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Our composite total return for the first quarter was 6.6%. We exceeded the performance of the S&P 500 Index and did so with significantly less investment risk and portfolio volatility. Our equity positions achieved an 8.58% total return. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 6.17%, 8.29%, and 11.6%, respectively. Our year-to-date composite total return through April 8th is 8.16% and our equity positions total return is 10.60%. Download Commentary

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

Our year-to-date composite total return through September 30th was 4.05%, and our equity position total return was 5.48%. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were 5.57%, -.91%, and -11.58%, respectively. Importantly, our portfolios have been far less volatile than the market this year while still achieving much of the return of the S&P 500 and significantly outperforming our other performance benchmarks. Download PDF

Our year-to-date composite total return through June 30th was -1.99%. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were -3.08%, -8.43%, and -16.26%, respectively.

The stock market’s dramatic rise from the first quarter’s lows seems to be a reaction to unprecedented Federal Reserve asset buying, and its stated commitment to keep interest rates near zero for the foreseeable future in support of financial markets and the economy. The near-term market benefit of this activity has been clear, but the real and sustainable economic benefit of these actions is not so clear. All this, against the backdrop of the coronavirus, and the reaction to the virus, continues to cause great concern and economic hardship for very many hard-working American families and businesses – whose future prospects for good health, wealth and employment are far from certain. Recently, there have been some positive indications on the health, economic and employment fronts as the U.S. economy works to reopen, but the longer term market, societal and economic effects of the Fed’s intervention and the coronavirus, presents us with a higher risk environment indicating a more cautious investment approach is warranted.Download PDF

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

We have achieved very solid returns in 2019. Our composite total return was a positive 18.20%, which includes our 70% equity position, cash and U.S. Treasury Notes of approximately 26%, along with gold and platinum positions of approximately 4%. Our equity position returned a positive 24.46%. The total returns on the DJIA and S&P 500 were 31.49% and 25.34%, respectively. Download PDF

We have achieved very solid returns through the first three quarters of 2019. Our composite total return was a positive 13.75%, which includes our 72% equity position, cash and U.S. Treasury Notes of approximately 24%, along with gold and platinum positions of approximately 4%. Our equity position returned a positive 17.75%.
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We achieved very solid returns during the first half of 2019. Our composite total return was a positive 11.91%, which includes our cash and 1 Year U.S. Treasury Note position of approximately 21%. Our equity position returned a positive 15.28%. The total returns on the DJIA and S&P 500 were 15.4% and 18.54%, respectively. Since the inception of the firm in October of 2012, our composite total return has averaged 10.1% annually, net of fees. Our equity positions have averaged 12.43%, since inception.
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We achieved excellent returns during the first quarter of 2019. Our composite total return was a positive 10.03%, which includes our cash and 1 Year U.S. Treasury Note position of approximately 19%. Our equity position returned a positive 12.20%. The total returns on the DJIA and S&P 500 were 11.8% and 13.6%, respectively.
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In what was one of the most challenging quarters for the stock market in many, many years, we achieved our best relative performance in the history of our firm, and at the most important time for our clients.
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