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<span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">OUSFIMG Alumni,</span><span style="color:black"></span></p>
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<span style="color:black"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"> </span></span></p>
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<span style="color:red"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">Thank you to everyone who showed up for senior sendoff two weeks ago. We hope to see you all again at Homecoming on October 15</span><sup><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">th</span></sup><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">.</span></span></p>
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<span style="font-size:12pt; color:red"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"><br>
</span></span></p>
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<span style="color:red"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span></span><span style="font-size:12pt; color:red"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">As mentioned in our previous email,
we plan to send quarterly updates.</span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">
</span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif">Attached are the first quarter results for our Sustainable and Traditional portfolios, along with commentary on the group’s current strategy. </span></span><span style="font-family:'Times New Roman',Times,serif; font-size:12pt">The
group has successfully outperformed our benchmark, the Bloomberg Barclays US Aggregate Bond Index, by 0.36% (Sustainable) and 0.20% (Traditional) respectively. </span></p>
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<span style="color:black"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"> </span></span></p>
<p class="MsoNormal"><font face="Times New Roman, Times, serif" size="3">Our out-performance can be attributed to two strategies the group maintained or implemented throughout the quarter. The group maintained an underweight duration position based on the prediction
that U.S. Treasury yields would be rising. </font><font face="Times New Roman, Times, serif" size="3">This strategy played out as expected with yields on the U.S. 10-Year bond rising 28 basis points from 2.46 on January 2</font><sup style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, sans-serif, Helvetica, EmojiFont, 'Apple Color Emoji', 'Segoe UI Emoji', NotoColorEmoji, 'Segoe UI Symbol', 'Android Emoji', EmojiSymbols; font-size: 12pt;"><span style="font-size:10pt; font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">nd</span></sup><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> to
2.74 on March 29</span><sup style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, sans-serif, Helvetica, EmojiFont, 'Apple Color Emoji', 'Segoe UI Emoji', NotoColorEmoji, 'Segoe UI Symbol', 'Android Emoji', EmojiSymbols; font-size: 12pt;"><span style="font-size:10pt; font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">th</span></sup><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 12pt;">.
We also took an underweight corporate credit position on the expectation that corporate spreads would increase from their historically tight levels. This strategy also worked out in our favor as CDX blew out from 48.46 on January 2</span><sup style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, sans-serif, Helvetica, EmojiFont, 'Apple Color Emoji', 'Segoe UI Emoji', NotoColorEmoji, 'Segoe UI Symbol', 'Android Emoji', EmojiSymbols; font-size: 12pt;"><span style="font-size:10pt; font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">nd</span></sup><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> to
65.56 on March 29</span><sup style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, sans-serif, Helvetica, EmojiFont, 'Apple Color Emoji', 'Segoe UI Emoji', NotoColorEmoji, 'Segoe UI Symbol', 'Android Emoji', EmojiSymbols; font-size: 12pt;"><span style="font-size:10pt; font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">th</span></sup><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 12pt;">.</span><font size="3"><span style="color:black"></span></font></p>
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<span style="color:black"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"> </span></span></p>
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<span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">Moving forward, the group plans to maintain its short duration position as Treasury yields are expected to continue to rise and the Federal Reserve is expected to raise short-term rates
2-3 more times this year. The group is more comfortable taking an overall neutral position on corporate credit now that CDX is closer to average levels. However, we do see more downside risk than upside potential as it seems unlikely that CDX would move back
down into the 45-50 range this late in the business cycle.</span><span style="color:black"></span></p>
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<span style="color:black"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"> </span></span></p>
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<span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">If you have any questions or comments, feel free to reach out to me at jm125814@ohio.edu </span><span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">or any other
members of the Executive Board.</span></p>
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<span style="font-family:"Times New Roman"; color:black"><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"> </span></span></p>
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<span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">Regards,</span></p>
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<span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span><span style="color:rgb(0,0,0); font-family:'Times New Roman',Times,serif"></span></p>
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<span style="font-family:'Times New Roman',Times,serif; color:rgb(0,0,0)">Jacob McKee</span><span style="color:black"></span></p>
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<div id="x_AppleMailSignature" style="font-size:12pt; font-family:Helvetica"><font size="3">Jacob McKee</font><br>
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<div id="x_AppleMailSignature" style="font-size:12pt; font-family:Helvetica"><span style="font-size:13.333333015441895px">Ohio University Class of 2019</span></div>
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