Investment Recap Second Quarter 2015

Our stocks underperformed a bit in the 2nd Quarter resulting in year to date returns in-line with the major market averages. The last several weeks have been categorized by increased volatility as investors focus their attention on news headlines from Greece, China, Iran and Puerto Rico. Some of the news, starting with Greece, has turned positive since the end of the Quarter, as successful negotiations are leading to a settlement of this large cloud overhanging investments. Truly, global stock markets have been in a “risk on – risk off” mode for much of the last three months.

We are believers in the continuing economic recovery and strength of the U.S., and as corporate earnings results anniversary the weather related slowness of the winter and the west coast dock strike, we expect our value driven stocks to return to favor based on their superior execution and results. Others have noted that the last six to seven years has witnessed “the most unloved bull market of our generation.” We wholeheartedly agree with that label and see potential continued flows into U.S. stocks and a growth outlook that justifies higher valuations.

We want to inform our friends and clients that Susan Akers has retired from the investment business, after a seventeen year career with Winslow. She and a close friend have purchased a liquid transport trucking company. Susan served Winslow and our clients well in a variety of capacities and we wish her our best in her new career. Regan Cellura will assume the responsibility as Chief Compliance Officer. Regan has been with us for five years, engaged in compliance work for much of that time. Robert Jordan has joined us and will be focused on research in the health care sector to cover the other part of Susan’s workload. He recently relocated to Cleveland. Robert is a graduate of the Mendoza College of Business at The University of Notre Dame. He also obtained a Master’s Degree in the Mathematics of Finance from Columbia University. Robert was previously employed at a small investment partnership.