Long-term Value Portfolio Update 11/16

The long-term value portfolio lost some ground last week relative to the market, losing 2.8% versus a market loss of about 1.5%.

Since inception, the portfolio has lost2.5% versus a 0.2% decline in the S&P 500 over a similar time frame. Most of the losses on the week came from the more cyclical portions of the portfolios, which took on the chin as the market has declined.