There is a better way...

PURE INVESTING AT ZACKS

TM

Zacks Investment Management

Born from Resea rc h, Built for Perform a nce
 WELCOME TO
ZACKS INVESTMENT MANAGEMENT

Hello, I am Mitch Zacks, one of the senior portfolio

managers and principals at Zacks Investment Management
(ZIM). We manage billions of dollars for high net-worth
individuals, 401-k plans, large brokerage firms, pension
funds, foundations and endowments. We have grown ZIM
over the years by focusing on helping our clients achieve
their investment objectives, to realize a better financial
future.

We accomplish this by providing our clients customized

investment portfolios using proprietary investment
strategies developed through 40 years of research.
Working within a family owned and operated business
and utilizing the resources of one of the largest providers
of independent research in the U.S.- Zacks Investment
Research- we strive to provide added benefits to our clients.

I i nvi te yo u to get a c qua i nted,

Mitch Zacks

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TA BL E O F CO N T E N TS

Four Benefits of Working with Zacks Investment Management....................................4

The Zacks Competitive Advantage…............................................................................7
The Zacks Investment Management Strategies….......................................................10
Zacks Fixed Income…..................................................................................................13
Getting Started with Zacks Investment Management…..............................................15
Client Scenarios….......................................................................................................17
Client Care and Service................................................................................................20
Zacks Investment Management Leadership................................................................21
Let Zacks Investment Management Help You.............................................................24

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 FOUR BENEFITS OF WORKING WITH
ZACKS INVESTMENT MANAGEMENT

1 . WE C A L L I T P UR E
INV E STIN G TM
Companies build businesses that grow and
create value over time. By investing in their
stocks and bonds you participate in that
value creation.

At Zacks, we believe the “truth in investing”

is ……….. the more of your investable
assets allocated to stocks and bonds, the
greater your net worth will grow. We call
this Pure Investing .
TM

Our competitors want to allocate an ever

increasing % of your money to alternatives;
hedge funds, fund of funds, commodity
funds, options, futures or the hot trend
or theme at the time, from tulip bulbs to
mortgage backed securities.

These “alternatives” amount to gambling

with your money, “mostly for the benefit of
others”. They do not create long-term value.
These are simply zero-sum games with
short- term winners and losers.

Why chase alternatives, when you can invest

in the real thing? We believe there is a
Better Way, benefit from Pure Investing atTM

Zacks.

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 FOUR BENEFITS OF WORKING WITH
ZACKS INVESTMENT MANAGEMENT

2 . P ROPRIE TA RY I N V E ST M E NT
STRATE G I E S
At Zacks, our independent research
capabilities truly distinguish us from other
wealth management and investment firms.
Our R&D, developed the well-regarded
Zacks Rank stock selection model while
pioneering the earnings surprise and
estimate revision factors. Over the years,
we have combined our unique research
capabilities with academic research to
develop the proprietary stock selection
models used in our investment strategies.

Zacks investment strategies each incorporate

a unique set of stock selection factors, from
as few as four factors to as many as 40.
The strategies also differ in their methods
of risk control and use of quantitative
and qualitative investment techniques.
This varied process results in investment
strategies providing enhanced diversification
and risk control within our clients’
customized portfolios.
We believe there is a Better Way, benefit
from Proprietary Investment Strategies at
Zacks.
3 . A DVAN TAG E S O F V E RT I CAL
INTE G R AT I O N
By using our own databases, software,
models and completely unbiased research,
we are able to create custom stock and bond
portfolios, all “in-house”.
ZACKS INVESTMENT MANAGEMENT 1-800-701-9830
By doing it all “in-house” we eliminate the
industry practices of outsourcing investment
management and research services.
Zacks clients can benefit from greater
transparency, consolidated risk overview,
and tax control of their custom investment
portfolio. Clients can also derive added
benefits from Zacks’ complete vertical
integration and research resources,
including enhanced R&D using unique data
sets.
We believe there is a Better Way, benefit
from the Advantages of Vertical Integration
at Zacks.
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 FOUR BENEFITS OF WORKING WITH
ZACKS INVESTMENT MANAGEMENT

4 . C U STO MI Z E D I N V E ST M ENT
PO RTFO L I O
Your personal Zacks Representative will
discuss your investment objectives, cash
flow needs, tax considerations, and risk
tolerance. You can even request specific
stocks or bonds to be included or avoided.
Following your approval, your customized
portfolio is ready for investment. We offer
the added flexibility of dollar cost averaging
your investments. You always have the
ability to modify your allocation as your
financial situation warrants.

