Perspective

Q2 2024 Market Review

Despite failing to produce the hoped for Fed rate cuts, Q2 2024 left investors in a relatively good mood as most risk assets generated positive returns. The US economy continued to be in a “goldilocks” phase—as the disinflationary trend continued with the headline Consumer Price Index (CPI) dropping to 3.0% YoY and the Fed’s preferred inflation gauge, Core Personal Consumption Expenses (PCE), posting 2.6% YoY in May, down from a peak of 5.6% in early 2022—albeit at a more subdued pace, with Q1 US real GDP growth coming in at 1.4% QoQ and Q2 on track for 1.5% QoQ growth.

At the latest Federal Open Market Committee (FOMC, the Fed) meeting Fed Chairman Powell continued to emphasize the need for sustained progress toward the Fed’s inflation target of 2% while acknowledging that labor market conditions are not as tight as they have been in the recent past and that risks to the economy have become more balanced. Despite the US economy adding 1.4 million jobs through June, the unemployment rate rose to 4.1% in June from a low of 3.4% in Q1 2023 as the pool of available workers has expanded due to illegal immigration. In the latest June Statement of Economic Projections (SEP) the Fed members expected just one rate cut by the end of 2024 based on the median dot plot, down from three rate cuts in the Fed’s March 2024 SEP. At the end of Q2, the market seems to be in an agreement with the Fed’s rate cut projections as it is pricing in a 57% probability for a rate cut in September and a 100% probability for a rate cut by November while assigning an equal weight for a second rate cut in either December 2024 or January 2025.

The 10-year Treasury rate jumped to 4.7% in April on the back of stronger than anticipated inflation, robust employment gains, and a bulging US fiscal deficit that will likely increase the supply of longer dated Treasuries. However, following some moderation in inflationary pressures primarily due to disinflation in durable and non-durable goods, weak retail sales and manufacturing data, the 10-year declined to 4.40% by the end of Q2 to finish the quarter higher by 20bp. Meanwhile, the 2-year Treasury yield pushed up by 13bp with the 2-10-year spread finishing the quarter with -35bp of inversion. The US yield curve has been inverted for over 24 months, the longest inversion in US history. However, unlike previous inversion episodes there is no sign yet of recession.

“Bifurcation” has been the theme of equity indices so far in 2024, with “haves” and “have nots” emerging as the “Magnificent 7” (Microsoft, Amazon, Meta, Apple, Google, Nvidia and Tesla) outperformed the S&P ex Mag 7 by a staggering 29% YTD (37% vs 8%). The Nasdaq 100 finished the 2nd quarter on top of all equity indices at +7.82% despite a pullback in April, the S&P 500 index was +4.49%, and the Russell 2000 index was negative -2.28% for the quarter. Turning to fixed income, the Bloomberg US Aggregate Bond (AGG), Bloomberg US Investment Grade Corporate (IG Corp), and Bloomberg US High Yield Corporate (HY Corp) Indices returned 0.83%, 0.75%, and 1.33% respectively for the quarter.

One of the key components behind the current bull market remains the liquidity injection by global central banks. In particular, the US Federal Reserve announced the tapering of the Quantitative Tightening (QT) program starting in June when only $25B of Treasuries per month will not be reinvested, down from the previous $60B. The QT tapering announcement on May 1st (consensus was $30B cap) reinvigorated risk markets. One of the primary beneficiaries of flows into risk assets have been High Yield ETFs and mutual funds; YTD there have been $218B of inflows into taxable bond mutual funds and ETFs with a large portion into the high yield sector. These flows into HY funds outweighed fundamental negatives such as higher for longer interest rates, a slowdown in consumption, a spike in bankruptcies to a 13-year high, and a decline in manufacturing and capital expenditures.

