{"id":969,"date":"2020-01-15T17:08:18","date_gmt":"2020-01-15T17:08:18","guid":{"rendered":"https:\/\/brandywineoak.com\/?p=969"},"modified":"2020-04-16T17:10:05","modified_gmt":"2020-04-16T17:10:05","slug":"1st-quarter-market-update-from-brandywine-oak-private-wealth","status":"publish","type":"post","link":"https:\/\/brandywineoak.com\/1st-quarter-market-update-from-brandywine-oak-private-wealth\/","title":{"rendered":"1st Quarter Market Update from Brandywine Oak Private Wealth"},"content":{"rendered":"<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"25\"><\/td>\n<td>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"100%\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Dear Clients &amp; Friends,<\/p>\n<p>&nbsp;<\/p>\n<p>Happy New Year!\u00a0 We hope you all enjoyed your holiday season and 2020 is off to a great start.<\/p>\n<p>Attached please find our 1st Quarter Market Update Commentary, 4th Quarter Asset Class Performance, and the Richard Bernstein Advisors (RBA) decade ahead report.\u00a0 Richard Bernstein was the former Chief Investment Strategist at Merrill Lynch (back when it was actually called Merrill Lynch) and founded his own firm in 2009.<\/p>\n<p>In addition to our quarterly emails, you can continue to stay connected with Brandywine Oak Private Wealth by following us on LinkedIn or by visiting our firm\u2019s website where we provide weekly updates on the firm, industry, and various\u00a0planning topics such as potential tax law changes:<\/p>\n<p><a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=mGlWuF7h2obtj6FlxhCtpn7OHWEa7D8j4L-2BGV5IWnbZlVXkypRwq1v-2FIIHMUvmqTOsK4EicXvedB9tmrpfiyy9QPq4-2BrKb48-2BsPD8G44GDbfowP25LWgabMwUePkJ75WGryq26nEGp-2F0Zeo8IOz28Vi0uuW7oLgK4uxkhvZ7LVmMzp9CJ5Scn5Nlv051gERFN9SEo2zkhQO5VDf4-2BgroiT-2BMV3pN5mGK1R4WYbCrdaDSRKVN8Ha1wsstSvHhg8FI1AMYUQ-2FCB06VjQjbjlNYnhDmIA80BHzOiXxhdmpO-2F9FeRxnOm9DuugfIkB-2B8eNgktYu5DCrFMFTlk4xQEjlLQr7m6pmC3kXybJcH7F6YMgjgf1EsvyZOBqzijuhabzv7TpvO9mysS27gEtAflEjKqmeVnBonZORuC3drkYDGEO-2B3pou4k3802esI0T6iv7REpfgNN4jDbY2xADsMIAbZwIM7A0Cgj4sQNHpCGAR0biZMHD5ByM35482uI29TetQnrU2b4sxfb7-2BR8eNKPQCbEBiGuP0gxDJ4rIf66sm4NinIhmkjigdp-2BbnuP34BDwgAQjP-2BeqlfMj78fuA1-2BMwT4JU-2BAhPW3wu3ZIFXfDUHqb-2FkgEMklzZJms2LRk2b0V89SbU66Ew-2FAIVU-2BvWJh52RVEyUlBgSz-2BoXXt0IL-2Bp7KQ-2FZ1Pm-2Bi-2BKb18g33qIzJ8xrxwch5WreZSQdfgGer-2BmaRajMJ3VtvTPAVFfvfu16hN8cY1iq3IWBBBsgOoJM1GxU6Pzjw1cBlZ1yImjnUqxJFh7jPVDtAUqFdBTmH-2FgkThy-2BPbMiJeXctmmByebOeh2MNpg-2Fo2JI4Q4pNcrR347izFGxyfS1fhQroLo-2BCke0a7UH7H8G3by62PJLDqTSvg4C22FcfoWrE3zg1EPYX-2FMkVabOs8FMIROow7-2B8cFSd7yUBFfY1VEAMC9pvqSI68fK1CjmhurolZi8SQgAZjuzAVwlQfj41QjQgDzc7Wl2jIMpRxfyiXVYjXT6Z0yM066kJn1UU9MOOJZLHMhosiHhBPUrmDFNkB68Qaxe6FXusX2M-3D_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbIBeN1TMk8OG0C2YSOe-2F4wH-2Fve1O-2FDJzsVUoAoNmmAyVnWZPzq00o2oBtPAA4QaIj2xr1NayfmtqgkRBnWAF93ogmSupquDdIwUCG0lX-2FB75Wub-2BxF0lwl0-2FLb-2B7HECf-2B7KohQhRvUglS9K60KwYzZ8DRPCM5rEp9kH