2022 Q1 In Review - Integrity Wealth Advisors, Ventura | Ojai, California

Q1
2022
IN REVIEW

TOTAL RETURN 2022 Q1 + NEWSWORTHY EVENTS
3%
January 3 - The Dow
Jones and S&P 500
both set new record
highs to start out the
new year, even as
Omicron remains a
major concern
January 4 - ADP payroll
estimates 807,000
private-sector jobs were
added in December,
more than double the
consensus estimate
S&P 500 TOTAL RETURN
January 12 - Consumer prices rise 0.5%
in December and push inflation rate to
nearly 40-year high of 7%
February 21 - Russian President Vladimir
Putin signs a decree declaring the Luhansk
People's Republic and Donetsk People's
Republic as independent from Ukraine, and
begins to move troops into the region
February 24 - Russia begins a fullscale
invasion of Ukraine, prompting
countries to impose even harsher
sanctions on Russia's government
MSCI ACWI EX USA TOTAL RETURN
March 2 - The United
Nations reports that over a
million refugees have now
fled from Ukraine to other
countries
March 8 -The US and
UK announce a ban on
Russian oil, while the EU
announces a two-thirds
reduction in its demand
for Russian gas
BARCLAYS US AGGREGATE TOTAL RETURN
March 10 - The 10-year treasury
yield rose and topped 2% as US
inflation data confirmed rapidly
rising prices
March 16 - the Fed approves first
interest rate hike in more than
three years, sees six more ahead
March 29 - Sentiment changed
as news broke that Russia would
be easing some military action
across Ukraine
1%
-1%
-3%
-5%
-7%
-9%
-4.59%
-5.33%
-5.93%
-11%
-13%
January
February
March
12%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
As of close 3/31/2022
11%
10.42%

A BUMPY START TO A NEW YEAR
2022
Q1
IN REVIEW
We entered 2022 confronting many challenges. Omicron was running rampant,
we faced the highest inflation in 40 years, and saw on the horizon interest rate
hikes and elevated equity valuations. Then, on February 21st, just as the latest
COVID wave was waning, an unexpected challenge arose - Russian troops
began to invade Ukraine. Our challenges here in the United States are nothing
compared to that of the Ukrainian people’s as a result of Putin's War, and our
hearts are with them.
The day that Russia invaded Ukraine, the rest of the world began imposing
sanctions on Russia to encourage Putin to rethink this war. These sanctions do
have consequences for us as consumers - we need look no further than the gas
station down the street. We’ve seen the first interest rate hike in two years to
combat inflation, and the Fed laid out plans for six more rate increases.
As the Omicron wave passed, a divergence in COVID-19 policies occurred as
many communities removed mask requirements and began to return to prepandemic
life. This was not enough to fuel the stock market, however. Equities
had a challenging quarter as inflation ticked to a 40-year high and interest rates
rose. Bonds were also crushed this quarter amid concerns about rising interest
rates and inflation. Commodities led the way with a first-quarter return of 25.5%,
driven by slowly improving supply chain constraints and oil prices resulting from
import bans on Russian oil.
The economic recovery from the pandemic has indeed been a bumpy one. By the
end of last year, the US economy had recovered its pre-recession output level,
exceeding it by 3.2%. The Omicron wave slowed growth this quarter, but we feel
consumer and business spending will spur strong growth in the second quarter
as the economy continues to reopen. We also expect unemployment to continue
to fall as wages rise and demand for labor continues to be high. In addition, we
feel earnings will continue to grow this year, albeit not at the remarkable pace
of last year. While inflation is likely to remain well above the Fed's 2% target, we
anticipate moderation throughout the year as supply chain constraints ease. This
gives us reason to be optimistic for growth in equities through the remainder of
the year, though we should continue to count on it being a bumpy ride.
ECONOMIC CHARTS & NOTES
CONSUMER SENTIMENT Consumer sentiment dipped to its lowest level
since August 2011 in March amid lower living standards and rising pessimism
about inflation. Inflation was also to blame for slower retail sales growth as
people spent more on gas and groceries but less on online shopping.
EMPLOYMENT The unemployment rate fell to its lowest level since
February 2020 and labor force participation rose to its highest level since
the start of the pandemic. The addition of 1,685K private sector jobs in Q1
also portayed a healthy US labor market supported by consumer demand.
US Retail Sales
Consumer Sentiment
Unemployment Rate
NonFarm Payroll
US Retail Sales % Chg
34%
28%
22%
16%
10%
4%
-2%
-8%
-14%
Jan '19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
100
95
90
85
80
75
70
65
60
Consumer Sentiment
Unemployment Rate %
16%
14%
12%
10%
8%
6%
4%
2%
Jan ' 19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
2200
-825
-3850
-6875
-9900
-12925
-15950
-18975
-22000
NonFarm Payroll

