Leuthold Global Clean Technology Fund

For Professional Use Only. Do Not Distribute.
Leuthold Global Clean Technology Fund
Investors should consider the investment objectives, risks, charges and expenses of the investment
company carefully before investing. The Prospectus contains this and other information about the
Funds. For current Prospectus, call toll-free, 1-800-273-6886, or download from our web site:
www.LeutholdFunds.com. Please read the Prospectus carefully before you invest.
Not FDIC Insured. No Bank Guarantee. May Lose Value
Mutual Fund Distributor: Rafferty Capital Markets, LLC, Garden City, NY 11530
DOFU: 11/20/2009
Leuthold Weeden Capital Management Overview
Leuthold Weeden Capital Management (LWCM), based in Minneapolis, MN, has
been managing assets since 1987. Total firm assets are approximately $3.9
Billion.
•
Tactical asset allocation strategies
•
Long only equities, short only equities, long/short
•
Experienced Investment Professionals and Client Focused
– Steve Leuthold has over 40 years of experience in the investment field and
Portfolio Managers have been at the firm on average 13 years.
– We have closed strategies at relatively small sizes to maintain flexibility.
LWCM Affiliations
•
Leuthold Weeden Institutional Research
– Founded in 1981—An institutional investment research firm, Leuthold’s
research is led by Steve Leuthold and conducted by a staff of eight analysts.
– Our proprietary research includes technical and quantitative analysis, broad
sector and industry group analysis, earnings momentum, supply/demand
dynamics, valuation studies, etc.
•
Weeden & Co., L.P.
– Founded in 1932—exclusively an institutional trading firm based in
Greenwich, CT.
2
Our Strategy for CleanTech
Build the Right Team
•
Blend top-down, quantitative & technical investment prowess with bottom-up
fundamental expertise and CleanTech-specific knowledge
– Co-Portfolio Managers: Steve Leuthold & Eric Bjorgen
– CleanTech veteran investor: David H. Kurzman
– Fundamental analyst: Jun Zhu
Steve
Eric
David
Jun
We have a history of identifying investment themes:
•
Identification of trends is the first step to profiting from them.
•
Market and socio-political environment have matured sufficiently to justify a sectorspecific fund.
•
We believe Clean Technology is one of the most important investment
opportunities for the world economy for the next several decades.
3
Our Strategy for CleanTech
•
Achieve capital appreciation & long-term growth by investing globally
primarily in common stocks
–
We are in this to make money for our investors
•
Leverage our traditional group rotation strategies
•
Build a “best-in-class” portfolio of global CleanTech companies
–
•
This requires substantial bottom-up stock picking effort that is directed
by a macro economic, geo-political, and financial market understanding.
Anticipate the changing market
–
This market is very dynamic, changing in quality and substance.
–
There will be no magic-bullet solution that will “fix” our energy, water,
transportation, and pollution problems; requires broad thinking across
numerous markets.
How we are different from other CleanTech investors:
•
We are not a private equity or venture capital vehicle
–
•
We are not large-cap, conglomerate focused
–
–
•
Looking for proven business models, savvy managers, & revenue
growth
The great majority of our best ideas will likely be “S/Mid-cap” companies
Identifying stocks where the CleanTech revenues “move the needle”
We are not a U.S.-focused fund
–
We will typically have at least 40% of assets invested in foreign
securities
4
CleanTech Market Overview
Defining Clean Technology
• Any technology or service that reduces humans’ impact on the environment
• When we say CleanTech, most people think of Alternative Energy, but…
–
CleanTech is very diverse
–
Encompasses part of many existing industrial sectors, including
transportation, energy transmission & storage, water treatment, pollution
control, advanced materials, recycling, and many others.
Addressable Markets
• Is the CleanTech universe of public companies investable?
–
Yes!
–
>400 publicly traded stocks represent $800B of market capitalization
•
•
–
Excludes ~$500B of market capitalization from Diversified-sector
companies (CleanTech conglomerates, ETFs, “green” funds, etc.)
A growing universe, as VC/private equity companies will “graduate”
It’s great to have progressive ideals, but we exclude companies:
•
•
•
…with CleanTech business groups that do not represent a significant
contribution to revenues/profits
…simply because they adopted green technologies or recycle wastes
…because they implemented employee-progressive programs
5
Why We Launched Our CleanTech Fund
There are numerous market drivers
•
The basic laws of economics (drive for productivity & efficiency)
•
Political motivation (multi-governmental; Obama administration would like
to invest $150 Billion over next ten years on clean energy)
•
Consumer demand (is green the new “luxury” for the developed world?)