Upon review with the Zacks Investment We believe There is a Better Way, benefit
Committee a customized investment from a customized investment portfolio
portfolio will be suggested which includes; based on your objectives at Zacks.
equity/fixed income percentages with the
combination of Zacks investment strategies
that fits your objectives. Next, your personal
Zacks Representative will review the
proposed allocation with you and discuss
any modifications.

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 THE ZACKS COMPETITIVE ADVANTAGE:
RESEARCH

ZACKS INVESTMENT RESEARCH

FOUNDED IN 1978

MILLIONS OF PEOPLE ACCESS ZACKS DATA

2ND LARGEST INDEPENDENT RESEARCH PROVIDER TO MAKE INFORMED INVESTMENT DECISIONS
IN THE U.S.
• Quantitative Snapshots on 6,000 companies
• Zacks Performance Rank on 5,000 companies INSTITUTIONAL INVESTORS
• Full text research on 1,200 companies MANAGING $100s OF BILLIONS
USE ZACKS RESEARCH AND
O NE OF THE “BIG 3 ” IN DATA D IST R IBUT I ON MODELS
• 1000s of items; income statement,
balance sheet, cash flow and technical data
THOUSANDS OF PORTFOLIO MANAGERS
• 35 year history on 8,000 companies
AND “DIY” INVESTORS USE ZACKS
RESEARCH SYSTEMS
ZACKS RESEARCH SYSTEMS
• Databases and software
• Backtesting, screening,
charting
• Portfolio reporting

ZACKS INVESTMENT
MANAGEMENT
FOUNDED IN 1992

WE COMBINE ALL RESEARCH CREATED BY

ZACKS WITH ACADEMIC RESEARCH FOR
WE COMBINE THE ANALYSES WITH
STOCK AND BOND ANALYSES
QUALITATIVE OVERSIGHT AND
RISK CONTROLS TO FORMULATE
INVESTMENT DECISIONS

WE MANAGE BILLIONS FOR

CLIENTS JUST LIKE YOU

YOUR CUSTOMIZED PORTFOLIO

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 THE ZACKS COMPETITIVE ADVANTAGE:
INDEPENDENT THINKING

HAVING A PROVEN SYSTEM FOR BUYING AND

SELLING STOCKS

HISTORY In the 1970s and 1980s, analysts were only

estimating one item for a company, its EPS.
Our story begins in the 1970s, when our Today, 40 years later, brokerage analysts
chairman, Leonard Zacks, then a quantitative
forecast many items: a company’s EPS and
equity analyst at a Chicago brokerage
Revenue at the company and segment levels
firm, was designing quant models to help
institutional investors beat the market. as well as many non-financial metrics. Today,
During that period he discovered the Zacks Investment Research tracks over
principle that still guides Zacks Investment 500,000 current analyst estimates.
Management today
Zacks Investment Research analyzes the
Earnings estimate revisions are the most changes in these estimates and generates the
powerful force impacting stock prices. Zacks Rank for each stock. The Zacks Rank,
since its inception in 1982 has proven to be a
Len’s seminal work titled “EPS Forecasts – reliable indicator of future stock prices.
Accuracy is Not Enough,” was published
in the Financial Analysts Journal in 1979, This relationship, captured by the Zacks
and from this research Zacks Investment Rank, between estimate revisions and
Research was born. future stock prices was later rediscovered by
financial economists and called the Estimate
HOW DO W E P R E D I C T Revision Anomaly It is one of the many
STOC K P R I C E S? anomalies reviewed in Len’s 2011 book The
Len Zacks’ 1979 study showed that stock Handbook of Equity Market Anomalies.
prices respond less to changes in actual
earnings than they do to changes in
analyst estimates of the earnings – a very
important distinction. Those stocks most
likely to outperform in the future are those
whose earnings estimates are being raised
today. Similarly, the stocks most likely to
underperform are the ones whose earnings
estimates are being lowered today.