Strategy Performance

The Easterly Structured Credit Value strategy returned 1.59% net for the quarter ending June 30, 2024. The strategy outperformed its benchmark by 1.52%, as the Bloomberg U.S. Aggregate Bond Index returned 0.07% for the quarter. The outperformance relative to the benchmark was primarily attributed to lower duration of the strategy relative to Bloomberg Aggregate (3.0 yrs vs 6.2 yrs) as interest rates sold off by 20bp. The strategy’s net yield advantage versus the index of over 300bp also played a role in the strategy’s outperformance in Q2.

	QTD	YTD	1-Year	3-Year	5-Year	Since Inception*
Structured Credit Value (gross)	1.75%	3.48%	7.09%	2.42%	6.06%	6.49%
Structured Credit Value (net)	1.59%	3.15%	6.41%	1.76%	5.38%	5.81%
Bloomberg Barclays Aggregate Bond	0.07%	-0.71%	2.63%	-3.02%	-0.23%	1.09%

*Inception Date: 9/1/2018

Performance shown is the Orange Investment Advisers (“the Firm”) Structured Credit composite in USD. Past performance is not indicative of future results. Gross performance results do not include advisory fees and other expenses an investor may incur, which when deducted will reduce returns. Changes in exchange rates may have adverse effects. Model net returns are supplemental to actual net returns and are calculated by reducing the monthly composite gross return by a model fee of 0.05417%, which equates to an annual model fee of 0.65%, the highest fee charged to any SMA client. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Investment management fees are available upon request. The Firm claims compliance with the GIPS® standards; this information is supplemental to the GIPS^® report included in this material. Returns greater than one year are annualized.

Sector Performance:

The main contributors to the outperformance in Q2 were our allocations to RMBS (39%) and CMBS (28%), contributing returns of 72bp and 83bp, respectively, from a combination of carry plus realized and unrealized gains. The ABS and CLO/CDO sectors, which collectively make up 11% of the portfolio, contributed 44bp of return for the quarter. The main detractors were the Corporate Structured Note position (12%) due to their longer duration and relatively low carry, our Treasury and bond futures positions, whose purpose is to bring up the portfolio duration to three years, and our Credit Default Index (CDX) High Yield hedge, which is designed to reduce overall portfolio spread duration. While the CDX HY spread widened by 13bp, the negative carry of this position outweighed the spread widening in Q2 for a slight loss. Finally advisory fees and other expenses amounted to 16bp for the quarter. The table below shows capital allocation and net portfolio return for the quarter broken down by sector. Sector-level commentary is given in the following sections.

Sector	% Port	% Attribution
RMBS	39.00%	0.73%
CMBS	28.30%	0.83%
ABS	6.90%	0.27%
CLO/CDO	4.60%	0.17%
CORP	11.90%	-0.13%
GOVT	3.60%	-0.07%
Cash	6.80%	-0.06%
Hedge	-1.10%	-0.12%
Total	100.00%	1.59%

Source: Bloomberg and Orange Investment Advisors as of 6/30/2024.

Residential Mortgage Backed Securities (RMBS)

Non-Agency RMBS made up approximately 38% of the portfolio over Q2 and produced a total return of 1.84%, contributing 72bp to portfolio return for the quarter. In terms of fundamentals, home prices have increased by 3.5% YTD according to the Core Logic National Home Price Index, despite an increased supply of homes for sale and record low affordability. At the regional level there has been an emergence of higher existing home inventories in the sunbelt states like TX and FL which have experienced the most price appreciation since the Covid pandemic. In some MSAs the inventory supply is beginning to approach pre-pandemic levels which will likely pressure home prices in the near term. Existing home sales continue to flounder close to all-time lows while new home sales are trending up as home builders are using discounts in the form of lower interest rates to attract home buyers.

2024 Non-Agency RMBS gross issuance through Q2 surpassed 2023 through Q2 Issuance by 56% ($64bn vs. $41bn) with Non-Qualified Mortgage (Non-QM) being the largest component in 2024 with over $20bn in issuance. Non-QM spreads have been tightening throughout the year and have settled into the 130bp – 210bp range for AAA through BBB rated tranches while BBs are often issued at 310-320bp. Despite 30-40bp of tightening for AAA Non-QM they still look attractive relative to IG Corporates with Non-QM AAAs in the 63rd percentile over the last 10-years while IG Corporate spreads are in the 9th percentile.

