2020 Q1 Quarterly Commentary & Opinion

Markets have been extremely volatile and challenging during the first quarter. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were -19.76%, -22.73%, -26.73%, respectively. Our portfolios have significantly outperformed the market during this difficult period, with a composite total return of -12.23%. Moreover, our performance has improved since the end of the quarter: through April 6, 2020, our composite total return is -9.8%. Importantly, from the market’s January peak, through April 6, 2020, we have outperformed the S&P 500 by nearly 14%, net of fees. As a result, our YTD, 1 yr. and 3 yr. annualized total returns as of 4/6/2020 have exceeded market returns, with just one half the volatility of the S&P 500. In addition, our portfolio performance, when measured against the Large Cap Value investing universe, including Mutual Funds, Index Funds and ETFs, would rank us in the top 1% for every measurable time frame since the inception of our firm in December of 2012.Download PDF