•
Corporate agendas (green-colored glasses & “green washing”)
•
Technological advancement (demand for energy; cost reductions)
•
Social stimuli (rising living standards) New “Americums”
•
Global climate change (socio-political consciousness; self-preservation)
•
Population growth (U.S. Census Bureau estimates the approximate 6
billion world population in 1999 will be about 9 billion by 2040)
•
Higher fossil fuel prices
6
Leuthold Global Clean Technology Fund
Investment Objective - The Leuthold Global Clean Technology
investment objective is to achieve capital appreciation and long term
growth by investing globally primarily in common stocks; our
investment emphasis is price appreciation.
•
The Leuthold Global Clean Technology strategy will allocate its assets primarily in
companies that we believe will benefit from the expected growth in spending and
investment in energy efficient and “clean” technologies, innovations and solutions.
•
The Leuthold Group has experience investing in environmentally focused firms
since the 1990s as part of our quantitative Select Industries group rotation style of
investing.
•
The strategy will typically invest at least 40% of its assets in securities from
international markets.
7
Leuthold Global Clean Technology Fund
•
Universe: Over 400 global firms
–
•
Fund universe will continue to expand as new technologies, new
markets, and new entrants emerge.
Four Primary Sectors
–
–
–
–
Alternative Energy
Resource Conservation
Clean Water
Clean Environment
•
Invests in micro cap to large cap companies
•
To help enhance the strategy, our universe is organized in
approximately 30 different sub-industries.
8
Leuthold Global Clean Technology Strategy
Sub-Industry Detail (10/09)
Number Of
Companies
Alternative Energy (Totals)
Biofuels/Ethanol/Cellulosic/Synthetic
Clean Power Storage, Delivery Technology
Construction & Eng-Alt Energy Plants
Div. Renewable Power Generation/Developers
Fuel Cells
Geothermal
Hydro Electricity/Tidal
Nuclear Energy Equipment & Services
Renewable & Conventional Power Generation-Systems, Controls
Renewable Power Generation-Support & Services
Solar-Materials & Components
Solar-Photovoltaic Cells, Wafers, Panels
Turbines, Flywheel, Energy Transmission
Uranium Mining
Wind Turbines & Components/Wind Power
Resource Conservation (Totals)
Batteries/Energy Storage Systems
Efficient Lighting/LEDs
Energy Efficiency/Conservation Products
Energy From Waste/Biomass/Synthetic
Recycling and Recycling Products
Water Conservation Systems, Technology
Clean Water (Totals)
Clean Water, Water Treatment Technologies
Water Infrastructure Rehabilitation
Water Utilities
Clean Environment (Totals)
Clean Agriculture
Clean Transportation, Components, & Systems
Environmental Services
Pollution and Emissions Controls & Monitors
Diversified (Totals)
Conglomerates
Investment, ETFs, Funds, Envir. Trading
9
Percent Of
Universe
Market
Cap (Mil.)
Percent Of
Universe
240
50.1%
$610,918
44.6%
33
9
15
37
15
10
6
7
20
1
21
36
3
10
17
6.9%
1.9%
3.1%
7.7%
3.1%
2.1%
1.3%
1.5%
4.2%
0.2%
4.4%
7.5%
0.6%
2.1%
3.5%
51,576
7,612
25,829
267,684
1,183
4,452
22,653
27,234
68,494
33
41,407
35,964
378
20,989
35,430
3.8%
0.6%
1.9%
19.6%
0.1%
0.3%
1.7%
2.0%
5.0%
0.0%
3.0%
2.6%
0.0%
1.5%
2.6%
82
17.1%
$69,259
5.1%
18
11
20
12
15
6
3.8%
2.3%
4.2%
2.5%
3.1%
1.3%
9,097
10,835
27,593
5,897
12,329
3,507
0.7%
0.8%
2.0%
0.4%
0.9%
0.3%
55
11.5%
$82,241
6.0%
24
6
25
5.0%
1.3%
5.2%
30,586
8,042
43,614
2.2%
0.6%
3.2%
45
9.4%
$75,230
5.5%
4
12
15
14
0.8%
2.5%
3.1%
2.9%
4,158
20,612
41,746
8,715
0.3%
1.5%
3.0%
0.6%
57
11.9%
$531,173
38.8%
30
27
6.3%
5.6%
523,584
7,589
38.3%
0.6%
Portfolio Construction
•
Portfolio construction utilizes fundamental analysis along with industry group analysis,
other quantitative methodology, and macro outlooks in a dynamic process.