54wbfMJBrPsQvGxN-2Bi1bgLY1xzpauNGsYCUxSfOmXSGeHhg9kAZT3kO8j4OZsnM8NFTBPmllcg-3D-3D\">https:\/\/www.linkedin.com\/company\/brandywine-oak-private-wealth\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=ppiW6-2FPNgtEq-2BNzhof36L6xeqEpsL4jtL8qpxvfzR43YrAY2QMwS6n7jxdjGP6n4_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbKaBoRkJg-2BiqWEA-2BJRFBIhUhyzKwbj5Uz0lAXseIU2fultd7eVhVtgzg5rraZiLTOFFEn4SowoW1YpFTyk9o5DmtQFiAuJbe-2FDnsw51ECM5476FQjzZL2-2F79voEvvRVXg1zzbgCN-2F9tN4aRmq1UaZZbo0gm3tyjhnKB0FhDjeyvuMof9AsiK5ATf-2FAzF8f-2FZE11mCpakAl-2FQuLVC8-2FKPrGbzj8WYZ1sRDfKM0qn1rm1nQ-3D-3D\">https:\/\/brandywineoak.com\/news\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Brandywine Oak Firm Updates<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Equifax Data Breach Settlement<\/strong>&#8211; there is a class action settlement in effect for the Equifax data breach that occurred in 2017.\u00a0 In order to see if you are eligible for a settlemtn benefit go to\u00a0<a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=p6vuxkoTBIhCY2d-2BE4gYH6WjGsmthKnl6szc8n7QA2TOkht95aBMfHxQvdCIJ0nm_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbIIVf7-2BP9Khn9NaHAkmRBn-2BVt5ZZfM-2Fph0iBuYMW4sEvsfTRGzXPR67Bet1yefg45psrIdO3wi1izhadBCCV4CXsbqGZTwymY9WMLNUSPvIKGJ2656SEn72PNNzCw21574BXxFzyegkNVjOOUHbepEUSU2OySO5TJA2J7aIFbMOoyQqWduaIHrLwq1Pccr4lipQOdp5dYXWfphSZiuQEqwpB8oH7wSL3rmHGGvn2-2BjxuQ-3D-3D\">www.equifaxbreachsettlement.com<\/a>\u00a0and input your information prior to <strong>January 22nd, 2020<\/strong>.\u00a0 As most of our clients were impacted, you can recieve a settlement of $125 per spouse.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Kennett Chocolate Lovers Festival<\/strong>&#8211; we are pleased to announce our partnership with the United Way of Southern Chester County in sponsoring this year&#8217;s Chocolate Lovers Festival.\u00a0 The Chocolate Lovers event is being held on Sunday, January 26th, 2020 at Unionville High School, we hope you can attend as this is a great way to support the local community.\u00a0 Below are articles from local organizations with details surronding the event:<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>h<a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=cJ3ODmt63ICg-2FJYXJKoeO0jSTdtBOPKtnt0bj5rLq7InVgXutcLPt71PLl0TnprAokakux7LEgsGNd4qtkoN0A-2FVQqklBdXUf-2FamLROODypMGycVME8jVamO8ABaWoglOZvdJGNPeIHUfnyjndUgKEWArWtHLeSrcqRVjFXJl2OSlGAv-2BIHzu5feciHHuLamd-2BdtR6c6Qxsdd4bX5mo-2FYw-3D-3D_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbKkKlqYVuIeUPSWyhwR9CBiKouytrvte-2B8sXhUArEJadTGhZqo00j7dFbJ4jooXMlqR5ebtEsnG3qt3iajBtieZDD66ScUlfhyeyUGLTCsp1-2BvwjgGsdFyrt6uKaSnzZjZbOhyib-2BAUmSagDv6-2BHmZ-2Bm3Q31YOoUDKfRo9HdbCsersfTOKAe-2BT3sV56ntwhWsIYQMZ26VM6WERA3WAm9mvGKEokXniYGqJUeWekIsm4gw-3D-3D\">ttps:\/\/www.dailylocal.com\/news\/local\/chocolate-lovers-festival-coming-to-<\/a><a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