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Portfolio construction requires a healthy degree of diversification, just as a football team needs to play both sides of the ball. Success on the field needs to take field conditions, coaching, and clock management into consideration. Market conditions go through up and down cycles, just as NFL franchises do. Football season is in full swing. With the leaves falling, it is one Tom's favorite times of the year. Tom’s Chicago Bears have been lagging in a competitive NFC North Division, whereas Vince’s Cleveland Browns are sadly disappointing (yet again...). Ironically, we see many common similarities between assembling a football roster and investment portfolio construction, and we love providing our investment insights. We believe a successful team requires a well rounded roster of on both sides of the ball; strong game management and leadership while also recognizing that players go through ups and downs. Playing Both Sides of the Ball A properly constructed portfolio requires certain parts of the portfolio to play their unique role in their portfolio. Whether it be offense for generating wealth, defense for protecting wealth, or special teams for unique situations - each side of the ball has their role.   Offense Offense tends to get most recognition as they are often the ones that make the banner plays! Whether it be your speedy wide receivers, a scrambling quarterback, or a powerful running back, the offense’s primary goal is to score the touchdowns. Yet, a team dominated with ball carriers alone will not be competitive because the often neglected offensive line plays a critical role in moving the pigskin down the field.   We view offense as equities (otherwise known as stocks) in a diversified portfolio, which necessary to grow wealth and purchasing power over time. However, different types of equities need to be represented in the portfolio. Wide receivers, quarterbacks, and running backs are your fast-moving players. This is similar to the higher-beta stocks, whereas the offensive line is your slow-moving base - such as dividend paying stocks. Higher-Beta Stocks: Company stocks that have a beta metric above 1.0, indicating they are riskier and more volatile than the broader stock market. If the stock market as a whole grows by 1.0% over a given day, a stock with a beta of 1.5 is likely to grow by 1.5% that day. Defense Defense is necessary to win championships with the role of protecting the lead that the offense hopefully put on the scoreboard. In doing so, it is not necessary for defense to score points (although everyone loves a safety or a pick-six), as opposed to ensuring the opposing team doesn’t score against them.   In portfolio construction, defense generally tends to represent fixed income - otherwise known as bonds. Just as there are several types of defenders - such as linebackers, safeties, and defensive linemen - there are a variety of fixed income asset classes - such as treasury bonds, municipal bonds, and corporate bonds - that deserve a role in your portfolio to preserve wealth while also generating income.   Special Teams Special Teams players do not enter the gridiron often, but when they do it tends to be in unique scenarios when the pressure is on - such as a game winning field goal. Special Teams players range from punt returners, to long snappers and the place kicker.   A robust portfolio should not only focus on their offense (equities) and defense (fixed income), but also other diversifying asset classes (the special teams). These asset classes include but are not limited to commodities, real estate, and private investments. Game Management Field Conditions As one of the only sports that plays in basically any weather condition, a great football team needs to be willing to win in any type of field condition. Adverse field conditions may include sleet, 40mph winds, mud, or anything else Mother Nature presents on the field!   Investment portfolios need to be resilient for various types of environments including inflation, recession, stagflation or reflation. Concentrating your portfolio to perform in just one economic scenario will likely yield subpar results. Importantly, the economy is not static and the macro-landscape can change fast under certain circumstances, making diversification and portfolio re-balancing critical.   Coaching A winning football team not only needs a well rounded roster but also superior coaching. Often times, coaches do not act in the best interest of their team but instead for their personal ego. A common flaw in coaching is overconfidence in decision making. For instance, a coach may attempt to convert a first down when it is fourth down and long, or to sneak an on-side kick with the unlikely chance the opposing team will recover the football. In investing, the overconfidence bias is defined as: A cognitive partiality that may poorly impact investment decisions, leading investors to overestimate their skill and knowledge, to trade too frequently, to incur higher costs, or to ignore relevant information and feedback. We believe that mitigating overconfidence bias can be achieved by setting realistic expectations, continuous education, self-awareness, tempering emotion, and recognizing when luck plays a role in your portfolio. At RISE, we seek to mitigate overconfidence biases in the construction of your portfolio.   Clock Management Often-times, the clock is either your best friend or worst enemy of the football field. Understanding when the clock is in your favor can play a critical role in your game plan. Many would remember the recent Super Bowl LI between the New England Patriots and the Atlanta Falcons.  The Atlanta Falcons played exceptionally well up until the end of the 3rd quarter, commanding a 28-3 lead with 2:12 left on the clock in the 3rd quarter. However, New England staged a historic comeback in the 4th quarter to tie the game, and they eventually won in an overtime thriller.   