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 THE ZACKS COMPETITIVE ADVANTAGE:
INDEPENDENT THINKING

KNOWING WHEN TO BUY AND SELL DISTRIBUTION OF ZACKS RANK SCORES

70%

Each night Zacks Investment Research 60%

60%
recalculates the Zacks Rank for the 5000
stocks followed by the brokerage analyst
50%

community. The stocks are classified into five 40%

categories based on the Zacks Rank, Strong 30%

Buys are the 5% with the strongest upward 20%

15% 15%

estimate revisions, while the Strong Sells are 10%

5% 5%

the 5% with the strongest downward estimate 0%

STRONG BUY HOLD SELL STRONG
SELL

revisions, as illustrated in the chart to the right.

BUY

FACTORS BEHIND THE S URP RI S E:

ZACKS RANK
In 1982 Zacks was a pioneer in quantitative
The Zacks Rank is a combination of four investing when it formulated the concept of the
factors: quarterly EPS surprise, the fourth factor used to
create the Zacks Rank.
AG RE E ME N T:
These four components are combined into
This is the extent to which all brokerage
a composite score to form the Zacks Rank
analysts are revising their earnings estimates in
which is made available to Zacks Investment
the same direction. The greater the percentage
Research clients every day, helping them beat
of analysts that are revising their estimates
the market.
higher, the better the score will be for this
component.
Over the years Zacks Investment Management
MAG N ITU D E : has enhanced the use of the Zacks Rank
in conjuction with other equity market
This is the size of the recent change in the anomolies. We believe that these anomalies
current consensus estimate for the fiscal year identify equity market inefficiencies that can
and the next fiscal year. be translated into investment strategies that
will outperform appropriate benchmarks.
U PS I DE :
This is the difference between the most
accurate estimate as calculated by Zacks and
the consensus estimate.
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 ZACKS INVESTMENT MANAGEMENT
STRATEGIES

PROVEN RESULTS
Our disciplined investment philosophy has placed our strategies listed below in the top rankings out
of hundreds of equity managers in each strategy’s respective Morningstar Universe as of 3/31/2020.
What’s even more impressive is our value-add: each of our strategies listed below performed well
above the median return for each respective equity universe.

MID CAP CORE STRATEGY

ZACKS MID CAP CORE PORTFOLIO CHARACTERISTICS

STRATEGY RANKS IN • STOCK SELECTION: POSITIVE ZACKS RANK
THE TOP 1% • REGULAR REBALANCING: STOCKS WITH
DECLINING
FUNDAMENTALS ARE SOLD
• ALL-STYLE: INVESTS IN BOTH GROWTH AND VALUE
STOCKS
• DIVERSIFIED: AN AVERAGE OF 100 POSITIONS
SELECTED FOR THE PORTFOLIO

MORNINGSTAR MID CAP BLEND UNIVERSE

THE ZACKS MID CAP CORE STRATEGY RANKS

IN THE TOP 1% OUT OF 271 MANAGERS IN THE
MORNINGSTAR MID CAP BLEND UNIVERSE.

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 ZACKS INVESTMENT MANAGEMENT
STRATEGIES

DIVIDEND STRATEGY
PORTFOLIO CHARACTERISTICS
ZACKS DIVIDEND
• HIGH YIELD: PROVIDES SUBSTANTIALLY HIGHER
STRATEGY
CURRENT YIELD THAN THE S&P 500.
RANKS IN TOP 2%
• LOW VOLATILITY
• LOW TURNOVER
• TAX EFFICIENT: MOST CAPITAL GAINS ARE LONG-
TERM

MORNINGSTAR LARGE CAP VALUE UNIVERSE

THE ZACKS DIVIDEND STRATEGY RANKS IN

THE TOP 2% OUT OF 755 MANAGERS IN THE
MORNINGSTAR LARGE CAP VALUE UNIVERSE.

SMALL CAP CORE STRATEGY

PORTFOLIO CHARACTERISTICS
ZACKS SMALL CAP
• STOCK SELECTION: POSITIVE ZACKS RANK
CORE STRATEGY
• REGULAR REBALANCING: STOCKS WITH
RANKS IN TOP 2%
DECLINING
FUNDAMENTALS ARE SOLD
• ALL-STYLE: INVESTS IN BOTH GROWTH AND
VALUE STOCKS
• DIVERSIFIED: AN AVERAGE OF 100 POSITIONS
SELECTED FOR THE PORTFOLIO

MORNINGSTAR SMALL BLEND UNIVERSE

THE ZACKS SMALL CAP CORE STRATEGY RANKS

IN THE TOP 2% OUT OF 483 MANAGERS IN THE
MORNINGSTAR SMALL BLEND UNIVERSE.

