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27px;padding-bottom: 54px;"> <!--[if (gte mso 9)|(IE)]> <table align="center" border="0" cellspacing="0" cellpadding="0" width="600" style="width:600px;"> <tr> <td align="center" valign="top" width="600" style="width:600px;"> <![endif]--> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" class="templateContainer" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-width: 600px !important;"> <tr> <td valign="top" class="bodyContainer" style="background:#transparent none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #transparent;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 0;padding-bottom: 0;"><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <div style="text-align: center;">EDITION 6 | MARCH 2019</div> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px 18px 32px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 2px solid #EAEAEA;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table> <!-- <td class="mcnDividerBlockInner" style="padding: 18px;"> <hr class="mcnDividerContent" style="border-bottom-color:none; border-left-color:none; border-right-color:none; border-bottom-width:0; border-left-width:0; border-right-width:0; margin-top:0; margin-right:0; margin-bottom:0; margin-left:0;" /> --> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageBlockOuter"> <tr> <td valign="top" style="padding: 0px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageBlockInner"> <table align="left" width="100%" border="0" cellpadding="0" cellspacing="0" class="mcnImageContentContainer" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td class="mcnImageContent" valign="top" style="padding-right: 0px;padding-left: 0px;padding-top: 0;padding-bottom: 0;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <img align="center" alt="" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/ee356f10-4a5b-4d7d-95d5-8d5ede5a8822.jpg" width="600" style="max-width: 1200px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage"> </td> </tr> </tbody></table> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <h4 class="null" style="display: block;margin: 0;padding: 0;color: #949494;font-family: Georgia;font-size: 20px;font-style: italic;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;">Disappointing investment performance over the past few years has resulted in many investors starting to question the ability of the market to deliver on their long-term goals. In response, investors often try to correct for weak returns by making changes to their portfolios.</h4> <br> Unfortunately, the reasons behind their desire to change are often emotionally driven, and are prone to error, which can lead to greater loss. To improve our chances of achieving success in our financial goals, we aim to understand what we can and cannot control and divert our efforts to “controlling the controllables”. This is especially true during the current market environment.<br> <br> Let’s consider our current market environment for a moment. By the end of 2018, the average investor’s portfolio<a href="#_ftn1" name="_ftnref1" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[1]</a> had underperformed a cash investment for five years. This is illustrated by point 8 on the graph below, where the five-year return on a typical retirement fund crosses the five-year return of an investment in cash. In other words, with perfect hindsight, an investor would have been better off invested in a fixed deposit over the past five years than in a typical retirement fund. Many investors have now sought to counter this through using cash investments, or similar low risk alternatives, in place of a growth - oriented portfolio. Alternatively, they have avoided making new investments completely.<br> <br> <img data-file-id="529265" height="300" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/3299caef-b3ca-49ab-b5da-25f024fd6a99.png" style="border: 0px;width: 600px;height: 300px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width="600"><br> <em>Source: FE Analytics, Thomson Reuters, Fundhouse</em><br> History provides us with some useful perspective. Firstly, we can see that investment returns do sometimes fall below cash. This has happened eight times over the last fifty years (see points 1 - 8 above). Secondly, we see that periods of weak performance are followed by periods of strong performance (points 9 - 14 above). And lastly, recoveries tend to happen rather quickly. The question we should be asking is not whether the market will recover, but rather how long until it does.<br clear="all"> <br> The problem we face is that many investors are responding to the weak performance in the markets by switching their investments to cash – but only after experiencing four years of weaker returns. This is a typical behavioural bias driven by fear and loss aversion that results in “selling low”, i.e. after prices have dropped. Similarly, investors tend to miss out on some of the recovery by switching back into the market at higher prices, i.e. “buying high”. Research studies<a href="#_ftn2" name="_ftnref2" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[2]</a> have shown that an investor’s buy and sell decisions cost them on average 2.9%<a href="#_ftn3" name="_ftnref3" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[3]</a> per year in return foregone, relative to investors who hold on to their investments and resist the urge to change. On this basis, the patient investor retires with 60% more capital compared to the impatient investor!<a href="#_ftn4" name="_ftnref4" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[4]</a><br> <br> The example above shows that we certainly don’t have control over market performance and our reactions generally result in greater loss.<br> <br> The graph that follows is one showing the difference in cumulative returns over the same period as the above – had the average investor stayed invested they would be far better off. <br> <br> <strong>Average Investment Cumulative Returns vs Cash over 50 years</strong><br> <br> <img data-file-id="529269" height="281" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/2bfb679b-1d86-4792-a5b2-97e8fd085360.png" style="border: 0px;width: 600px;height: 281px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width="600"><br> <br clear="all"> So where does our circle of control begin and where does it end? We answer this question in the table below with some practical mitigation in dealing with the risks which fall outside of our control.<br> <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Event</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Controllable?