In investment portfolio management, knowing when to play defense is critical to achieve a long-term win. Disciplined portfolio re-balancing of trimming your winners and bolstering defensive exposure prevents the likelihood of losing scenarios like the Falcons incurred in 2017 against Tom Brady’s Patriots. We see a critical need in portfolio re-balancing in many of the portfolios we analyze for our clients. Seasonality (Patriots ) Football teams go in and out of favor season by season. For instance, the New England Patriots dominated the NFL with the turn of the century winning 6 Super Bowls under the Bill Belichick era. However, since Super Bowl LIII, the Patriots have performed below expectations. In 2023, their record was 4-13 and as of this writing, their 2024 record is 2-7. Investors need to be keenly aware that certain investment styles and trends go in and out of favor. For instance, the largest market capitalization companies at the end of each decade tend to be underperformers the following decades. 1980’s: Energy Equities 1990: Japanese Equities 2000: U.S. Technology Equities 2010: China & China Related Commodity Equities 2020: U.S. Technology Equities Popular investment themes tend to result in overvaluation and unrealistic expectations, leading to future long-term underperformance. At RISE, we do not believe that dominance lasts forever, whether it be on the gridiron or in your portfolio, emphasizing the need for re-balancing and diversification. Companies With the Largest Market Cap After Each Decade and Their Subsequent 10-Yr Returns Conclusion Portfolio construction and football have more commonalities than one may think. As your coach, we remain committed to managing your portfolios to account for all potential outcomes, emphasizing diversification and a goals based approach.

Volatility often tempts investors to time the market, which refers to trying to predict short-term price movements to buy or sell investments accordingly. Many investors seek to hoard cash and search for the perfect moment to invest. We are of the view that time in the market far outweighs attempting to time markets, as market timing can be a costly mistake.   Furthermore, investors should always have a disciplined equity portfolio re-balancing strategy to ensure their exposure is not overly concentrated in one segment of the stock market. 1.) There is a Cost to Timing the Market Investors that think they can navigate markets through short-term buying and selling are doing so at the expense of long-term wealth generation. Often, the best days in the market occur during periods of market volatility. Missing the best days in the market proves costly for long-term returns.   Consider the twenty-year time period from January 2003 through December 2022. A long-term investor who started with $100,000 in the S&P 500 in January 2003 would have seen their savings grow to $648,440 by December 2022.   Conversely, a market timer who missed just the best 10 days during that twenty-year time period would have generated less than half of the returns than if they had stayed invested over the whole period. Source: VisualCapitalist, August 14, 2023. 2.) Implement a Dollar-Cost Averaging Strategy with Cash Cash has historically been a losing strategy versus stocks. According to Morningstar, there are very low odds of cash outperforming the stock market over long periods of time. Source: Morningstar: Cash Is No Longer Trash, but the Opportunity Cost Might Be Greater Than You Think, August 1, 2023. Those with excess cash on the sidelines and a long-term horizon would benefit from a dollar-cost averaging strategy. Dollar-cost averaging is a disciplined method of investing in the stock market, especially for those who have concerns about stock market investing. It is the practice of investing a fixed amount of cash into the stock market at a regular frequency, regardless of market conditions. A good example of this in practice is contributing a portion of your paycheck to your 401(k) or IRA each month.   Utilizing a dollar-cost averaging strategy helps investors: Enforce disciplined investing habits, Remove emotion from the equation, Bolster their diversification, as cash can be used to purchase underweight areas of their equity portfolio, and Avoid the temptation to time the market.   At RISE Investments, we embrace the dollar-cost averaging approach for our clients when adding to equity positions. 3.) Consider Re-balancing Investors that are overexposed to one segment of the stock market should always consider re-balancing.   Up until very recently, the performance of the market-cap weighted S&P 500 index was being driven by a narrow group of mega-sized stocks known as the “Magnificent 7”. Meanwhile, the median stock in the index (i.e. the equal weighted S&P 500) underperformed. Due to their outperformance, Magnificent 7 stocks and the market-cap weighted S&P 500 have become much larger portions of many investor portfolios.   According to Lyrical Asset Management, last year’s narrowness in market breadth approached the highest in a generation, as defined by the 3-month relative performance periods of the market-cap weighted S&P 500 versus the equal-weighted S&P 500. Historically, when the market-cap weighted S&P 500 outperforms the equal-weighted by such a margin, the subsequent 1, 3, and 5-year time periods favor diversifying into the equal-weighted S&P 500.  