quarterly considerations march 31, 2019

Apollon Wealth Management, LLC 1

Quarterly Considerations March 31, 2019

Fixed Income

• Fixed income markets finished the

quarter higher, led by high yield bonds

which broadly benefited from “risk on”

appetite amongst investors.

• Credit and longer-dated bonds

outperformed for the quarter with

assistance from the Federal Reserve.

The Fed announced on March 20 a

pause to raising rates for 2019 and a

moderation in the rundown of its balance

sheet.

Equities

• Equity markets rebounded in the first

quarter of 2019 after a volatile end to

2018. Small capitalization names

generally outperformed their large

capitalization peers. Growth names

outperformed value, continuing a multi-

year trend.

• International developed and emerging

markets both lagged domestic peers.

China outperformed as avenues toward

direct investment in the country continue

to open.

Real Assets

• Within real assets, midstream energy and

real estate both outperformed. Investor

sentiment within midstream continued to

increase as oil prices rose on positive

fundamental data.

• Domestic REITs outperformed

international as declining interest rates and

a stronger U.S. dollar aided relative value.

• Hedge funds, particularly those targeting

lower beta, underperformed in the strong

up market.

MARKET SNAPSHOT

Please reference the disclosures at the end of this presentation for additional information related to the material presented.

3.2%

2.1%

2.9%

7.3%

3.0%

1.5%

2.9%

13.6%

14.6%

10.1% 10.0%

16.3%

14.4%

6.3%

16.8%

5.0%

3.2%

2.1%

2.9%

7.3%

3.0%

1.5%

2.9%

13.6%

14.6%

10.1% 10.0%

16.3%

14.4%

6.3%

16.8%

5.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

BloombergBarclays

U.S. TIPS

BloombergBarclays

Muni Bond 5Year

BloombergBarclays

U.S.Aggregate

BloombergBarclays

U.S. CorpHigh Yield

BloombergBarclays

Global Aggex. U.S.

(Hedged)

BloombergBarclays

Global Aggex. U.S.

(Unhedged)

JPMorganGBI-EM

GlobalDiversified

(Unhedged)

S&P 500 Russell 2000 MSCI EAFE MSCI EM NAREITEquity REITs

S&PDeveloped

WorldProperty

BloombergCommodity

Index

Alerian MLPIndex

HFRI Fundof Funds

Composite

To

tal

Re

turn

Source: Bloomberg

Fixed Income Equities Alternatives

Key: Left Bar: Recent Quarter ReturnsRight Bar: Year-To-Date Returns

Total return as of 03/31/2019

3.0%

-6%

-4%

-2%

0%

2%

4%

6%

Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Yo

Y %

Ch

an

ge

(S

A)

U.S. Real GDP Growth (Seasonally Adjusted - YoY % Change)

Real GDP Growth % YoY

Sources: Bloomberg and the Bureau of Economic Analysis

U.S. ECONOMIC UPDATE

31-Mar % Chg MoM 31-Mar % Chg MoM

3.8% 0.0% 124.1 -5.6%

28-Feb % Chg MoM 31-Jan % Chg MoM

111.5 0.2% $14.2T 0.1%

28-Feb % Chg MoM 28-Feb % Chg MoM

1.16M -8.7% $18T 0.2%

31-Mar % Chg MoM 28-Feb % Chg MoM

55.3 2.0% $506B -0.2%

ISM Manufacturing PMI Retail Sales

Housing Starts U.S. Personal Income

Unemployment Rate Consumer Confidence

Leading Indicators Consumer Spending

• Fourth quarter real Gross Domestic Product (real GDP) increased at an

annual rate of 2.2 percent according to the Bureau of Economic Analysis,

reflecting a downward revision of 0.4 percentage points from the initial

estimate and a decrease from the rate of 3.4 percent in the third quarter.

• The Federal Open Market Committee (FOMC) voted at its March meeting to

maintain the target Federal Funds rate between 2.25 and 2.5 percent. The

Fed signaled that it likely would not hike rates again this year and reduced

its expectation for 2019 real GDP growth by 0.2 percentage points to 2.1

percent.

