Supplemental Charts

Figure 1

Time Series Construction of the IFA Indexes

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Figure 5

DFA Fund and Index Comparison

Figure 6

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 2020, the annualized rate of return of this simplified version of IFA Index Portfolio 100 was 11.02%, after the deduction of a 0.9% IFA advisory fee and a standard deviation of 23.00%. The evolving IFA Indexes over the same period had a 11.02% annualized return for IFA Index Portfolio 100 after the same IFA advisory fees and a standard deviation of 21.10%. 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 93 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 10.93% (with no fees deducted), at a standard deviation of 15.27%.

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