Quarterly Performance Since Inception – Opportunistic Value

Roumell

Opportunistic Value

Year First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year-End
Return
   Year-End
60% Russell 2000 Value/
40% Barclays US Govt Credit
S&P
500
Russell
2000 Value
2017 6.47%                
2016 -1.13% 5.09% 7.49% 2.97% 15.00%   19.99% 11.97% 31.74%
2015 -1.94% 0.12% -10.71% -3.34% -15.27%   -4.26% 1.38% -7.46%
2014 -1.04% 1.67% -5.39% -6.23% -10.74%   5.18% 13.70% 4.22%
2013 11.11% 1.58% -0.22% 0.19% 12.83%   18.60% 32.38% 34.51%
2012 4.57% 2.56% 0.84% 5.34% 13.92%   12.82% 16.00% 18.05%
2011 1.98% 0.83% -11.06% -1.04% -9.51%   0.58% 2.11% -5.49%
2010 4.58% -3.71% 7.10% 6.36% 14.71%   17.98% 15.06% 24.49%
2009 -9.07% 24.99% 16.73% 7.18% 42.19%   15.12% 26.47% 20.57%
2008 -5.29% -7.68% 1.03% -17.76% -27.35%   -15.78% -36.99% -28.93%
2007 1.11% 3.91% -5.76% -6.75% -7.67%   -3.04% 5.49% -9.78%
2006 8.10% -2.49% 2.70% 7.97% 16.89%   15.40% 15.79% 23.48%
2005 2.41% 3.20% 2.29% 3.96% 12.38%   4.00% 4.91% 4.71%
2004 5.10% 0.66% 2.93% 10.36% 20.18%   14.92% 10.88% 22.25%
2003 -3.49% 14.86% 8.92% 9.43% 32.13%   28.37% 28.69% 46.03%
2002 9.73% -10.61% -19.02% 13.12% -10.15%   -2.32% -22.10% -11.43%
2001 16.57% 13.13% -13.93% 16.97% 32.76%   12.26% -11.89% 14.02%
2000 22.00% 2.46% 0.13% -13.74% 7.97%   18.50% -9.10% 22.83%
1999 -3.21% 17.19% -3.88% 15.58% 26.02%   -1.53% 21.04% -1.49%


Composite Annual Disclosure Presentations

Roumell Asset Management, LLC's compliance with the GIPS standards has been verified for the period of January 1, 1999 to December 31, 2016 by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Equity Composite and the Balanced Composite beginning January 1, 1999 and on the Fixed Income Composite beginning January 1, 1999. A copy of the verification report is available upon request.



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