2020 Q4 Quarterly Commentary & Opinion

Our composite total return for 2020 was 11.35%, and our equity position total return was 15.61%. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 18.40%, 9.72%, and 2.8%, respectively. Importantly, our portfolios were far less volatile than the market in 2020 – and we significantly outperformed during the extremely challenging first quarter.Download Commentary