McMurtry Investment Report Portfolios – April 2020

Also available in PDF: MIR Portfolios April 2020

Investment Commentary April 2020

Fund Flows into Capital Markets

Over the last several weeks fund flows have turned decidedly bullish with monies pouring back into equities after their recent decline. It is quite astonishing how quickly the tide has turned from very bearish to very bullish.

US Yield Curve

The US 10 year minus 2 year Treasury yield curve at 50 basis points has risen marginally from close to zero last month, but remains historically quite low. The yield on the 10 year US Treasury is currently at a low rate of 0.77%.

US Corporate Debt Spreads

US High Yield spreads over US Treasuries rose sharply to over 11% in the midst of the recent security market selloff, but have subsequently fallen back a little to around 9%. While this is not a good sign, the drop back to 9% is positive. The US investment grade corporate bond spread over US Treasuries remains low and stable. This can be attributed to the recent Federal Reserve monetary stimulus.

US / China Trade Issues

No change since last month

China’s Coronavirus Implications

While the trend in both new cases and deaths in China has actually fallen recently, the stats in the rest of the world are not as favourable. The growth in new cases and deaths will eventually begin to level off when the effects of massive government global lockdowns combined with the introduction of some existing anti-viral drugs that may prove effective in slowing the progression of the virus. A vaccine is not likely until at least twelve months, so it is essential that these current lockdowns and quarantines continue.

Equity Market Valuations

P/E Multiples have come down in this market decline, but the recent move back up in the market leaves valuations only modestly lower than previously. The earnings outlook for this year is almost impossible to predict accurately, thus making the P/E multiple estimate difficult to assess in any case.

US Corporate Profit Growth

Year over year earnings growth expectations have collapsed with earnings declines more likely.

Global Economic Recession

We are clearly in the midst of a global economic recession.

Central Bank Monetary Policy

Global central banks continue cutting rates to try to mitigate the economic damages.

Global Fiscal Policy Measures

Every global economy continues to stimulate their domestic economies to try to reduce the negative effects from the current economic problems.

Asset Mix

It is obvious that the equity markets were getting oversold leading to the recent market recovery. Also, the Covid-19 stats are gradually improving somewhat although this can change on a daily basis. As a result of the extreme lockdowns and quarantining in China both the number of new cases and new deaths has fallen. This same trend will eventually transpire in the rest of the world.

I am recommending a reduction of 10% in cash with the monies to be redeployed back into equities. While the overall benchmark US and Canadian equities are still down 19% and 23% respectively from their recent highs, many stocks have fallen substantially more than that.

It is important to keep in mind that the stock market is a leading indicator and traditionally rises up to six months before any improvement in the economy is evident coming out of a recession.

Fixed Income

While I am not recommending any changes from last month, I am adding a new category to the fixed income area- inflation protected US Treasury bonds or TIPS for short. This type of bond tends to perform well when inflation is rising quickly. Currently, in the midst of a recession with inflation being muted, is not a good time to be acquiring TIP bonds. However, when this recession is over it may well be a good time if inflation starts to pick up.

Equity Sector Weights

Taking into consideration the market meltdown of all equity sectors, I am advising that the 10% cash be put back into all sectors, and not simply defensive ones.

Despite rumours of a possible OPEC and Russian agreement in regards to cutting crude oil production, the collapse in demand from the Covid slowdown in global economies will continue to pressure crude prices. I remain underweight Energy until a clearer picture unfolds on production coming from OPEC, Russia and the US.

I remain underweight Financials.

I remain overweight Technology, Industrials, Utilities, Reits and Consumer Discretionary.

I remain market weight Materials and Communications.

I am increasing my weight in Consumer Staples from underweight to market weight.

Lastly, I am increasing my Healthcare weight from market weight to overweight. Healthcare is traditionally a defensive group and today’s announcement of Bernie Saunders stopping his leadership makes the outlook for a massive change in US healthcare seem more unlikely with a Democratic victory in October led by Biden.

Individual Positions

Improve the Quality of your holdings

In this market meltdown, no companies were spared from registering significant price declines. Now is a great time to be making switches from poorer quality, highly leveraged companies into better quality ones that can better the storm of an economic recession.

In a recent blog I added NextEra Energy, the US utility to both portfolios. The regulatory environment in Florida is better than most US states and this is where the company serves over 5.4 million customers. NextEra also owns a majority stake on one of the world’s largest wind and solar renewable energy companies.

