t has been a tough 2022 for investors but our clients have done better than most mutual fund and hedge fund managers. Year to date, all of our clients’ portfolios have outperformed the Nasdaq (down 34%) and 90% of our clients have outperformed the S&P 500 (down 20%), even as some high profile hedge fund managers have suffered >50% declines.

Our pivot to value stocks from growth stocks early this year before the carnage began, has helped to alleviate and limit losses in our client portfolios reinforcing the value of actively managed portfolios versus DIY passive portfolio approach that served investors well during the bull market years.

2023 looks to be another tough year for investors. As we celebrate Christmas and New Year holidays, we would recommend investors take a hard look at their portfolios and conduct a thorough analysis of their holdings going into 2023. Another year of destruction could cut one’s portfolio to the bone and wipe out any remaining gains from the bull market years.