The Economic and Earnings Cycles are More Important than the Presidential Cycle

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• Historical perspective on the growth vs. value spread.  This is a key reason why we diversify across factors.

• Some election commentary.  Astoria believes that the Economic and Earnings Cycles are more important than the Presidential Cycle in the longer term.

• We review our current portfolio tilts and highlight a few portfolio construction areas we are working on.

Best,

Astoria Portfolio Advisors

Astoria Portfolio Advisors Disclosure: As of the time this writing, Astoria held positions on behalf of client accounts or via our model delivery services for all of the ETFs highlighted in the table on page 11 of this report. Note that this is not an exhaustive list of holdings across Astoria’s dynamic or strategic ETF portfolios. Any ETF holdings shown are for illustrative purposes only and are subject to change at any time. For full disclosure, please refer to our website.

Photo Source: Astoria Portfolio Advisors