ECONOMIC CHARTS & NOTES
CONSUMER PRICE INDEX Largely driven by surging gasoline prices, the
Consumer Price Index (CPI) increased 7.9% in February - the biggest annual
increase in 40 years. Excluding energy and food, inflation was up 6.4%, driven
by higher auto and housing prices.
CONSUMER SPENDING Inflation-adjusted disposable personal income
decreased slightly in February but consumers continued to spend, despite
having diminished purchasing power.
Amount in Thousands Y/Y % Chg
8%
7%
6%
5%
4%
3%
2%
1%
JOB OPENINGS & HIRES Retail hiring rebounded sharply, from a surprisingly
soft holiday hiring period to near record levels in February. Job openings in the
industry also picked up as Omicron cases fell and restrictions were lifted.
1200
1000
800
600
400
200
0
Jan '18
Jul '18
CPI Less Food
0%
Jan ' 18 Jul '18 Jan ' 19
Jan '19
Jul '19
Retail Hires
Jul '19
Jan '20
Jan '20
Jul '20
Jul '20
CPI All
Jan '21
Retail Openings
Jan '21
Jul '21 Jan '22
Jul '21
Jan '22
% Chg Year-over-year
GDP Led by strong consumer and business spending, US economic growth
accelerated to 6.9% in Q4, capping the strongest year since 1984. Growth is
expected to have slowed considerably in Q1 due to the spread of Omicron, lack of
fiscal stimulus, supply chain disruptions, and the Russia-Ukraine conflict.
% Growth
30
25
20
15
10
5
0
-5
-10
-15
Jan '19
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
-35%
Jul '19
2017
Consumption
Jan '20
Jul ' 20
Jan '21
GDP
Disposable Income
Jul '21
Jan '22
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2019 2020 2021

6 THINGS YOU CAN DO DURING A
VOLATILE STOCK MARKET
2022
Q1
IN REVIEW
Episodes of market volatility are an alarming but normal feature of long-term investing. They aren't fun, but you should expect to see market declines periodically
throughout your lifetime. Still, it’s hard to sit still when the market is sliding. You can't help but think, ”shouldn't I be doing something?" While every investor is
different, there are six steps that everyone should consider.
DURING MARKET VOLATILITY:
Resist the urge to sell
based solely on recent
market movements.
Selling stocks when
markets drop can
make temporary losses
permanent. Staying the
course, while difficult
emotionally, may be
healthier for your
portfolio. This doesn't
mean you should hold
on blindly, but we
suggest considering an
investment's prospects
and its role in your
portfolio rather than
being guided by noise
and fear.
Take the long view.
Markets typically go up
and down, and you're
likely to experience
several significant
declines during a long
investing career. But
even bear markets—
that is, periods when
the market fell by more
than 20%—historically
have been relatively
short compared to
bull markets. Because
timing the market's ups
and downs is nearly
impossible, all investors
would do well to ignore
the noise and stay
focused on their plans.
Review your risk
tolerance and your
risk capacity. Risk
tolerance is your ability
to emotionally handle
big price swings; risk
capacity is your financial
ability to take a loss.
Market downturns can
be a wake-up call to
reconsider your risk
tolerance, although we
recommend waiting
until you're calm. Risk
capacity, however,
can—and should—be
considered at any time.
Do you have enough
cash to handle near-term
goals? The money you'll
need soon or can't afford
to lose shouldn't be in
the stock market—it's
best invested in relatively
stable assets. Building
an appropriate cash
reserve can help you
stay calm when stock
markets are not.
Make sure you have a
diversified portfolio.
Volatile markets can also
reveal that portfolios
their owners thought
were appropriately
diversified are not at all.
If you haven't looked at
your portfolio recently
to make sure you
understand what each
asset class is doing and
that the mix matches
your target asset
allocation, now is an
excellent time to become
reacquainted with it.
Consider including
defensive assets for
more stability. Defensive
assets, such as cash and
cash equivalents, and
specific fixed-income
securities, can help
stabilize a portfolio when
stocks are slipping. Also,
if you expect to spend
from your portfolio within
the next few years, it's a
good idea to keep that
money in assets that
historically have been
relatively liquid and less
volatile than stocks, such
as cash and short-term
bonds. This can help you
avoid having to sell in a
down market.
Rebalance your portfolio
as needed. Market
changes can skew
your allocation from its
original target. Over time,
assets that have gained
value will account for
more of your portfolio,
while those that have
declined will account for
less. Rebalancing means
selling positions that
have become overweight
in relation to the rest
of your portfolio, and
moving the proceeds
to positions that have
become underweight. It's
a good idea to do this at
regular intervals.