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 ZACKS INVESTMENT MANAGEMENT
STRATEGIES

ALL CAP CORE STRATEGY

PORTFOLIO CHARACTERISTICS
ZACKS ALL CAP
• BLENDED: GROWTH AND VALUE STOCKS
CORE STRATEGY
• ALL-CAP: NOT TIED TO A STYLE-BOX
RANKS IN TOP 5%
• FUNDAMENTAL: STRONG QUALITATIVE OVERSIGHT
• DISCIPLINED: STRICT AVOIDANCE OF CONCEPT
STOCKS

MORNINGSTAR ALL DOMESTIC EQUITY MANAGERS UNIVERSE

THE ZACKS ALL CAP CORE STRATEGY RANKS

IN THE TOP 5% OUT OF 594 MANAGERS
IN THE MORNINGSTAR ALL DOMESTIC EQUITY
MANAGERS UNIVERSE.

FOCUS GROWTH STRATEGY

PORTFOLIO CHARACTERISTICS
• FOCUSED ON GROWTH ORIENTED STOCKS WITH
ZACKS FOCUS
GROWTH STRATEGY A LARGE CAP BIAS
RANKS IN THE TOP 8% • DIVERSIFIED: 50-100 POSITIONS IN THE
PORTFOLIO
• DISCIPLINED: PROVEN QUANTITATIVE INVESTMENT
PROCESS
• REGULAR REBALANCING: STOCKS WITH
DETERIORATING FACTORS ARE SOLD AND
REPLACED WITH STRONGER POSITIONS

MORNINGSTAR LARGE CAP GROWTH UNIVERSE

THE ZACKS FOCUS GROWTH STRATEGY RANKS

IN THE TOP 8% OUT OF 882 MANAGERS IN THE
MORNINGSTAR LARGE CAP GROWTH UNIVERSE.

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F IXE D I N CO M E
Investments in bonds play a critical role in our
overall wealth management strategy. Proper
selection of bonds allows us to reduce volatility
and lower the risk of your total asset allocation.
The fixed income portion of your portfolio
requires the same due diligence and attention as
your equity holdings.
Zacks Investment Management offers
customized fixed income solutions for our
clients seeking income, capital preservation,
and risk control.
TH E Z AC KS A DVA N TAG E
• Incorporation of client’s tax situation and
income needs into the management of
your portfolio.
• We act on cross-over opportunities
between taxable and tax exempt markets.
• Bond purchases and sales made at
institutional prices with no additional
markup
• Credit and structural review by fixed
income professionals.
• Create steady and predictable cash flow
ZACKS INVESTMENT MANAGEMENT 1-800-701-9830
ZACKS
FIXED INCOME
TYP I CAL CUSTO M I Z E D
FI XED I NCO M E S O LUTI ON S
R OLLIN G D OWN T HE Y IE LD C U RV E
OBJECTIVE: ENHANCE TOTAL RETURN
• Because the yield curve is upward sloping,
as long-term bonds approach maturity they
tend to trade at a premium.
• By swapping these “premium bonds” an
investor can capture that premium and
reinvest the proceeds.
Y IE LD C U RV E POSIT ION IN G
OBJECTIVE: MAXIMIZE TOTAL RETURN
• Select bonds that present the best overall
value, based upon divergence from the yield
curve to achieve target performance.
C R E D IT FOC U SE D BA R BE LL
OBJECTIVE: ENHANCE INCOME
• Managed using a barbell structure (Maturity
1 to 20 years).
• Average credit quality BBB to A+
• Invest long-tail of barbell in high-grade
bonds. Focus short-tail of barbell on BBB’s
and short callable bonds.
R E LAT IV E VA LU E - C R OSSOV E R
OBJECTIVE: MAXIMIZE AFTER TAX
RETURN
• Invest in securities that offer the highest tax-
adjusted yield advantage and opportunity for
capital appreciation.
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 ZACKS
FIXED INCOME

Z AC KS FI X E D I N CO M E PRO CESS

MAC R O - E CO N O MI C M O D E L

Y I E L D C U RV E M O D E L
P O RTFO L I O M A N AG E R R E V I E W

P O RTFO L I O

SECUR I TI ES SELECTED B ASED ON

I N DI VI DUA L I N VESTMEN T

O BJE CTI VES A N D PORTFOLI O PA R A METER S

G OV E R N ME N T/ F I X E D I N CO M E
M UN I C I PA L S CO R P O R ATE
TR E AS U R I E S E TF S

F U N DA ME N TA L A N A LYS I S

E CONOM I C A N D M A R K ET I NS I GH T
• Economic model designed to predict the future values of interest rates, credit spreads, and inflation.
• Apply model to the management of your portfolio as we create the ideal mix of fixed income securities.

