December 2022 End-Month Market Review Summary Points:

• It has been a challenging year for both stocks and bonds. While performance across the board is negative, our portfolio positioning has mitigated some of the pain.
• Major events of 2022 that were key drivers of market performance include the Russia-Ukraine war, non-transitory inflation, Emerging Markets debt crisis and the end of zero-Covid policy in China.
• Financial markets are likely to remain volatile in 2023, staying invested in a globally diversified portfolio of stocks and bonds is still the key to capturing the market returns in the long run.