Third Quarter 2023 Investment Perspective

October 2023
Quarterly Updates

CIO Commentary

Portfolio values are driven by earnings growth, price/earnings ratios, and dividends.  So far in 2023, the positive upward pressure from the growth in your portfolio’s underlying earnings (about 10% annualized) and the contribution from dividends (about 2%) has been offset by a drop in price/earnings ratios.

To read more, download the full Third Quarter 2023 Investment Perspective.