P0 RTFO L I O CO N ST R UC T I O N
• From the top: Thorough understanding of the economy and market.
• From the bottom: Fundamental analysis of credit, structural quality, and relative value of an individual bond.
• Combine with investment guidelines to devise the optimal portfolio
• Assign weightings for proper diversification and avoid concentration risk
• Continuously review holdings and portfolio for credit quality and term structure
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 GETTING STARTED WITH ZACKS
INVESTMENT MANAGEMENT

5 S I MPL E ST E P S:

1. SPEAK WITH A DEDICATED

PERSONAL ZACKS REPRESENTATIVE

Start with a simple, no pressure

conversation about your financial
objectives—what you want to
accomplish with your investments, and
what type of relationship you want to
build with a financial advisor. In this
initial stage, we are just here to listen and to
answer your questions, not to pressure you
into making a decision right away. Request
materials from us and learn more.
2. EVALUATE YOUR FINANCIAL
OBJECTIVES

If you’re interested in seeing what Zacks

Investment Management would recommend
for you, the next step is to evaluate your
financial situation and your objectives. A
detailed discussion will look at:
• Your Objectives: Growth? Capital
Preservation? Growth and Income?
• Your Current Financial Situation
o Assets and Liabilities
o Investments and Current Asset Allocation
o Income Needs and Cash Flow Situation
o Tax Considerations
o Estate Planning Goals
situation is different, and your investment
• Your Risk Tolerance
objectives and risk tolerance are uniquely
your own.
You will not be placed in a pre-determined
allocation bucket—everyone’s financial

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 GETTING STARTED WITH ZACKS
INVESTMENT MANAGEMENT

3. STRATEGY RECOMMENDATIONS AND

CUSTOMIZATION

We then recommend a diversified asset

allocation designed to reflect your individual
investment needs. The recommended portfolio
will account for your specific investment needs,
such as the need for income, tax considerations,
or your desire to include or exclude certain
companies. In this step, we will show you how
Zacks Investment Management would allocate
your portfolio across style, asset class, and the
percentages we would devote to each.

4. BUILDING YOUR PORTFOLIO

Once you’ve reviewed our recommendations

and decided that you would like to move
forward with Zacks Investment Management,
we will implement your customized portfolio
using a variety of equity and fixed income
strategies, covering a wide spectrum of
asset classes and styles, giving you broad
diversification. Many of our strategies use
the power of our proven proprietary ranking any changes to your financial situation
models. to a member of the Zacks Investment
Committee, so we can ensure that your
5. REVIEW AND REBALANCE portfolio changes with your needs.
Your personal Zacks Representative will
review your portfolio with you on a regular
basis, will be there to answer your financial
or market-related questions, and will
provide you with performance reviews as
frequently as you need. Your personal Zacks
Representative will also communicate

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 C L I EN T SC EN A R I O

S C E NA RI O #1: S COT T A N D ANNA 1

FINANCIAL SITUATION:

• Married couple, both age 65

• Have $1,000,000 in retirement assets
(IRAs, 401(k)s)
• Have $250,000 in taxable assets
• Ready to retire in 2 years, but do not
need cash flows until age 70 because of
other savings
• Seeking long-term growth, are both in
good health with longevity in the family
(life expectancy = 90 years old)
• Conservative risk tolerance—Scott and
Anna have a lot of equity investment
experience, but they want a more conser-
vative asset allocation during retirement.
• No restrictions

THE ZACKS INVESTMENT

MANAGEMENT SOLUTION:

40% 40%
FIXED LARGE CAP
INCOME VALUE

10% 10% 1
Note: These “Client Scenarios” are for illustrative
MID CAP LARGE CAP purposes only. These are not actual clients nor does this
GROWTH
information represent actual client information or ZIM’s
ability to achieve your goals.

