Halfway through 2021, our forecasts for this year are on track. Thanks to the rapid rollout of vaccines, the Covid-19 viral outbreak seems to be getting under control. While the
emergence of variants such as Delta and Lambda needs to be watched carefully, studies so far indicate that the vaccines protect against severe outcomes. As a result, the US economy is
booming! Almost all of our investments have beaten their outlook and raised guidance for this year. We expect this trend to continue for the rest of the year.

With the arrival of March, we stumbled across the one-year anniversary of the COVID-19 related global lockdowns that resulted in the fastest and deepest contraction in the economy since WW II. There is much to celebrate this spring, most notably continued and accelerating progress on the vaccination front.

Last year was one for the history books. In our view, historians and scientists will look back and be aghast at the sheer lack of preparation and ineptitude at all levels of government to deal with the COVID-19 outbreak. We hope you and your family are staying safe...