VL Capital Management 
Systematic U.S. Equity Strategy  

The VL Capital Systematic U.S. Equity Strategy is the firm’s primary investment offering and seeks to maximize return relative to risk assumed. The strategy takes long positions in U.S. equities based on a combination of quantitative and fundamental value indicators programmed into VL Capital’s proprietary algorithm. The Systematic U.S. Equity Strategy is rebalanced at regular intervals throughout the year and maintains a low level of position turnover.
VL Capital also incorporates a macroeconomic overlay into all of its investment strategies to help mitigate systematic risk. The VL Capital Recession Risk Index is the firm’s proprietary, multi-factor macroeconomic model that analyzes the probability of a recession occurring in the U.S. on a monthly basis.

Key Information

Inception Date 04 March 2013
Return Since Inception1 124.22%
Benchmark Index S&P 500® Index
Management Fee 1.00% Annual
Manager VL Capital Management
Account Structure Separately Managed
Custodian Interactive Brokers
Return Since Inception

Annual Returns

Monthly Returns (%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018 3.63 -4.05 -0.13 -0.69
2017 2.07 1.24 0.11 2.10 0.13 2.56 -0.85 -8.53 5.80 -3.06 2.15 4.44 7.63
2016 -5.90 2.47 7.93 1.10 -3.97 -2.75 7.40 0.14 -0.91 -4.27 11.00 5.14 16.98
2015 -1.25 7.95 2.29 -1.35 7.06 1.27 -0.94 -6.14 -3.37 4.87 3.16 -5.22 7.44
2014 -1.31 8.63 3.02 -1.96 -0.44 0.80 -2.98 5.64 -4.24 2.42 -0.06 0.96 10.20
2013 5.55 4.35 7.71 1.77 9.63 -5.21 9.13 3.77 3.27 3.23 51.46
Top 5 Positions by Weight

Company Symbol Sector
Micron Technology MU Information Technology
Western Digital WDC Information Technology
MCBC Holdings MCFT Consumer Discretionary
HP Inc. HPQ Information Technology
Bojangles Inc. BOJA Consumer Discretionary

Sector Allocation

1. Returns provided net of management fees. Inception date of Systematic U.S. Equity Strategy is March 4, 2013.
2. The information presented herein is for informational purposes only about VL Capital Management’s investment strategies and is not intended as a solicitation to invest. The examples and tables are meant solely to illustrate strategies employed by VL Capital Management LLC. Results should under no circumstances be taken as an expectation of similar profits or returns in the future. Past performance is not necessarily an indication of future returns. Inclusion of index information is not intended to suggest that its performance is equivalent or similar to that of the historical investments whose returns are presented or that investment with our firm is an absolute alternative to investments in the index (if such investment were possible). Investors should be aware that the referenced benchmark funds may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark funds’ ultimate performance results. Therefore, an investor’s individual results may vary significantly from the benchmark’s performance.