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OUTLOOK 2015
November 3
D+W Sector
Rotation
John
Worthington
Dauble+Worthington
Equity Portfolios
High Yield Plus Paul
Cunningham
Signal Research
Group, LLC
4csns2.0 Stanley
Linsenbardt
Four Seasons Capital
Growth
NDX Trading Mark Pankin MDP Associates, LLC
Dynamic Allocation Model
Andre Lister Signaline
Investments LLC
KKM Enhanced U.S.
Equity Fund
Jeff Kilburg KKM Financial
Why Sector Rotation?
Causes of Price Movement
31%
20%
49%
Sector Company Market
Typical Resource Allocation
10%
80%
10%
Sector Company Market
Source: Investor's Business Daily, "Check Out Industry Rankings Before You Purchase a Stock" by Nancy Gondo
This University of Chicago study published in Investor's Business Daily suggests the true cause of stock movement.
Sector Rotation Goals• Identify outperforming sectors of the market
• Add diversification to existing portfolios and lower market correlation
• Avoid generational losses
*All data presented on this page reflect only completed (hypothetical and real) trades from 12/31/2001 through 6/30/15. Please see our complete tear sheet for more details and disclosures at www.dwequity.com.
Sector Rotation Rules• Investment universe: ProFunds 19 sector
funds, in addition to cash. • At any given time, the portfolio may invest in
up to 5 sectors.
• Relative strength measures are used to determine the strongest sectors on an intermediate term basis (average trade lasts about 5.57 months).
• All sectors to be included in the model must also be outperforming cash and the S&P 500.
• During periods of market decline, (money market favored over S&P 500 long term) model will move 100% to cash.
*The Sector Rotation has been back tested to 12/31/2001. The backtested portfolio began 12/31/2001. Actual money traded began 1/31/2010. Please see our complete tear sheet for more details and disclosures at www.dwequity.com.
Long or cash?Since 12/31/2001 our long-term market trend indicator has experienced two long periods and two cash periods:
Date Range S&P 500 performance
D+W Sector Rotation
12/31/2001-6/4/2003 downtrend (cash) -13.76% -4.42%
6/5/2003-7/2/2008 uptrend (long) 27.41% 166.01%
7/3/2008-3/26/2009 downtrend (cash) -34.05% -1.49%
3/27/2009-9/30/15 (long)130.53% 152.89%
D+W Sector Rotation performance vs. S&P 500 Total Return Index* through 9/30/15
*The D+W Sector Rotation has been backtested to 12/31/2001. The backtested portfolio began 12/31/2001. Actual money traded began 1/31/2010. Please see our complete tear
sheet for more details and disclosures at www.dwequity.com.
D+W Sector Rotation
S&P 500 TR
Growth of $1,000*
D+W Sector Rotation: Compound ROR: 14.37%
Annualized Standard Deviation: 21.05%
S&P 500 Total Return: Compound ROR: 5.92%
Annualized Standard Deviation: 14.60%
Benefits of D+W Sector Rotation• Proven 5+ year real track
record
• Independently verified performance (Theta Research)
• 100% mechanically driven following technical signals
• No shorting, infrequent trading, 1.5x leverage
• Efficient trading using ProFunds UltraSector Funds
• Transparent performance updated daily via our website
• Easy for clients to understand and believe
How to partner with Dauble+Worthington• Model traded at Trust Company of America (Money Managers X-Change
(MMX)) and ProFunds through solicitation agreement
• Custom branded tear sheets to match your firms’ look and feel
• Competitive payout to solicitor
• Signals also available through lease agreement
Contact info:
Jon A. Dauble - [email protected]
John A. Worthington - [email protected]
3116 E. Morgan Ave., Ste. A.
Evansville, IN 47711
812-401-8700 dwequity.com
Please visit our website for more information and important disclosures. https://www.dwequity.com
Live trading began in December of 2014.
