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V8彩票注册登陆ydnee V8彩票注册登陆atewood

V8彩票注册登陆entaur V8彩票注册登陆otal V8彩票注册登陆eturn V8彩票注册登陆und V8彩票注册登陆nnual 2019 V8彩票注册登陆hareholder V8彩票注册登陆etter

V8彩票注册登陆iscussion of markets and holdings

V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆ear V8彩票注册登陆ellow V8彩票注册登陆hareholders,

V8彩票注册登陆V8彩票注册登陆ith over 30 years of experience in the investment business, V8彩票注册登陆 can’t tell you how enthusiastic V8彩票注册登陆 am right now for the prospects of the V8彩票注册登陆entaur V8彩票注册登陆otal V8彩票注册登陆eturn V8彩票注册登陆und (the “V8彩票注册登陆und”).

V8彩票注册登陆V8彩票注册登陆 took the reins of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆dvisors in the middle of this year and have gotten to know the women and men dedicated to the research and portfolio management of the V8彩票注册登陆und very well. V8彩票注册登陆 have observed them in investment meetings and have seen the quality of their work on various projects and will say this—you have a team of very intelligent, experienced, curious and passionate professionals working on this V8彩票注册登陆und.

V8彩票注册登陆uch of my enthusiasm is centered around the work this team has done over this past summer and fall to innovate. V8彩票注册登陆oing into 2020, V8彩票注册登陆 believe the V8彩票注册登陆und will see the positive effects of this innovation in the area of dividend generation. V8彩票注册登陆hile innovation and hard work won’t automatically produce results that meet or exceed shareholder expectations, V8彩票注册登陆 believe the combination will be a contributing factor for the success we all want to achieve.

V8彩票注册登陆 am also enthusiastic because our team’s spirit of innovation and quest to improve the portfolio’s prospects for achieving our objectives is ongoing. V8彩票注册登陆he team is constantly looking at new ways to add impact and new factors to apply. V8彩票注册登陆ndeed, the results of their work towards the very end of the V8彩票注册登陆und’s fiscal year were quite positive. V8彩票注册登陆nd it is with this energy that we head into 2020.

V8彩票注册登陆 want to once again, thank you for your trusting our experience, innovation, dedication and wisdom to steward the V8彩票注册登陆und.

V8彩票注册登陆incerely,

V8彩票注册登陆arc V8彩票注册登陆. V8彩票注册登陆appaport

V8彩票注册登陆V8彩票注册登陆he V8彩票注册登陆entaur V8彩票注册登陆otal V8彩票注册登陆eturn V8彩票注册登陆und (the “V8彩票注册登陆und”) was up 3.2% over the fiscal year ending on V8彩票注册登陆ctober 31, 2019. V8彩票注册登陆uring this period, the V8彩票注册登陆und was positioned as a balanced fund following a short transition period after V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆dvisors took over the interim management of the V8彩票注册登陆und. V8彩票注册登陆he V8彩票注册登陆und had a beta of 0.6 relative to the V8彩票注册登陆&V8彩票注册登陆 500 index. V8彩票注册登陆he V8彩票注册登陆und’s volatility over the course of the year was 9.8%, which was 40% lower than that of the V8彩票注册登陆&V8彩票注册登陆 500 index at 17.0%.

V8彩票注册登陆V8彩票注册登陆he past fiscal year was dominated by concerns about the V8彩票注册登陆ed’s policy stance, trade friction with V8彩票注册登陆hina and a slowdown in global trade and manufacturing. V8彩票注册登陆rowth expectations were cut as international and domestic economic data pointed to a slowdown. V8彩票注册登陆his resulted in declining bond yields, with the 10-year benchmark treasury yield dropping from 3.1% on V8彩票注册登陆ctober 31, 2018 to 1.7% on V8彩票注册登陆ctober 31, 2019. V8彩票注册登陆espite slowing economic and earnings growth, the equity market as reflected in the performance of the V8彩票注册登陆&V8彩票注册登陆 500 index was up 14.3% over the course of the V8彩票注册登陆und’s fiscal year. V8彩票注册登陆arkets were supported by the V8彩票注册登陆ed’s pivot to an accommodative policy stance at the end of V8彩票注册登陆anuary 2019.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆dvisors took over the interim management of the V8彩票注册登陆und on V8彩票注册登陆ovember 16, 2018. V8彩票注册登陆uring the transition period, the V8彩票注册登陆und held fewer than 10 equity positions and had a cash and cash-equivalent security balance of almost 70% as the previous manager had liquidated most of the equity positions. V8彩票注册登陆ollowing a short transition period, the V8彩票注册登陆und was positioned as a balanced fund, with a combination of equities and fixed income, initially set at 60% equities and 40% fixed income.