• Core CPI rose 2.15 percent on a year-over-year, seasonally-adjusted (YoY,

SA) basis in January while Core PCE, the Fed’s preferred measure of

inflation, increased 1.79 percent (YoY, SA), falling short of the Fed’s 2%

target.


Source: Bloomberg

1.9%

2.0%

-2%

-1%

0%

1%

2%

3%

4%

5%

Yo

Y %

Ch

an

ge

U.S. Inflation (YoY % Change)

CPI CPI Core

Sources: Bloomberg and the Bureau of Labor Statistics

GLOBAL ECONOMIC UPDATE

• China’s official Manufacturing Purchasing Managers’ Index (PMI) increased to 50.5 in March from 49.2 in February. This level is indicative of economic

expansion and is a sign that the Chinese economy may be stabilizing. The unofficial Caixin/Markit PMI, a private survey focused more on small-and

medium-sized businesses, increased to 50.8 in March from 49.9 in February. The U.S. and China are reportedly nearing an agreement on a trade deal,

which would reduce economic uncertainty and could provide a boost to global economic growth.

• Germany, the largest Eurozone economy, experienced a 4.2 percent decrease in new factory orders on a month-over-month basis in February. On a year-

over-year (YoY) basis, new factory orders decreased by 8.4 percent, the largest contraction since the wake of the financial crisis in 2009.

• In March the European Central Bank (ECB) reduced its forecast for GDP growth down to 1.1 percent and brought back a crisis era lending program called

Targeted Longer-Term Refinancing Operations aimed at providing banks with cheap financing in order to spur lending.


3.0%

1.1%1.4%

0.6%

1.0%

0.0%

2.3%

1.6% 1.5%

0.3%

6.4%

1.1%

2.7%

5.3%

1.9%1.5%

2.3%

1.6% 1.6%

1.2% 1.2%

0.6% 0.7%0.3%

1.9%

3.8%

4.3%

5.2%

0%

1%

2%

3%

4%

5%

6%

7%

U.S. Eurozone U.K. Germany France Italy Spain Greece Switzerland Japan China Brazil Russia India

Yo

Y %

Ch

an

ge

Global Real GDP & Inflation Rates (YoY)

Source: Bloomberg Key: Flagged bars: YoY Real GDP growthBlue bars: YoY CPI change

Dec-18As of:

GLOBAL FIXED INCOME

• Interest rates continued to move downward, as the 10-year U.S.

Treasury fell by 0.27 percentage points following more

accommodative statements from the Fed signaling a pause in Fed

Funds rate hikes and the unwinding of its balance sheet.

• Fixed income asset classes were positive across global bond

markets, with U.S. high yield leading performance alongside a

very strong quarter for equities after the rapid selloff at the end

of 2018.

• Despite elevated concerns around the path towards Brexit, the

British Pound rallied during the quarter alongside several

emerging markets currencies.


-2.2%

-1.1%

2.1%

1.1%

2.4% 2.1%

-1.3%

0.7%

-2.2%

-1.1%

2.1%

1.1%

2.4% 2.1%

-1.3%

0.7%

-3%

-2%

-1%

0%

1%

2%

3%

Euro JapaneseYen

BritishPound

MexicanPeso

ChineseYuan

CanadianDollar

SwissFranc

AustralianDollar

To

tal

Re

turn

Currency Returns vs. U.S. Dollar

QTD YTD


2.1%

3.2%

2.1%

3.8%

2.9%

2.2%

1.5%

3.2%

5.1%

7.3%

6.5%

3.0%

1.5%

2.9%

2.1%

3.2%

2.1%

3.8%

2.9%

2.2%

1.5%

3.2%

5.1%

7.3%

6.5%

3.0%

1.5%

2.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

U.S. Treasuries U.S. TIPS U.S. Muni 5 Year U.S. Muni HighYield

U.S. Aggregate U.S. MBS U.S. ABS U.S. CMBS U.S. Corporates U.S. High Yield U.S. Long Gov /Credit