Insurance companies have been regular buyers of Non-QM securities and Non-QM whole loans. Delinquency rates have been subdued across Non-QM deals due to a robust housing market and healthy employment conditions.

The over $9bn in issuance of Re-performing Loan (RPL) and Non-Performing Loan (NPL) deals has increased in 2024 due to securitization of recently redeemed deals. On-the-run AAA RPL tranches tightened to a 110bp spread in May before widening to 130bp by the end of the quarter while AA subordinate RPL tranches ended the quarter at a spread of 220bp. The Government-Sponsored Entities (GSE) Credit Risk Transfer(CRT) market absorbed $5bn in issuance YTD, less than 2023 YTD due to reduced issuance by GSEs and the net issuance is negative in 2024 due to increased tender activity by GSEs. CRT spreads continued to grind tighter in Q2, with M2 tranches tightening by 5bp to 160bp, B1s by 15bp to 210bp, and B2 spreads by 15bp to 385bp. There has also been increased issuance in Closed-End Seconds and Home Equity deals with issuance reaching $6bn through the end of Q2. The market has absorbed this product very well. The spread on AAA and BBB tranches has ranged from 135bp to 175bp and 215bp to 250bp respectively depending on the issuer. Reverse RMBS spreads tightened in Q2 as investors became more comfortable with the product and its valuation/performance. New issue Private Jumbo Reverse AAAs were placed at 250bp while BBBs were issued at 650bp. Legacy RMBS yields were mostly unchanged in Q2 with below IG loss-taking subprime floaters and Prime/Alt-A Senior tranches trading between 7.5% and 8.25% yields.

Commercial Mortgage Backed Securities (CMBS)

CMBS accounted for about 28% of portfolio capital over the 2nd quarter. The CMBS position posted a return of 2.92% in the 2nd quarter, contributing 83bp to overall portfolio total return. The CMBS market continued to straddle between favorable technicals and challenging fundamentals in Q2. The Fed’s higher for longer stance on interest rates compounded by longer term secular issues in the office and retail sector presents a challenging backdrop for CRE valuations. The Real Capital Analytics Commercial Property Price Index (RCA CPPI) National All Property Index is down 12.4% from its Q3 2022 peak while its subindices are struggling a lot more with the Office Central Business District (CBD) index plunging 51% from its peak in 2022. The blended transaction cap rate across major property types has not changed much from its 6.5% value in 2023 as transaction volumes remain muted. The gulf between buyers and sellers across CRE sectors often remains too high and many sponsors are exercising their optional extension options or are working with special servicers to extend loan maturities and/or obtain a forbearance agreement at term maturities. The challenging CRE fundamentals are reflected in a low maturity repayment rate in Q2 with only 63% of Conduit cut-off loan balances repaid by maturity in Q2 compared to 82% in Q1. The vast majority of Single-Asset, Single-Borrower (SASB) borrowers are exercising all their extension options as high interest rates make it difficult for sponsors to find refinancing options unless a sponsor is willing to contribute considerable equity.

Both Conduit and SASB CMBS credit performance has been deteriorating with 30+ delinquencies rising to 5.3% for Conduit deals and 4.2% for SASB deals at the end of Q2. The office collateral has been at the forefront of this deteriorating credit performance with 7.8% of the balance in Conduit deals being 30+ delinquent. What has been even more concerning for CMBS investors are large appraisal reductions for office loans entering special servicing or defaulting. These large appraisal reductions are coming on the heels of the SASB BWAY 2015-1740 property disposition at 69% severity which wiped out all mezzanine tranches and 25% of the senior (originally-rated AAA) class in what became known as the first AAA CMBS deal to take a write-down (though it had been downgraded to junk 7 months prior to liquidation). There may be more originally-rated AAA SASB CMBS bonds that will follow in its footsteps.

