February 7th, 2019

By Tyler J. Pullen, CFA

We held up better than the benchmark during the 4th quarter due to our relatively more defensive positioning and our lack of exposure to the growthier stocks, which finally stumbled. Cash was king as there was no place to hide, with Utilities being the only sector to close the quarter with a positive total return. Favorably we were overweight this sector, and our three utility holdings appreciated.

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