To Our Investors,
As we hit the mid-year mark, 2011 is shaping up to be another good year for Sizemore Capital Management and our clients. Through the first half of the year our actively-managed Tactical Portfolio returned 8.2%, outperforming the 5.9% for the S&P 500 Total Return Index and with less volatility.
Investors were apprehensive in the second quarter. Continued instability in the Middle East, recurring fears of a sovereign debt meltdown in Greece and other European countries, and an American economy that appears to be weakening again all conspired to send stocks and other risky assets sharply lower. Sizemore Capital Management’s portfolios were well prepared for this kind of environment, however, and we enjoyed a strong quarter marked by investor rotation into the sectors that we favored.
