The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future

The Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), & trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future.

From seasonal and cycle perspectives, February is often one of the weakest months of the year for equity performance. However, that wasn’t the case this time around, with equity markets around the globe continuing higher as investors focused on better-than-expected global economic activity and hopes for easier central bank policies.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), & trading w/ considerable margins of safety (valuation).

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). Using our consistent and differentiated investment approach, the DH Smart Value Portfolio is focused on outperformance, seeking higher total returns with lower volatility.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future.

Year-to-date, through the end of August, the portfolio was up +6.88%* net of fees vs. the benchmark Russell 1000 Value Index Total Return, +5.79%. For the three-year period from 8-31-2020 through 8-31-2023, the portfolio gained at a +13.38%* annualized rate (net of fees) vs. +11.39% for our benchmark.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation).

The portfolio delivered +5.06% YTD net of fees, outperforming the benchmark. With a Beta of 0.76, it achieved 24% lower volatility than the index. The focus remains on quality, profitability, and margins of safety, while value stocks show potential. Recent portfolio changes include adding PayPal and selling Micron Technologies due to macro headwinds.

DH Smart Value Portfolio: YTD slightly negative but outperformed benchmark with lower volatility. FANMAG stocks mask underlying weakness. Value stocks poised for strength. Holding Meta, Alphabet. Mosaic, Nutrien underperformed due to restocking concerns. Macro focus on Fed, economic trends, inflation, and geopolitics. Sector weightings and valuations are favorable.

DH Smart Value Portfolio: Positive YTD performance, higher returns with lower volatility. Focus on quality, profitability, and valuation. Mixed macro environment, balancing headwinds and positives. Emphasis on value-oriented stocks amid potential debt ceiling concerns. Sector weightings and valuation metrics remain favorable.

Strong YTD performance, higher total returns with lower volatility. Market climbs "Wall of Worry" amid recession fears, rising rates, inflation, and geopolitical risks. Value stocks rebound as quality companies regain favor. Portfolio changes include Mosaic and Nutrient acquisitions, Cigna and Aflac sales, and Schwab purchases. Sector weightings and valuation metrics remain favorable.

Year-to-date performance has been strong, outperforming the benchmark w/ lower volatility. Economic data surprises & rising interest rates have impacted market sentiment. Value sectors have underperformed, while tech stocks have shown strength. Overall, the portfolio continues to seek long-term outperformance through quality, profitability, and reasonable valuation.

The DH Smart Value Portfolio continues to invest in companies producing excess returns through positive economic profitability, supported by solid balance sheets (quality), significant cash generation (profitability), and trading with considerable margins of safety (valuation). We believe these factors will continue to provide rational opportunities for the foreseeable future. Using our consistent and differentiated investment approach, the DH Smart Value Portfolio is focused on outperformance, seeking higher total returns with lower volatility.

We note that 2022 was a year for the record books. For example: 1) U.S. financial markets were buffeted by the most aggressive monetary tightening cycle in 40 years. 2) It was the worst year on record for the Bloomberg Barclays U.S. Aggregate Bond Index (down -13.1%). 3) Long-term U.S. Treasurys declined -29.3%. 4) It was only the sixth time since 1926 that both stocks & bonds declined same year.