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
GROWTH OF $100,000
SRG HY PLUS
SRG HY
Lipper HY
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
Jan
-20
04
Jan
-20
05
Jan
-20
06
Jan
-20
07
Jan
-20
08
Jan
-20
09
Jan
-20
10
Jan
-20
11
Jan
-20
12
Jan
-20
13
Jan
-20
14
Jan
-20
15
UNDERWATER GRAPH – HY PLUS
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
Jan
-20
04
Jan
-20
05
Jan
-20
06
Jan
-20
07
Jan
-20
08
Jan
-20
09
Jan
-20
10
Jan
-20
11
Jan
-20
12
Jan
-20
13
Jan
-20
14
Jan
-20
15
UNDERWATER GRAPH - HY
1/2004 to
10/2015
Annualiz
ed Return
Standar
d
Deviatio
n
Max
Drawdow
n
# Up
Months
# Down
Months
Sharp
e Alpha Beta
SRG HY
PLUS 17.05% 7.68% -3.15% 115 26 2.09
15.98
% 0.18
SRG HY 9.23% 6.10% -6.73% 99 42 1.48
6.01
% 0.53
Lipper HY 6.06% 9.15% -33.16% 99 42 0.69
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BREAKDOWN OF RETURNS
HY Bond
Long Gov't Bond
Inverse Gov't Bond
SRG HY PLUS
Lipper HY
S&P 500
SRG HY
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0% 5% 10% 15%
Re
turn
Volatility/Standard Deviation
SCATTERPLOT OF RISK/RETURN Jan-2004 to Oct-2015
About Back-Tested Returns. Hypothetical or simulated performance results have certain limitations. Unlike an actual performance
record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results shown may
have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading
programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being
made that any account will or is likely to achieve profits or losses similar to those shown above. Live trading began in December of
2014.
Returns from the model are net of a 1.60% annual advisory fee. However, there could be additional transaction fees that have not
been included in the report. Performance results reflect all dividends, capital gains, and interest being reinvested. Performance
results were generated by applying the model's buy/sell signals to the Lipper High Yield Index, the Rydex Long Gov't Bond Fund
(RYADX), and the Rydex Inverse Long Gov't Bond Fund (RYJUX). Therefore, actual client account performance varied from this
report as investors cannot directly invest in an index. Model results are NOT BANK GUARANTEED, NOT FDIC INSUREDAND MAY
LOSE MONEY. Past performance is not an indication of future results.
The advisory fee paid is separate and distinct from the internal fees and expenses charged by mutual funds to their shareholders.
These fees and expenses are described in each fund's prospectus, and will generally include a management fee, internal
investment, custodial, and other expenses, and a possible distribution fee. Prospective clients should consider all of these fees and
charges when deciding whether to invest in the program. Performance results do not reflect the impact of taxes. Client accounts
may engage in a significant amount of trading. Gains and losses will generally be short-term in nature; consequently, this program
will likely not be suitable for clients seeking tax efficiency. A variable annuity can be used to provide a tax-deferred investment
vehicle.
This strategy may be offered within a variable annuity. Variable annuities and mutual funds are sold only by prospectus Please
carefully consider the product's features, risk, charges and expenses, and investment objectives, risks and policies of the underlying
portfolios, as well as other information about underlying fund options, before investing. The prospectus, which contains this and
other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus
carefully before deciding whether to invest.
The Standard & Poor's 500 Total Return Index (S&P 500TR) is a capitalization-weighted index of 500 stocks with dividends
reinvested. The index is designed to measure performance of the broad domestic economy through changes in the aggregate
market value of 500 stocks representing all major industries. The Lipper High Yield Bond Index provides a measure of the
performance of 30 of the largest high yield bond mutual funds. Securities are classified as high-yield if the middle rating of
Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The historical performance results of the S&P 500TR Index and the Lipper High
Yield Bond Index do not reflect the deduction of transaction or custodial charges, nor the deduction of an advisory fee, which
would decrease historical performance results. Investors cannot invest directly in the S&P 500TR Index or the Lipper High Yield
Bond Index. Performance of the S&P 500TR Index and the Lipper High Yield Bond Index is provided solely for purposes of
comparison, to assist prospective clients in determining whether this strategy is generally suitable for their account. The use of the
S&P 500TR Index and the Lipper High Yield should not be construed as their endorsement of our management services.