</strong></td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Our Mitigation</strong></td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Weak Market Returns</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">No</td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Patience; Diversify between shares, bonds, cash</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Local political risk</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">No</td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Suitable exposure to offshore assets</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Corporate fraud (e.g. Steinhoff, ABIL)</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">No</td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Diversify between different funds. Fund managers have different views on shares</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Rand/currency</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">No</td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Diversify between local and offshore assets</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Inflation</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">No</td> <td nowrap="nowrap" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Suitable exposure to “growth” assets, like shares</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Personal savings</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Yes</td> <td nowrap="nowrap" rowspan="3" style="width: 343px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Controlled through the financial planning process</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Financial Planning</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Yes</td> </tr> <tr> <td nowrap="nowrap" style="width: 156px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Personal Cost control</strong></td> <td nowrap="nowrap" style="width: 102px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Yes</td> </tr> </tbody> </table> <br> Many of the uncontrollable forces that affect our portfolios can indeed be managed if we focus on what we can control first: By managing our personal finances, by implementing a sensible financial plan and by controlling costs. Within each of the “controllables” there are simple steps to follow to ensure we remain disciplined in managing our financial affairs:<br> <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody> <tr> <td nowrap="nowrap" style="width: 129px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Personal savings</strong></td> <td nowrap="nowrap" style="width: 472px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <ul style="list-style-type:circle;"> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Be realistic about what your responsibilities are towards your long-term savings plan.</strong></li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>For long term investors, this means that personal finances should be managed in such a way that contributions can be paid without interruption caused by a weak economy.</strong></li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Retired investors are most at risk when markets underperform, as their income is directly related to the value of their portfolios. Be realistic when setting your withdrawal rate. If markets have underperformed, it might be necessary to forego increases in your withdrawals for the next year. Save in the good times to support your expenses in the bad times.</strong></li> </ul> </td> </tr> <tr> <td nowrap="nowrap" style="width: 129px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Financial planning</strong></td> <td nowrap="nowrap" style="width: 472px;height: 20px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <ul style="list-style-type:circle;"> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Seek independent and transparent financial advice.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Ensure that you have a sensible financial plan in place and that it remains relevant to your current circumstances.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Stay invested in the strategy outlined in your financial plan even when markets are struggling.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Avoid deviating from your financial plan by “de-risking” into cash or delaying investments.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Amendments to your investment portfolio should only be driven by changes to your financial plan (like providing for an unexpected liability) and never by short term performance.</li> </ul> </td> </tr> <tr> <td nowrap="nowrap" style="width: 129px;height: 21px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><strong>Personal Cost control</strong></td> <td nowrap="nowrap" style="width: 472px;height: 21px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">In weak markets, investors often look for “alternative” investments which guarantee either the investment value or income but costs them through higher fees or lower returns. To protect themselves, investors should look to: <ul style="list-style-type:circle;"> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Avoid products that charge high fees for protection you don’t necessarily need.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Avoid complicated products where the actual risks are not understood or aligned to your needs.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Avoid products promising unusually high returns (even from reputable institutions). When it sounds too good to be true - it often is. Often there are hidden costs or risks involved to deliver the return profile.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Costs are unavoidable, and the lowest fees are not necessarily the best option. Rather, look for transparency, fairness and value for money.</li> </ul> </td> </tr> </tbody> </table> <br> The temptations we face in investing are numerous, often expensive, and never obvious. If you feel that any of the decisions you intend making are in response to the events we refer to above, it may serve you best to do nothing. Capital preservation, financial discipline and a healthy does of patience will ensure that the longer term investing goals remain on track. <div> <hr align="left" size="1" width="33%"> <div id="ftn1"><a href="#_ftnref1" name="_ftn1" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[1]</a> The portfolio of a typical long-term investor saving towards retirement.</div> <div id="ftn2"><a href="#_ftnref2" name="_ftn2" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[2]</a> Dalbar releases an annual report that shows the impact of investor’s decisions on their portfolio performance.</div> <div id="ftn3"><a href="#_ftnref3" name="_ftn3" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[3]</a> Based on the 2017 Dalbar study, annual underperformance over last 20 years.