•
Quantitative analysis is utilized for screening, where the focus is growth potential.
•
Industry group analysis and macro outlook help determine emerging leadership that
could lead to buying more on an industry scale rather than individual stock picking.
– Modified weighted group charts used to identify industry-level strength and
weakness.
•
Stocks exhibiting desired growth characteristics are analyzed for leadership potential,
proprietary and technological advantages, financial condition, sales and earnings
growth potential as well as their economic, political and regulatory environments.
•
Country and market cap exposures driven by stock selection.
10
Selling Strategy
Stock Level Factors
•
Firm fails to achieve its assumed objectives of growth.
•
Stock price of an individual position lags that of its peers.
•
Market share deterioration.
•
Balance sheet deterioration.
•
Execution Issues.
Industry/Macro Factors
•
May look to sell entire industry exposures due to influences that are expected to
negatively impact all/most stocks in a group.
•
Expected to be used less frequently than stock level sell decisions, but at times,
could be significant.
•
Examples of macro influence may include:
–
Tax policies and/or subsidies
–
Changes in the prevailing or expected cost of substitutes
–
Changes in regulations
–
Technology breakthroughs
11
Leuthold Global Clean Technology Strategy
Strategy by Leuthold Sectors as of 10/31/09
Diversified
11%
Cash
1%
Resource
Conservation
10%
Alternative Energy
53%
Clean
Environment
10%
Clean Water
8%
12
Two Classes of Shares
Retail Class: LGCTX
•
New Accounts: $10,000 min. ($1,000 min. for IRA accounts)
•
Existing Accounts: $50 Automatic Investment Plan “AIP” ($100 for non-AIP)
–
Dividend Reinvestment: No minimum
•
Available on numerous platforms, including:
–
Ameriprise
—
–
Charles Schwab
—
–
E*Trade
—
–
Fidelity
—
–
LPL
—
–
Pershing
—
Prudential
Raymond James
RBC Dain Rauscher
Scottrade
TD Ameritrade
Vanguard
Institutional Class: LGCIX
•
Account minimum $1 million (including IRAs)
Disclosures
•
•
•
•
•
Investing in foreign securities presents risks that may be greater than U.S. securities. These risks include, but
are not limited to, currency rate fluctuations, regulatory differences, accounting standards, higher trading costs,
and political risks.
Investing in developing or emerging markets involves risks different from, or greater than, risks of investing in
developed foreign countries, such as smaller capitalization, periods of illiquidity, significant price volatility and
restrictions on foreign investments.
Investing in small and midsized companies can involve such risks as having less publicly available information,
higher volatility, and less liquidity than in the case of larger companies.
Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest
more broadly, as companies in that sector may share common characteristics and may react similarly to market
developments or other factors affecting their values. Overweighting investments in certain sectors or industries
increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.
Investors should consider the investment objectives, risks, charges and expenses of the investment
company carefully before investing. The Prospectus contains this and other information about the
Funds. For current Prospectus, call toll-free 1-800-273-6886, or go to www.LeutholdFunds.com. Please
read the Prospectus carefully before you invest.
Not FDIC Insured ~ No Bank Guarantee ~ May Lose Value
Distributor: Rafferty Capital Markets, LLC, Garden City, NY 11530
13
Investment Professionals
Steven C. Leuthold
Steve has been an investment strategist, manager, and researcher for over 40 years. From 1969 to 1977, he was an
officer and investment strategist at Piper, Jaffray & Hopwood. From 1977 to 1981 he was an officer and portfolio
manager of two mutual funds for Criterion Investment Management. In 1981 Steve founded The Leuthold Group, an
investment research firm where he leads a research team that uses quantitative historical research to develop
sophisticated investment models. Steve is also CIO of LWCM and a Portfolio Manager for The Leuthold Funds, Inc.
Steve is the author of many books and articles, including The Myths of Inflation and Investing and Index Funds, the
Risks and Pitfalls. He has been a frequent contributor to leading trade journals, including Barron’s, Corporate Report,
The Journal of Portfolio Management and the Financial Analysts Journal. In 1999, Mr. Leuthold and Leuthold team
member, Eric Bjorgen, CFA, co-authored a special study, Corporate Insiders’ Big Block Transactions, for which they
won the prestigious Charles H. Dow Award. In addition, Steve Leuthold’s Financial Analyst Journal article “Inflation,
Deflation and Interest Rates,” was awarded the 1982 Graham and Dodd Scroll by the Financial Analysts Federation.
