When markets are falling as it did in the middle of May 2022, the value of any active management process is always tested. This is a period where capital should be preserved to participate in the next upswing. Our models indicated that our participation in the beginning of May should be lower and from the third week of May we started to participate more again. The graph below indicates the value of lower participation as dictated by our process. It illustrates the latest downswing in equities and how the Steer SNN Stable Fund positioned in the face of the storm to preserve capital. When our model indicates more participation, there is preserved capital to be used. The upswing may be less than the market, but because capital was preserved less exposure was needed to stay ahead of the market.