DISCLOSURES
4CSNS2.0 2X S&P LONG/ SHORT/ CASH
S&P 500 (BENCHMARK)
ANNUALIZED YIELD 30% 10%
MAX DRAW DOWN -23% -12%
SHARPE RATIO 1.4
TIME IN MARKET 70% 100%
MONTHS TRADED 25.5 25.5
AS OF 10/15/2015
4CSNS2.0 2X S&P 500 LONG/ SHORT/ CASH
4CSNS2.0 1X S&P 500 LONG/ CASH
ANNUALIZED YIELD 30% 14%
MAX DRAW DOWN -23% -9%
SHARPE RATIO 1.4 1.6
TIME IN MARKET 70% 45%
MONTHS TRADED 25.5 25.5
AS OF 10/15/2015
4CSNS2.0 1X S&P 500
LONG/ CASH
BOND FUND 1.2X
LONG/ CASH
50/50 COMBINATION
ANNUALIZED YIELD
14% 29% 21%
MAX DRAW DOWN
-9% -5% -4%
SHARPE RATIO 1.6 2.7 3.7
TIME IN MARKET
45% 39%
MONTHS TRADED
25.5 25.5 25.5
AS OF 10/15/2015
FOUR SEASONS CAPITAL GROWTH “Worth the Risk”
STAN LINSENBARDT
WWW.4CSNS.COM
Mark Pankin
Ph. D. in Math, U. of Illinois, Chicago
Marshall U., Huntington, WV – Math Prof.
Mathtech Inc., No. VA – Ops. Research
RIA since 1994 (Sector funds, TAA)
SAAFTI/NAAIM member since 1996
Avid bicyclist
Webmaster of retrosheet.org
NDX Trading
Method used since September 2002
QQQ in TAA accounts (about 25%)
RYOCX in Rydex accounts:
Personal account
NAAIM account (since 6/2014)
Trading Method’s Logic
Small caps attract the most speculative and “nervous” money
Likely to trend up after larger caps
Trend likely to end sooner
Actions of Russell 2000 useful for trading Nasdaq 100
Basic Trading Model
Trend analysis of Russell 2000
Confirmation by Nasdaq total volume and up and down volumes
• MDP started trading it in Sept. 2002
• Developed by FastTrack community (Werner Ganz) in 2000
• Original parameters still used
Add “Spice” to Basic Model
Move partially or fully to 2-beta fund
After trade has moved up 8-10%
Take advantage of strong NDX gains
Get out for small profit if trend ends soon
Possible during basic model sell signal
Seasonal trades in a sector fund
Bounce from “oversold”
How well has it worked?
Compare MDP = Trading in Rydex personal account
RYOCX = Rydex fund tracks Nasdaq 100
VFINX = Vanguard Index 500 fund
We will see Equity curves
Comparison of annual returns
Comparison of annual drawdowns
Summary data for 2002-Q4 to 2015-Q3
Performance of NAAIM account
Percent Changes since 9/02
Sep-
02
Mar-
03
Sep-
03
Mar-
04
Sep-
04
Mar-
05
Sep-
05
Mar-
06
Sep-
06
Mar-
07
Sep-
07
Mar-
08
Sep-
08
Mar-
09
Sep-
09
Mar-
10
Sep-
10
Mar-
11
Sep-
11
Mar-
12
Sep-
12
Mar-
13
Sep-
13
Mar-
14
Sep-
14
Mar-
15
Sep-
15
400%
300%
200%
100%
RYOCX
VFINX
MDP
Maximum
Drawdowns:
MDP -- 16.6%
RYOCX -- 53.7%
VFINX -- 55.3%
Annual Returns
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
MDP
RYOCX
VFINX
Annual Drawdowns
-60%
-50%
-40%
-30%
-20%
-10%
0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
MDP
RYOCX
VFINX
Summary Data (13 years)
MDP RYOCX VFINX
CAGR (2002-Q4 to 2015-Q3): 8.63% 12.71% 8.88%
Exposure: 40.8% 100.0% 100.0%
Maximum Drawdown: -16.6% -53.7% -55.3%
Date of Max DD: 3/30/09 11/20/08 3/9/09
Standard Deviation*: 11.02% 18.46% 14.11%
Negative Deviation*: 5.85% 11.62% 9.51%
Ulcer Index (daily returns): 4.48% 9.28% 8.86%
Sharpe Ratio: 0.66 0.61 0.53
Calmar Ratio: 0.52 0.24 0.16
* based on monthly returns and annualized
Past performance is no guarantee of future returns
NAAIM Account Returns
MDP* RYOCX RYSPX
2014-Q3 -0.29% 5.20% 0.71%
2014-Q4 3.77% 4.48% 4.35%
2015-Q1 -1.29% 2.42% 0.66%
2015-Q2 7.99% 1.46% -0.07%
2015-Q3 2.76% -4.85% -6.86%
Total 13.34% 8.67% -1.56%
Annualized 10.54% 6.88% -1.25%
* includes MDP management fee, 50% of normal
Past performance is no guarantee of future returns
Contact Information
Mark Pankin
MDP Associates LLC
1018 N. Cleveland St.
Arlington, VA 22201
www.pankin.com
Signaline
Investments The Dynamic Allocation Model Presented by Andre N. Lister and John M. Davis
For Financial Professional or Institutional Use Only. Not For Public Distribution.
