Supplemental Charts

Figure 1

Time Series Construction of the IFA Indexes



Figure 2



Figure 3

DFA Fund and Index Comparison




Figure 4

The Evolution of IFA Index Portfolios

If the original 4 equity indexes from 1928 (IFA US Large Company Index; IFA US Large Cap Value Index; IFA US Small Cap Index; IFA US Small Cap Value Index) are held constant until December 2018, the annualized rate of return of this simplified version of IFA Index Portfolio 100 was 10.93%, after the deduction of a 0.9% IFA advisory fee and a standard deviation of 22.89%. The evolving IFA Indexes over the same period had a 10.90% annualized return for IFA Index Portfolio 100 after the same IFA advisory fees and a standard deviation of 22.03%. The stitching together of index and live fund data and adding international markets, emerging markets and REITs only had a slight impact on risk and return over this 91 year period. Instead, it demonstrates the value of a small cap and value tilt in global equity markets, since over the same period the IFA SP 500 Index had a return of 9.70% (with no fees deducted), at a standard deviation of 18.75%.


Figure 5



Figure 6