Eric Bjorgen, CFA
Eric is a Senior Analyst and Co-Portfolio Manager for the Leuthold Core, Asset Allocation, Select Industries Fund,
Undervalued & Unloved, and Global Clean Technology Funds. He is a member of the investment strategy committee, a
key contributor to the monthly Perception for the Professional publication.
In 1999 Eric was a co-author with Steve Leuthold of the Corporate Insiders’ Big Block Transactions special study, which
won the prestigious Charles H. Dow award. A graduate of the University of Minnesota’s Carlson School of Management
with a BS in Finance, Eric is also a CFA charterholder and a member of the CFA Society of Minnesota.
David Kurzman
David is a Senior Analyst at the Leuthold Group focusing on our Global Clean Technology Fund. Prior to joining the
Leuthold team, David was Managing Partner of Kurzman CleanTech Research, a private research and consulting firm,
and managed a pool of private capital for high-net worth investors.
David has held a number of research positions in Clean Technology areas including Senior Vice President of the Clean
Technology Research Group for Panel Intelligence, LLC, and sell-side analyst for Needham & Co. and H.C. Wainwright
& Co. David was also an Analyst at Value Line Inc. and the Weitz Funds, an Omaha-based mutual fund company.
David’s work has been recognized by leading news channels, including CNBC, PBS’, Bloomberg News, Reuters, The
New York Times, The Wall Street Journal, Barron’s Financial Weekly and others. David was named “Best On The
Street” by The Wall Street Journal in 2003 for the area of Electronic Components & Equipment, was rated as a Zack’s
All-Star Analyst in 2001 and 2002.
Jun Zhu
Jun joined The Leuthold Group, LLC, as a Senior Analyst in 2008. Prior to joining the Leuthold team, she worked as an
investment intern at Riverbridge Partners in Minneapolis. At The Leuthold Group, she contributes to Leuthold research
publications, group analysis, and is a member of the investment strategy committee.
Jun received her MBA from the Applied Security Analysis Program at the University of Wisconsin-Madison, where she
co-managed a $60 million university endowment fund run by students in the program. She also earned an MS degree in
Biomedical Sciences from the University of Wisconsin, and a BS degree from Sichuan University in China. Jun has
worked on several biotechnology research projects at leading institutes both in China and the United States. She brings
strong analytical skills, industry experience and an international background to the Leuthold team. Jun is currently a
level three CFA Candidate.
14
Investment Professionals
Andy Engel, CFA
Andy Engel is a Co-Portfolio Manager of the Leuthold Core Investment Fund and the Leuthold Asset Allocation Fund, as
well as a Senior Analyst for The Leuthold Group, LLC. With more than 20 years of investment experience, he has
assisted in the development and ongoing monitoring of a number of Leuthold asset allocation tools, and the formulation
of strategy disciplines used in each of the Leuthold investment methodologies. Andy also serves as a member of the
strategy committee which directs the investment decisions of the managed portfolios.
Andy is frequently used as a resource for input by the financial press, performs speaking engagements to various
organizations throughout the U.S., and has appeared on CNBC a number of times. A 1982 graduate of Carleton College
with a BA in Political Science, Andy is a CFA charterholder and a member of the CFA Society of Minnesota.
Jim Floyd, CFA
Jim is a Senior Analyst for The Leuthold Group, LLC, and Co-Portfolio Manager of the Leuthold Undervalued & Unloved
Fund and Select Industries Fund. With over 30 years of experience, Jim specializes in quantitative analysis and
equity/fixed income research. In addition to authoring various institutional financial publications and articles, Jim designs
custom analysis on investment themes, produces inventive techniques for assessing market dynamics, and plays a role
on the investment strategy committee.
Jim has built a reputation among the financial media as a knowledgeable resource; he is frequently cited in leading
trade journals and publications, and has made many presentations and speaking appearances throughout the country.
Jim is a CFA charterholder and a member of the CFA Society of Minnesota. He holds both BS and MS degrees from the
University of Minnesota.
Doug Ramsey, CFA
Doug joined The Leuthold Group, LLC in late 2005. He is Director of Research at The Leuthold Group and Co-Portfolio
Manager of the Leuthold Global Fund. Prior to joining the Leuthold team, he was Chief Investment Officer of Treis
Capital in Des Moines, Iowa, where he managed equity portfolios and published a quantitative equity research product,
The Behavioral Strategist.
