HAYW - Kovitz Investment Group Q1 2022 Letter

• Kovitz is a value-based wealth management firm, providing high net worth individuals, institutions and financial professionals with sound asset management and advisory strategies. As an independently managed advisor, we manage and advise on more than $7.7 billion in assets.
• During the first quarter of 2022, the Kovitz Equity Composite (the “Composite”) decreased by 4.9%, net of all fees.
• We have now seen enough cycles to understand that short-term performance chasing leads to difficult and disappointing outcomes over time.
• While the future path of interest rates is unknowable, it is our responsibility to assess the risk and responsibly deploy client fixed income capital with the primary goal of protection of principal.

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