In the technology sector, I am adding the Canadian company, CGI to the Growth portfolio. While the company does not pay a dividend, it is a leading global provider of IT services and has a strong balance sheet. The shares have come off over 28% recently and offer reasonable value at current levels with a 16.2 times PE on this year’s earnings.

In the Industrials sector I am removing NFI Group from both portfolios. The company has been experiencing a slowdown in the North American bus market long before the current slowdown caused by the Covid virus. The company’s balance sheet is not pristine and they had to cut their dividend to improve their financial condition somewhat.

In the Communications sector, I am adding Facebook to the Growth Portfolio. The shares are off 22% from their recent highs and the P/E multiple on this years earnings is a reasonable 20.6 times given the company’s long term earnings growth rates both historically and projected.

Also please take note that United Technologies has recently merged with Raytheon. The new company name is Raytheon Technologies with a stock symbol RTX. Shareholders of the former United Technologies will also receive two corporate spinoffs- Carrier Global CARR and Otis OTIS. I am recommending the deletion of both Carrier and Otis from both portfolios. The Carrier and Otis spinoffs are relatively small and are resulting in most institutional investors liquidating their positions.

In the Materials sector, I am adding the US gold bullion ETF, GLD to the Growth portfolio. Gold has traditionally performed well in previous recessions with declining interest rates and very accommodative monetary policy.

Peter McMurtry, B.Com, CFA
Financial Writer
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https://mcmurtryinvestmentreport.ca

McMurtry Investment Report – Portfolios (April 2020)

	Income		Growth
Cash	Alterna Bank – High Interest Savings (2.00% current )		Alterna Bank – High Interest Savings (2.00% current)
	EQ Bank – High Interest Savings ( 2.00% current)		EQ Bank – High Interest Savings ( 2.00% current)
Bonds -Regular	iShares XSB Short Term		iShares XSB Short Term
	iShares CBO 1-5 Ladder Corp		iShares CBO 1-5 Ladder Corp
	iShares CLF 1-5 Ladder Gov’t		iShares CLF 1-5 Ladder Gov’t
Common Stocks	Security	Dividend Yield %	Security	Dividend Yield %
Financials	Royal Bank RY	5.04	Royal Bank RY	5.04
	Intact Financial IFC	2.42	Intact Financial IFC	2.42
	TD TD	5.28	TD TD	5.28
	Sun Life SLF	4.78	Sun Life SLF	4.78
	JP Morgan JPM US	3.97	JP Morgan JPM US	3.97
	Manulife Fin’l MFC	6.71	Manulife Fin’l MFC	6.71
	Bank of America BAC US	3.25	Bank of America BAC US	3.25
	Morgan Stanley MS US	3.79	Morgan Stanley MS US	3.79
	T. Rowe Price TROW US	3.53	T. Rowe Price TROW US	3.53
	Allstate ALL US	2.33	Allstate ALL US	2.33
Energy	Suncor SU	8.08	Suncor SU	8.08
	Canadian Natural Resources CNQ	9.11	Canadian Natural Resources CNQ	9.11
	Freehold FRU	17.55	Freehold FRU	17.55
	Enbridge ENB	8.23	Enbridge ENB	8.23
	TC Energy TRP	5.06	TC Energy TRP	5.06
	Whitecap Resources WCP	23.59	Whitecap Resources WXP	23.59
			Parex Resources PXT	0.00
Materials	Agnico Eagle AEM	1.67	Agnico Eagle AEM	1.67
	Franco Nevada FNV	0.95	Franco Nevada FNV	0.95
	VanEck Vectors Gold ETF GDX US	0.73	VanEck Vectors Gold ETF GDX US	0.73
			SPDR Gold Bullion GLD US	0.00
	BMO Global Base Metals ETF ZMT	3.94	BMO Global Base Metals ETF ZMT	3.94
			Osisko Metals OM.V	0.00
			iShares Global Gold ETF XGD	0.37
Industrials	Toromont TIH	1.95	Toromont TIH	1.95
	Air Products APD US	2.65	Air Products APD US	2.65
	WSP Global WSP	1.77	WSP Global WSP	1.77
	CNR	2.05	CNR	2.05
	Raytheon Technologies RTX US	5.09	Raytheon Technologies RTX US	5.09
	Stantec STN	1.57	Stantec STN	1.57
	Aecon Group ARE	5.04	Aecon Group ARE	5.04
	Honeywell HON US	2.66	Honeywell HON US	2.66
	TFI Int’l TFII	3.29	TFI Int’l TFII	3.29
Consumer Discretionary	Home Depot HD US	3.12	Home Depot HD US	3.12
	Target TGT US	2.69	Target TGT US	2.69
	Restaurant Brands Int’l QSR	5.35	Restaurant Brands Int’l QSR	5.35
			Amazon AMZN US	0.00
	Lowes LOW US	2.42	Lowes LOW US	2.42
Communication Services	Rogers B RCI.B	3.18	Rogers B RCI.B	3.18
	Comcast CMCSA US	2.71	Comcast CMCSA US	2.71
	Telus T	5.07	Telus T	5.07
			Facebook FB US	0.00
			VanEck Video Gaming ESPO US	0.21
			Alphabet GOOGL US	0.00
Consumer Staples	Alimentation Couche- Tard ATD.B	0.76	Alimentation Couche Tard ATD.b	0.76
	Loblaws L	1.68	Loblaws L	1.68
	Sysco SYY US	3.91	Sysco SYY US	3.91
	Unilever PLC UL US	3.58	Unilever PLC UL US	3.58
Technology	Apple AAPL US	1.19	Apple AAPL US	1.19
	Microsoft MSFT US	1.25	Microsoft MSFT US	1.25
	Open Text OTEX	2.02	Open Text OTEX	2.02
	Paychex PAYX US	3.83	Paychex PAYX US	3.83
	Logitech Int’l LOGI US ADR	1.70	Logitech Int’l LOGI US ADR	1.70
	Qualcomm QCOM US	3.41	Qualcomm QCOM US	3.41
			CGI Inc. GIB.A	0.00
			ETFMG Prime Cyber Sec. HACK US	1.73
			Visa V US	0.71