V8彩票注册登陆e invested the equity portion of the V8彩票注册登陆und in a diversified portfolio of primarily dividend-paying blue-chip stocks with attractive valuations and sustainable, high profitability. V8彩票注册登陆he emphasis was on finding undervalued securities with an above-market yield. V8彩票注册登陆e also focused on stocks where earnings were supported by cash flows, and where earnings and price momentum were positive.

V8彩票注册登陆dditionally, we also increased portfolio diversification by increasing the number of equity holdings. V8彩票注册登陆ncreased diversification provides a buffer in a slowing earnings growth environment, as companies are prone to revising earnings estimates downwards, which can lead to a severe negative price reaction. V8彩票注册登陆 diversified portfolio is better positioned to mitigate against this risk.

V8彩票注册登陆V8彩票注册登陆he fixed income portion of the V8彩票注册登陆und was initially positioned mainly in cash and low-duration government and investment-grade corporate bonds. V8彩票注册登陆e later added high-yielding securities to boost the yield of the V8彩票注册登陆und.

V8彩票注册登陆V8彩票注册登陆he V8彩票注册登陆.V8彩票注册登陆. equity market was very volatile during the V8彩票注册登陆und’s fiscal first quarter, with a sharp sell-off over the V8彩票注册登陆ctober-V8彩票注册登陆ecember 2018 period, dropping nearly 20% at one point. V8彩票注册登陆olatility increased as the markets absorbed the fact that the V8彩票注册登陆.V8彩票注册登陆. economy and earnings growth would slow down in 2019 as the effects of the 2018 tax cuts faded. V8彩票注册登陆n addition, the threat of trade tariffs against V8彩票注册登陆hina and the possible disruption of the global supply chains roiled equity markets. V8彩票注册登陆urthermore, economic data from V8彩票注册登陆hina and V8彩票注册登陆urope was weaker than expected. V8彩票注册登陆arkets called into question V8彩票注册登陆ed V8彩票注册登陆hairman V8彩票注册登陆owell’s V8彩票注册登陆ctober 3, 2018 comments about future rate hikes being on autopilot, and the hawkish V8彩票注册登陆ed policy stance at the V8彩票注册登陆ecember 2018 meeting of the V8彩票注册登陆ederal V8彩票注册登陆pen V8彩票注册登陆arket V8彩票注册登陆ommittee (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆).

V8彩票注册登陆V8彩票注册登陆eaker economic data and increased market volatility led the V8彩票注册登陆ederal V8彩票注册登陆eserve to pivot to a neutral policy stance at the V8彩票注册登陆anuary meeting of the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 following three rate hikes in 2018. V8彩票注册登陆his contributed to a sharp rally in the equity market during the V8彩票注册登陆und’s fiscal second quarter, with the V8彩票注册登陆&V8彩票注册登陆 500 index providing a total return of 9.5%. V8彩票注册登陆he bond market also rallied with the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 based on the V8彩票注册登陆loomberg V8彩票注册登陆arclays V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ggregate V8彩票注册登陆ond V8彩票注册登陆ndex up 1.8%. V8彩票注册登陆he V8彩票注册登陆und was up 2.6% in the V8彩票注册登陆iscal second quarter. V8彩票注册登陆alue and high dividend stocks lagged the broad equity market with the V8彩票注册登陆&V8彩票注册登陆 500 V8彩票注册登陆alue index and the V8彩票注册登陆ow V8彩票注册登陆ones V8彩票注册登陆elect V8彩票注册登陆ividend V8彩票注册登陆ndex lagging the V8彩票注册登陆&V8彩票注册登陆 500 index by almost 200bps each. V8彩票注册登陆he equity sleeve had a strong tilt towards value and above-market dividends resulting in underperformance relative to the broad equity market. V8彩票注册登陆he V8彩票注册登陆und had a large allocation to short-duration fixed income securities within the fixed income sleeve which lagged the broad bond market.

