between the calculation of the portfolio value and the valuation of the benchmark by the index provider). In addition, past tracking error is not indicative of future tracking error and there can be no assurance that the tracking error actually reflected in your accounts will be at levels either specified in the investment objectives or suggested by our forecasts.

There is no guarantee that investment objectives may be met.