Source: Lyrical Asset Management, September 5, 2024 Furthermore, during the same time periods of narrow market breadth, owning the cheapest quintile of stocks (i.e. value stocks) has historically led to greater future outperformance versus the market-weighted S&P 500. Source: Lyrical Asset Management, September 5, 2024 Over the past handful of months, Vince and I have taken active measures to re-balance our client’s equity allocations into equal-weighted S&P 500 and value strategies. We have conviction that this disciplined approach benefits our clients by reducing overall risk while also bolstering future potential returns. Conclusion Investing in the stock market may seem tedious, especially when market volatility is heightened. However, success can be drastically improved by putting three portfolio management tips into practice - staying invested, dollar-cost averaging, and disciplined portfolio re-balancing. Disclosure RISE Investment Management, LLC ("RISE" or "RISE Investments") is an investment adviser registered under the Investment Advisers Act of 1940. Registration of an investment adviser does not imply any level of skill or training. This publication is solely for informational purposes and past performance is not indicative of future results. Any historical returns, expected returns, or projections are provided for informational purposes only. Any description of products, services, and performance results of RISE contained in this publication are not an offering or a solicitation of any kind. No advice may be rendered by RISE Investments unless a client service agreement is in place. Advisory services are only offered to clients or prospective clients where RISE Investments and its representatives are properly licensed or exempt from licensure. All of the information in this publication is believed to be accurate and correct as the date set forth. RISE does not have or accept responsibility or an obligation to update such information.

Overseas equities are priced at a nearly 40% discount to U.S. equities. This is the cheapest that overseas equities have been relative to U.S. equities in a generation. Less than two weeks after his inauguration, President Trump announced plans to impose sweeping 25% tariffs on most Canadian and Mexican imports, 10% on Canadian energy imports, and a 10% tariff on Chinese imports. The President cited illegal immigration and drug smuggling, such as fentanyl, as rationale to impose these tariffs under the International Emergency Economic Powers Act.   Tariffs act as an increased tax on consumers, driving up prices of regularly used goods such as lumber, automobiles, pharmaceuticals, and food. As global markets have grown increasingly interconnected, tariffs also complicate supply chain management for many corporations. These factors may lead to stickier inflation in the U.S., which can further complicate liquidity conditions and the expected Federal Reserve interest rate cuts.     Despite pressure from tariffs and inflation on the global economy, we remain focused on identifying risk-adjusted opportunities and maintaining resilient investment portfolios in the face of trade uncertainties.   King Dollar Reigns The tariffs are being imposed at a moment of U.S. Dollar strength. The Dollar Index, which measures the U.S. dollar’s strength relative to foreign currencies such as the Euro, Yen, and Canadian Dollar, is nearing the highest level since the fallout of the 2000 technology bubble. U.S. Dollar Index Sources: Intercontinental Exchange, Yahoo! Finance One does not need to be a financier to recognize that when the dollar is strong, foreign assets are cheaper for American consumers and investors. For instance, many Americans have found themselves enjoying overseas travel more recently as French luxury goods, a ski trip in the Alps, and a sushi meal in Tokyo have become increasingly affordable relative to what the most comparable goods and experiences cost on U.S. soil.   Overseas Equities Notwithstanding tariff threats and a strong U.S. Dollar, overseas equities have shown resiliency to start 2025, outperforming U.S. equities.   While one robin does not make a spring, overseas equities are priced at a nearly 40% discount to U.S. equities. This is the cheapest that overseas equities have been relative to U.S. equities in a generation. We believe there is a case to be made that the sheer magnitude of how cheap overseas equities have become could serve to undermine tariff and currency related headwinds.   Source: Yardeni Research One key risk that equity investors face today is overconcentration, as many portfolios are overweight richly valued U.S. mega-cap technology companies.   Global diversification continues to play a critical role in our clients’ portfolio construction to not only reduce risk, but also to give our clients exposure to potential higher relative returns.[2] About RISE Investments RISE Investments is a dynamic, independent wealth management firm that delivers tailored investment management, financial planning, and estate planning services to our clients. Established in 2019, RISE Investments is committed to offering highly personalized, fiduciary-driven advice to help our clients achieve long-term financial security and growth.   Contact us at clientservice@riseinvestmentsusa.com to learn more about RISE Investments and how we can serve you. Footnotes and Disclosure [1] Overseas equities are defined as the MSCI ACWI ex US Index. U.S. equities are defined as the S&P 500 Index. Data is per Morningstar.   [2] For starters, the dividend yield on overseas equities is 2.9%, more than double that of 1.3% for U.S. equities. *RISE Investment Management, LLC ("RISE" or "RISE Investments") is an investment adviser registered under the Investment Advisers Act of 1940. Registration of an investment adviser does not imply any level of skill or training. This publication is solely for informational purposes and past performance is not indicative of future results. Any historical returns, expected returns, or projections are provided for informational purposes only. The description of products, services, and performance results of RISE contained in this publication are not an offering or a solicitation of any kind. No advice may be rendered by RISE Investments unless a client service agreement is in place. Advisory services are only offered to clients or prospective clients where RISE Investments and its representatives are properly licensed or exempt from licensure. All of the information in this publication is believed to be accurate and correct as the date set forth. RISE does not have or accept responsibility or an obligation to update such information.   Indices are not actively-managed and investors cannot invest directly in an index. Past performance is no guarantee of future results.

