Award and Recognition Criteria

Zephyr PSN Top Gun Award Criteria (11/19/2025)

On November 19, 2025, the Kensington Dynamic Allocation Strategy was recognized by Zephyr as a “PSN Top Gun List” for Q3 2025, recognizing top-performing strategies based on quarterly and annualized returns in the following categories:

• 1 QTR Category had one of the top ten returns for the quarter in their respective strategy.
• 1-Year Category had one of the top ten returns for the one-year period in their respective strategy.

The PSN Top Gun List is compiled by Zephyr, a third-party data provider, using quantitative performance metrics. Inclusion requires a claim of GIPS® compliance. Kensington Asset Management has reviewed Zephyr’s methodology and believes it is fair and unbiased.  Kensington compensated Zephyr for the right to use promotional materials.  This designation applies solely for Kensington Dynamic Allocation Strategy.

For full performance and risks, visit: https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-strategy/

Zephyr PSN Top Gun Award Criteria (8/19/2025)

On August 19, 2025, the Kensington Dynamic Allocation Strategy was recognized by Zephyr as a “PSN Top Gun List” for Q2 2025, recognizing top-performing strategies based on quarterly and annualized returns in the following categories:

• 1 QTR Category had one of the top ten returns for the quarter in their respective strategy.
• 1-Year Category had one of the top ten returns for the one-year period in their respective strategy.

The PSN Top Gun List is compiled by Zephyr, a third-party data provider, using quantitative performance metrics. Inclusion requires a claim of GIPS® compliance. Kensington Asset Management has reviewed Zephyr’s methodology and believes it is fair and unbiased.  Kensington compensated Zephyr for the right to use promotional materials.  This designation applies solely for Kensington Dynamic Allocation Strategy.

For full performance and risks, visit: https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-strategy/

Zephyr PSN Top Gun Award Criteria (5/19/2025)

On May 19, 2025, the Kensington Dynamic Allocation Strategy was named to Zephyr’s “PSN Top Gun List” for Q1 2025, recognizing top-performing strategies in the ETF US Equity Universe which consists of 81 products offered through 40 Firms. 1 QTR CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. These top performers are strictly based on current quarter returns. 

KAM compensated Zephyr for the right to use associated promotional materials, such as badges and icons, in connection with this third-party ranking.

For full performance and risks, visit: https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-strategy/

SmartX Silver Status Recognition (9/26/2025) 

On September 26, 2025, the Kensington Dynamic Allocation Strategy was recognized as a Silver Status strategy in the Tactical Allocation category on the SmartX Advisory Solutions Q3 2025 Select List. This recognition is awarded quarterly and is based on the previous 48 months of historical performance.

The Q3 2025 Select List features 109 strategies—51 Gold and 58 Silver—across 32 categories, selected from over 1,500 strategies available on the SmartX platform. Within the Tactical Allocation category, which included 36 strategies, Silver Status was granted to those scoring within the top 10% of their peer group, while Gold Status was reserved for those scoring in the top 5%.

SmartX’s proprietary evaluation framework assesses strategies using multi-year performance and risk metrics, including:

• Excess Return: Outperformance relative to benchmark, adjusted for downside risk.
• Risk/Return Asymmetry: Favorable balance between gains in rising markets and protection in downturns.
• Active Tail Risk: Resilience during extreme market events.
• Return Consistency: Stable performance across varying market conditions.

The Silver Status is compiled by SmartX Advisory Solutions, an independent third party RIA, using quantitative and performance metrics.  No compensation was provided for inclusion. Kensington Asset Management has reviewed SmartX’s methodology and believes it is fair and unbiased. Kensington did not compensate SmartX directly or indirectly.  This designation applies solely for Kensington Dynamic Allocation Strategy.

For full performance and risks, visit: https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-strategy/

Investing involves risk. Principal loss is possible. Past performance is no guarantee of future results. There are no guarantees that an investment strategy will generate a profit or prevent a loss.

This is for informational purposes only and should not be construed as a solicitation to buy or sell, or to invest in any investment product or strategy. Investing in securities markets involves risk and the degree of risk varies by the type of investment or strategy. For a complete list of the risks associated with each of our Strategies, please visit our website.

Rankings are based on quantitative metrics and may not account for all factors such as risk or suitability. Investors should consult their financial adviser before making investment decisions.

MORNINGSTAR 5-STAR RATING RECOGNITION (10/31/2025)

The Morningstar Rating™ for funds, or “star rating”, is calculated for funds and separate accounts with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. For more information about the Morningstar Rating for funds, including its methodology, please go to: www.global.morningstar.com/managerdisclosures/.

In the Tactical Allocation category, Dynamic Allocation Fund was rated 5 stars among 223 funds for the3 year period ending 10/31/2025 and 5 stars among 203 funds for the 5 year period ending 10/31/2025. The Fund was ranked in the 15% percentile for the three year period and 7% percentile for the 5-year period among 223 and 203 funds, respectively, as of October 31, 2025.

Morningstar classifies funds into categories based on similar investment objective and strategy. Morningstar percentile rankings are based on a fund’s total return compared to its Morningstar. The highest percentile rank is 1 and the lowest is 100. Past performance does not guarantee future results.

Star ratings are relative to a peer group and do not necessarily mean the fund had high or positive total returns. Morningstar updates its star ratings monthly. Past performance does not guarantee future results.