Portafolio Capital Management ("PCM") is a Registered Investment Adviser based in the State of Texas. Portafolio™ complies with the current notice filing requirements imposed on registered investment advisers by the states where Portafolio™ conducts business. Portafolio™ is only permitted to conduct business in states where it is properly notice filed or qualifies for an exemption or exclusion from notice filing requirements.

Portafolio Capital Management specializes in investing clients' funds in equities and various securities with the aim of achieving long-term growth. Investors should be aware that investing in securities entails the risk of potential loss should the value of the purchased securities decline. It's important to note that funds invested in securities are not protected against such losses by the FDIC, SEC, or any other governmental or non-governmental organization. Moreover, past performance does not guarantee future results. Hypothetical and model performance is not indicative of future actual results.

The information provided on this website is limited to the dissemination of general information regarding Portafolio's investment advisory and management services. Any subsequent direct communication with a prospective client by Portafolio™ will be carried out by a representative who is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information regarding the registration status of Portafolio™, please contact Portafolio™ or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).

For further details about Portafolio™, including fees and services, please download our Form ADV Part 2A. We encourage you to carefully review the Disclosure Statement below before making any investment decisions. Past performance does not guarantee future results. Past performance is not indicative of future results. Hypothetical and Model Performance is not indicative of future actual results.

Investment Strategy Disclosures

PCM Tactical Equity Sector Rotational Strategy

Our proprietary Tactical Equity Sector Rotation portfolio takes advantage of industry-specific opportunities that management finds fit, while leaving the opportunity open to shift the portfolio overweight defensive when economic conditions inspire us to do so. Sectors and industries are defined by the Global Industry Classification Standard (GICS®). The 11 sectors are: Financials, Industrials, Information Technology, Consumer Discretionary, Materials, Energy, Health Care, Telecom, Consumer Staples, Utilities, and Real Estate. **Note that PCM excludes the Real Estate sector in building our Rotational Strategy model. From these 10 sectors, we build a binary model which classifies the respective sector as either 1. Opportunistic or 2. Defensive. It’s important to note that sometimes companies in “defensive” sectors behave “opportunistic” and companies in “opportunistic” sectors behave “defensive”, regardless of economic conditions. This change in behavior is acknowledged by management as we analyze the state of the markets, observe the company prospects within a given sector, and shift the portfolios’ weightings. At inception, management will typically invest 75% of its securities in sectors PCM classifies as Opportunistic and 25% in securities it classifies as Defensive. Portfolio weightings may change as time progresses. Weightings may differ at inception if management feels compelled. We look at monetary policy, monthly economic data, and company specific information as catalysts to buy into and sell out of positions in a portfolio. This portfolio employs an active management approach in an attempt to enhance returns. Active management may include aggressive strategies such as short-term trading. This portfolio will typically hold 30-36 positions at any given time.

PCM Alpha Long-Term Growth Strategy

Management invests in companies that look to maximize long-term capital returns. Positions in the portfolio are amongst a list of companies we find with strong management and a competitive advantage in their respective industry. This style of management focuses on finding growth companies and investing in their business model and management team. This portfolio typically invests in 30-36 positions with an overweighting in consumer discretionary, biotech, tech, fintech, and other “high growth” industries. This portfolio employs a passive management approach.

PCM Conservative Strategy

Management works to prioritize stability and long-term growth. With a balanced approach, management invests 50% of the portfolio in equities (such as individual stocks or ETFs) for potential capital appreciation and 50% in fixed income instruments (such as bonds or fixed income ETFs) for steady income and risk mitigation. By blending the growth potential of stocks with the stability of bonds, we aim to navigate market fluctuations while achieving sustainable returns.

WEBSITE TERMS AND CONDITIONS

Portafolio Capital Management (“PCM”), along with its members, officers, directors, owners, employees, agents, representatives, suppliers, and service providers (collectively referred to as "PCM"), offers this website (referred to as the "Site") solely for informational purposes. Your use of and access to the Site and the information, materials, services, and other content provided on or through the Site (collectively referred to as the "Content") are governed by these terms of use and all relevant laws.

OUR WEBSITE IS NOT INVESTMENT ADVICE

The Content provided is solely for informational purposes, and you should refrain from interpreting any such information or materials as legal, tax, investment, financial, or other advice. Nothing presented on our Site constitutes a solicitation, recommendation, endorsement, or offer by PCM or any third-party service provider to engage in the buying or selling of any securities or other financial instruments, whether in this jurisdiction or any other jurisdiction where such actions would contravene the securities laws.

All Content featured on this site is of a general nature and does not account for the specific circumstances of any particular individual or entity. The information presented on the Site does not constitute professional or financial advice, nor does it provide a comprehensive or exhaustive statement on the matters discussed or the relevant laws. PCM assumes no fiduciary duty simply by virtue of an individual's use of or access to the Site or its Content. You bear sole responsibility for assessing the merits and risks associated with utilizing any information or other Content on the Site before making any decisions based upon it. By accessing the Site, you agree not to hold PCM, its affiliates, or any third-party service provider liable for any potential claims for damages arising from decisions made on the basis of information or other Content provided through the Site.