Global Agg ex.U.S. Hedged

Global Agg ex.U.S. Unhedged

JPMorgan GBI-EM Global

DiversifiedUnhedged

To

tal

Re

turn

Fixed Income Sector Returns

QTR YTDSources: Bloomberg and JPMorganAll indices are Bloomberg Barclays indices except where noted


Sources: Bloomberg and JPMorgan

All indices are Bloomberg Barclays indices except where noted

• The Fed signaled a pause in the unwinding of its balance sheet and

increases in the Fed Funds rate spurring a downward movement in

interest rates across the curve, causing the 3-month and 10-year

Treasury rates to invert.

• Credit spreads retraced during the quarter following a late December

sell off, resulting in U.S. high yield outperforming global fixed income

asset classes.

• TIPS outperformed Treasuries by 1.9 percentage points as inflation

expectations increased.

U.S. FIXED INCOME


0%

1%

2%

3%

4%

3 Month 6-Month 2-Year 5-Year 10-Year 30-Year

Yie

ld

U.S. Yield Curve

Sep-18 Dec-18 Mar-19Source: Bloomberg

1.9%

2.4%

0.5%

-2%

-1%

0%

1%

2%

3%

4%

5%

Ra

te

10-Year Breakeven Inflation Rate

10-Year Breakeven Inflation

10-Year Treasury Yield

10-Year TIPS Yield

Source: Bloomberg

As of 03/31/2019

0.3%

1.0%

2.4%

0%

2%

4%

6%

8%

10%

12%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Yie

ld

Credit Spreads Above Treasuries

Agency Spread A Spread BB Spread

Source: Bloomberg

As of 03/31/2019

GLOBAL EQUITY MARKETS

U.S. Equities:

• Within U.S. equities, the technology sector outperformed, lending to outperformance of

growth stocks broadly. Mid cap companies outperformed both small and large across

investment styles. Healthcare and financials were the worst performing sectors.

• International equities rose; however, they were unable to keep pace with domestic stocks.

China outperformed as their markets have continued to see increasing investor interest as the

government creates more avenues for foreign investment.

• Brexit news continued to create headlines, but investors were able to shrug off the potential

risks as the UK posted strong returns among international developed countries. Canada also

performed well on the back of stronger oil prices over the course of the quarter.


QTR YTD QTR YTD QTR YTD

Source: Bloomberg Total return as of 03/31/2019

17.1

17.1

Value Core Growth

11.9 14.0 16.1

14.6

Larg

eM

idS

mall

16.1

14.4 16.5

19.6

19.6

14.6

14.0

11.9

11.9

11.9

14.4 16.5

13.9%

11.0%

7.0%

11.9%

10.8%

8.7%

6.8%

12.3%

11.1%

17.7%

7.2%8.2%

12.6%

7.9%

5.6%

15.6%

5.7%

13.9%

11.0%

7.0%

11.9%

10.8%

8.7%

6.8%

12.3%

11.1%

17.7%

7.2%8.2%

12.6%

7.9%

5.6%

15.6%

5.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

U.S. Europe Germany UnitedKingdom

France Pacific Japan Pacific (ex.Japan)

EM Asia China India Brazil Russia EM LatinAmerica

Mexico Canada EM EMEA

To

tal

Re

turn

MSCI Equity Returns by Country / Region

QTR YTDSources: Bloomberg and MSCI Total return as of 03/31/2019

QUARTERLY EQUITY SECTOR RETURNS


14.5%

9.8%

16.4%

12.6%

8.0%

12.2%

18.1%19.2%

10.1%

14.0%

7.6%

20.4%

11.1%

17.5%16.5%

12.1%

21.6%

10.5%

0%

5%

10%

15%

20%

25%

ConsumerDiscretionary

Consumer Staples Energy Financial Services Health Care Materials & Processing Producer Durables Technology Utilities

