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2023 Q1 Quarterly Commentary & Opinion
Our 2023 Q1 composite total return was 3.21% through March 31, 2023. The S&P 500 total return was 7.50% and the DJIA was .91%. Taking a longer-term look at our investment performance, our 12-month composite total return through March 31, 2023, was -1.08% vs. -7.73% for the S&P 500 and -2.15% for the DJIA. Importantly, our 3-year average annual composite total return through March 31, 2023, was 16.50% and our 5-year average annual total return was 9.80%. Our very solid total returns were also 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 the past 12 months, 3 years, 5 years, and 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. Risk-adjusted outperformance* has always been our goal, and consistently achieving it is foundational to our value proposition for clients.