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 C L I EN T SC EN A R I O

S C E NA RI O #2 : DAV I D A N D LAUREN

FINANCIAL SITUATION:

• Married Couple, age 57

• Have $5,000,000 in liquid assets
o $1,000,000 in rollover IRAs
o $1,000,000 in a joint (JTWROS)
account
o $3,000,000 in 401(k)s
• No cash flow needs for 10 years
• Seeking long-term growth
• Want to be tax efficient in the taxable
account where possible
• Restrictions: don’t want to invest in oil
companies or tobacco
• Moderate risk tolerance

THE ZACKS INVESTMENT

MANAGEMENT SOLUTION:

20%
FIXED
INCOME 25%
LARGE CAP
VALUE

10%
INTERNATIONAL

10% 20%
SMALL CAP LARGE CAP
GROWTH
15%
MID CAP 1
Note: These “Client Scenarios” are for illustrative
purposes only. These are not actual clients nor does this
information represent actual client information or ZIM’s
ability to achieve your goals.

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 C L I EN T SC EN A R I O

S C E NA RI O #3 : H E AT H E R S CENARI O #4 : P E TER

FINANCIAL SITUATION: FINANCIAL SITUATION:

• Single parent, age 39, marketing and
design
• Has $1,000,000 in liquid assets
• Has a goal of setting aside money for
college
• But also want to continue growing assets
for retirement
• Overall, wants long-term growth and is
ok with high equity exposure
• No restrictions
• Single parent, age 48, engineer
• Has $1,300,000 in liquid assets
• $200,000 in money markets; $300,000 in
a self-directed 401(k)
• Inherited $600,000 in cash
• Has no intention of retiring, interested in
consulting work later in life
• Seeking long-term growth, and has a high
risk tolerance
• No restrictions

THE ZACKS INVESTMENT THE ZACKS INVESTMENT

MANAGEMENT SOLUTION: MANAGEMENT SOLUTION:

15% 15%
20%
INTERNATIONAL 30% INTERNATIONAL
LARGE CAP
LARGE CAP
VALUE
VALUE

15% 20%
SMALL CAP SMALL CAP

25%
LARGE CAP
20% 20%
20% GROWTH
MID CAP MID CAP
LARGE CAP
GROWTH

1
Note: These “Client Scenarios” are for illustrative
purposes only. These are not actual clients nor does this
information represent actual client information or ZIM’s
ability to achieve your goals.