In search of low
correlation and strong
diversification….
Holistic / Diversified Portfolio
Gold
Fixed Income
Equities
The strategy consists of three components: Equities; Fixed Income; and Gold.
Each component is managed individually and combined to create a holistic portfolio.
Strategy can be used as a core or satellite.
Momentum strategy that seeks to identify the strengths and weaknesses of 6 different ETFs.
Primarily a long strategy, inverse ETFs are used to increase returns in down markets.
No leverage used.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Low Expenses to
Maximize Value Investment Universe and Expense Ratios
VTI – Vanguard Total Stock Market Index ETF (.05%)
SH – ProShares Short S&P500 ETF (.89%)
JNK – SPDR Barclays High Yield Bond ETF (.40%)
TLT – iShares 20+ Year Treasury Bond ETF (.15%)
GLD – SPDR Gold Shares ETF (.40%)
DGZ – DB Gold Short ETN (.75%)
Low cost structure to benefit both investors and financial professionals.
Signaline Investments Management Fee: 45bps
Maximum Expense*: 134bps
Minimum Expense*: 50bps
For Financial Professional or Institutional Use Only. Not For Public Distribution.
* Not Including Trading
Costs
Opportunities In Every
Direction Equities
VTI
SH
Fixed Income
JNK
TLT
Gold
GLD
DGZ
Maximum of three securities held at one time; one from each of the three asset classes.
Equities and Gold can be long, short, or cash.
Fixed Income uses a unique set of indicators to trade between JNK, TLT, or CASH.
Momentum strategy using a defined set of rules to control buys and sells.
Non-emotional trades.
Moving averages and envelopes used to determine entry and exit points for each trade.
Core Value: Winning by not losing.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Two Factors: Micro and Macro
The Micro Indicators
• Micro Indicators control the basic buy and sell of each security.
• Micro Indicators trump Macro Indicators.
• Each security is measured by its own distinct set of indicators and buy/sell rules.
• Long-security indicators trump short-security indicators.
The Macro Indicators
o Macro Indicators control the allocation between held securities.
o Increased Allocation is controlled by the “Golden Cross”.
o Decreased Allocation is controlled by the “Death Cross”.
o Where an Increased Allocation is relative, a Decreased Allocation is a set 10%.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Macro Indicator: The “Death Cross” and the “Golden Cross”
The purpose of using a decreased allocation is to help reduce unwanted volatility in the portfolio, even when the Micro Indicator has a BUY on the security.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Allocation Controlled By The
Macro Indicators
There are 27 possible portfolio allocations, including ALL CASH.
When all positions have an Increased Allocation Indicator, allocation is split evenly. A Decreased Allocation Indicator sets the given security at 10% and all other securities are allocated to evenly.
The model operates a “low-cash” system. When a position is reduced, cash generated is re-allocated evenly to positions with an Increased Allocation.
Example: An Increased Allocation on VTI, Decreased Allocation on TLT, and Increased Allocation on DGZ would result in a portfolio mix of VTI (44%), TLT (10%), DGZ (44%), and CASH (2%).
The portfolio generally holds about 2% in CASH.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Back-Tested Results Used As A
Confidence Indicator
For Financial Professional or Institutional Use Only. Not For Public Distribution.
Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the
performance of any investment.
Back-Tested Portfolio Metrics
For Financial Professional or Institutional Use Only. Not For Public Distribution.
2015 Model Performance Through 3rd Qtr: -3.75% (Net of
2% Annual Fee) 2015 S&P500 TR Performance Through 3rd
Qtr: -5.29%
Contact Information and
Disclaimers
Signaline Investments
Portfolio Managers:
André N. Lister – [email protected]
John M. Davis – [email protected]
Phone: 844-654-6365
Available through the Envestnet/Placemark and UMA
Marketplace Platforms.
Available on the broader Envestnet Platform in 2016.
Investment advice and financial planning offered through Financial Advocates Investment
Management, DBA Signaline Investments, a registered investment advisor.
For Financial Professional or Institutional Use Only. Not For Public Distribution.
This presentation has been prepared to provide you with general information only. Information provided does not constitute any investment recommendation. Before making an investment decision, you need to consider whether this information is appropriate to
your objectives, financial situation, and needs.