Utilities	Algonquin Power AQN	4.23	Algonquin Power AQN	4.23
	Northland Power NPI	4.21	Northland Power NPI	4.21
	NextEra Energy NEE US	2.45	NextEra Energy NEE US	2.45
	Fortis FTS	3.49	Fortis FTS	3.49
Healthcare	Becton Dickinson BDX US	1.33	Becton Dickinson BDX US	1.33
	Merck MRK US	3.11	Merck MRK US	3.11
	United Healthcare UNH US	1.74	United Healthcare UNH US	1.74
	CVS Healthcare CVS US	3.52	CVS Healthcare CVS US	3.52
	Bristol Myers BMY US	3.16	Bristol Myers BMY US	3.16
			Danaher DHR US	0.52
			Thermo Fisher Scientific TMO US	0.30
			Straumann ADR SAUHY US *	0.82


Real Estate	Cdn Apt. REIT CAR.un	3.25	Cdn. Apt. REIT CAR.un	3.25
	CT Reit CRT.un	6.49	CT Reit CRT.un	6.49
	US Real Estate SPDR XLRE US	3.50	US Real Estate SPDR XLRE US	3.50
	InterRent REIT IIP.un	2.35	InterRent REIT IIP.un	2.35
	Dream Industrial DIR.un	7.12	Dream Industrial DIR.un	7.12
	WPT Ind. WIR.un	8.54	WPT Ind. WIR.un	8.54
	Summit REIT SMU.un	6.06	Summit REIT SMU.un	6.06
European Equity	iShares MSCI Europe XEU	4.31	iShares MSCI Europe XEU	4.31

* Be careful purchasing and selling Straumann ADR’s as it is very illiquid. Always use a limit order.