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 Z ACKS IN VESTME N T M A N AG EM EN T L EA D ERS H I P
M I TC H Z AC KS
CEO & SENIOR PORTFOLIO MANAGER
Mitch is the primary portfolio manager at Zacks
Investment Management and oversees all investment
management activities at the firm. Mitch is an
expert on quantitative investment strategies and
developed many of the proprietary models used by
the firm. Mitch wrote a weekly finance column for
the Chicago Sun- Times and has written two books
on quantitative investment strategies: Ahead of the
Market, Harper Collins 2003, which focuses on
the earnings estimate revision investment anomaly
and The Little Book of Stock Market Profits, which
was published in 2011 and provides an overview of
several other significant equity investment anomalies.
Prior to joining Zacks Investment Management in
1997, Mitch was an investment banking analyst at
Lazard Freres in New York. Mitch graduated cum
laude from Yale University with distinction in his
major of Economics. He received his M.B.A with
high honors in his concentration of Analytic Finance
and Statistics from the University of Chicago.
ZACKS INVESTMENT MANAGEMENT 1-800-701-9830
MANI SH JAI N
FIXED INCOME PORTFOLIO MANAGER
Manish is the head of all fixed income strategies
at Zacks Investment Management. He is an expert
on corporate, government and municipal bonds as
well as preferred stocks, MLPs, and other income-
producing investments.
Manish has nearly 20 years’ experience in the
financial services industry. Prior to joining Zacks,
Manish was an Investment Manager for People’s
Bank, and also served as a Portfolio Manager
in the Trust Department for People’s Bank. His
experience in the financial services industry
is invaluable as we build customized income
strategies for our clients. Manish has a B.A. in
Finance from Michigan State University.
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 Z ACKS IN VESTME N T M A N AG EM EN T L EA D ERS H I P
TON Y Z H A N G, Ph.D., M.B.A., C FA
QUANTITATIVE ANALYST
Tony is a quantitative analyst at Zacks Investment
Management. His research focuses on multi-factor,
sector specific alpha models. Tony earned his Ph.D.
in Electrical and Computer Engineering from the
University of Minnesota, Twin Cities and received
his M.B.A with honors from the University of
Chicago in Analytical Finance and Strategy. He
holds the Chartered Financial Analyst (CFA)
designation. Prior to joining Zacks Investment
Management, Tony served as adjunct assistant
professor at the University of Maryland, Baltimore
County and was a Visiting Assistant Professor at
the State University of New York at Binghamton.
In his research career, he has been awarded three
best paper awards and has published over twenty
papers in the top international journals and
conferences.
ZACKS INVESTMENT MANAGEMENT 1-800-701-9830
ATANU GHOSH, M . B. A . , C FA
ASSISTANT PORTFOLIO MANAGER
Atanu Ghosh has over seven years of investment
experience serving as a quantitative and
fundamental research analyst and an equity
portfolio manager. Prior to joining Zacks, Atanu
was a Senior Research Analyst at Fiduciary
Asset Management on their large-cap core and
quantitative strategy teams.
Atanu develops quantitative models that we utilize
in the management of our investment strategies,
and is constantly following industry trends and
research to ensure that we are always on the cutting
edge when it comes to portfolio management.
Furthermore, Atanu is consistently refining and
improving our investment models as we adapt to
changing market environments. Atanu received
his M.B.A. from Washington University, St. Louis
where he was elected to Beta Gamma Sigma and
his Bachelor’s degree with honors in Computer
Science from Jadavpur University, Calcutta, India.
Atanu is a Chartered Financial Analyst.
PRASANTH SANKAR, P h . D.
ASSISTANT PORTFOLIO MANAGER
Prasanth has worked as a portfolio manager and
quantitative analyst at Zacks for over five years.
Prasanth has a Ph.D. in Theoretical Physics from
the University of Illinois at Urbana-Champaign
and a Bachelor’s degree from the Indian Institute
of Technology.
Prasanth co-manages several of Zacks’ investment
strategies and also develops and refines many
of our proprietary models. Prasanth applies his
mathematical background to the investment
process through sophisticated and in-depth
quantitative analysis where he seeks to identify
investment anomalies and develop investment
models to profit from them.
w w w. Z a c k s P C G . c o m Page 21
A B O UT Z ACKS IN VE STM E N T MANAGEMENT
Born from Research – Built for Performance

Zacks Investment Management was born out of one of the country’s largest providers of
independent research, Zacks Investment Research. Our independent research capabilities from
our parent company truly distinguish us from other wealth management firms - our strategies
are derived from research and innovation, including the proprietary Zacks Rank stock selection
model, earnings surprise and estimate revision factors. At Zacks Investment Management, we
work with clients with $500,000 or more to invest, and we use this independent research, 35+
years of investment management experience, and tools we’ve developed to design customized
investment portfolios based on each client’s individual needs. The end result is investment
management that is research driven, results oriented and client focused.

Thank you for reading this guide and if you have any questions,
Please reach out to us by any of these methods:
u Phone: 1-800-701-9830
u Email: ZIMinfo@Zacks.com
u Website: www.ZacksPCG.com

ZACKS INVESTMENT MANAGEMENT 1-800-701-9830 w w w. Z a c k s P C G . c o m Page 22

Zacks Born from Research, Built for Performance.
INVESTMENT
MANAGEMENT

We focus more on investing than rankings,

which is why our investment strategies are
amongst the highest ranked by Morningstar.

Top Zacks Mid Cap Core Strategy Top Zacks Dividend Strategy
1% Ranked Top 1% Out of 271 Managers in the 2% Ranked Top 2% Out of 755 Managers in the
Morningstar Mid Cap Blend Universe Morningstar Large Cap Value Universe

Top Zacks Small Cap Equity Strategy Top Zacks All Cap Core Strategy
2% Ranked Top 2% Out of 483 Managers in the 5% Ranked Top 5% Out of 594 Managers in the
Morningstar Small Blend Universe Morningstar All Domestic Equity Universe

Top Zacks Focus Growth Strategy

8% Ranked Top 8% Out of 882 Managers in the
Morningstar Large Cap Growth Universe

Ready to see how our investment management team

I'M READY
can customize a portfolio of top-ranked strategies for you?