CAN COMMODITIES HELP MY INVESTMENT PORTFOLIO?
Commodities are physical goods, such as grains, livestock, oil and energy
products, or precious and industrial metals. They may be used as-is or to
make other goods. Commodities are needed globally by everyone, directly or
indirectly. They are becoming a more mainstream investment choice, and it can
make sense to partially include them in your portfolio. Investing in commodities
can provide growth potential and diversification, as well as hedge against
inflation. Let us consider the latter first.
While the economy has been in a low-inflation regime for years, we are now
painfully aware that inflation has been trending higher. This can be a significant
drag on the performance of your investments, as well as the purchasing power
of your dollars. Protecting against inflation is critical for investors, especially
those in the later stages of their careers, as well as those who are retired, or just
about to retire. Commodity prices have historically been in decline since 2011,
but around the middle of 2021 the price trend reached an inflection point and
has since been rallying. Inflation and geopolitical events, such as the February
24th invasion of Ukraine by Russia, have caused commodity prices to rise
significantly, and the growth potential trend shows no sign of going away in
the near term. This is due to the persisting factors of rising demand, supply
shortages, and deglobalization forces. Investing in commodities can protect
against inflation, because their price increases will offset the monetary value
loss as these inflationary trends continue. The following chart shows how
commodities ‘track’ with inflation, as evidenced by how they follow the rising
price indicator of the Consumer Price Index (CPI).
Commodities also offer further growth potential when compared to the current
valuation of US stocks. Historically speaking, commodity prices are cheap
today compared to US stock prices. Evidence of this can be found in the chart
below, which divides the value of the S&P GSCI Commodity Index by the value
of the broad stock market S&P 500 Index. We can see the relatively undervalued
nature of commodities as compared to stocks, as the commodity to stock
index ratio is at all-time lows. Commodities therefore have greater potential
to appreciate, as stock prices may moderate in valuation in the same overall
economic environment. Logically, this would bring the stock/commodity ratio
back up toward the historical chart mean (middle).
Finally, commodities provide diversification in a multi-asset portfolio, as they
have historically done well in inflationary markets. Commodity prices having
an increasing value response to inflation and rising interest rates. Compare
this to certain classes of stocks, that conversely will decline in price and value
due to rising material costs and interest rates, as these make the cost of doing
business higher. Increasing costs, in turn, lower earnings and profits. This
offsetting effect can also apply when comparing bonds to commodities, as
bond prices are temporarily suppressed by rising interest rates, as we have
recently experienced. Clearly, the aforementioned reasons demonstrate that
holding commodities as a part of your investment portfolio can offer protection,
diversity, and potential for growth.
Sources: Capital Group, Refinitiv Datastream, Standard & Poor's, Bureau of Labor Statistics, U.S. Department of Labor. The price ratio between the S&P GSCI Total Return Index and the Standard & Poor’s 500 Composite
Index is scaled to 100. GSCI data shown from 2/27/70 to 2/28/22. Commodity index returns vs. inflation data shown from 1/31/89 to 2/28/22.