McMurtry Investment Report – Sector Weights (April 2020)

Equity Sector Weights (%)
Sector	My Weight	TSX Comp	S&P 500	55 % US /45% CDN
Financials	19.16	31.60	10.80	20.16
Energy	6.25	13.00	2.60	7.28
Materials	6.90	12.40	2.40	6.90
Industrials	10.00	11.90	8.20	9.87
Consumer Disc.	7.00	3.40	9.80	6.92
Comm. Services	8.87	6.50	10.80	8.87
Consumer Staples	6.47	4.60	8.00	6.47
Technology	17.35	6.90	25.40	17.08
Utilities	5.26	5.60	3.50	4.45
Real Estate	3.25	3.10	3.00	3.05
Healthcare	9.50	1.00	15.50	8.98
Totals	100.00	100.00	100.00	100.00

McMurtry Investment Report Asset Mix April 2020)

Asset Mix – Income and Growth Portfolios
%	Income	Growth
Cash	30.00	30.00
Bonds – Regular	20.00	10.00
Bonds – High Yield	0.00	0.00
Bonds – Tips	0.00	0.00
Preferreds	0.00	0.00
Equities	50.00	60.00
CDN	21.15	25.65
US	25.85	31.35
Europe	3.00	3.00
Emerging Markets	0.00	0.00

Also available in PDF: MIR Portfolios April 2019

Investment Commentary (April 2019)

Asset Mix Changes

Last week both the Canadian and US yield curve inverted where short rates exceeded longer maturities. For most of the past economic recessions, an inverted yield curve occurred 6-18 months before the onslaught of an economic slowdown. Consequently, this signal should not be taken lightly and brushed off as is frequently the case with economists stating that things are different this time.

This week the inversion of the curve went away in both Canada and the US with longer rates now slightly exceeding shorter maturities. However, the negative yield curve is still present in Europe where their economy continues to suffer.

US corporate bond spreads for both investment and High Yield securities had been creeping up in late December. However, year to date corporate spreads over US Treasuries have been coming down once again. Historically when corporate spreads widen this is a danger signal for an economic slowdown. The recent reduction is spreads is a positive sign that the economy may not be as weak as many pundits are saying.

Overall economic activity is definitely slowing globally. This is also true in the US but their economy is still growing on a relative basis much faster than Europe and Canada. Economic growth in the Chinese economy had been coming down sharply, but this week an announcement came out stating that their domestic industrial production started to revive after nearly nine months of decline. Several months ago the Chinese authorities began stimulating their domestic economy by lowering corporate taxes and increasing government spending. Once again this is a positive development.

The Federal Reserve has stopped increasing rates by emphatically stating that there will be no more rate increases for the remainder of the year.

US corporate profit growth has slowed dramatically from last year, while equity prices have rebounded sharply year to date. Equity valuations are no longer cheap as they were in late December.

This week the US / China trade talks have taken a more positive tone which is good for markets.

Taking all these factors into consideration, I have decided to leave the asset mix for both portfolios the same as last month. The jury is still out if an economic recession is imminent or only years away.

McMurtry Investment Report Asset Mix (April 2019)

Asset Mix – Income and Growth Portfolios
%	Income	Growth
Cash	35.00	30.00
Bonds – Regular	20.00	10.00
Bonds – High Yield	5.00	5.00
Preferreds	0.00	0.00
Equities	40.00	55.00
CDN	15.75	22.50
US	19.25	27.50
Europe	5.00	5.00
Emerging Markets	0.00	0.00

Equity Sectors

The main change to my equity sector recommendations is to reduce the Financial equity exposure from overweight to market weight the 55% US 45% Canada benchmark. This works out to a new weight of 21.25% of my North American equity exposure.

The reason for my reduction in weight for the Financial sector is all to do with interest rates and the slope of the yield curve. Lower rates combined with either a flat or inverted yield curve is not positive for the bank’s net interest margins. A slowing economy normally results in an increase in loan losses, another possible headwind.

For the other groups I remain market weight Energy, Utilities and Healthcare.

I remain overweight Technology, Industrials, Real Estate, Communication Services and Consumer Staples

I remain underweight Materials and Consumer Discretionary.

McMurtry Investment Report – Sector Weights (April 2019)

Equity Sector Weights (%)
Sector	My Weight	TSX Comp	S&P 500	55 % US /45% CDN
Financials	21.25	31.70	12.70	21.25
Energy	11.07	18.00	5.40	11.07
Materials	5.66	11.20	2.60	6.47
Industrials	10.40	10.90	9.50	10.13
Consumer Disc.	6.40	4.10	10.10	7.40
Comm. Services	8.50	5.80	10.10	8.17
Consumer Staples	6.25	3.90	7.30	5.77
Technology	14.00	4.50	21.20	13.69
Utilities	3.71	4.20	3.30	3.71
Real Estate	3.75	3.50	3.10	3.28
Healthcare	9.02	2.20	14.60	9.02
Totals	100.00	100.00	99.90	99.95

Common Equity Changes

In the Financial Services sector, I am replacing National Bank with Intact Financial for both portfolios. Intact is the largest property / casualty company in Canada and will benefit from the recent departure of AIG, a large US competitor from the Canadian market. Intact is raising insurance rates in Ontario and this will help to increase operating margins. Differing from life insurance companies, property and casualty insurance companies have much shorter term liabilities and are consequently not as negatively affected from flat to falling interest rates as the life companies are.