Visit: www.ZacksPCG.com/Top-Strategies or Call: 1-800-701-9830 Today

The Morningstar Universes used for comparative analysis are constructed by Morningstar (median performance) and data is provided to Zacks by
Zephyr Style Advisor. The percentile ranking for each Zacks Strategy is based on the gross comparison for Zacks Strategies vs. the indicated universe
rounded up to the nearest whole percentile. Other managers included in universe by Morningstar may exhibit style drift when compared to Zacks
Investment Management portfolio. Neither Zacks Investment Management nor Zacks Investment Research has any affiliation with Morningstar. Neither
Zacks Investment Management nor Zacks Investment Research had any influence of the process Morningstar used to determine this ranking. Rankings are
as of 3/31/2020.

DI S C LOS UR E
Past performance is no guarantee of future results.
Results for Zacks Strategies are shown gross and net of
fees. Results for the Strategy reflect the reinvestment of
dividends and other earnings. The results portrayed is the
performance history of a composite of all discretionary
accounts with no material investment restrictions, which
are not restrained by investment style, type of security,
industry/sector, location, size or market cap; it invests
primarily in U.S. common stocks.
Prospective clients and clients should not assume
identical performance results to those shown would
have been achieved for their account if it was invested
in the Strategies during the period. Clients of the firm
may receive different performance than the composite.
Client performance may differ due to factors such as
timing of investment(s), timing of withdrawal(s), and
client-mandated investment restrictions. Wholesale, retail
and institutional clients of the firm may have differing
performance due to timing of trades.
Investments in the Strategies are not deposits of any
bank, are not guaranteed by any bank, are not insured by
FDIC or any other agency, and involve investment risks,
including possible loss of the principal amount invested.
Inherent in any investment is the potential for loss.
Standard management fees are available on request and
are described in Part 2A of Form ADV.
Returns for each strategy and the corresponding
Morningstar Universe reflect the annualized returns for
the periods indicated. The Morningstar Universes used
for comparative analysis are constructed by Morningstar
(median performance) and data is provided to Zacks by
Zephyr Style Advisor. The percentile ranking for each
Zacks Strategy is based on the gross comparison for Zacks
Strategies vs. the indicated universe rounded up to the
nearest whole percentile.
Other managers included in universe by Morningstar
may exhibit style drift when compared to Zacks
Investment Management portfolio. Neither Zacks
Investment Management nor Zacks Investment Research
has any affiliation with Morningstar. Neither Zacks
Investment Management nor Zacks Investment Research
had any influence of the process Morningstar used to
determine this ranking. DISC LOSUR E
ZACKS INVESTMENT MANAGEMENT 1-800-701-9830
D I SC LOS U R E
Zacks Investment Management may utilize mutual
funds in some client portfolios. Zacks Investment
Management is the advisor to these funds and will receive
compensation from the funds and their shareholders for
advisory services. Additional information is available
upon request.
This communication is for informational purposes only
and nothing herein should be construed as a solicitation,
recommendation or an offer to buy or sell any securities
or product, and does not constitute legal or tax advice.
The information contained herein has been obtained
from sources believed to be reliable but we do not
guarantee accuracy or completeness. Zacks Investment
Management, Inc. is not engaged in rendering legal, tax,
accounting or other professional services. Publication
and distribution of this presentation is not intended to
create, and the information contained herein does not
constitute, an attorney- client relationship. Do not act
or rely upon the information and advice given in this
publication without seeking the services of competent
and professional legal, tax, or accounting counsel.
Morningstar Rank:
The Morningstar Equity Universes used for comparative
analysis are constructed by Morningstar (median gross
performance) and data is provided to Zacks by Zephyr
Style Advisor. The percentile ranking for each Zacks
Strategy is based on the gross comparison for Zacks
Strategies vs. the indicated universe rounded up to the
nearest whole percentile. Other managers included in
universe by Morningstar may exhibit style drift when
compared to Zacks Investment Management portfolio.
Neither Zacks Investment Management nor Zacks
Investment Research has any affiliation with Morningstar.
Neither Zacks Investment Management nor Zacks
Investment Research had any influence of the process
Morningstar used to determine this ranking.
Index Disclosure:
The S&P 500 Index is a well-known, unmanaged index of
the prices of 500 large-company common stocks, mainly
bluechip stocks, selected by Standard & Poor’s. The S&P
500 Index assumes reinvestment of dividends but does
not reflect advisory fees or other expenses. An investor
cannot invest directly in this Index. The volatility of the
benchmark may be materially different from the individual
performance obtained by a specific investor.
w w w. Z a c k s P C G . c o m Page 24
Q1 2019