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Investing in securities carries inherent risks. Participation in stocks, bonds, exchange-traded funds (ETFs), mutual funds, and money market funds exposes investors to the potential for loss. The possibility of losing principal exists. Certain high-risk investments may employ leverage, amplifying both gains and losses. Foreign investing introduces unique risks, including heightened volatility, as well as political, economic, and currency-related uncertainties, along with disparities in accounting methodologies. Past investment performance of a security or a firm does not assure or foretell future investment performance.

HYPOTHETICAL & MODEL PORTFOLIO CONSTRUCTION DISCLOSURES & FACTS

IMPORTANT: The projections or other information generated by PCM regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Results may also vary from actual portfolio construction with our clients. Results may be missing actual market data. Hypothetical results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results. Asset allocation, securities selection, and diversification strategies do not guarantee a profit or protect against a loss. Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns. Hypothetical models may reflect or fail to reflect information, such as but not limited to, material market and economic conditions, past securities information and performance therefore skewing the results of the hypothetical modeling. Results in models reflect the reinvestment of dividends and/or earnings/interest income. The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete. (Further hypothetical & modeling information are found below).

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Certain segments of PCM's site necessitate cookies to be enabled to optimize site performance. For instance, cookies provide a secure means for verifying user identity during a session and subsequent return visits, enable us to personalize a user's experience on our sites, and aid in enhancing site navigation. Additionally, cookies help us comprehend how individuals utilize our sites, enabling us to improve site functionality.

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The Site and its Content are provided "as is" and without warranties of any kind. You assume all risks associated with the use of the Site and Content, including, but not limited to, any reliance on the accuracy, completeness, or usefulness of any Content available on the Site. PCM, along with its employees, officers, directors, partners, agents, representatives, suppliers, and service providers, disclaims all warranties, whether express or implied, including, but not limited to, warranties of title, non-infringement, accuracy, completeness, usefulness, merchantability, and fitness for a particular purpose. Additionally, PCM disclaims any warranties that may arise from the course of dealing or performance, or usage of trade.

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NEWS AND INFORMATION SOURCES/ USE OF AI TECHNOLOGY

PCM utilizes various information sources to include, not limited to, Wall Street Journal, CNBC, Bloomberg, Yahoo Finance, Reuters to update it’s periodical content, including but not limited to, blog, social media, and newsletters. Additionally, PCM utilizes various AI (proprietary and non-proprietary) software to extract, analyze, and summarize news and information. While we trust our news sources and technology to be reputable, resourceful, and true in nature, PCM cannot guarantee such and caution should be utilized when reading and following our informational content. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the information provided or in connection with information stated. While we do our best to vet thoroughly and provide you with information from reputable resources, not limited to: FRED, Yahoo Finance, CNBC, and company specific investor websites, unfortunately we cannot guarantee the accuracies of such and ask that you do your own due diligence when researching any finance, economics, and earnings information. Furthermore, we do not undertake an obligation to update or revise publicly any information as it changes. PCM content does not constitute financial advice and should not be adhered to when making decisions. For further questions on how we utilize technology and news sources, please contact us at mau@portafoliocapital.com.

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CONTEXT & JURISDICTION

The Site is administered and managed by PCM from the United States and is not designed to subject PCM to the laws or jurisdiction of any country or territory other than that of the United States. PCM does not assert or guarantee that the Site or any of its components are appropriate or accessible for use in any specific jurisdiction outside the United States, and only in those U.S. states and territories where PCM is registered, licensed, or exempt from registration or licensing under applicable state or federal regulations. By opting to access the Site, you do so at your own initiative and risk, and you are responsible for compliance with all local laws, rules, and regulations. We retain the right to restrict access to the Site for any individual, geographic region, or jurisdiction. PCM is exclusively seeking potential clients in jurisdictions where it is authorized to conduct business.

FURTHER HYPOTHETICAL & MODEL PORTFOLIO CONSTRUCTION DISCLOSURES & FACTS

IMPORTANT: The projections or other information generated by PCM regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Results may also vary from actual portfolio construction with our clients.

1. Nature of Hypothetical Charts and Modeling
Hypothetical charts and portfolio modeling are used for illustrative purposes only and are not intended to serve as standalone tools for making investment decisions. These models are based on historical data, assumptions, and mathematical algorithms to simulate potential performance under theoretical conditions. Performance within hypothetical models are reflected with the assumed assessed AUM fee for each portfolio. Each strategy carries its own fee schedule (please review our Form ADV Part 2 for AUM % Fee information).

2. Limitations Based on Economic Environment
The modeling has limitations based on, but not limited to, the state of the economy and other risks that may be prevalent in today's economic environment. Therefore, extreme caution should be adhered to when reviewing hypothetical modeling of our portfolios.

