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2023 Q3 Commentary & Opinion
Our year-to-date composite total return was 6.50% through September 30, 2023. The S&P 500 total return was 13.07% and the DJIA total return was 2.73%. Our equity position total return, currently 53% of total portfolio values, was 9.96%. Our short- term U.S. Treasuries position total return, currently 36% of total portfolio values (with an average yield to maturity of 5.5%), was 3.66%, vs. a -1.03% total return for bonds as measured by the U.S. Aggregate Bond Index (AGG). Our performance this year has been solid, consistent, and achieved with far less volatility than that of the stock market. This is especially
important considering our very considerable outperformance in 2022.
