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Portfolio Statisticsas of 9/30/15: 

29 Equity positions

  13% Internationalequities

  Core portfolio averageholding period 2-3 years

Top 5 Equity Holdings:

8.5% Amazon

6.4% Microsoft

6.3% Facebook 

5.3% Gilead Sciences

5.0% Morgan Stanley

31.5% Net Assets

Blue Point’sCumulative Return

Since its inception on12/31/06, Blue Point’s time

weighted return net of feeswas 125.51%, nearly doublethe Total Return of the S&P500 of 63.32% during thesame period. On a $100,000investment, the dollar valueof Blue Point's Total Returnnet of fees was $225,514

 versus the $163,317 TotalReturn of the S&P 500.

Time Weighted Returnas of 12/31/14:

1 Year Blue Point 0.09%

1 Year S&P 500 TR 13.69%

 3 Year Blue Point 66.93%

 3 Year S&P 500 TR 74.60%

 Testing Equity Valuations – The fact that the Fed

is considering raising interest rates is positive;however, it sets the stage for knock-on effects thatwill likely test equity valuations. Share repurchasesand debt-financed acquisitions will become lessattractive.

Solid Consumer Discretionary Spending – 

High employment levels are supporting positiveconsumer sentiment. Consumers are alsobenefiting from the stronger purchasing power ofthe dollar, lower energy prices, and access toconsumer credit.

Bumpy Period for China – The transition to a

consumer economy continues to be challengingfor China. It is even more challenging for thecommodity export economies that are reelingfrom the combination of lower Chinese demandand oversupply.

 Dominant Providers Favored  – In Technology-enabled economies of scale and cheap money areallowing dominant companies to purchase“growth” while removing competitors.

Copyright ©2015 Blue Point Investment Management, LLC

News In Brief  Performance Summary Blue Point, which is based on a model portfolio applied to separately managed accounts,returned -8.26% net of fees during the third quarter. The Total Return of the S&P 500 was -6.44%during the third quarter. Blue Point underperformed the benchmark by -1.82% during the thirdquarter. Year-to-date, Blue Point has returned -4.39% net of fees, while the Total Return of theS&P 500 has been -5.29%. Year-to-date, Blue Point has outperformed the benchmark by 0.90%. Blue Point year-to-date has outperformed the S&P 500 due to strong returns in consumerdiscretionary and pharmaceutical companies. The biggest underperformances came from energycompanies and financials. Above average cash levels continue to be held with the expectationthey will offer delayed alpha.

Market Outlook 

Disclosures:   Performance of the separate accounts can differ substantially from the actual performance of Blue Point, the model portfolio, due totiming of entry, whether account is taxable or non-taxable, and the timing of withdrawals. Past performance does not guarantee future results.The management fee sched ule is as follows: 1.2% on first $1 million, 1.0% on the next $3 million, 0.85% on next $5 million. Depending oncircumstances, institutiona l fee schedules may be negotiated. Blue Point Investment Management, LLC, is a Maryland registered investmentadviser. To receive a copy of the firm's Form ADV Part 2, call Blue Point at 443-600-8050.

$225,514

$163,317

Blue Point Total Return (with dividends)S&P 500 Total Return (with dividends)

Third Quarter 201

Page 1Way PointsBlue PointInvestmentManagement

Portfolio Manager Niall H. O’Malley(443) 600-8050

niall.omalley@bluepointim.usWeb site www.bluepointim.us

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