3. Warning Regarding Past Performance Advertising
We issue a warning to all clients considering past performance advertising, whether actual or hypothetical, to exercise utmost caution and conduct thorough due diligence. It is imperative to consider the following factors before making any investment decisions:

Market and Economic Conditions: The advertised results may be influenced significantly by prevailing market and economic conditions. Investors must carefully assess the impact of these factors on the performance figures presented.

Reinvestment of Dividends or Earnings: The extent to which the advertised results reflect the reinvestment of dividends or other earnings must be scrutinized. Failure to consider this factor may lead to misconceptions about the true performance of the investment strategy.

Risk Disclosure: Claims about potential profits should not overshadow the inherent risks associated with investing. Investors should be vigilant in ensuring that all risks, including the potential for loss, are adequately disclosed and understood.

Additional Material Facts: Any omission of material facts relevant to the performance figures can distort the overall picture. Investors are encouraged to seek clarification on any aspects of the performance data that may not be readily apparent.

Call to Action: We urge all investors to conduct their due diligence and seek professional advice before relying solely on past performance advertising as a basis for investment decisions. Remember that past performance is not indicative of future results, and each investment decision should be carefully evaluated in light of individual circumstances and objectives.

4. No Guarantees
The use of hypothetical charts and portfolio modeling does not guarantee future investment success or outcomes. Investments involve risks, and there is no assurance that any investment strategy will achieve its objectives or that actual performance will mirror hypothetical results.

5. Individualized Advice
Clients are encouraged to consult with their financial advisor before making any investment decisions. While hypothetical charts and modeling can provide valuable insights, they do not substitute for personalized investment advice tailored to individual financial goals, risk tolerance, and circumstances.

Conclusion
We are dedicated to helping our clients make informed decisions by providing clear and comprehensive information about our investment approach. If you have any questions or concerns regarding the use of hypothetical data or any other aspect of our investment process, please do not hesitate to contact Portafolio Capital Management.

IMPORTANT:

• The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. All use is subject to our Terms and Conditions.

• Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.

• Asset allocation, securities selection, and diversification strategies do not guarantee a profit or protect against a loss.

• Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.

• The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.

• Data sources included but not limited to the following:

US Equities, Mutual Funds and ETFs

· Portfolio Visualizer (www.portfoliovisualizer.com)

· Morningstar (www.morningstar.com)

· EOD Historical Data (eodhistoricaldata.com)

· CSI (www.csidata.com)

 Historical Returns on Stocks and Treasuries

·     Professor Kenneth French's Data Library (Download Data)

·     Professor Aswath Damodaran's Data Library (Download Data)

·     Professor Robert Shiller's Data Library

·     AQR Data Sets

 US Treasury Interest Rates

·     Federal Reserve Interest Rates Data

Shiller PE Ratio

·     Shiller PE Ratio Site

Exchange Rates

·     FRED Exchange Rates Data

Cryptocurrency Prices

·     Coindesk

ADDITIONAL DISCLOSURES

• The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.

• Market capitalization refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. Large cap refers to a company with a market capitalization value of more than $10 billion, mid cap refers to a company with a market capitalization value between $2 and $10 billion, and small cap refers to a company with a market capitalization value below $2 billion. For funds and portfolios, the equity market capitalization is calculated based on the long position of the equity holdings.

• Credit quality measures the ability of a bond issuer to repay a bond's interest and principal in a timely manner. Ratings agencies research the financial health of each bond issuer and assign ratings to the bonds being offered. Lower-rated bonds generally offer higher yields to compensate investors for the additional risk. AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. Bonds rated AAA to AA are known as high-grade bonds, bonds rated A to BBB are known as medium-grade bonds, and bonds rated BB to C are known as non-investment grade bonds. An issuer will receive a rating of D if it is already in default on some of its debt. For funds and portfolios the fixed income credit quality break-down is calculated based on the long position of the fixed income holdings.

• A fixed income maturity date refers to the specific date on which the investor's principal will be repaid. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. If a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price will decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price will increase by approximately 5%. A fixed income portfolio's duration is computed as the weighted average of individual bond durations held in the portfolio.

• Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.

• The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.

• The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.

• Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.

• Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.

• Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.

• Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.

• Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.

• Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.

• Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.

• Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.

• Correlation measures to what degree the returns of the two assets move in relation to each other. Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much. Asset correlations are calculated based on monthly returns.

• Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.

• Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.

• A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.

• Value at Risk (VaR) measures the scale of loss at a given confidence level. For example, if the 95% confidence one-month VaR is 3%, there is 95% confidence that over the next month the portfolio will not lose more than 3%. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.

• Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.

• Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.

• Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as an annualized value, i.e., annualized investment return minus annualized benchmark return.

• Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as an annualized value based on the standard deviation of monthly active returns.

• Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.

• Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.

• Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.

• All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.

• Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.

• Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.

• The results assume annual rebalancing of portfolio assets to match the specified allocation.