To

tal

Re

turn

Domestic Equity Sector Quarterly Returns

Domestic Large Cap (Russell 1000) Domestic Small Cap (Russell 2000)Sources: Bloomberg and Russell


7.5%

12.4%

10.7%

7.1%

14.0%

11.6%10.7%

15.3%

13.6%

4.4%

9.4%

20.8%

5.4%

12.3%

7.2%

15.6%

3.6%4.7%

12.6%

6.9%

9.5%

4.3%

0%

5%

10%

15%

20%

25%

ConsumerDiscretionary

Consumer Staples Energy Financials Real Estate Health Care Industrials InformationTechnology

Materials TelecommunicationServices

Utilities

To

tal

Re

turn

International Equity Sector Quarterly Returns

International (MSCI EAFE) Emerging Markets (MSCI EM)Sources: Bloomberg and MSCI


REAL ASSETS

• Real assets finished sharply higher during the first quarter. Master

Limited Partnerships (MLPs) and Real Estate Investment Trusts (REITs)

outperformed both domestic and international equity markets while

Commodities also moved higher on strength from energy sectors.

• Lower interest rates benefited REITs as pricing and transaction volume

remained robust. Office REITs led property types, but all ended the

quarter higher.

• The Alerian MLP Index rose dramatically after an underwhelming end to

2018. Sentiment in the asset class was much improved during the quarter

as volumes, outlook and energy pricing all supported the move higher.

• Commodities rose as energy, particularly oil, prices were higher. Grains

fell while precious metals ended the quarter flat.


16.3% 16.6%

20.3%

16.1%

14.4%15.8%

13.0%

10.1%

16.3% 16.6%

20.3%

16.1%

14.4%

15.8%

13.0%

10.1%

0%

5%

10%

15%

20%

25%

Equity Index Diversified Office Apartment Retail Lodging &Resorts

Health Care Mortgage

To

tal

Re

turn

Domestic REIT Sector Returns

QTR YTDSources: Bloomberg and NAREIT


6.3%

15.9%

-5.8%

12.8%

4.7%

25.9%

0.0% 0.4%

6.3%

15.9%

-5.8%

12.8%

4.7%

25.9%

0.0% 0.4%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

BloombergCommodity

Total Return

Energy Grains IndustrialMetals

Livestock Petroleum PreciousMetals

Softs

To

tal

Re

turn

Bloomberg Commodity Returns

QTR YTDSource: Bloomberg


5.4%

1.7%

1.0%

4.0%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

% S

pre

ad

MLP Yield Spreads over 10-Year Treasury

MLP Spread FTSE NAREIT Equity REIT Spread

A-Rated Corporate Spread BBB-Rated Corporate SpreadSource: Bloomberg Source: Bloomberg

As of 03/31/2019

HEDGE FUNDS

• The HFRI Fund Weighted Composite Index was positive during the first quarter, outperforming most fixed income indices but underperforming risk-

seeking assets such as equities and real assets.

• Equity Hedge strategies outperformed the broader hedge fund universe with strong returns concentrated in healthcare and technology strategies and

muted returns in market neutral strategies.

• Event Driven strategies were in line with the broader hedge fund universe with activist managers leading the group and multi-strategy funds within

the Event Driven space trailing the benchmark.

• Macro strategies were the weakest performer during the first quarter amongst the broader hedge fund universe as currency strategies posted

negative returns.

• While Relative Value modestly underperformed the broader hedge fund universe convertible arbitrage managers performed well within the space.