=cJ3ODmt63ICg-2FJYXJKoeO0jSTdtBOPKtnt0bj5rLq7InVgXutcLPt71PLl0TnprAokakux7LEgsGNd4qtkoN0A-2FVQqklBdXUf-2FamLROODypMGycVME8jVamO8ABaWoglOZvdJGNPeIHUfnyjndUgKEWArWtHLeSrcqRVjFXJl2OSlGAv-2BIHzu5feciHHuLamd-2BdtR6c6Qxsdd4bX5mo-2FYw-3D-3D_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbKh9k-2BBOUm5DOvj-2BSvEdedCnfR3hwBIogLrGVDktRlB37JcJjPRg7wYftULNZcCOnZY2fksIFLHZYHNQVE17kzFvQCfXo75FJ20YrFB4YMlr-2F-2BSAgb-2FgycP1MHDrUhuOesG5vr7-2Fp5c-2Fe-2FwTHfZPAHnzkXBFE765Wu4YcFf31ABH-2Bf7uu8ZyU0heKK4NORNJTIhbU4eniMfHnKABPKNHgYlWCtaJ1uvFDNqZfAiHZqABA-3D-3D\">unionville-high-school-jan\/article_4236b4ec-33b2-11ea-8a5a-5f56032a5010.html<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/elink.vestorly.com\/wf\/click?upn=yHZy2Q2Hy02mTXQfhf9JzADh4f-2Be85BM7-2F3B06-2FAS465XxTVt3lUZC2QVN-2Bd-2F4Yf8aKTLamqv6XT2rkXxpfpe2ygmyo9xBIf9UE46t9lWY2WsJoaLtVqn3FW-2Fqbc8vbZLJvpspj7fOjNpS7-2BlB2DRA-3D-3D_zwfMkjqDKb8fftVDmc6uXWCCVQYZcwBP-2BdPyFoZrtImbia8aA4uLa3AR8377RqzdHwMmbKP4B0TVXbzaPTgbGWJ7FOcW8vWfekSMvIgWGzKp6yhG2-2Ff1kWRAdXHTlJNey7yYeZ2kVtcEulZtvvuhUAT6jCc-2BCY3yzrBJD3IMARnoUjNDhzVwQagxs76gYn-2BxQDUJBY-2B0nEbiI1g5YHOt24GBzxZSgNwQBTfUWNqjaIg-2FEkLGjn1UO7egFsjQ1sRLLR3req5aD-2Bu-2F19Y-2FgQKMflwq-2B-2B-2B3hoUvoZOptDZU0d2Wb7TaKA0nUoNec1JuWt4Qz09qvvT8XX0bpW47Wd3w3jjtb5inlBxgPF1i6vqVLbKw8rTgxCulv-2BPB1Q5Oi05jikpfBzBVQ8bDPzAErxdUmCKyg23AmzEmISuKtWj3O3Pvt6aSfCWi0AZFIdSBbvjqz-2BLGSf-2FsZOVyir2rdub9dv9ENBCoPpmc6zIdAAEotBhULrXsJ-2FMjYvlUir1RbumZ56BaYM78nWjEw4xC2029PwropRQb0xfWCVWDahfsQHEieUB9s7JTStVSDI-2FyqwrsQUXAEkGWJco80I8IJAiIhg-3D-3D\">https:\/\/chaddsfordlive.com\/2020\/01\/13\/new-digs-but-same-great-taste-for-chocolate-festival\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Save the Date<\/strong>&#8211; we are hosting a teleconference featuring Andy Friedman from the Washington Update on <strong>Wednesday, June 24th, 2020 at 4:00 PM.<\/strong>\u00a0 Andy will provide us with his take on the current market and political environment as well as the upcoming Presidential election.\u00a0 We will provide you with additional details as we get closer to the event.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>1Q20 Tactical ETF Portfolio Changes \/ Investment Updates<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Reduced <em>Cyclical<\/em> Technology Exposure and Increased <em>Defensive<\/em> Consumer Staples &amp; Utilities Exposure<\/strong>\u00a0\u2013 as we move deeper into the late stages of the current bull market, we continue to incrementally position our portfolios into more defensive sectors within the strategies. \u00a0Historically, we have maintained an overweight position in the Technology sector.\u00a0 This January we have trimmed our Technology sector exposure from overweight to neutral and have increased our exposure to defensive sectors Consumer Staples and Utilities which have outperformed during periods of heightened volatility.