Past performance is no guarantee of future results. These results are not audited, and this performance stream tracks companies analyzed by Boyar’s Intrinsic Value Research and published in Boyar's Micro Cap Focus Focus commencing in 2010. Performance presented is the average price only returns from the date of publication. Since 2010 through June 2022, the number of companies profiled in Boyar’s Micro Cap Focus has been 32. 32 companies are included in the 1-year calculation, 29 companies are included in the 3-year calculation, 23 companies are included in the 5-year calculation and 20 companies were included in the 7-year calculation. For a list of all the companies utilized for these calculations, please contact us. Special dividends are included in the return calculation for the companies profiled. The performance reflects the result of any spun-out companies on a going forward basis in proportion to the spin off-weighting. FactSet was utilized to calculate the performance of companies profiled and the respective benchmark return. Any pair trades utilized in the calculation were closed out after three years and do not include any costs related to shorting including borrowing securities. These results are hypothetical and do not represent any actual trading results which could cause the results to differ materially. These results do not take into account any market factors such as liquidity that may have had a significant impact on overall returns. These results are gross of any investment management, custody or brokerage commissions. The S&P 500 was chosen as a benchmark as it is a broad market index and a widely recognized industry benchmark. Since Boyar's Micro-Cap Focus features micro-cap stocks we believed the S&P 500 was the most appropriate benchmark to use. However, many of the companies profiled in Boyar's Micro-Cap Focus may be significantly smaller or larger than the average company in the S&P 500. While the results presented show profits, there was the real possibility of a permanent loss of capital. This information is for illustration and discussion purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Boyar’s Intrinsic Value Research LLC. does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Boyar Value Group offers investment advisory services through Boyar Asset Management, Inc. (the "Adviser"), which is an affiliate of Boyar Research and is an investment adviser registered with the SEC. Registration with the SEC should not be construed as an endorsement of the Adviser by the SEC nor does it indicate that the adviser has attained a particular level of investment skill or acumen.