Subject: Cardinal Wealth Update
From: "Michael Jacobs" <[email-masked]>
To: <[email-masked]>
Date: Fri, 8 Mar 2019 18:41:53 +0000
List-Id: 0e134a7a768db5a4ce1e4f015mc list <0e134a7a768db5a4ce1e4f015.77723.list-id.mcsv.net>

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CWM Strategy Update

** Market Update
------------------------------------------------------------

The first two months of 2019 have certainly been a pleasant contrast to the fourth quarter of 2018. Wall Street analysts have forecasted 2019 returns for US stocks that range from single-digit losses to low double-digit gains. As February ended, the S&P 500 was up over 10%. At that time, it was our belief that the good news from the US/China trade negotiations and the tempered expectations from the Fed regarding further interest rate hikes were mostly discounted. There is an old adage on Wall Street that goes, "Buy on the Rumor and Sell on News." To this spirit, below are some of the highlights of Cardinal Wealth Management's strategies:

* In CWM Core ETF we added exposure to the emerging markets in early January, raised 24% cash in late February, and hedged an additional 15% of the portfolio to mitigate market risk
* In the CWM Red Bird, we have sold covered calls on approximately 70% of the positions in the portfolio in an attempt to enhance returns and lower risk
* In the CWM Growth and Dividend portfolios, we have trimmed a portion of the gains from positions that we still want to hold and we have sold several holdings to initiate new buys
* In the CWM Structured Note portfolio, there have been no adjustments needed. We are very pleased with the results
* In the CWM Mutual Funds, we have upgraded several asset classes with new managers, rebalanced the portfolios to maintain allocation targets and we are in the process of exchanging many funds to institutional class shares in order to lower internal fund costs

We certainly are available at any point to have you into the office or schedule a phone call to review your portfolio and answer any questions that you may have.

Thank you,
The Cardinal Team

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