IS THIS THE END OF GLOBALIZATION?
2022
Q1
IN REVIEW
Globalization in all its forms, be it social, economic or political, has been rising since around the 1970s. This has caused the real cost
of finished goods to trend down over the decades, and there is evidence that the world has become more peaceful, with fewer
wars and war-related deaths than in years past.
It goes without saying that the events of the past two years, including the US-China trade war, the COVID-19 pandemic,
and now the Russia-Ukraine war and resulting international sanctions, have challenged the merits of globalization.
Inflation is at a 40-year high and Western Europe is facing a severe energy crisis, prompting policymakers and
multinational companies to rethink supply chains that crisscross the globe, as well as sourcing materials and
labor from unfriendly jurisdictions.
Russia's invasion of Ukraine "has put an end to the globalization we have experienced over the last three
decades," says Larry Fink, co-founder and CEO of BlackRock, the world's largest asset management firm.
In this week's letter to shareholders he adds that "companies and governments will also be looking more
broadly at their dependencies on other nations,” as a result of not just the war but also the pandemic.
"Nearshoring," the practice of moving business operations closer to home, could benefit Mexico, Brazil, and
even the US.
China is key to understanding the consequences of unchecked globalization. China has long been the
world's factory. Of the ten busiest seaports in the world, six are in China. An estimated one-third of global
shipping passes through the South China Sea.
Today we are seeing the risks of depending so heavily on one country for the movement of goods. China
is experiencing an unexpected surge in COVID cases. Due to it’s zero COVID policy, businesses, factories,
and warehouses have been shut down, particularly in Shanghai, a major port city that's home to more than
26 million people.
Even though the Port of Shanghai, the world's busiest port, has reportedly remained open, a shipping
logjam is worsening as trucks are not available to move product. According to data from VesselsValue, port
congestion is at an all-time high, with the number of ships waiting to load and unload going parabolic.
Shipping giant Maersk warned clients this week that the lockdowns will likely result in even higher shipping
costs, writing that "there will be longer delivery times and a possible rise in transport costs such as detour fees
and highway fees." These extra fees will, in turn, be passed down the supply chain to the end consumer, who is
already having to deal with rampant inflation.
Between shipping logjams, the US outsourcing of computer chip manufacturing, and Europe's reliance on Russian energy,
we have certainly seen the risks of globalization. However, deglobalization would undoubtedly only push inflation higher. The
direction the world will move in as a result of the events of the past two years remains to be seen.
Sources: NY TImes. US Funds.

INVESTMENT
MANAGEMENT
PHILOSOPHY
The complex, ever-changing investment world of today
requires an investment process that is overseen by a team
of experienced investment professionals. Global capital
markets present investors with a host of challenges due to
the combination of an overwhelming amount of information
to analyze and the endless supply of conflicting opinions and
narratives surrounding financial markets. The time and expertise
required to perform in-depth investment research and to make
timely and informed portfolio management decisions requires
both a clear investment process and an experienced investment
team to implement the process.
An old adage states that there is accomplishment through
many advisors. We agree and embrace a variety of investment
perspectives through our investment committee. Our investment
philosophy is well grounded in global macro-economic analysis.
Investment ideas are carefully vetted through a process which
incorporates the diverse range of investment backgrounds
within our firm. This process of multifaceted analysis ensures
that only the strongest investment ideas survive. We are
committed to striking the right balance between risk and
return through managing global, multi-asset class investment
portfolios.
INDEPENDENCE &
CLIENT FOCUS
DIVERSIFICATION
TOP-DOWN, THEMATIC
APPROACH
PERFORMANCE WITH
LIQUIDITY
VARIED INVESTMENT
PERSPECTIVES
OPTIMIZATION OF
EXPENSES AND TAXES
THE INVESTMENT PROCESS
ASSESSMENT OF GLOBAL
ECONOMIC & INVESTMENT
ENVIRONMENT
ASSESS & ANALYZE
THEMES
RESEARCH INVESTMENT
VEHICLES TO FIND
EFFECTIVE IMPLEMENTATION
IDENTIFY
OPPORTUNITIES
STRATEGIC ASSET
ALLOCATION -
Geographies, Sectors,
Capitalizations
INVESTMENT SELECTION -
Open/Closed End Funds, ETFs, Stocks & Bonds

