What a baseline report looks like.
Before we change anything in an existing portfolio, the fiduciary gets this. It is the document that makes every later decision reviewable.
Every figure on this page is hypothetical.
This is an illustration of the report’s format, built on a composite example account. It is not a client account, not a record of any account’s performance, and not a projection of results you should expect. Hypothetical figures have inherent limitations: they are prepared with the benefit of hindsight, they do not reflect the effect of real trading or of distributions taken at inconvenient moments, and no account is likely to match them.
The assumptions behind each number are set out at the foot of this page. Court Investment Services is a state-registered investment adviser (CRD #290935); our Form ADV brochures are available on the disclosures page.
The account at a glance
Irrevocable trust, income beneficiary aged 71. 14 positions.
Realistic six-month range
Over six months this portfolio could reasonably fall about $84,000 (-6.7%) or rise about $121,000 (+9.7%). That is a range, not a limit: a worse outcome is possible.
- Sustainable monthly draw
- $6,200
- Weighted annual fund costs
- 0.11%
- Positions held
- 14
Every holding, and why it is there
The real report names each fund and its selection criteria. Here the sleeves are shown by asset class, because naming a security in a public illustration would read as a recommendation.
| Sleeve | Weight | Cost | Role in the portfolio |
|---|---|---|---|
| US large cap equity | 32% | 0.03% | Core growth |
| US small and mid cap equity | 8% | 0.05% | Growth, diversification |
| International developed equity | 14% | 0.07% | Geographic diversification |
| Emerging market equity | 4% | 0.11% | Growth, low correlation |
| Short-duration US Treasuries | 18% | 0.05% | Income, rate protection |
| US aggregate bonds | 12% | 0.04% | Income, ballast |
| Inflation-protected securities | 6% | 0.05% | Purchasing power |
| Cash and equivalents | 6% | — | Near-term distributions |
What it is tested against
The allocation is run through historical periods that punished portfolios in different ways, so the fiduciary can see which risks this mix is actually exposed to.
- 2007–2009 global financial crisis
- 2020 pandemic drawdown
- 2022 rate and duration shock
- 1994 bond market sell-off
Results for each scenario appear in the report delivered to clients. They are left out of this public illustration on purpose.
Assumptions behind the numbers
- 1 The range is an estimate of how the portfolio could move over six months, derived from the volatility and correlation of the asset classes held, not a forecast or a guarantee.
- 2 Stress tests apply the historical behaviour of each asset class to the current allocation. They describe how this mix would have behaved, not how any account actually performed.
- 3 The sustainable monthly draw assumes distributions continue through a sustained downturn without forcing the sale of depressed assets. It is reviewed as markets and beneficiary needs change.
- 4 Fund costs are the weighted average expense ratios of the holdings. They exclude the firm’s advisory fee, which is disclosed separately in Form ADV Part 2A.
- 5 Tax figures assume the account is a non-grantor trust filing its own return. Individual circumstances differ.
Get in Touch
Want one for the account you oversee?
Tell us about it on a 20-minute call. If a portfolio already exists, the baseline report is where we start.