There is no doubt about it, the markets so far this year have been frothy. While we anticipated volatility in 2022, it's never pleasant to see downward pressure on our portfolios. Our message to you remains the same: Keep steady and stay the course; Always remember, price volatility does not mean a loss has occurred. For most of our fund managers, it means the creation of opportunity for future gains, as volatility creates "valuation dislocations". In other words, inefficiencies in pricing create investment opportunities. This is particularly true for the Vantage team. 

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