Confluence Investment Management

• Asset Allocation Quarterly, Third Quarter 2026 ↗ Confluence's asset-allocation strategies increased equity exposure, adding domestic small and mid-cap stocks and initiating emerging-market exposure in Aggressive Growth as market leadership broadens. The portfolios favor equities, Treasurys, agency mortgage-backed securities, and gold, while reducing commodities, exiting platinum, and avoiding tight-spread investment-grade corporate credit. The outlook calls for continued economic expansion, persistent above-target inflation, and a cautious Federal Reserve. Third Quarter 2026 —

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