In the Technology sector, I am deleting Nokia from both portfolios. Huawei, the Chinese company and major competitor to Nokia has been continuously lobbying the global wireless providers to encourage them to continue buying their products. It is only in the US that the Chinese company has been banned with its alleged cybersecurity activities. Thus, Nokia has not been as much of a beneficiary from the 5G wireless ramp up as originally expected. In addition, a law firm has recently alleged that Nokia’s Alcatel – Lucent division has some very serious potential claims for security law violations. This creates a lot of uncertainty. My recommendation is to sell your Nokia shares and use the proceeds to purchase more Cisco, which will be a major beneficiary from the upcoming 5G implementation.

In the healthcare sector I am adding the Swiss dental implant company, Straumann Holdings ADR to my Growth portfolio. This American Depositary Receipt is not very liquid in the US market, so please always use limit orders when buying and selling this security. Despite this shortfall, this is a good quality company and one of the global leaders in the dental implant industry. The company is experiencing strong annual revenue and gross profit growth in addition to record EBITDA margins. The company has strong organic growth and operates in 100 countries globally. The global dental implant market is expected to grow at 4-5% globally this year and Straumann’s organic growth is sharply outperforming its competitors.

Lastly in the Materials sector, I am adding Osisko Metals to my Growth portfolio. The company is a small cap zinc exploration company that operates in both the Far North and in New Brunswick. The company has no long term debt and the level of insider buying is unusually high. Normally I do not even discuss insider buying, but the level of insider buying for this company is extraordinary. The supply / demand situation for zinc is the most favourable for all the base metals with inventory stockpiles at very low levels. Should the Chinese economy rebound the demand for zinc will increase accordingly.

McMurtry Investment Report – Portfolios (April 2019)