INVESTMENT COMMITTEE
2021
Q4
IN REVIEW
The Investment Committee meets formally
each quarter, and more frequently if market
conditions warrant, to discuss the state of
the global economy and capital markets and
to assess the current asset allocation and
positioning of our portfolios. There’s an art
to striking the right balance between risk and
return; pursuing that symmetry is the core of
our investment philosophy. We are fiduciaries
and have our interests aligned with our
clients, as we invest alongside them.​Contact
us at investmentcommittee@iwaplan.com
with any questions or concerns.
STEPHEN WAGNER
CEO, Investment Advisor,
CFP ® , CPFA
35+ Years Experience*
VICTORIA BREEN
Investment Advisor &
Financial Planner
40+ Years Experience*
MARTHA LAFF
Investment Advisor,
ChFC ® , CLU ® , CRPC ®
30+ Years Experience*
ANDREW MURTHA
Financial Analyst,
MBA
20+ Years Experience*
BOB CHEATHAM
Financial Planner,
CRPS®, MA
MARGARET MARAPAO
Investment Advisor &
Financial Planner, CFP ®
CHRISTOPHER WAGNER
Investment Advisor &
Financial Planner, CPFA
LAINE MILLER
Investment Advisor &
Financial Planner
DOUG ECKER
Investment Advisor &
Financial Planner, CRPS®
15+ Years Experience*
* Financial services experience. Investment Advisory Services are offered through investment advisor representatives of Integrity Wealth Advisors, a Federally Registered Investment Advisor.
THOUGHTFUL
INDEPENDENT
FIDUCIARIES
Integrity Wealth Advisors has
been committed to helping
individuals, families, and
businesses grow, preserve, and
distribute wealth since 1979
VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com

THE IMPACT OF
SOUND FINANCIAL
PLANNING
Recent Vanguard research 1 shows that an experienced
wealth management team not only adds peace of mind,
but also may add about 3 percentage points of value in
net portfolio returns over time. What does this mean? Your
team has the ability and the time to evaluate your portfolio
investments, meet with you to discuss objectives, and
help get you through tough markets. All of these factored
together potentially add value to your net returns (returns
after taxes and fees) over time. But the most interesting part
of this research is that it shows that financial planning and
financial coaching contributed to the greater majority of the
added net 3% in net portfolio returns.
It’s important to realize how valuable making sound financial
planning decisions is and that value is added by your
financial planning team. As investors, our emotions can be
our worst enemy, especially when the markets are volatile,
and guidance from a “behavioral coach” can save us from
panic-selling and abandoning long-term financial plans.
Numerous studies demonstrate that advisors can have a
huge impact on investor finances, but it’s hard to say if these
findings have been recognized and understood by everyday
investors.
Spending
LONG-TERM CARE PLANNING
Create a care plan
The value of assistance from family and friends is roughly equal to paid long-term care.
An adult child caring for a parent is seven times more likely than an individual providing
care for their spouse. Women are more likely to require care and need more years of paid
care if paid care is used. A care may help you avoid burdening others, ensure your
family Long-term understands care your wishes planning and allow you to have more control over your care.
Lifetime probability of needing assistance with two or more activities of daily living
80%
60%
40%
20%
0%
64%
75%
Any type
Providers of unpaid eldercare
60%
40%
20%
51%
27%
23%
26%
20%
24%
Only unpaid care
(family / friends)
7%
Men
33% 34%
20%
Women
3%
6%
Paid home care Nursing home Assisted living
May use more than 1 type of paid care
Duration of paid care age 65+ if paid care is used
45%
30%
15%
37%
33%
Men
Women
27%
26%
35%
43%
Crea
The v
and
to pa
carin
time
indiv
their
Wom
requ
years
care
A car
avoid
ensu
unde
and
cont
DREAM.
PLAN.
ENJOY.
0%
0%
< 3 years 3-5 years 5+ years
Long-term care includes needing help with two or more activities of daily living such as eating, dressing, bathing, transferring, and toileting
or severe cognitive impairment. For the top chart, nursing home stays of less than 90 days are excluded because they may include recovery
Long-term from injuries. care Unpaid includes caregivers needing may help care with for two more more than 1 activities person. of daily living such as eating, dressing, bathing, transferring,
and Source: toileting U.S. Department or severe cognitive of Health impairment. and Human For Services, the top ASPE chart, Issue nursing Brief, home April 2019, stays What of less is the than long-term 90 days risk are excluded of needing because and receiving
long-term services and supports, Table 3; U.S. Government Accountability Office, GAO-19-382, Retirement Security, Some Parental and
they may includerecovery from injuries. Unpaid caregivers may care for more than 1 person.
Spousal Caregivers Face Financial Risk, May 2019, Figure 1; U.S. Department of Health and Human Services, APSE Brief, January 2021, Longterm
Services U.S. Department and Supports of Health for Older and Americans, Human Services, Risks and ASPE Financing, Issue Brief, 2020, April Table 2019, 1. Latest What data is the available long-term as of risk December of needing 31, and 2021.
Source:
receiving long-term services and supports, Table 3; U.S. Government Accountability Office, GAO-19-382, Retirement Security,
Some Parental and Spousal Caregivers Face Financial Risk, May 2019, Figure 1; U.S. Department of Health and Human
Services, APSE Brief, January 2021, Long-term Services and Supports for Older Americans, Risks and Financing, 2020, Table 1.
Latest data available as of December 31, 2021.

