Investor Letters

Letters through December 31, 2026

1 letter reporting on the period ending December 31, 2026, in each firm's own reckoning.

Confluence Investment Management Asset Allocation Quarterly (Fourth Quarter 2026) Confluence Investment Management expects near-trend economic growth as AI, infrastructure and productivity investment offset weaker consumers and uneven inflation progress. The portfolios added broad mid-cap exposure and emerging markets in aggressive growth mandates, removed Europe’s dedicated overweight, and retained Treasurys, agency MBS and gold for quality and diversification. Fourth Quarter 2026 —