We have made another change in your portfolio with specific targeting.

We closed our position in Vanguard Growth ETF (VUG) which recorded a tremendous return favored by the outbreak of the pandemic and replaced it with Vanguard Value ETF (VTV).

The reason for this change is that as the vaccination program is in full progress around the world, economies are closer than ever to a steady opening and a faster return to normality. This is expected to significantly favor the cyclical sectors of the economy, which are included in the VTV ETF.

In addition, markets are discounting better days for the global economy and this is captured in rising bond interest rates. This trend is favorable for the Value Stock sector, which has already started to perform better compared to the Growth sector.

Please remember that past performance is not a reliable indicator of future performance

This document does not constitute and shall not be construed as a prospectus, advertisement, public offering, or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction.