Newsletter Q3 2020

Our current portfolio positioning is conservative relative to your personal investment objective and risk appetite. We are holding the highest cash and lowest equity levels in accounts than we have in over 10 years. This is reflective of the current market and economic conditions, the pandemic’s negative impact, and the uncertainty around the presidential election. We expect that these factors will continue to lead to higher market volatility through the end of the year. However, we look to add to equities on any meaningful pullback. We expect that any additional government stimulus would be constructive to the economy and markets. In the interim, we continue to make adjustments to our equity holdings to improve the overall quality of your portfolio and to take advantage of attractive opportunities. Our goal is to identify companies that will create economic value in this environment and develop long-term competitive advantages.