Kezia Samuel CAIA Managing Director of Client Portfolio

Kezia Samuel, CAIA Managing Director of Client Portfolio Management, Investment Strategies Asset. Mark, Inc. For general public use. Tech boom despite economic gloom? July 17, 2020

Implications of a concentrated rally for US stocks • Market rally has been driven by investors flocking to the virus-resilient technology sector, leaving the rest of the stock market behind • Six stocks make up 22. 5% of the S&P 500 market cap • Six stocks have contributed 5. 4% to the S&P 500 return while remaining 494 stocks have contributed -8. 4% Source: Fact. Set. FANAMA = Facebook, Alphabet (Google), Netflix, Amazon, Microsoft, Apple. As of 6/30/2020 For general public use. 2

Implications of a concentrated rally for international stocks • Concentration in returns from six tech stocks has impacted the divergence in US and international equity performance • From the lows of the great financial crisis to the highs in 2020, the US stock market gained 401% vs 143% for the international market Source: Bloomberg For general public use. • When the performance of the six stocks were removed from the S&P 500 (S&P ex FANAMA), US equity market performance was closer in line with international (MSCI ACWI ex US) equity markets 3

Are tech stocks disconnected from the economy? • Despite the rise in COVID-19 cases in select states, tech companies are well-positioned to not just survive the lockdown, but also thrive, as consumers have shifted to remote work. • Technology companies also benefit from the rest of the world’s economic recovery as well as developed nations like South Korea and Germany have managed to contain the pandemic and are ahead in the re-opening plans relative to the U. S. • This is not an endorsement nor a recommendation for these stocks but simply a way to help explain how so much of the market’s gains has come from a concentrated group of technology stocks For general public use. 4

Important Information This is for informational purposes only, is not a solicitation, and should not be considered investment, legal or tax advice. The information in this report has been drawn from sources believed to be reliable, but its accuracy is not guaranteed, and is subject to change. Investors seeking more information should contact their financial advisor. Financial advisors may seek more information by contacting Asset. Mark at 800 -664 -5345. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio. No investment strategy, such as asset allocation, can guarantee a profit or protect against loss. Actual client results will vary based on investment selection, timing, market conditions, and tax situation. It is not possible to invest directly in an index. Investments in equities, bonds, options, and other securities, whether held individually or through mutual funds and exchange traded funds, can decline significantly in response to adverse market conditions, company-specific events, changes in exchange rates, and domestic, international, economic, and political developments. Investments in bonds and fixed income related securities involve market and interest rate risk (prices can decline, if interest rates increase), and default risk (an issuer being unable to repay principal and interest). High-yield bonds are generally subject to greater risk of default than investment-grade bonds. Real estate investments are subject to credit and market risks, typically based on changes in interest rates and varied economic conditions. Investing in alternative investments, including managed futures, commodities, and currencies is not appropriate for all persons, as the risk of loss is substantial. Investments in futures involve market, counterparty, leverage, liquidity, interest rate, foreign currency, commodity, volatility, and other risks. For more complete information about the various investment solutions available, including the investment objectives, risks and fees, please refer to the Disclosure Brochure and applicable Fund Prospectus. Please read them carefully before investing. For a copy, please contact your Asset. Mark Consultant or Financial Advisor. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Asset. Mark, Inc. is an investment adviser registered with the U. S. Securities and Exchange Commission. © 2020 Asset. Mark, Inc. All rights reserved. 100582 | C 20 -16292 | 07/2020 | EXP 07/31/2021 For general public use. 5