2022 Annual Commentary & Opinion

Our 2022 composite total return was -2.97%, which compares very favorably to the -18.14% return for the S&P 500 Index, -6.98% return for the DJIA, -33.10% return for the Nasdaq, and -13% total return for bonds*. Taking a longer term look at our investment performance, our three-year average annual composite total return through December 31, 2022, was 9.87%, vs.7.66% for the S&P 500 Index and was achieved with nearly 40% less volatility than that of the S&P 500. Our portfolios have generated significant alpha (risk-adjusted returns) relative to the S&P 500 over every measured time frame since the inception of our firm and have demonstrated superior downside protection as compared to the S&P 500 Index during periods of considerable market volatility, with 2022 being another very good example. Risk-adjusted outperformance has always been our goal, and consistently achieving it is foundational to our value proposition for clients. Download Commentary