FOURTH QUARTER 2013

DELEGATE ADVISORS UPDATE

We are pleased to provide you with the Delegate Advisors quarterly investor letter for the fourth quarter of 2013. This letter will provide an overview of economic trends and global events with insight on strategies that investors may employ to navigate current markets. In the near future, we will also make available our 2014 Market Outlook presentation, featuring in-depth analysis of global capital markets and Delegate’s asset class assumptions.

During the last quarter, the U.S. economy has continued to strengthen, the Federal Reserve (“Fed”) has begun the long process of unwinding quantitative easing, and the Eurozone appears to be making meaningful changes to greatly reduce the likelihood of another crisis. Furthermore, Congress has finally shown that it can work together to prevent another government shutdown. We therefore enter 2014 with guarded optimism that the global economic recovery will continue. To read the full investment commentary, read more. 

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