2024 new issuance volume across private label CMBS sectors has almost tripled the volume from 2023 through Q2, at $45B vs $16.9B with $30B coming from the SASB space. CMBS SASB spreads softened a bit in Q2, with AAAs widening by 30bp to the 160-190bp range across most collateral types while BBB spreads were wider by 20bp to 30bp and settled in the high 200s to low 400bp with office being on the wider end. The conduit credit curve flattened in Q2 as on-the-run AAA LCF 10-year bonds saw 10bp of spread widening to 100bp while the mezzanine tranches tightened between 10bps for AAs to 90bp for BBB-s to settle in the 160bp to 475bp range.

Asset Backed Securities (ABS)

During the 2nd quarter, ABS accounted for around 7% of portfolio capital. The ABS holdings returned 3.86%, contributing 27bp to portfolio total return. The ABS market is on pace to have record issuance in 2024 with $178bn issued through Q2, more than half of which came from the Auto sector, with Prime Auto at $43.7bn and Subprime Auto at $24.5bn. Credit performance has been mixed but in general delinquencies and losses fared much better than receivables from aggregate US households in areas like credit cards and auto loans due to tighter underwriting criteria and better borrower selection. A robust economic backdrop with low unemployment has been helping the performance of prime credit borrowers while the performance of non-prime borrowers in the auto space has stabilized after a significant post pandemic deterioration. Improved credit performance across ABS sectors caused excess spreads to be at record high levels which should help ABS structures protect bond holders against future collateral losses. Despite the record issuance amount, investors readily absorbed new ABS supply as ABS bonds continue to offer attractive relative value to unsecured corporates in the short duration space.

Structured Notes

The Corporate Structured Note position made up about 12% of the portfolio in Q2, posting a total return of -1.12%, contributing -13bp to the portfolio. The yield curve steepened by 8bp between 2s and 30s while the differential between 2-year SOFR spreads and 30-year SOFR spreads remained at -65bp in Q2. CMS spread floater prices declined in April when rates spiked up on the high CPI print and robust employment data. CMS spread floaters rallied in June as rates stabilized and yield curve steepened but the rally was not enough to pull their performance into positive territory. Morgan Stanley 10X multiple CMS spread floaters maturing in 2030 ended Q2 priced in the 70/71 area with their zero-coupon yield still reaching more than 5% from accretion. Prices of MS 15-20X CMS spread floaters maturing in 2036-2037 have settled in the low 60s area and offer a great convexity play on the curve steepening. Other issuers like DB and Citi with 4 & 4.5X multiples maturing in 2033-2034 were trading at 62-63 area at the end of Q2.

Other Sectors

Collateralized Loan Obligations/Collateralized Debt Obligations (CLO/CDO) accounted for just under 5% of portfolio capital during the 2nd quarter, posting a total return of 3.65% which contributed 17bp to the overall portfolio. Treasury bonds made up 3.6% of portfolio capital, returning -1.98%, costing the portfolio 7bp of total return. Hedges, including Treasury futures for duration and HY CDX to reduce portfolio spread duration, cost the portfolio 12bp of total return for the quarter. Cash accounted for just under 7% of portfolio assets in Q2 and contributed 5bp of return. Fund expenses reduced portfolio gross return by 16bp.

Portfolio Outlook

We expect interest rates to be rangebound in H2 2024 with concerns surrounding bulging deficits counterbalancing a potential weakening in the economy. At the current pace of Federal deficits as a percentage of GDP (5 – 6%), and current interest rates, the interest payments on Federal debt already exceed annual defense spending. It is plausible that the Federal Reserve will attempt to inflate its way out of this debt and deficit problems by lowering short-term interest rates and engaging in quasi-QE as they have done in the past. These inflationary measures will cause long term rates to push higher, and the yield curve to steepen significantly. At the same time Structured Credit spreads should fare well relative to corporate spreads as Non-Agency RMBS, CMBS and ABS spreads look very attractive compared to IG and HY Corporates. Unlike Corporate spreads which are in the bottom decile over the last 10 years, Structured Credit spreads are above the 50th percentile over the same period and while spreads of Structured Credit sectors have tightened in 2024, they still look attractive relative to the 2018-2019 pre-pandemic period.

GIPS^® Report

Orange Investment Advisors Structured Credit Value Strategy Composite

Composite Inception Date: September 1, 2018

	Composite Performance				Annualized 3-Year Standard Deviation			Total Assets (millions)
Year End	Gross	Actual Net	Model Net	Benchmark	Composite	Benchmark	Internal Dispersion	Firm	Composite	Number of Accounts
2023	7.48%	5.91%	6.79%	5.53%	2.73%	7.24%	N/A	541.83	316.24	1
2022	-4.86%	-6.27%	-5.48%	-13.01%	5.88%	5.85%	N/A	526.5	327.79	1
2021	6.35%	4.79%	5.66%	-1.54%	5.37%	3.40%	N/A	422.61	294.19	1
2020	15.74%	14.05%	15.00%	7.51%	N/A	N/A	N/A	274.65	193.05	1
2019	8.92%	7.31%	8.21%	8.72%	N/A	N/A	N/A	39.74	39.74	1
2018	1.96%	1.46%	1.74%	0.98%	N/A	N/A	N/A	35.76	35.76	1

Firm Definition

Orange Investment Advisors, LLC is an independent registered investment advisor that provides primarily fixed income investment management services to institutional investors. The firm was founded in August 2018 and has claimed compliance with the GIPS standards since the firm’s inception.

Firm Verification Statement

Orange Investment Advisors claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Orange Investment Advisors’ performance has been independently verified from the firm’s inception, which includes the period from August 1, 2018 through December 31, 2021. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firmwide basis. Verification does not provide assurance on the accuracy of any specific performance report.

Composite Description

The Structured Credit Value Strategy Composite includes all fee paying SMAs and Funds that invest in Structured Credit based on Orange’s Active Value Security Selection approach which is a bottom-up, value-based investment strategy. The strategy seeks to provide a high level of income and total return with low sensitivity to interest rates and credit spreads by taking advantage of opportunities in the inefficient and non-indexed structured credit market. Derivatives, including options, futures, and swaps, and short positions may be used, primarily for hedging or managing certain risks, including interest or credit spread risk. The account minimum for the composite is $1 million. The Structured Credit Value Strategy Composite invests in some index securities but primarily focuses on non-index securities, particularly structured credit securities, which offer exposure to underlying debt instruments. These securities can be investment grade, below investment grade, or non-rated and include asset-backed and mortgage-backed securities, and collateralized loan and debt obligations. The inclusion of both investment-grade and below investment-grade securities as well as index and non-index securities offers a broader set of candidates to the Strategy than the benchmark.

Benchmark Description

The benchmark for the composite the Barclays Bloomberg U.S. Aggregate Bond Total Return Index. Index returns reflect the reinvestment of income, but do not include any expenses, such as transaction costs and management fees. The benchmark measures the investment grade, US dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

Performance Calculation

Valuations are computed and performance is reported in US dollars.

Returns include the reinvestment of income and are presented gross and net of fees. Gross returns are net of transaction costs. Gross-of-fee returns for pooled funds are calculated by dividing the applicable total annual fund expense ratio by 12 and adding back that monthly prorated expense to each monthly net return to derive a monthly return gross of investment management and fund fees but net of transaction costs and interest and dividend expense. Actual net returns are net of actual transaction costs, management fees, as well as other fund operating fees and expenses. Model net returns are supplemental to actual net returns and are calculated by reducing the monthly composite gross return by a model fee of 0.05417%, which equates to an annual model fee of 0.65%, the highest fee charged to any SMA client. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The firm’s fees are available upon request and also may be found in the firm’s Form ADV Brochure. The standard annual fee schedule is: 0.65% on the first $100 million, 0.55% on the next $150 million, and 0.45% on all assets above $250 million under management. Where mutual fund returns are included in a composite, the returns of the primary institutional share class are used. In the case of the Easterly Income Opportunities Fund, the returns and of the I Share class are used in the percomposite.

