The first half of the year proved challenging for investors, as ongoing concerns with inflation, interest rate hikes and the war in Ukraine weighed on investor sentiment and drove down stock and bond prices globally. Year to date (YTD) through June 30, 2022, the broad US stock and bond indices were down 20% and 10%, respectively. While we have seen some of these concerns subside over the last month and markets regain ground, we expect this volatility to persist as markets fluctuate between fear (recession risks) and greed (recovery optimism). Our portfolios have not been immune from this volatility, but we have been reassured by the financial strength of our core equity holdings and continue to see them well positioned for the future.