BENEFITS OF SAVING & INVESTING EARLY
Benefit of saving and investing early
Starting your retirement savings early, being consistent year after year, and investing what you save are some of the keys to a successful
retirement, due to the power of long-term compounding. It is never too early to start saving for retirement, but don’t be discouraged if you
haven’t yet begun! As this chart shows, it is also never too late to begin consistently saving and investing for retirement. Creating a Financial
Account growth of $200 invested/saved monthly
Independence Plan can bring clarity when answering that important question, “Can I achieve my retirement goals?”
Sav
People always ask us,
“How much do I need
to have saved when I
reach retirement?” There
is no one-size-fits-all
answer, as your individual
financial situation is
distinct. A unique personal
Independence Plan will
give you a clear answer.
Saving
$450,000
$400,000
$350,000
$300,000
Consistent Chloe invests from
ages 25 to 65 earning 6.25%
($96,000 total)
Quitter Quincy invests from
ages 25 to 35 earning 6.25%
($24,000 total)
Late Lyla invests from ages
35 to 65 earning 6.25%
($72,000 total)
Ending portfolio
$420,300
$210,700
77%
66%
Savi
inve
som
succ
the
com
ACCOUNT
GROWTH
OF $200
INVESTED/
SAVED
MONTHLY
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Nervous Noah saves from ages
25 to 65 in cash earning 2.0%
($96,000 total)
25 30 35 40 45 50 55 60 65
Age
$209,600
$147,900
Investment return
Savings
89%
35%
The example above is for illustrative purposes only and not indicative of any investment. Compounding is the increasing value of assets due toinvestment return earned
on both principal and prior investment gains.
The above example is for illustrative purposes only and not indicative of any investment.
Source: J.P. Morgan Asset Management, Long-Term Capital Market Assumptions. Compounding is the increasing value of assets due to
investment return earned on both principal and prior investment gains.

VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com
Data / statistics cited are provided by the Federal Reserve Bank of St. Louis.
The S&P 500 Index or the Standard & Poor's 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P
500 is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot
invest directly in an index. Note: Investors cannot invest directly in an index. These unmanaged indices do not reflect management fees and transaction
costs that are associated with most investments.
The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries* – excluding the United States.
With 1,012 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Barclays Capital U.S. Aggregate Bond Index is the most common index used to track the performance of investment grade bonds in the U.S.
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations
for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be
appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results.
Any indices referenced for comparison are unmanaged and cannot be invested into directly. Investing involves risk and possible loss of principal capital;
please seek advice from a licensed professional.
Integrity Wealth Advisors is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Integrity Wealth
Advisors and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Integrity Wealth Advisors unless a client
service agreement is in place.
Vanguard research study; Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, 2014. Putting
a value on your value: Quantifying Vanguard Advisor’s Alpha. Valley Forge, Pa.: The Vanguard Group.
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