Investment Management Fee Schedule

The standard annual fee schedule is: 0.65% on the first $100 million, 0.55% on the next $150 million, and 0.45% on all assets above $250 million under management.

Composite Dispersion

Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. It is not presented (“N/A”) when there are five or fewer portfolios in the composite for the entire year.

Standard Deviation

The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period.

Trademark

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Important Disclosures

This information has been prepared solely for the use of the intended recipients; it may not be reproduced or disseminated, in whole or in part, without the prior written consent of Easterly Asset Management LP.

Easterly Asset Management LP (“Easterly”) is the holding company of Easterly Investment Partners LLC, an SEC registered investment adviser. Easterly serves as the growth platform for the firm’s asset management business. In 2021, Easterly formed Maritime Logistics Equity Partners (MLEP) to take advantage of opportunities and dislocations in the international shipping markets. In November 2023, Easterly announced a strategic partnership with Lateral Investment Management where Easterly will provide access to its technology, fundraising, and operations expertise, and will invest alongside the firm in certain deals. In March 2024, Easterly announced a strategic partnership with Harrison Street, a leading investment management firm exclusively focused on alternative real assets. In April 2024, Easterly announced an agreement to acquire the ROC Municipals municipal bond team from Principal Street Partners. More information about each registered investment adviser, including its investment strategies and objectives, can be found in the firms’ Form ADV which is available on the www.sec.gov website. Registration does not imply a certain level of skill or training.

No funds or investment services described herein are offered or will be sold in any jurisdiction in which such an offer or sale would be unlawful under the laws of such jurisdiction. No such fund or service is offered or will be sold in any jurisdiction in which registration, licensing, qualification, filing or notification would be required unless such registration, license, qualification, filing, or notification has been affected.

The material contains information regarding the investment approach described herein and is not a complete description of the investment objectives, risks, policies, guidelines or portfolio management and research that supports this investment approach. Any decision to engage the Firm should be based upon a review of the terms of the prospectus, offering documents or investment management agreement, as applicable, and the specific investment objectives, policies and guidelines that apply under the terms of such agreement. There is no guarantee investment objectives will be met. The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. Client portfolios are managed according to mutually agreed upon investment guidelines. No investment strategy or risk management techniques can guarantee returns or eliminate risk in any market environment. All information in this communication has been obtained from sources believed to be reliable but cannot be guaranteed. Investment products are not FDIC insured and may lose value.

Investments are subject to market risk, including the loss of principal. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate. The information contained herein does not consider any investor’s investment objectives, particular needs, or financial situation and the investment strategies described may not be suitable for all investors. Individual investment decisions should be discussed with a personal financial advisor.

Any opinions, projections and estimates constitute the judgment of the portfolio managers as of the date of this material, may not align with the Firm’s opinion or trading strategies, and may differ from other research analysts’ opinions and investment outlook. The information herein is subject to change without notice and may be superseded by subsequent market events or for other reasons. EAM assumes no obligation to update the information herein.

References to securities, transactions or holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities remain in the portfolio. Additionally, it is noted that the securities or transactions referenced do not represent all of the securities purchased, sold or recommended during the period referenced and there is no guarantee as to the future profitability of the securities identified and discussed herein. As a reminder, investment return and principal value will fluctuate.

The indices cited are, generally, widely accepted benchmarks for investment performance within their relevant regions, sectors or asset classes, and represent non managed investment portfolio. It is not possible to invest directly in an index.

This communication may contain forward-looking statements, which reflect the views of EAM and/or its affiliates. These forward-looking statements can be identified by reference to words such as “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words. These forward-looking statements or other predications or assumptions are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Should any assumptions underlying the forward-looking statements contained herein prove to be incorrect, the actual outcome or results may differ materially from outcomes or results projected in these statements. EAM does not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law or regulation.

Past performance is not indicative of future results.

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