For back-tested results, an annual wrap fee of 2% was included to simulate potential fees, expenses, sales
charges, and trading costs. Actual fees and expenses could be higher or lower than the 2%. Prices used in calculating back-tested returns in the model may be
different from actual executed trade prices. Back-tested trades were generally priced using the published
VWAP for that security on that day. Actual trade data is used in the model from 06/18/2014 forward.
The performance of, or any particular repayment of capital on any investment is not guaranteed. Past investment performance is not indicative of future
results. The value of investments and the income from them can fall as well as rise and are not guaranteed. You may not get back the amount of your original
investment.
We reserve the right at any time to change, amend, or cease this investment program.
KKM Enhanced U.S. Equity Fund
2015 Q4
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
KKMAX KKMIX
Research provided by
53 kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
CONFIDENTIAL USE This Presentation and any other information provided to the recipient by KKM Financial, LLC (“KKM”) is confidential and is intended for use only by the persons or entity to which it was furnished. This Presentation may not be distributed, reproduced or used without the express consent of KKM. This material has been prepared by KKM for informational purposes only. DISCLAIMER This document does not constitute an offer to sell or the solicitation of an offer to buy any security or investment product and should not be construed as such. The investment strategies presented may not be suitable for all types of clients. All investing involves risk including the possible loss of all amounts invested. Prospective clients should not rely solely on this Presentation in making a decision as to whether to retain KKM and should make an independent review of all available facts and information regarding KKM, including the economic benefits and risks of pursuing the strategies mentioned.
Research provided by
54
KKM Enhanced U.S. Equity Fund
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
In today's market environment, downside protection continues to be a primary focus for investors. The challenge, however, is to both generate positive returns and reduce downside risk. The KKM Enhanced U.S. Equity Fund seeks to be a solution to this challenge. The KKM Enhanced U.S. Equity Fund offers investors the ability to strategically invest in a broadly diversified portfolio of U.S. stocks through ETFs (Exchange Traded Funds) with the enhanced diversification of an optimized volatility hedge (“The Umbrella”) that includes embedded daily tail-risk protection. Our approach is simple – quantitatively select superior sectors inside of the 10 sectors that comprise the U.S. stock market and then dynamically allocate to volatility based upon methodology that utilizes historical and forward-looking market volatility trends.
The fund seeks to deliver comparable returns, before fees and expenses, of the CBOE VIX Tail Hedge IndexSM (VXTHSM)
80% U.S. Sector Selection + 20% “The Umbrella”
Research provided by
55
Portfolio Overview
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
Objective – To outperform the S&P 500 Index with smaller draw downs by investing in a diversified basket of sector and volatility ETFs.
”The Umbrella” 20%
U.S. Sectors, 80%
U.S. Sectors
1. Identify Sectors Analyze 3 month, 6 month and 12 month trends in job
creation, GDP and profitability Determine the 5 sectors or sub-sectors showing
growth opportunities Concentration strives to generate best opportunity for
alpha
2. Select ETFs Current opportunity set includes 10 sectors and more
than 20 sub-sector ETFs Allocation based on ETF fundamentals
“The Umbrella”
1. Determine market behavior Is this a growth environment or contraction? Is the market moving sideways? Do we need protection from exogenous events, or tail
risk?
2. Select ETFs Aim to capture alpha in bull markets and protect
principle in bear markets Current opportunity set of 10 ETFs is available
3. Hedge Tail Risk
A defined allocation to VIX call options ensures the portfolio is always net long volatility and hedged against tail risk events.
Research provided by
56
Sector Selection
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
Optimization
Price/earnings, price/book value, price/sales, yield, ROE, concentration
Allocation
Diversification by sector, security and geography, market capitalization
Product Selection
Expense ratio, AUM, trading volume, premium/discount, ETP structure, tax optimization
ETF Ownership Influence
Compare ETF penetration to overall market weighting
Output from Leading Indicators
Job creation, GDP impact, and profit realization in each sector
Objective: Identify 5 U.S. sectors or sub-sectors that have the opportunity to grow faster than the S&P 500 index.
Research provided by
57
The Umbrella
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
Objective – To profit from structural inefficiencies among volatility ETFs and provide downside protection
to the overall portfolio.
