Page 5 - Equity Investing Through Business Cycles

2022 Summary of Various Portfolio Changes

We implemented a few notable changes in client portfolios in 2022. The majority of these
changes were implemented in the 1st half of the year. As all client circumstances are
different, some portfolios do not reflect all of these changes due to their unique
circumstances.

Portfolio Change to add Financial Services: During 2022, the financial services sector
returned -14.33%, while the S&P 500 returned -18.11%.
Portfolio change to give biotech exposure: The Healthcare sector includes the Biotech
industry. IBB is an ETF that invests in a basket of a biotech companies. It returned
-13.98% in 2022, while the S&P 500 returned -18.11%.
Portfolio Change to overweight US equities: SPY returned -18.17%, while MSCI World
index returned -21.96%.

Portfolio change to add Consumer Staples: XLP Returned -0.83%, while the S&P 500
returned -18.11%.

Portfolio change to shorten duration: VCSH returned -5.62%, while Barclays Global
aggregate returned -16.25%.

Increased Portfolio allocation to TIPS: STIP returned -12.02%, SCHP was -12.02%, on the
other hand Barclays Global aggregate returned -16.25%.

Added positions to commodities and Precious metals (Gold, GPAIX, GLTR)
This change was made because precious metals do well during inflationary periods.

Graph Source: Fidelity Investments

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