Portfolio Manager Commentary

Antares Total Equity Portfolio – 2020 Q3 Update

“We intentionally minimize discussions onthe economy, politics, or “the market” for the reason that thefuture is unknowable and often surprising. Market observershold widely divergent views that cannot all be right.”

VPI Income Pool Q1 2020

Over $181 million invested since market downturn. Bond yields go from 2.9% to 7.9%.