Doug is a Phi Beta Kappa graduate of Coe College in Cedar Rapids, IA, where he majored in Economics and Business
Administration. He also played four years of varsity basketball at Coe, earning Academic All-America honors in 1986-87.
He then earned an MA degree in Economics from The Ohio State University in 1990. Doug earned his CFA designation
in 1996 and became a Chartered Market Technician in 2003. Prior to coming to the Leuthold Group Doug was a
Portfolio Manager at Principal Global Investors.
Matt Paschke, CFA
Matt is a Senior Analyst for The Leuthold Group, LLC, and Co-Portfolio Manager of the Grizzly Short Fund, Leuthold
Asset Allocation Fund, Leuthold Select Equities Fund and Leuthold Global Funds. Matt contributes to the compilation of
the Group Selection Scores, the Major Trend Index and the Vulnerability/Opportunity Index. He is responsible for backtesting the various components used as input for the quantitative investment methodologies, and a member of the
investment strategy committee.
Matt began his career at Honeywell prior to joining The Leuthold Group in 2000. He is a CFA charterholder and a
member of the CFA Society of Minnesota. He is an honors graduate of the University of Northern Iowa with a BA in
Finance and a minor in Math. Matt received an MBA from the University of Minnesota’s Carlson School of
Management.
Greg Swenson, CFA
Greg is a Co-Portfolio Manager of the Leuthold Grizzly Short Fund. He joined The Leuthold Group in 2006 and is a
Senior Research Analyst. Before joining the Leuthold Group, he worked for FactSet Research Systems in Chicago as a
Consultant and Account Executive. While working for FactSet Greg worked extensively with the research team at
Leuthold. Greg is a CFA charterholder and graduated with honors from the University of Iowa with a Bachelor of
Business Administration in Finance.
Chun Wang, CFA, PRM
Chun joined The Leuthold Group, LLC in June 2009 as a Senior Analyst. Prior to joining the Leuthold team, Chun was a
Quantitative Equities Portfolio Manager and Head of Quantitative Research at LIM Advisors, a Hong-Kong based AsiaPacific focused multi-strategy hedge fund. Prior to that, Chun was with Ned Davis Research for 11 years as Director of
Research & Development, responsible for quantitative product development and a quantitative research publication
called Quantitative Review. Chun also worked as an equity analyst with Shanghai International Securities in China.
In addition to his global experience, Chun has a BS degree in Economics from Xiamen University and a MS degree in
Economics from the University of Florida. Chun holds a number of professional designations and certifications including
the Chartered Financial Analyst (CFA), Professional Risk Manager (PRM), Certified JAVA Programmer, SAS Certified
Professional, and the Certificate in Financial Engineering from UC Berkeley.
15
Leuthold Global Clean Technology Fund
Global Green Tech - 7/22/2009 Inception
10/30/2009
Characteristics
Portfolio MSCI ACWI
Mkt Cap
Med
Wtd Avg
P/E
Wtd Avg
Med
Wtd Med
Avg
FY1 P/E
P/CF
P/B
P/S
Sales Growth
Est LTG Rate
ROA
ROE
Oper Marg
Net Marg
LT D/C
Beta
% Domestic
# of Holdings
1,078
4,210
5,757
60,754
47.26
21.74
22.01
45.39
20.93
13.05
2.44
2.05
28.67
18.00
4.79
10.25
8.08
5.71
11.04
1.32
37%
58
55.60
17.87
16.87
93.54
15.32
8.22
2.05
1.36
10.35
9.43
6.68
15.84
15.25
8.93
29.74
1.00
42%
2413
Top Ten Holdings (9/30/2009)
BYD Co. Ltd.
Echelon Corp.
PowerShares Cleantech Portfolio
First Solar Inc.
SMA Solar Technology AG
Suzlon Energy Ltd.
Vestas Wind Systems A/S
Maxwell Technologies Inc.
Layne Christensen Co.
