Q2 2026
PSN
Top Guns
Large Cap Value Equity — Composite Performance
Periods ended June 30, 2026 · Returns over one year are annualized
Summary Returns — Net & Gross of Fees
| Period | Net of Fees | Gross of Fees |
|---|---|---|
| Most Recent Quarter (Q2 2026) | 15.3% | 15.6% |
| 1 Year | 32.2% | 33.6% |
| 3 Years (annualized) | 20.1% | 21.4% |
| 5 Years (annualized) | 12.1% | 13.3% |
| Since Inception — June 2018 (annualized) | 12.5% | 13.5% |
The summary returns above are calculated by compounding the monthly returns shown below — each month builds on the last, rather than being averaged. Figures for periods longer than one year are stated as an average annual rate. Returns are Large Cap Value Equity Composite monthly returns, geometrically linked; periods over one year are annualized; shown to one decimal place, consistent with PSN’s presentation. Net-of-fee returns are presented with at least equal prominence to gross-of-fee returns, are calculated over the same periods, and reflect the deduction of actual investment management fees and trading costs; accounts that pay no management fee are reduced by a model fee equal to the highest applicable annual fee of 1.25%.
See the calculation
Net of fees
Gross of fees
Calculated live from the monthly tables below — the same figures shown in the summary table above.
Monthly Returns (%) — As Reported to PSN
Monthly composite returns for the US Large Cap Value Equity Composite, June 2018 through June 2026, exactly as reported to the PSN investment manager database. These are the underlying data from which the summary returns above — and PSN’s rankings — are calculated. 2018 begins with the composite’s June 1, 2018 inception; 2026 is through June 30.
Net of Fees
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | -0.59 | 3.55 | 1.99 | 0.25 | -5.27 | 4.49 | -7.16 | -3.28 |
| 2019 | 4.98 | 3.49 | 1.00 | 3.92 | -6.74 | 6.78 | 0.95 | -2.15 | 2.76 | 1.36 | 2.85 | 2.89 | 23.64 |
| 2020 | -2.29 | -9.49 | -13.03 | 10.15 | 3.89 | 0.62 | 5.33 | 5.21 | -2.91 | -3.09 | 12.35 | 3.79 | 7.68 |
| 2021 | -0.76 | 3.66 | 4.83 | 3.82 | 2.48 | -1.06 | 0.30 | 3.03 | -2.74 | 5.61 | -2.51 | 5.42 | 23.84 |
| 2022 | -1.31 | -0.38 | 1.79 | -6.63 | 1.84 | -8.76 | 5.99 | -1.37 | -6.51 | 8.90 | 4.91 | -3.77 | -6.71 |
| 2023 | 2.26 | -2.23 | -1.60 | 1.37 | -3.54 | 4.28 | 3.05 | -2.61 | -2.41 | -2.92 | 6.43 | 4.84 | 6.43 |
| 2024 | 2.34 | 2.42 | 5.05 | -3.42 | 3.56 | -0.24 | 3.29 | 2.57 | 1.16 | -0.60 | 5.67 | -5.80 | 16.50 |
| 2025 | 5.42 | -0.31 | -3.61 | -3.26 | 3.74 | 4.40 | 0.52 | 2.77 | 2.79 | 0.23 | 1.56 | 1.90 | 16.90 |
| 2026 | 5.47 | 1.45 | -2.70 | 6.95 | 3.97 | 3.65 | — | — | — | — | — | — | 19.99 |
Gross of Fees
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | -0.59 | 3.75 | 1.97 | 0.25 | -5.27 | 4.57 | -7.16 | -3.04 |
| 2019 | 5.22 | 3.49 | 1.00 | 4.14 | -6.74 | 6.78 | 1.16 | -2.15 | 2.76 | 1.57 | 2.85 | 2.89 | 24.70 |
| 2020 | -2.21 | -9.42 | -12.96 | 10.24 | 3.97 | 0.68 | 5.41 | 5.28 | -2.84 | -3.02 | 12.42 | 3.86 | 8.62 |
| 2021 | -0.69 | 3.66 | 4.90 | 3.91 | 2.56 | -0.97 | 0.37 | 3.12 | -2.66 | 5.70 | -2.43 | 5.52 | 24.95 |
| 2022 | -1.23 | -0.30 | 1.88 | -6.55 | 1.94 | -8.68 | 6.08 | -1.29 | -6.42 | 9.00 | 5.00 | -3.69 | -5.73 |
| 2023 | 2.35 | -2.14 | -1.51 | 1.46 | -3.46 | 4.37 | 3.14 | -2.52 | -2.32 | -2.83 | 6.52 | 4.93 | 7.57 |
| 2024 | 2.43 | 2.51 | 5.14 | -3.33 | 3.65 | -0.15 | 3.38 | 2.66 | 1.25 | -0.51 | 5.76 | -5.72 | 17.74 |
| 2025 | 5.51 | -0.23 | -3.52 | -3.16 | 3.83 | 4.49 | 0.61 | 2.86 | 2.88 | 0.32 | 1.65 | 1.99 | 18.16 |
| 2026 | 5.56 | 1.54 | -2.61 | 7.05 | 4.06 | 3.74 | — | — | — | — | — | — | 20.63 |
PSN Top Guns Recognition — Q2 2026
The Large Cap Value Equity strategy received four PSN Top Guns recognitions for the quarter ended June 30, 2026: 5 Star Top Gun and Bull & Bear Masters in the Large Value Universe, and 5 Star Top Gun and Bull & Bear Masters in the US Value Universe. VEM’s listing on PSN’s site is available here; note that PSN’s ranking methodology and its site present gross-of-fee returns.
