TICKER | January 2023

January saw all assets start the year off on solid footing as investors looked to capitalize on last year’s strong declines. DropShot returned +6.44% compared to +4.41% for Barclays Balanced Index and +7.50% for ACWI. The Fund continues to show strong results with mitigated risk. DropShot experienced less volatility than almost all asset classes, while still capturing most of the equity returns. On up days the fund captured 78% of the return while being exposed to 62% of down moves. The overall equity beta this month was 0.71