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Further Reduced Cash in IRA ETF Models, Renewed Corporate Bond Ladder, &amp; \u00a0Swapped Emerging Market Bond Indexes <\/strong>\u2013 as interest rates continue to decline, we have decreased our allocation to the Fidelity money market (FDRXX) and reallocated the proceeds into short-term bond investments to enhance the yield.\u00a0 Also, we have reinvested the recently matured 2019 corporate bond index proceeds into a new 2022 corporate bond index within our IRA ETF models.\u00a0 Lastly, we replaced the iShares Emerging Market Bond index (EMB) with a Vanguard alternative index (VWOB) which reduces the ongoing expense ratio by ~25% and maintains the same cash flow yield.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Tax-Loss Harvesting in Non-Retirement (taxable) CMA ETF Models <\/strong>\u2013 we continue our tax-aware approach within our non-retirement ETF Models.\u00a0 In December of 2019, we sold the State Street Energy SPDR ETF (XLE) for a tax loss and bought the equivalent Vanguard Energy ETF (VDE).\u00a0 This sale reduced capital gains taxes across the practice while continuing to maintain the sector exposure within the strategy.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>As a firm, we have substantially exceeded our expectations and added north of $50 million in new client assets last year alone.\u00a0 This growth would not be possible without your continued trust and confidence and ongoing introductions to colleagues and friends.\u00a0 We look forward to another successful year for all of you as we continue to make sure all aspects of your finances and investments are in the best order possible.<\/p>\n<p>&nbsp;<\/p>\n<p>With warm regards, Brandywine Oak Private Wealth<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"100%\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Dear Clients &amp; Friends, &nbsp; Happy New Year!\u00a0 We hope you all enjoyed your holiday season and 2020 is off to a great start. Attached please find our 1st Quarter Market Update Commentary, 4th Quarter Asset Class Performance, and the Richard Bernstein Advisors (RBA) decade ahead report.\u00a0 Richard Bernstein was the former Chief Investment Strategist [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/posts\/969"}],"collection":[{"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/comments?post=969"}],"version-history":[{"count":1,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/posts\/969\/revisions"}],"predecessor-version":[{"id":970,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/posts\/969\/revisions\/970"}],"wp:attachment":[{"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/media?parent=969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/categories?post=969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brandywineoak.com\/wp-json\/wp\/v2\/tags?post=969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}