FSMSX Pitch

Question 1

Intro - where are stable return, true diversification

Answer 1

Equities and fixed income are down together. 4 major obstacles creating volatility
1. inflation/rates
2. Recession
3. Fed balance sheet
4. Geopolitics and de-globalization

Question 2

Intro - volatility and dispersion likely to persist

Answer 2

As volatility continues, returns may come but not without significant ups and downs for stocks and bonds. Collection of issues will take time to resolve, produce winners and losers

Question 3

Opportunity - alternatives should be 3rd sleeve

Answer 3

Diversify returns, lower correlation, dampen volatility from other asset classes

Question 4

Opportunity - finding core alts that align with what the goals are

Answer 4

Core alts that focus on diversified returns return, correlation, and risk. Poor expectation and chasing returns has been past issue for the space

Question 5

Solution - FSMSX, high level goals

Answer 5

Mid single digit returns, low correlation to stocks/bonds, low volatility

Question 6

Solution - How do we execute? 3 pillars