In the first half of 2023, FCF’s portfolio navigated market challenges by maintaining commitment to our fundamental process rather than chasing performance. In our US Quality ETF: TTAC, we faced a high-beta ‘risk-on’ environment and significant market concentration but held to our diversified, free cash flow-focused approach. This resulted in positive developments such as avoiding regional banks and capitalizing on oversold tech with strong cash flows. We selectively adjusted our defensive exposures and continue to focus on mid/small quality stocks. The FCF International Quality ETF: TTAI, despite challenges in Energy/Materials sectors and underweight Japanese stocks, we stayed consistent in our process, yielding positive results in cyclical sectors. We’ve reduced manufacturing exposure, increasing service sector investments, and strategically adjusting Chinese exposure, staying underweight in financials.