Results

*DISCLOSURES:

Our proprietary investment process focuses on acquiring stock in companies that, in our view, have strong prospects for the foreseeable future, as part of a concentrated investment portfolio, at prices below our estimate of their intrinsic value. We employ a buy and hold strategy and a limited use of portfolio management strategies such as margin leverage and short selling.

PCI performance for the one, five, ten and inception-to-date time periods as well as the annual returns from 1998 to December 31, 2025 are unaudited and computed using a Time Weighted Rate of Return methodology. For the time period April 1, 1998 through December 31, 2004, the returns are computed using an Internal Rate of Return methodology. IRR is a dollar-weighted return that accounts for contributions and withdrawals during the period. TWR is a time-weighted return that effectively eliminates the effects of contributions and withdrawals and their timing. The S&P 500 Total Return measures the change from the start of the period to the end of the period, assuming no contributions and/or withdrawals and includes dividends. The “Total” is for the entire period, compounded annually. PCI results are shown net of all fees, including actual management fees, brokerage fees and custodial expenses, and reflect the reinvestment of all dividends and earnings. Performance results provided herein are the aggregate of all fully discretionary, fee-paying accounts managed by PCI, including those accounts no longer with PCI and certain accounts that have reduced management fees. PCI results do not include the performance of the accounts of PCI’s principals (which do not incur management fees). Minimal leverage and short selling has been used since inception for PCI managed accounts. Results for individual accounts are varied and will vary in the future. In addition, it is not likely that the relative performance of PCI’s managed accounts will exceed the performance of the broader stock market (as measured by the S&P 500 Total Return or other broad market indexes) by as large a margin as has occurred to date. The stock market faced an unprecedented decline in the year 2008, which strongly impacted the performance of the S&P 500 Total Return Index during the time period shown. In addition, PCI’s performance during the year 2000 was significantly enhanced by the strong performance of one large position in its accounts under management. The 12/31/25 total ending balance for all accounts in this presentation (fully discretionary, fee-paying accounts managed by PCI) was approximately $385 million. This presentation does not include approximately $231 million of non-fee paying assets under management in the accounts of PCI principals. The total number of individual accounts reflected in this presentation is 235. This number does not include 26 PCI principal accounts.

The Minimum Annual Rate of Return is the yield on the ten-year United States Treasury bond as of the first day of each calendar year, effective for all of that year. Some of PCI’s clients pay Incentive Management Fees. For those clients, the Minimum Annual Return is that hypothetical amount resulting from application of the Minimum Annual Rate of Return to the Client’s account. Incentive Management Fees are not payable except to the extent that the actual cumulative return on a Client’s account from its inception exceeds the cumulative Minimum Annual Return on that account for the same period of time

Past performance is not a guarantee or indicator of future results, and investors should not assume that investments made on their behalf by PCI will be profitable, and may, in fact, result in a loss. Investors also should not assume that PCI’s results will outperform the S&P 500 Total Return Index or other broad market indexes in the future. The investment objective of PCI’s managed accounts is capital appreciation. PCI’s strategy is to concentrate its investments in a limited number of positions with certain positions representing an intentionally large size in the accounts. This concentration is likely to result in greater volatility than the overall market as measured by the S&P 500 Total Return Index, which is made up of 500 large companies. The S&P 500 Total Return Index reflects both changes in the prices of stocks in the S&P 500 Index as well as the reinvestment of the dividend income from its underlying shares. The Index does not bear fees and expenses, and investors cannot invest directly in the Index. In addition, PCI’s strategy is to “hold for the long-term” which reduces trading costs. You can access our disclosure documents which provide information on our investment strategy, risks, fees, conflicts of interest and other pertinent information by visiting https://adviserinfo.sec.gov/firm/summary/125790