Long Volatility Tail Risk Hedge
“The Umbrella” Positions
Tail Risk Hedge
Macro Economic
Regime
Volatility Term
Structure Ingredients: 1. Macro Economic Regime:
Expansion or contraction? 2. Volatility Term Structure:
Contango or backwardation? 3. Tail Risk Hedge:
Always remain tail-risk hedged
Implied Volatility
Harvesting Market Neutral
Long Realized Volatility
Tail Hedged
Tail Risk Event
Research provided by
58
Portfolio Manager
kkmfinancial.com | 312.448.7230 | 141 W. Jackson Blvd. Suite 1711, Chicago, IL 60604
Research Providers
Michael J. Venuto is Co-Founder and Chief Investment Officer of Toroso Investments, LLC. He has over 16 years experience in the asset management business. Michael oversees asset allocation and security selection for both Toroso’s 401k and SMA business. He is also the lead portfolio manager for the the Toroso Newfound Tactical Allocation Fund. His most recent position was Head of Investments at Global X Funds where Michael provided portfolio optimization services to institutional clients. Previously he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy, client and strategic initiatives. As Director of the Private Client Group, Michael managed the financial advisory team, client service group and marketing strategy for $1.6 billion in client accounts. Michael also served on Horizon’s Investment Committee where he helped implement the firm’s “Core Value” portfolio, as well as portfolio customization strategies on behalf of high net worth individuals. Additionally, he developed and implemented a fixed income portfolio utilizing exchange traded products. Michael was also instrumental in the establishment of multiple strategic investments and partnerships related to ETFs, Exchanges and Indexation. In 2014, Michael was chosen as one the ETF.COM All Stars for his research and is often quoted as an ETF expert in publications such as Reuters and Barron's.
Scott D. Martin is Chief Market Strategist of United Advisors, a diversified financial services company and CEO of Accent Asset Management. He is frequently featured on radio and television; and he is a contributor to and commentator on Fox Business Network. Prior to joining United Advisors, Mr. Martin was Managing Director at Astor Asset Management where he supervised new advisory relationships for the company and oversaw significant growth in the firm’s assets under management during his tenure. Mr. Martin also served on Astor’s portfolio management team beginning in 2004 and was co-portfolio manager on all of Astor’s ETF-based separate account programs as well as Astor’s mutual fund, which was launched in 2009. At the company, he authored the weekly “Astor Long/Short Balanced Update” newsletter, which received the NAAIM President’s Award for excellence in financial newsletter writing. A recognized graduate from Denison University, Mr. Martin completed a double major in Economics and French, and spent months abroad studying the introduction of the Euro currency and its impact on European markets. Mr. Martin began his career in the financial industry with TD Waterhouse Investment Services Corporation, concentrating on portfolio services for high net worth clients at the firm. A frequent speaker and lecturer, Mr. Martin has been featured in print and broadcast media such as The Wall Street Journal, Investor’s Business Daily, Bloomberg, and CNBC. He is currently a contributor to Fox Business Network and is a former columnist with TheStreet.com.
Jeff Kilburg started his career at the Chicago Board Options Exchange (CBOE). After learning equity options from Mercury Founders Jon and Pete Najarian, Mr. Kilburg was offered an opportunity in the Chicago Board of Trade (CBOT) bond option pit. He had the opportunity to learn from a team of veteran traders with one of the premier firms, Ritchie Capital Markets Group at the CBOT. There he was first introduced to volatility. After gaining a footing in the fixed income option, Mr. Kilburg gravitated to the bond futures pits. Subsequently, he joined a specialist group in the thirty-year pit, JLS Group. The thirty-year pit in the 1990s was a riveting opportunity and became his starting point in futures. Mr. Kilburg is regarded as one of the industry’s premier futures traders and is a member of the Futures Now team on CNBC. In early 1999, he decided to launch a floor operation of his own. He went on to become one of the larger market makers in the ten-year note pit. With the ability to trade the entire Treasury curve, Mr. Kilburg obtained vast experience in understanding risk management. His deep understanding of the Treasury curve has proven applicable for various futures markets and truly helps separate Mr. Kilburg from his peers. Risk management was imperative as he transitioned his floor operations into a registered investment advisory firm in 2012. KKM Financial is a liquid alternative investment firm. Mr. Kilburg gained national recognition in 2012 when he called, on CNBC, for the ten-year to fall to historic lows (under 1.5%). Since then, Mr. Kilburg has had an exclusive contract as a CNBC contributor and is on air regularly. He is also the recipient of a four-year football scholarship (under Lou Holtz) and a graduate of the University of Notre Dame.