“The Bull and Bear category cannot be won by being right in one direction. That is the discipline the Large Cap Value strategy was built around, and it is the discipline we intend to keep.”
Two screens, two different questions
The two categories do not measure the same thing, which is why earning both is worth a paragraph.
The 5 Star Top Gun screen asks whether a strategy has been consistent. PSN requires returns above the style benchmark across the three most recent rolling three-year periods, an r-squared of 0.80 or greater against that benchmark over five years, and five-year volatility at or below the peer group median. The ten best three-year returns that clear all of it become 5 Star Top Guns.
The Bull & Bear Masters screen asks how a strategy behaved in each direction. PSN requires an upside capture ratio above 100 and a downside capture ratio below 100 relative to the style benchmark over a three-year period. The ten best ratios of upside capture to downside capture become the Bull & Bear Masters.
Neither screen carries the other. A strategy clears each one on its own terms, and the Large Cap Value strategy cleared both in two separate universes. Full methodology appears below.
PSN Award Methodology
Through a combination of PSN’s proprietary performance screens, the PSN Top Guns awards products in six proprietary categories in over 75 universes based on continued performance over time.
5 Star Category
Had an r-squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s returns exceeded the style benchmark for the three latest three-year rolling periods. Products are then selected which have a standard deviation for the five-year period equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the 5 Star Top Guns.
Bull & Bear Masters
Had an r-squared of 0.80 or greater relative to the style benchmark for a three-year period. Moreover, the strategy had an upside market capture over 100 and a downside market capture less than 100 relative to the style benchmark. The top ten ratios of Upside Capture Ratio over Downside Capture Ratio become the PSN Bull & Bear Masters.
About the PSN Top Guns Rankings: The PSN Top Guns designations are third-party rankings based on PSN’s applicable criteria and methodology.
PSN Top Guns Disclosure: PSN Top Guns rankings are provided by PSN, an investment manager database and division of YCharts. Rankings are based on information collected through the PSN investment manager questionnaire and on the applicable PSN peer universe and methodology for the period indicated. PSN’s ranking methodology uses gross-of-fee returns. The criteria and the number of managers considered vary by category of award and peer universe. The award is not indicative of future performance, and past performance does not guarantee future results. Vann Equity Management did not pay PSN or YCharts to be considered for or to receive these rankings, and receives no compensation from PSN or YCharts for being featured in them. The only payment VEM makes to YCharts is a licensing fee for the right to display the PSN Top Guns badge artwork in its own materials; that fee purchases reproduction rights only and has no bearing on whether a strategy is screened, ranked, or recognized.
Past performance does not guarantee future results. All investing involves risk, including the possible loss of principal. The composite results shown are for the Large Cap Value Equity Composite; individual client account results will differ. The US Large Cap Value Equity Composite includes all fully discretionary accounts managed in the strategy, including accounts no longer with the firm. Composite inception: June 1, 2018. Benchmarks: Russell 1000 Value Index and S&P 500 Index. Minimum account size: $100,000. Vann Equity Management has been independently verified for the periods June 1, 2018 through December 31, 2025; the verification report is available upon request.
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