V8彩票注册登陆quity market volatility increased substantially over the V8彩票注册登陆und’s fiscal third quarter ending in V8彩票注册登陆uly 2019 as trade war rhetoric picked up, with the V8彩票注册登陆V8彩票注册登陆 and V8彩票注册登陆hina imposing tariffs on each other. V8彩票注册登陆n response, we shifted away from those companies with high global exposure. V8彩票注册登陆ome of the defensive names that were added to the V8彩票注册登陆und in V8彩票注册登陆uly were V8彩票注册登陆intas, V8彩票注册登陆estle, V8彩票注册登陆oetis, V8彩票注册登陆stée V8彩票注册登陆auder and V8彩票注册登陆imberley V8彩票注册登陆. V8彩票注册登陆e repositioned the portfolio to emphasize profitability in addition to value and dividend yield. V8彩票注册登陆ond yields continued to tumble, with the benchmark 10-year V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆reasury bond yield dropping from 2.5% to 2.0% over the V8彩票注册登陆ay through V8彩票注册登陆uly 2019 period reflecting the growing economic uncertainty. V8彩票注册登陆ith inflation expectations well-contained, the V8彩票注册登陆ed cut rates in V8彩票注册登陆uly. V8彩票注册登陆t subsequently cut rates in V8彩票注册登陆eptember and V8彩票注册登陆ctober of 2019 as well.

V8彩票注册登陆y early V8彩票注册登陆eptember, the 10-V8彩票注册登陆ear V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆reasury V8彩票注册登陆ond V8彩票注册登陆ield dropped to 1.45%. V8彩票注册登陆n the V8彩票注册登陆und’s fiscal fourth quarter, we made significant changes to portfolio positioning in response to low bond yields, more clarity in the V8彩票注册登陆ed’s accommodative policy and major easing in trade tensions. V8彩票注册登陆e reduced our fixed income exposure markedly to take advantage of the year’s substantial bond rally (we wound up avoiding a good bit of pain as the V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆reasury V8彩票注册登陆ond prices declined heading into the end of the V8彩票注册登陆und’s fourth quarter). V8彩票注册登陆s a result, we were very pleased with the V8彩票注册登陆und’s growth in the fourth fiscal quarter, especially the last two months, which reflected our shifts.

V8彩票注册登陆or the fiscal year, the performance of the equity sleeve of the V8彩票注册登陆und lagged the broad equity market due to its value and high dividend tilt early in the year. V8彩票注册登陆he fixed income sleeve had a large allocation to short-duration securities which lagged the longer-term securities as the yield curve flattened.

V8彩票注册登陆ate in the V8彩票注册登陆und’s fourth fiscal quarter, we made the decision to eliminate the fixed income security holdings and convert the portfolio into an equity portfolio. V8彩票注册登陆ur aim is to outperform the broad equity market and achieve an above market dividend yield, targeted at 3.5 – 4.0% under current market conditions. V8彩票注册登陆he portfolio will have a core representing around 80% of holdings that will be is designed to outperform the broad equity market. V8彩票注册登陆he remaining balance will be invested in a dividend capture sleeve designed to generate high dividend income using a proprietary dividend capture process.

V8彩票注册登陆V8彩票注册登陆e also have rebalanced the core portfolio to be slightly more growth-oriented, as such companies do well in a slowing economic environment. V8彩票注册登陆e added growth-oriented names such as V8彩票注册登陆lphabet, V8彩票注册登陆acebook and V8彩票注册登陆tarbucks. V8彩票注册登陆e added to the V8彩票注册登陆ealthcare sector with superior growth companies such as V8彩票注册登陆ristol-V8彩票注册登陆yers V8彩票注册登陆quibb, V8彩票注册登陆dward V8彩票注册登陆ifesciences, V8彩票注册登陆orcept V8彩票注册登陆herapeutics and V8彩票注册登陆immer V8彩票注册登陆iomet. V8彩票注册登陆onversely, we lowered the weighting in V8彩票注册登陆ndustrials by selling V8彩票注册登陆ummins, V8彩票注册登陆ederal V8彩票注册登陆ignal and V8彩票注册登陆ngersoll-V8彩票注册登陆and. V8彩票注册登陆he portfolio weighting in technology was increased by adding names such as V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆isa and V8彩票注册登陆orvo, and adding to our V8彩票注册登陆icrosoft position.

