FEG

Fund Evaluation Group, LLC, doing business as FEG Investment Advisors, (“FEG” or the “Firm”) provides discretionary and non-discretionary investment advisory services, focusing predominately on institutional clients. Since our founding in 1988, we have partnered with institutional investors to develop sophisticated, globally diverse portfolios designed with a goal to enhance investment returns. Our mission is to empower our clients to achieve their goals by striving for superior investment performance, objective insights, and research. FEG is headquartered in Cincinnati, OH and has satellite offices Indianapolis, IN and Dallas, TX. As of December 31, 2024, FEG has approximately 130 employees and approximately $91 billion in assets under advisement. Regulatory assets under management (RAUM) of $20.6 billion are comprised of $13.6 billion in discretionary RAUM and $7 billion in non-discretionary RAUM.

FEG’s client base includes a wide set of institutions, including nonprofits, retirement plans, insurance companies and financial advisers. FEG’s parent, Fund Evaluation Group 2017, Inc. is owned by Fund Evaluation Group Employee Stock Ownership Trust (“FEG Trust”), a voting trust administered by Argent Trust Company as trustee. The FEG Trust is owned by Fund Evaluation Group Employee Stock Ownership Plan (“FEG ESOP”), an employee stock ownership plan that is 100% owned by eligible employees of FEG.

The spectrum of services offered by FEG is generally classified into two categories: discretionary and non-discretionary. In forming the basis for its investment advisory services, FEG carefully reviews each client’s individual investment needs and objectives to determine which services or products are most suitable for the client. In some cases, a combination of FEG’s services and products, including affiliated proprietary funds, will be recommended or utilized to fulfill the client’s needs. Non-discretionary investment services are based upon the recommendations of each individual FEG Advisor. Recommendations can vary depending on each FEG Advisor and their specific area of expertise and individual subjective judgment. Although the goal of all recommendations or investment management by FEG is to increase investment performance and reduce risk, no guarantees can be made. All investors should be aware that past performance is no guarantee of future results. FEG Advisor’s compensation is based upon the fee charged by FEG for services provided. FEG provides ongoing investment services to its clients through the following service lines:

FEG Consulting

FEG’s investment consulting service provides oversight of investment portfolios on a non-discretionary basis and generally includes the following:

Investment Policy Statement: FEG will modify or draft a policy that specifies the client’s goals and objectives, as well as the asset allocation targets and ranges, the performance and risk benchmarks, manager guidelines and restrictions, how the managers will be evaluated, and concludes with an acknowledgement section where all fiduciaries attest to these policies. FEG will review the Investment Policy Statement annually and recommend updates as appropriate.

• Asset Allocation Study: Based on the client’s return objectives and risk tolerance, FEG will assist the client in developing the appropriate asset mix. The study includes but is not limited to FEG’s capital market assumptions, volatility of the asset categories, as well as correlations. FEG will review the asset allocation annually.
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• Performance Reports: FEG will provide quarterly performance reports that track the progress of the client’s account and the individual managers versus the objectives and benchmarks outlined in the Investment Policy Statement.
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• Manager Searches: FEG will assist the client in selecting new managers, when needed, and provide on-going monitoring and evaluation of existing managers. FEG’s research staff generally conducts quarterly calls with applicable managers. When a manager is terminated, or the client decides to add a new mandate, FEG will conduct a manager search. This includes reviewing several managers and their organizational structure, track record, personnel, and fees (among other things) and summarizing the results to assist the client in selecting the appropriate manager.
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• Alternative Investments: Following the processes outlined in the “Manager Searches” section above, FEG will recommend alternative investment managers that meet the client’s needs, including direct partnerships and fund of funds. FEG will also provide on-going review (e.g., quarterly conference calls) of applicable managers and recommendations of new managers.
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• Educational Material: Each quarter FEG will provide a research narrative on a specific topic that will assist the client in making well-informed decisions. FEG will also conduct research on topics at the client’s request. These research studies are designed to open discussion on relevant investment topics, and to position the portfolio for future success.
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Consulting Supplemental Services

• Delegated Investing Services: FEG will provide operational support for back office administrative tasks of clients while maintaining a non-discretionary relationship on the majority of the portfolio. Under this service model, clients are able to allocate less than 50% of their portfolio to FEG’s affiliated discretionary funds. With authorization from the client, FEG will implement client approved investment decisions with custodians and managers. This service may also include Subscription Agreement services as outlined below. All arrangements under this service will require written approval from the client.
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• Consulting Implementation Services: FEG will provide operational support for the back office administrative tasks of clients while maintaining a non-discretionary relationship. Upon authorization from the client, FEG will implement client approved investment decisions with custodians and managers. FEG will not purchase or sell securities for the client’s account unless instructed in writing by the client. Following approval, FEG will prepare pertinent information and execute the transaction(s).
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• Subscription Agreements: FEG provides subscription agreement services. FEG will collect and complete subscription agreements for funding new investments and liquidating existing investments, and forward documents to the client for their review and signature before processing. FEG also tracks the document flow and monitors the custodian’s receipt and disbursement of payments.

FEG is able to customize the consulting services described above in order to meet the unique needs of our clients. Customized services are mutually agreed upon by FEG and the client in the advisory agreement.

FEG Outsourced Chief Investment Officer (OCIO)

FEG OCIO is a discretionary investment program offered by FEG and is managed by FEG’s Portfolio Management team. For certain OCIO clients, their individual FEG Advisor may have final authority for managing the investments in accordance with the client’s Investment Policy Statement. FEG OCIO is designed mostly for taxable and tax-exempt institutions on a separate account basis. This service integrates similar components to those offered through FEG Consulting, but because of its discretionary nature, FEG implements and manages client portfolios on an ongoing basis within the asset allocation guidelines adopted by the client in the Investment Policy Statement. Portfolio construction is generally comprised of a diversified portfolio of index funds, mutual funds, exchange traded funds, commingled fund products and separately managed accounts. Clients selecting FEG OCIO receive a quarterly investment report incorporating performance measurement of the investments in accordance with the client’s investment objectives.

FEG Managed Portfolios

FEG Managed Portfolios is a discretionary investment program which offers model portfolios to third parties who serve as financial intermediaries and/or platform providers to individual clients. FEG’s Portfolio Management team is responsible for the management of the models. The model portfolios are geared towards individual investors that seek to add value through dynamic asset allocation and manager research. Portfolio construction is generally comprised of a diversified mix of index funds, mutual funds and exchange traded funds.

FEG Research Services

FEG leverages its research provided to institutional clients by providing research services to financial institutions. FEG Research Services provides capital markets research such as capital market assumptions, asset allocation recommendations, recommended managers list, client-directed manager due diligence and other research-oriented solutions customizable to the needs of the client. Clients also have the opportunity to co-brand or white-label educational publications.

Other Services

FEG has the ability to utilize the technology platforms of third parties to support performance reporting, fee calculation and billing. A portion of FEG’s own discretionary clients may pay a fee for this service.

In establishing client accounts, FEG will discuss with clients how to tailor services to their particular investment objectives, financial needs and risk tolerance. Clients may impose restrictions on investing in certain securities, types of securities and industry sectors. These restrictions are set forth in the client’s Investment Policy Statement or advisory contract. Based on the particular investment objectives and certain client needs, FEG may allocate a portion of the client’s portfolio to a sub-adviser. The sub-adviser will manage that portion of client assets based on the client’s investment strategy and objectives. However, FEG will be responsible for the assignment, oversight and monitoring of these sub-advisers.