MERISTEM INSIGHTS

Meristem’s investment platform began broadly allocating to passive exposures roughly 12 years ago and it remains a bedrock to our U.S. equity exposure. Microsoft, Apple, Amazon, Google and Facebook are some of the largest positions we have across the firm. While we continue to admire these companies and their recent performance, we are also monitoring potential investment challenges that may lie ahead.   Aspects such as concentration risk, crowding investor flows and increasing return spread between the average company and the top handful of names are all worth paying attention to. We believe investment cycles happen, and while history does not necessarily repeat itself, it often rhymes. It's why it’s important to have a historical perspective and disciplined process that complements our passive index exposures with flexible active managers in the cycle ahead.

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 Disclosure: The information and opinions presented in this communication are subject to change without notice, are provided for background purposes only and do not purport to be full or complete. No representation is made concerning actual future performance of investments, markets or the economy. Information obtained from outside sources is considered reliable but is not verified. Before investing, please carefully consider whether an investment is suitable for you. Past performance is not necessarily a guide to future performance and there can be no assurance that an investment’s objective will be met. Please refer to the offering document for further details of the financial commitments and risks involved in connection with investment.  Performance information presented is not an indication of future results and index data is provided for market reference purposes only. This is not an offer to buy or sell or the solicitation of an offer to buy or sell any security/instrument or to participate in any particular trading strategy.  This presentation is the property of Meristem, LLC and is intended solely for the use of the Meristem client, individual, or entity to whom it is addressed. This presentation may not be reproduced in any manner or re-distributed by any means without the express consent of Meristem. Mis-transmission is not intended to waive confidentiality or privilege.