GBI_Factsheet_December 2019

Monthly Commentary
The S&P 500 TRI gained 3.02% in December ending what was a very good
year for US equities. The Good Governance Fund returned 2.98% in
December, roughly tracking the index return for the month, and ending
the year (since inception) up 20.4%. In 2019, the fund has outperformed
the index by a commendable 2.02%.
The sectors contributing the most positively to the relative performance
of the fund were Information Technology, through an overweight
allocation to a sector that overperformed the index, and Industrials
through an underweight allocation to the worst performing sector. The
zero allocation to Energy, which was the best performing sector in
December, contributed the bulk of the negative relative performance of
the fund.
Apple once again proved one of the top contributors to the fund followed
closely by Nvidia and Eli Lilly & Co. Among the worst contributors were
Walt Disney (one of last month’s top performers) and Gilead Sciences.

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