Q2 2020 YTD 2020 2
$8.0 4000 $7.0 3500 Federal Reserve Balance Sheet: Total Assets, $ Trillions (Left Axis) S&P 500 (Right Axis) $6.0 3000 Federal Reserve Balance Sheet: Total Assets (trillions) $5.0 2500 $4.0 2000 $3.0 1500 $2.0 1000 $1.0 500 $- 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3
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Thank you for your continued confidence. 8
Advis isor Q&A Note: These materials are intended for the use of investment professionals only and may contain information that is not suitabl e for all investors. This presentation is provided by Litman Gregory Asset Management, LLC (“Litman Gregory”) for informational purposes only and no statement is to be construed as a solicitation or offer to buy or sell a security, or the rendering of personalized investment advice. There is no agreement or understanding that Litman Gregory will provide individual advice to any investor or advisory client in receipt of this document. Certain information constitutes “forward -looki ng statements” and due to various risks and uncertainties actual events or results may differ from those projected. Past performance may not be indicative of future results and there can be no assurance the views and opinions expressed herein will come to pass. Investing involves risk, including the potential loss of principal. Any reference to a market index is included for illustrative purposes only, as an index is not a security in which an investment can be made. Indexes are unmanaged vehicles that do not account for the deduction of fees and expenses generally associated with investable products. For additional information about Litman Gregory, please consult the Firm’s Form ADV disclosure documents, the most rec ent versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may otherwise be made available upon written request. A list of all recommendations made by LGAM within the immediately preceding one year is available upon request at no charge. 9
Large-Cap Growth Stocks Dominate YTD returns Value Blend Growth Large -12.20 3.99 16.95 Mid -15.14 -5.85 7.94 Small -22.16 -10.72 0.23 10
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• 150 140 • 130 120 • 110 100 90 80 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 13
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FUND 1 FUND 2 FUND 3 ALL-CAP VALUE FUND LARGE-CAP GROWTH LARGE-CAP BLEND Large-Cap Value 40% Large-Cap Growth 85% Large-Cap Blend 70% Mid-Cap Value 50% Mid-Cap Growth 15% Mid-Cap Blend 10% Small-Cap Value 10% Large-Cap Value 15% Mid-Cap Value 5% 18
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Litman Gregory Investment Outlook • • • • • • 20
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2nd Quarter 2020 12 Months 5 Year Annualized 10 Year Annualized +/- +/- +/- Benchmark Index Return +/-Benchmark Return Benchmark Return Benchmark Return Benchmark Loomis Sayles Bond (LSBDX) Custom Benchmark 6.74 1.59 -2.77 -8.37 2.54 -1.86 4.85 0.22 DoubleLine Total Return (DBLTX) Vanguard Total Bond Market 3.41 0.45 4.05 -4.81 3.47 -0.74 5.14 1.47 FPA New Income (FPNIX) Vanguard Total Bond Market 2.66 -0.29 2.54 -6.32 2.35 -1.86 2.02 -1.64 Guggenheim Macro Opportunities (GIOIX) Vanguard Total Bond Market 5.67 2.72 0.22 -8.63 2.99 -1.22 5.53 1.87 Osterweis Strategic Income (OSTIX) Vanguard Total Bond Market 7.38 4.43 -0.10 -8.95 3.27 -0.94 4.72 1.06 BNY Mellon Floating Rate Income Institutional (DFLIX) S&P/LSTA Leveraged Loan 10.23 0.52 -1.77 0.22 -- -- -- -- T. Rowe Price Inst'l Floating Rate (RPIFX) S&P/LSTA Leveraged Loan 8.16 -1.54 -1.11 0.88 2.93 0.04 4.21 0.03 Harbor Capital Appreciation (HACAX) iShares Russell 1000 Growth 37.78 10.01 30.67 7.67 16.73 1.07 18.96 1.96 Touchstone Sands Capital Institutional Growth (CISGX) iShares Russell 1000 Growth 34.29 6.51 30.30 7.30 16.61 0.95 17.82 0.81 Clipper (CFIMX) Vanguard 500 Index Fund 17.57 -2.94 -2.38 -9.75 6.77 -3.80 11.05 -2.77 FMI Large Cap (FMIHX) Vanguard 500 Index Fund 15.47 -5.05 -6.23 -13.60 6.40 -4.18 10.82 -3.00 Artisan Value (ARTLX) iShares Russell 1000 Value 19.23 4.95 -5.87 3.08 5.02 0.54 9.24 -0.97 Oakmark Select (OAKLX) iShares Russell 1000 Value 23.26 8.98 -10.48 -1.53 0.74 -3.74 8.98 -1.23 Nuance Concentrated Value (NCVLX) Russell 3000 Value 11.64 -2.86 -2.46 7.14 6.13 1.92 11.63 1.62 Baron International Growth(BINIX) MSCI ACWI Ex-U.S Growth Index 28.24 9.10 8.54 2.76 6.82 1.19 8.65 1.61 AMG Managers Pictet International I (APCTX) Vanguard Total International 15.83 -2.26 -11.78 -7.62 0.74 -1.61 5.34 0.13 Lazard International Strategic Equity (LISIX) Vanguard Total International 16.04 -2.04 -6.89 -2.73 1.58 -0.77 7.32 2.11 Oakmark Global (OAKGX) MSCI AC World Index Value 20.91 8.02 -13.08 -1.63 0.77 -1.54 6.79 0.25 Baron Emerging Markets (BEXIX) iShares Emerging Markets Index Fund 26.67 8.75 0.56 4.51 3.61 1.33 -- -- Brandes Emerging Markets (BEMIX) iShares Emerging Markets Index Fund 13.67 -4.26 -21.13 -17.18 -0.16 -2.45 0.85 -1.84 Vanguard FTSE Emerging Markets Parametric Tax-Managed Emerging Market (EITEX) ETF 18.69 -1.21 -14.57 -11.68 -0.62 -2.80 1.86 -1.29 AQR Managed Futures Strategy HV I (QMHIX) SG Trend Index -4.13 -1.06 -0.83 -1.64 -5.05 -4.63 -- -- Natixis ASG Managed Futures Strategy Y (ASFYX) SG Trend Index -4.19 -1.12 4.33 3.52 -0.62 -0.21 -- -- PIMCO TRENDS Managed Futures Strategy (PQTIX) SG Trend Index -3.99 -0.93 4.27 3.46 1.75 2.16 -- -- 22
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Thank you for your continued confidence. Note: These materials are intended for the use of investment professionals only and may contain information that is not suitabl e for all investors. This presentation is provided by Litman Gregory Asset Management, LLC (“Litman Gregory”) for informational purposes only and no statement is to be construed as a solicitation or offer to buy or sell a security, or the rendering of personalized investment advice. There is no agreement or understanding that Litman Gregory will provide individual advice to any investor or advisory client in receipt of this document. Certain information constitutes “forward -looking statemen ts” and due to various risks and uncertainties actual events or results may differ from those projected. Past performance may not be indicative of future results and there can be no assurance the views and opinions expressed herein will come to pass. Investing involves risk, including the potential loss of principal. Any reference to a market index is included for illustrative purposes only, as an index is not a security in which an investment can be made. Indexes are unmanaged vehicles that do not account for the deduction of fees and expenses generally associated with investable products. For additional information about Litman Gregory, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on t he SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may otherwise be made available upon written request. A list of all recommendations made by LGAM within the immediately preceding one year is available upon request at no charge. 27
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