5.0%

5.9%

7.9%

4.2%

2.9%

3.8%

5.0%

5.9%

7.9%

4.2%

2.9%

3.8%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Fund of FundsComposite

Direct FundComposite*

Equity Hedge Event Driven Macro Relative Value

To

tal

Re

turn

QTR YTDSources: Bloomberg and Hedge Fund Research

*Methodology is fund weighted Total return as of 03/31/2019

Financial Markets Performance

Periods greater than one year are annualized

Total return as of March 31, 2019

All returns are in U.S. dollar termsSource: Bloomberg

Please reference the disclosures at the end of this presentation for additional information related to the material presented.*One month lag

Global Fixed Income Markets QTR YTD 1YR 3YR 5YR 7YR 10YR 15YR

Bloomberg Barclays 1-3-Month T-Bill 0.6% 0.6% 2.1% 1.1% 0.7% 0.5% 0.4% 1.3%

Bloomberg Barclays U.S. TIPS 3.2% 3.2% 2.7% 1.7% 1.9% 1.2% 3.4% 3.7%

Bloomberg Barclays Municipal Bond (5 Year) 2.1% 2.1% 4.4% 1.8% 2.2% 2.2% 3.1% 3.3%

Bloomberg Barclays High Yield Municipal Bond 3.8% 3.8% 8.1% 6.1% 6.1% 6.0% 8.7% 6.1%

Bloomberg Barclays U.S. Aggregate 2.9% 2.9% 4.5% 2.0% 2.7% 2.5% 3.8% 3.9%

Bloomberg Barclays U.S. Corporate High Yield 7.3% 7.3% 5.9% 8.6% 4.7% 6.3% 11.3% 7.3%

Bloomberg Barclays Global Aggregate ex-U.S. Hedged 3.0% 3.0% 5.2% 3.3% 4.3% 4.2% 4.3% 4.3%

Bloomberg Barclays Global Aggregate ex-U.S. Unhedged 1.5% 1.5% -4.1% 1.0% -0.3% 0.2% 2.5% 2.9%

Bloomberg Barclays U.S. Long Gov / Credit 6.5% 6.5% 5.2% 3.8% 5.3% 4.9% 7.2% 6.1%

