These results are unaudited and subject to revision, are for a composite of all accounts, and show all periods beginning with the first full month in which the advisor managed its first account in this strategy. Net returns include a 1.25% per annum base fee from inception through March 2020 and a 0.85% per annum base fee from April 2020 onward. An individual client’s performance will vary depending on their specific fee schedule. The net returns also include the deduction of relevant expenses, including trading costs, but do not reflect the deduction of custodial fees.

In the interest of our clients, reporting as to positions in transition are lagged at our discretion. Generally, securities which have not been purchased for all accounts are not reflected as held and sales of positions which remain in any client accounts similarly are not reflected. Specific investments described herein do not represent all investment decisions made by Lyrical Asset Management LP (“LAM”). The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

The foregoing should not be deemed an offer or a solicitation of an offer to invest in any fund. Any such offering can only be made following a one-on-one presentation, and only to qualified investors in those jurisdictions where permitted by law. Past performance is not necessarily indicative of future results. Individual results may vary based on timing of contributions and/or other factors. The foregoing information has not been provided in a fiduciary capacity, and it is not intended to be, and should not be considered as, impartial investment advice.

The S&P 500® Value draws constituents from the S&P 500®. S&P measures value using three factors: the ratio of book value, earnings, and sales to price. S&P style indices divide the complete market capitalization of each parent index into growth and value segments. Effective 5/21/2020, the benchmark was changed retroactively to the S&P 500® Value Index. The agreement with the licensor of the prior index concluded on that date. Any indices shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from the composite.