Meyer Burger Technology AG
Month to Date Attribution
*Top ten groups by weight
Heavy Electrical Equipment
Industrial Machinery
Independent Power Producers & Energy Traders
Electrical Components & Equipment
Construction & Engineering
Coal & Consumable Fuels
Electronic Manufacturing Services
Environmental & Facilities Services
Electronic Components
Auto Parts & Equipment
[Unassigned]
Total
Avg Weight
14.2
8.9
8.2
8.1
7.9
6.8
6.7
6.6
4.9
4.3
3.3
100.0
Contrib
-1.52
-0.19
-0.69
-0.98
-0.94
-0.81
0.16
-0.23
0.43
-1.11
-0.14
-7.02
Benchmark (MSCI)
Avg Weight
Contrib
0.4
-0.02
1.0
-0.01
0.3
-0.02
0.5
-0.02
0.7
-0.03
0.3
0.00
0.2
0.00
0.1
0.00
0.6
-0.01
0.3
-0.01
0.0
0.00
100.0
-1.53
Allocation
Effect
-0.37
0.14
-0.45
-0.18
-0.24
0.18
0.03
0.13
0.03
-0.03
-0.21
-1.91
Selection
Effect
-0.03
-0.03
0.00
-0.04
-0.05
-0.04
0.01
-0.01
0.08
-0.06
0.00
-0.10
Interaction Currency
Effect
Effect
-0.90
0.00
-0.21
0.02
-0.09
-0.02
-0.58
-0.01
-0.48
-0.04
-0.91
0.04
0.26
-0.03
-0.26
-0.01
0.44
-0.01
-0.89
-0.01
0.09
-0.02
-3.40
-0.09
Total
Effect
-1.29
-0.07
-0.57
-0.81
-0.80
-0.73
0.27
-0.14
0.54
-1.00
-0.15
-5.49
Avg Weight
14.3
10.9
8.7
8.5
7.8
6.7
6.6
6.1
4.5
3.8
2.9
2.9
Contrib
-1.32
0.03
0.18
1.14
0.53
0.66
0.10
2.14
2.46
0.55
0.38
8.38
Benchmark (MSCI)
Avg Weight
Contrib
0.4
0.05
0.5
0.05
0.7
0.05
1.0
0.12
0.4
0.01
0.1
0.01
0.3
0.05
0.2
0.03
0.6
0.05
0.3
0.01
1.3
0.09
100.0
11.07
Allocation
Effect
-0.35
-0.30
-0.36
0.02
-0.70
-0.28
0.49
0.46
-0.13
-0.26
-0.07
-3.03
Selection
Effect
-0.08
-0.01
-0.04
0.03
0.02
0.00
-0.06
0.05
0.35
0.07
0.06
0.96
Interaction Currency
Effect
Effect
-2.48
0.02
-1.15
0.03
-0.41
0.03
0.19
0.00
0.39
0.05
0.21
-0.02
-1.23
0.21
1.29
-0.11
1.95
-0.09
0.52
-0.03
0.10
-0.01
-0.54
-0.09
Total
Effect
-2.90
-1.43
-0.77
0.24
-0.24
-0.09
-0.59
1.68
2.08
0.29
0.08
-2.69
Year to Date Attribution (7/22/2009 Inception)
*Top ten groups by weight
Heavy Electrical Equipment
Electrical Components & Equipment
Construction & Engineering
Industrial Machinery
Independent Power Producers & Energy Traders
Environmental & Facilities Services
Coal & Consumable Fuels
Electronic Manufacturing Services
Electronic Components
Auto Parts & Equipment
Multi-Utilities
Total
5.23%
4.40%
3.54%
3.43%
3.41%
3.09%
2.87%
2.80%
2.72%
2.48%
• The above industry group attribution utilizes the standard GICS classification, not the Leuthold Clean Technology industry groups.
• All performance presented reflects past performance. Past performance is no guarantee of future results. Investment returns and principal will
fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than performance quoted. For performance data current to the most recent month end, call Leuthold Shareholder Services, toll-free, 1-800273-6886.
• The MSCI AC World Index represents both the developed and the emerging markets for a particular region; it includes 48 markets. The MSCI AC World
Index is only an index and cannot be invested in directly.
• Expense Ratio Disclosure: Per the Fund Prospectus dated July 22, 2009, the net operating expenses for LGCTX and LGCIX was 1.85% and 1.85%,
respectively (excluding dividends and short positions and acquired fund fees). The gross operating expenses prior to a voluntary waiving of Adviser fees for
LGCTX and LGCIX was 2.28% and 2.03%, respectively. The Adviser may recover waived fees in subsequent years, however, the recovery period is limited to
three fiscal years, beginning on the date of first recovery.
• The material herein is based on data from sources we consider to be reliable, but it is not guaranteed as to accuracy and does not purport to be complete.
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