	Income		Growth
Cash	Alterna Bank – High Interest Savings (2.35% current rate)		Alterna Bank – High Interest Savings (2.35% current rate)
	EQ Bank – High Interest Savings ( 2.30% current rate)		EQ Bank – High Interest Savings ( 2.30% current rate)
Bonds -Regular	iShares XSB Short Term		iShares XSB Short Term
	iShares CBO 1-5 Ladder Corp		iShares CBO 1-5 Ladder Corp
	iShares CLF 1-5 Ladder Gov’t		iShares CLF 1-5 Ladder Gov’t
Bonds – High Yield CORP	iShares XHY US High Yield CDN$		iShares XHY US High Yield CDN $
Common Stocks	Security	Dividend Yield %	Security	Dividend Yield %
Financials	Royal Bank RY	4.05	Royal Bank RY	4.05
	Bank of Montreal BMO	4.00	Bank of Montreal BMO	4.00
	Bank of Nova Scotia BNS	4.89	Bank of Nova Scotia BNS	4.89
	Intact Financial IFC	2.69	Intact Financial IFC	2.69
	TD TD	4.08	TD TD	4.08
	Sun Life SLF	3.90	Sun Life SLF	3.90
	JP Morgan JPM US	3.16	JP Morgan JPM US	3.16
	Bank of America BAC US	2.17	Bank of America BAC US	2.17
	Citibank C US	2.89	Citibank C US	2.89
	Morgan Stanley MS US	2.84	Morgan Stanley MS US	2.84
	T. Rowe Price TROW US	3.04	T. Rowe Price TROW US	3.04
	Keycorp KEY US	4.32	Keycorp KEY US	4.32
	PNC Fin’l PNC US	3.10	PNC Fin’l PNC US	3.10
Energy	Suncor SU	3.85	Suncor SU	3.85
	Freehold FRU	7.43	Freehold FRU	7.43
	Torc TOG	5.62	Torc TOG	5.62
	Pembina Pipe Lines PPL	4.55	Pembina Pipe Lines PPL	4.55
	Enbridge ENB	6.04	Enbridge ENB	6.04
	Trans Canada TRP	4.91	Trans Canada TRP	4.91
			Parex Resources PXT	0.00
Materials	Agnico Eagle AEM	1.15	Agnico Eagle AEM	1.15
	Franco Nevada FNV	1.29	Franco Nevada FNV	1.29
			Osisko Metals OM.V	0.00
			iShares Global Gold ETF XGD	0.20
Industrials	Toromont TIH	1.55	Toromont TIH	1.55
	Air Products APD US	2.44	Air Products APD US	2.44
	WSP Global WSP	2.06	WSP Global WSP	2.06
	Canadian Pacific CP	0.94	Canadian Pacific CP	0.94
	CNR	1.79	CNR	1.79
	Raytheon RTN US	2.03	Raytheon RTN US	2.03
	Aecon Group ARE	3.33	Aecon Group ARE	3.33
	Guggenheim Eq WT IND RGI US	1.35	Guggenheim Eq Wt IND RGI US	1.35
	Honeywell HON US	2.07	Honeywell HON US	2.07
	TFI Int’l TFII	2.45	TFI Int’l TFII	2.45
Consumer Discretionary	Home Depot HD US	2.80	Home Depot HD US	2.80
	Sleep Canada ZZZ	3.77	Sleep Canada ZZZ	3.77
	Canadian Tire CTC.A	2.88	Canadian Tire CTC.A	2.88
	Amazon AMZN US	0.00	Amazon AMZN US	0.00
	Lowes LOW US	1.75	Lowes LOW US	1.75
Communication Services	Rogers B RCI.B	2.78	Rogers B RCI.B	2.78
			Facebook FB US	0.00
			Alphabet GOOGL US	0.00
Consumer Staples	Alimentation Couche- Tard ATD.B	0.64	Alimentation Couche Tard ATD.b	0.64
	Loblaws L	1.79	Loblaws L	1.79
	Constellation Brands STZ US	1.69	Constellation Brands STZ US	1.69
	Unilever PLC UL US	3.06	Unilever PLC UL US	3.06
Technology	Apple AAPL US	1.54	Apple AAPL US	1.54
	Microsoft MSFT US	1.56	Microsoft MSFT US	1.56
	Open Text OTEX	1.58	Open Text OTEX	1.58
	Paychex PAYX US	2.79	Paychex PAYX US	2.79
	Cisco CSCO US	2.59	Cisco CSCO US	2.59
			Kinaxis KXS	0.00
			ETFMG Prime Cyber Sec. HACK US	0.15
			Visa V US	0.64
Utilities	Algonquin Power AQN	4.58	Algonquin Power AQN	4.58
	Northland Power NPI	5.12	Northland Power NPI	5.12
	Fortis FTS	3.64	Fortis FTS	3.64
Healthcare	Abbott Labs ABT US	1.60	Abbott Labs ABT US	1.60
	Becton Dickinson BDX US	1.23	Becton Dickinson BDX US	1.23
	Merck MRK US	2.65	Merck MRK US	2.65
	US Healthcare iShares ETF IYH US	1.84	US Healthcare iShares ETF IYH US	1.84
	United Healthcare UNH US	1.46	United Healthcare UNH US	1.46
			Danaher DHR US	0.52
			Thermo Fisher Scientific TMO US	0.28
			Straumann ADR SAUHY US *	0.63
			IBB Biotech ETF IBB US	0.28
Real Estate	Cdn Apt. REIT CAR.un	2.76	Cdn. Apt. REIT CAR.un	2.76
	InterRent REIT IIP.un	2.03	InterRent REIT IIP.un	2.03
	Dream Industrial DIR.un	5.83	Dream Industrial DIR.un	5.83
	Summit REIT SMU.un	4.35	Summit REIT SMU.un	4.35
European Equity	iShares MSCI Europe XEU	2.96	iShares MSCI Europe XEU	2.96

* Be careful purchasing and selling Straumann ADR’s as it is very illiquid. Always use a limit order.

McMurtry Investment Report and Model Portfolios™

McMurtry Investment Report Portfolios – April 2020

Investment Commentary April 2020

Investment Commentary (April 2019)

Peter McMurtry, B.Com, CFA

MCMURTRY INVESTMENT REPORT™

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