JPMorgan GBI-EM Global Diversified 2.9% 2.9% -6.6% 3.3% -0.8% -0.5% 4.4% 5.8%

Global Equity Markets QTR YTD 1YR 3YR 5YR 7YR 10YR 15YR

S&P 500 13.6% 13.6% 9.5% 13.5% 10.9% 12.8% 15.9% 8.6%

Dow Jones Industrial Average 11.8% 11.8% 10.0% 16.4% 12.2% 12.8% 16.0% 9.0%

NASDAQ Composite 16.8% 16.8% 10.7% 18.0% 14.4% 15.5% 19.0% 10.7%

Russell 3000 14.0% 14.0% 8.8% 13.5% 10.3% 12.6% 16.0% 8.7%

Russell 1000 14.0% 14.0% 9.3% 13.5% 10.6% 12.8% 16.0% 8.7%

Russell 1000 Growth 16.1% 16.1% 12.7% 16.5% 13.5% 14.3% 17.5% 9.7%

Russell 1000 Value 11.9% 11.9% 5.7% 10.4% 7.7% 11.1% 14.5% 7.6%

Russell Mid Cap 16.5% 16.5% 6.5% 11.8% 8.8% 12.0% 16.9% 9.6%

Russell Mid Cap Growth 19.6% 19.6% 11.5% 15.1% 10.9% 13.0% 17.6% 9.9%

Russell Mid Cap Value 14.4% 14.4% 2.9% 9.5% 7.2% 11.3% 16.4% 9.2%

Russell 2000 14.6% 14.6% 2.0% 12.9% 7.0% 10.7% 15.3% 8.0%

Russell 2000 Growth 17.1% 17.1% 3.8% 14.8% 8.4% 11.8% 16.5% 8.7%

Russell 2000 Value 11.9% 11.9% 0.1% 10.8% 5.6% 9.6% 14.1% 7.2%

MSCI ACWI 12.3% 12.3% 3.2% 11.3% 7.0% 9.0% 12.6% 7.4%

MSCI ACWI ex. U.S. 10.4% 10.4% -3.7% 8.6% 3.0% 5.2% 9.3% 6.1%

MSCI EAFE 10.1% 10.1% -3.2% 7.8% 2.8% 6.1% 9.5% 5.6%

MSCI EAFE Growth 12.2% 12.2% -0.9% 8.0% 4.3% 6.9% 10.1% 6.1%

MSCI EAFE Value 8.1% 8.1% -5.6% 7.5% 1.2% 5.3% 8.7% 5.1%

MSCI EAFE Small Cap 10.8% 10.8% -9.0% 7.9% 4.8% 8.6% 13.1% 7.6%

MSCI Emerging Markets 10.0% 10.0% -7.1% 11.1% 4.1% 3.1% 9.3% 8.3%

Alternatives QTR YTD 1YR 3YR 5YR 7YR 10YR 15YR

Consumer Price Index* 0.2% 0.2% 1.4% 2.1% 1.4% 1.5% 1.8% 2.0%

FTSE NAREIT Equity REITs 16.3% 16.3% 20.9% 6.1% 9.1% 9.2% 18.3% 8.5%

S&P Developed World Property x U.S. 13.1% 13.1% 4.8% 7.5% 6.3% 8.5% 13.2% 7.3%

S&P Developed World Property 14.4% 14.4% 12.4% 6.7% 7.5% 8.8% 15.2% 7.7%

Bloomberg Commodity Total Return 6.3% 6.3% -5.3% 2.2% -8.9% -7.1% -2.6% -2.8%

HFRI Fund of Funds Composite 5.0% 5.0% 0.5% 4.1% 2.3% 3.2% 3.6% 2.8%

HFRI Fund Weighted Composite 5.9% 5.9% 0.9% 5.1% 3.1% 3.9% 5.5% 4.6%

Alerian MLP 16.8% 16.8% 15.1% 5.7% -4.7% 0.7% 10.1% 8.0%

WHY DIVERSIFY?