V8彩票注册登陆V8彩票注册登陆he dividend capture sleeve of the V8彩票注册登陆und is tilted towards V8彩票注册登陆inancials, V8彩票注册登陆ndustrials, V8彩票注册登陆tilities and V8彩票注册登陆eal V8彩票注册登陆state stocks due to the higher dividend yield of these sectors. V8彩票注册登陆he V8彩票注册登陆und currently sports a dividend yield of 2.3% compared with 1.9% for the benchmark. V8彩票注册登陆he dividend yield is expected to increase to 3.5 - 4.0% as we fully implement the dividend capture process and we are very excited about the prospects of bringing our capabilities in dividend capture to the V8彩票注册登陆und going forward.

V8彩票注册登陆urrent positioning

V8彩票注册登陆he top five equity holdings as of V8彩票注册登陆ctober 31, 2019 were V8彩票注册登陆icrosoft (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆imon V8彩票注册登陆roperty V8彩票注册登陆roup (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆ercules V8彩票注册登陆apital (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆anus V8彩票注册登陆enderson V8彩票注册登陆roup (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆abra V8彩票注册登陆ealth V8彩票注册登陆are V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆). V8彩票注册登陆t the end of its fiscal year, the V8彩票注册登陆und held 83 equity securities diversified across sectors, with overweight positions relative to the V8彩票注册登陆&V8彩票注册登陆 500 index in V8彩票注册登陆ealth V8彩票注册登陆are, V8彩票注册登陆inancials and V8彩票注册登陆nergy, and underweights in V8彩票注册登陆nformation V8彩票注册登陆echnology, V8彩票注册登陆onsumer V8彩票注册登陆iscretionary, V8彩票注册登陆ommunication V8彩票注册登陆, V8彩票注册登陆tilities and V8彩票注册登陆ndustrials. V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆 ratio of the V8彩票注册登陆und is 18.6x compared with 20.3x for the V8彩票注册登陆&V8彩票注册登陆 index.

V8彩票注册登陆e believe that the V8彩票注册登陆und is appropriately positioned to perform well in an environment of increased volatility in equity markets and slow but improving macroeconomic growth. V8彩票注册登陆e are very positive on the outlook for dividend income generation heading into the new fiscal year.

V8彩票注册登陆he V8彩票注册登陆hareholder V8彩票注册登陆etter seeks to describe some of the investment adviser’s current opinions and views of the financial markets. V8彩票注册登陆lthough the investment adviser believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed. V8彩票注册登陆he securities held by the V8彩票注册登陆und that are discussed in the V8彩票注册登陆hareholder V8彩票注册登陆etter were held during the period covered by this V8彩票注册登陆eport. V8彩票注册登陆hey do not comprise the entire investment portfolio of the V8彩票注册登陆und, may be sold at any time and may no longer be held by the V8彩票注册登陆und. V8彩票注册登陆or a complete list of securities held by the V8彩票注册登陆und as of V8彩票注册登陆ctober 31, 2019, please see the V8彩票注册登陆chedule of V8彩票注册登陆nvestment sections of the annual report. V8彩票注册登陆he opinions of the V8彩票注册登陆dviser with respect to those securities may change at any time.

V8彩票注册登陆tatements in the V8彩票注册登陆hareholder V8彩票注册登陆etter that reflect projections or expectations for future financial or economic performance of the V8彩票注册登陆und and the market in general and statements of the V8彩票注册登陆und’s plans and objectives for future operations are forward-looking statements. V8彩票注册登陆o assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed, or anticipated in any such forward-looking statements. V8彩票注册登陆mportant factors that could result in such differences, in addition to factors noted with such forward-looking statements, include, without limitation, general economic conditions, such as inflation, recession, and interest rates. V8彩票注册登陆ast performance is not a guarantee of future results.

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