Author: David I Templeton, CFA, Principal and Portfolio Manager

The U.S. large cap equity market, as measured by the S&P 500 Index, showed its resilience in the fourth quarter by returning 11.0%. This marked the seventh consecutive positive quarter for the index since the pandemic lows. For all of 2021 the S&P 500 Index total return equaled 28.7% and this follows a 18.4% return in 2020 and 31.5% return in 2019. This strength carried over to the first trading day of 2022 and the S&P 500 Index closed at a high of 4,769. The balance of January to date has seen the S&P Index fall 6.54% from the January 3 high. Our Winter 2021 Investor Letter provides additional insight on our viewpoint for the year ahead.

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