Total returns as of 3/31/2019

Source: Morningstar and Lipper

2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 10yr Annualized

MLP

35.9%

MLP

13.9%

Emerging

18.6%

Small Growth

43.3%

REITs

30.1%

Large Growth

5.7%

Small Value

31.7%

Emerging

37.8%

Cash

1.9%

Small Growth

17.1%

REITs

18.3%

Small Growth

29.1%

TIPS

13.6%

REITs

18.1%

Small Blend

38.8%

Large Blend

13.7%

REITs

3.2%

Small Blend

21.3%

Large Growth

30.2%

Aggregate Bond

0.0%

MLP

16.8%

Large Growth

17.5%

REITs

27.9%

REITs

8.3%

Small Value

18.1%

Small Value

34.5%

Large Value

13.5%

Large Blend

1.4%

MLP

18.3%

International

25.6%

TIPS

-1.3%

REITs

16.3%

Small Growth

16.5%

Small Blend

26.9%

Aggregate Bond

7.8%

International

17.9%

Large Growth

33.5%

Large Growth

13.1%

Aggregate Bond

0.5%

Large Value

17.3%

Small Growth

22.2%

Large Growth

-1.5%

Large Growth

16.1%

Large Blend

15.9%

Small Value

24.5%

High Yield

5.0%

Large Value

17.5%

Large Value

32.5%

Aggregate Bond

6.0%

Cash

0.0%

High Yield

17.1%

Large Blend

21.8%

High Yield

-2.1%

Small Blend

14.6%

Small Blend

15.4%

Emerging

19.2%

Foreign Bond

4.4%

Emerging Debt

16.8%

Large Blend

32.4%

Small Growth

5.6%

Hedge Funds

-0.3%

Large Blend

12.0%

Emerging Debt

15.2%

Foreign Bond

-2.1%

Large Blend

13.6%

Large Value

14.5%

Commodities

16.8%

Large Growth

2.6%

Small Blend

16.3%

MLP

27.6%

Small Blend

4.9%

International

-0.4%

Commodities

11.7%

Small Blend

14.6%

Hedge Funds

-4.0%

Large Value

11.9%

Small Value

14.1%

Large Growth

16.7%

Large Blend

2.1%

Large Blend

16.0%

International

23.3%

MLP

4.8%

Small Growth

-1.4%

Emerging

11.6%

Large Value

13.7%

Large Blend

-4.4%

Small Value

11.9%

High Yield

11.3%

Emerging Debt

15.7%

Balanced

1.0%

High Yield

15.8%

Hedge Funds

9.0%

Small Value

4.2%

TIPS

-1.4%

Small Growth

11.3%

Balanced

12.6%

REITs

-4.6%

International

10.1%

MLP

10.1%

Large Value

15.5%

Large Value

0.4%

Large Growth

15.3%

High Yield

7.4%

TIPS

3.6%

Large Value

-3.8%

Emerging Debt

9.9%

Foreign Bond

10.5%

Balanced

-5.2%

Emerging

10.0%

International

9.5%

High Yield

15.1%

Cash

0.1%

Small Growth

14.6%

Balanced

7.1%

Hedge Funds

3.4%

Small Blend

-4.4%

REITs

8.5%

Small Value

7.8%

Emerging Debt

-6.2%

Balanced

8.3%

Emerging

9.3%

Large Blend

15.1%

Emerging Debt

-1.8%

Balanced

10.7%

REITs

2.5%

Balanced

3.3%

High Yield

-4.5%

Balanced

8.3%

Hedge Funds

7.8%

Large Value

-8.3%

High Yield

7.3%

Balanced

8.2%

Balanced

13.9%

Small Growth

-2.9%

TIPS

7.0%

Cash

0.1%

High Yield

2.5%

Foreign Bond

-6.0%

Large Growth

7.1%

High Yield

7.5%

Small Growth

-9.3%

Commodities

6.3%

Emerging Debt

4.4%

International

8.2%

Small Blend

-4.2%

MLP

4.8%

Aggregate Bond

-2.0%

Cash

0.0%

Balanced

-6.1%

TIPS

4.7%

REITs

5.2%

Small Blend

-11.0%

Hedge Funds

5.0%

Aggregate Bond

3.8%

Aggregate Bond

6.5%

Small Value

-5.5%

Hedge Funds

4.8%

Emerging

-2.3%

Emerging

-1.8%

Small Value

-7.5%

Aggregate Bond

2.6%

Aggregate Bond

3.5%

Commodities

-11.2%

TIPS

3.2%

Hedge Funds

3.6%

TIPS

6.3%

Hedge Funds

-5.7%

Aggregate Bond

4.2%

Foreign Bond

-3.1%

Foreign Bond

-3.1%

Emerging

-14.6%

International

1.5%

TIPS

3.0%

MLP

-12.4%

Aggregate Bond

2.9%

TIPS

3.4%

Hedge Funds

5.7%

International

-11.7%

Foreign Bond

4.1%

TIPS

-8.6%

International

-4.5%

Emerging Debt

-14.9%

Foreign Bond

1.5%

Commodities

1.7%

Small Value

-12.9%

Emerging Debt

2.9%

Foreign Bond

2.5%

Foreign Bond

4.9%

Commodities

-13.3%

Cash

0.1%

Emerging Debt

-9.0%

Emerging Debt

-5.7%

Commodities

-24.7%

Hedge Funds

0.5%

Cash

0.8%

International

-13.4%

Foreign Bond

1.5%

Cash

0.4%

Cash

0.1%

Emerging

-18.2%

Commodities

-1.1%

Commodities

-9.5%

Commodities

-17.0%

MLP

-32.6%

Cash

0.3%

MLP

-6.5%

Emerging

-14.2%

Cash

0.6%

Commodities

-2.6%

Apollon Wealth Management, LLC (Apollon) is a registered investment advisor. This document

is intended for the exclusive use of clients or prospective clients of Apollon. Any dissemination

or distribution is strictly prohibited. Information provided in this document is for informational

and/or educational purposes only and is not, in any way, to be considered investment advice

nor a recommendation of any investment product or service. Advice may only be provided after

entering into an engagement agreement and providing Apollon with all requested background

and account information. Please visit our website for other important disclosures.

http://apollonwealthmanagement.com

http://apollonwealthmanagement.com/

quarterly considerations march 31, 2019

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