Third Quarter 2024 Client Investor Letter

As we welcome the fall season, we are pleased to report that global markets continued their upward momentum in the third quarter. While there are always uncertainties—especially with the upcoming U.S. election—we remain focused on strategies built to weather the ups and downs and continue delivering long-term success for our clients.

In our letter, we discuss:

• Equity gains have extended beyond the large tech stocks, signaling a more optimistic outlook for economic growth than we saw earlier in the year.
• Our equity style preferences and disciplined approach to investing in periods of volatility – balancing conviction and risk management.
• The perils of straying from market fundamentals and altering investment exposure ahead of a presidential election.
• The decline in interest rates and its impact on our bond portfolio construction.

Please contact us if you want a copy of the entire letter.