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Death by 1,000 Cuts: The Quiet Inefficiencies of the Retail Portfolio
No single blow kills the typical retail portfolio. There is no dramatic headline, no one bad decision an investor can point to years later and say, that was the mistake. Instead, the damage is done quietly, a fraction of a percent at a time — a fee here, a forced trade there, a moment of chasing at exactly the wrong...

Average Annualized Returns (net of fees)
Performance through September 30, 2025
- Linden Thomas US Equity Large-Cap Quality Growth 50 Index
- Linden Thomas Mid Cap Consistent Value Index
- Linden Thomas All Cap Focused Quality 100 Index
Linden Thomas US Equity Large-Cap Quality Growth 50 Index (net)
1 Year
29.80%
2 Year
31.50%
3 Year
30.96%
5 Year
15.03%
Since Inception
14.59%*
*Inception date 8/1/2019
Linden Thomas Mid Cap Consistent Value Index (net)
1 Year
16.60%
2 Year
21.95%
3 Year
22.05%
Since Inception
14.79%*
*Inception date 3/1/2022
Linden Thomas All Cap Focused Quality 100 Index (net)
1 Year
15.86%
2 Year
23.92%
3 Year
23.04%
Since Inception
16.07%*
*Inception date 1/1/2022
The performance results shown are those of a proprietary account at Linden Thomas invested using real dollars based upon the application of the stated Linden Thomas's Proprietary Index investment methodology. Performance results are presented net of the .85% advisory fee. The performance results do not reflect the deduction of other fees or expenses, including but not limited to brokerage fees, custodial fees, fees and expenses charged by mutual funds and other investment companies, and any other fee or expense a client may incur in the management of such client's investment advisory account. A client's return with respect to an investment would be reduced by any fee or expense a client may incur in the management of their investment advisory account. Performance results are unaudited and are not an estimate of any other investors' actual performance, which may be materially different from such performance depending on numerous factors. No representations or warranties whatsoever are made by Linden Thomas, its affiliates, or any other person or entity as to the future profitability of an LT Index or the results of making an investment based on an LT Index. Past performance may not be indicative of future results. Different types of investments and strategies involve varying degrees of risk, and there can be no assurance of the future performance of any specific investment strategy. All investing involves risk including the possible loss of principal.
Investment advisory services offered through Linden Thomas Advisory Services, LLC, an SEC registered investment adviser doing business as “Linden Thomas and Company”. 516 N. Tryon Street, Charlotte NC 28202. Phone: (704) 554-8150
Investment advisory services offered through Linden Thomas Advisory Services, LLC, an SEC registered investment adviser doing business as “Linden Thomas and Company”. 516 N. Tryon Street, Charlotte NC 28202. Phone: (704) 554-8150

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