</div> <div id="ftn4"><a href="#_ftnref4" name="_ftn4" title="" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #873f6f;font-weight: bold;text-decoration: none;">[4]</a> Based on a 2.9% annual cost due to making changes, over a thirty-year investment horizon from age 30 to 60</div> </div> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnBoxedTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if gte mso 9]> <table align="center" border="0" cellspacing="0" cellpadding="0" width="100%"> <![endif]--> <tbody class="mcnBoxedTextBlockOuter"> <tr> <td valign="top" class="mcnBoxedTextBlockInner" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if gte mso 9]> <td align="center" valign="top" "> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnBoxedTextContentContainer"> <tbody><tr> <td style="padding-top: 9px;padding-left: 18px;padding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table border="0" cellspacing="0" class="mcnTextContentContainer" width="100%" style="min-width: 100% !important;background-color: #404040;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding: 18px;color: #F2F2F2;font-family: Helvetica;font-size: 14px;font-weight: normal;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;line-height: 150%;"> <h4 class="null" style="display: block;margin: 0;padding: 0;color: #949494;font-family: Georgia;font-size: 20px;font-style: italic;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;"><span style="color:#E6E6FA">The Steward Capital team is now well settled into our new offices. We’re looking forward to welcoming you there soon – there is plenty of parking for our clients! </span></h4> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if gte mso 9]> </td> <![endif]--> <!--[if gte mso 9]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageGroupBlock" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageGroupBlockOuter"> <tr> <td valign="top" style="padding: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageGroupBlockInner"> <table align="left" width="564" border="0" cellpadding="0" cellspacing="0" class="mcnImageGroupContentContainer" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td 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class="mcnFollowContentItemContainer"> <table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnFollowContentItem" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="left" valign="middle" style="padding-top: 5px;padding-right: 10px;padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table align="left" border="0" cellpadding="0" cellspacing="0" width="" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="center" valign="middle" width="24" class="mcnFollowIconContent" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <a href="http://www.facebook.com" target="_blank" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><img src="https://cdn-images.mailchimp.com/icons/social-block-v2/outline-light-facebook-48.png" style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> <td align="center" valign="top"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="display: inline;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td valign="top" style="padding-right: 10px;padding-bottom: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnFollowContentItemContainer"> <table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnFollowContentItem" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="left" valign="middle" style="padding-top: 5px;padding-right: 10px;padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table align="left" border="0" cellpadding="0" cellspacing="0" width="" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="center" valign="middle" width="24" class="mcnFollowIconContent" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <a href="http://www.twitter.com/" target="_blank" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><img src="https://cdn-images.mailchimp.com/icons/social-block-v2/outline-light-twitter-48.png" style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> <td align="center" valign="top"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="display: inline;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td valign="top" style="padding-right: 10px;padding-bottom: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnFollowContentItemContainer"> <table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnFollowContentItem" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="left" valign="middle" style="padding-top: 5px;padding-right: 10px;padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table align="left" border="0" cellpadding="0" cellspacing="0" width="" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="center" valign="middle" width="24" class="mcnFollowIconContent" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <a href="http://www.instagram.com/" target="_blank" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><img src="https://cdn-images.mailchimp.com/icons/social-block-v2/outline-light-instagram-48.png" style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> <td align="center" valign="top"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="display: inline;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td valign="top" style="padding-right: 0;padding-bottom: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnFollowContentItemContainer"> <table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnFollowContentItem" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="left" valign="middle" style="padding-top: 5px;padding-right: 10px;padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table align="left" border="0" cellpadding="0" cellspacing="0" width="" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="center" valign="middle" width="24" class="mcnFollowIconContent" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <a href="http://mailchimp.com" target="_blank" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><img src="https://cdn-images.mailchimp.com/icons/social-block-v2/outline-light-link-48.png" style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 2px solid #505050;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> 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style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;line-height: 150%;text-align: center;"> <em>Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.</em> <br> *|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|* <br> <br> <strong>Our mailing address is:</strong> <br> *|HTML:LIST_ADDRESS_HTML|* *|END:IF|* <br> <br> Want to change how you receive these emails?<br> You can <a href="*|UPDATE_PROFILE|*" style="mso-line-height-rule: 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