RISE's recent press releases and media appearences. RISE in the News RISE's recent press releases and media appearances. March 17, 2025 7 Ways to Invest With a Weakening U.S. Dollar U.S. NEWS & WORLD REPORT March 17, 2025 Navigate Economic Downturns: Stability & Growth Tips In A Recession FORBES March 12, 2025 Here’s How Inflation Impacts Your Bank Account (And How To Take Advantage) GOBANKINGRATES March 11, 2025 Tariffs could cost Americans an extra $1,600 a year. Here’s where to find that money in your household budget. MARKETWATCH March 7, 2025 Americans Pay $500K in Taxes Over Their Lifetimes — 9 Ways To Cut the Cost Down GOBANKINGRATES March 6, 2025 4 Worst Mistakes Millennials Can Make With Money — and How To Avoid Them GOBANKINGRATES March 3, 2025 Estate Planning forYoung Families ADVISORPEDIA January 13, 2025 RISE Investments: Formed to Bridge Multi-Generational Wealth Management Gap CITYBIZ

Founder & Wealth Advisor Start at RISE 2019 Industry Start 2015 Education Kent State University, B.S. The Ohio State University, M.S. Favorite Candy KitKat Vince DeCrow Founder & Wealth Advisor Chief Operating Officer 440-655-8807 vince@riseinvestmentsusa.com Vince is the Founding Principal at RISE, serving as Chief Operating Officer and co-chair of RISE's Investment Committee. In this role, he is responsible for the company's business operations, service line offerings, steering RISE's vision and growth, and alternative investment manager/fund selection. He is committed to fostering an innovative and client success focused culture to help bring prosperity and well-being to everyone involved in RISE's ecosystem. Also serving as a full-time Wealth Advisor, Vince provides financial planning advice and manages investment portfolios for his clients. He enjoys working with and helping clients/families of all shapes and sizes. In addition to providing his clients with best-in-class solutions to help them achieve their goals and maximize their wealth, he places an extraordinary amount of effort on delivering a superior, white-glove client service experience. Being a life-long guru of investing and methods to achieve financial freedom and success, Vince founded RISE in February 2019 as a part-time endeavor to provide tax and cost-efficient investment management and financial solutions to his friends and family members. In November 2024, he transitioned to focus his full-time efforts on RISE. Before dedicating his career to RISE, Vince spent seven years in the real estate private equity industry at Origin Investments. During that tenure, he built-out and led the company's business development and investor relations team, was a key contributor to the company's 5x growth over that time period, and served over 1,000 high-net-worth individual clients; providing education and investment solution recommendations to help them achieve their financial goals and objectives. Prior to Origin, Vince began his financial and investment career at Duff & Phelps, a leading global valuation and corporate finance advisor. At Duff & Phelps, he was a member of the Valuation Advisory group where he focused on detailed business enterprise valuation for use in the corporate acquisition process. Vince earned his Bachelor of Business Administration degree from Kent State University and his Master of Science degree in Corporate Finance and Real Estate from The Ohio State University. Vince resides in the Lincoln Park neighborhood of Chicago with his wife, Jackie, and their mini Bernedoodle, Fonzie. Outside of the office, Vince enjoys spending time with his family, being productive with home improvements, traveling, skiing, boating, and golfing. Go back to Team page Click here for CFA® and CFP® designation requirements.

Principal & Wealth Advisor Start at RISE 2024 Industry Start 2015 Education University of Illinois, B.S. Favorite Candy Razzles Thomas Van Spankeren, CFA®, CFP® Principal & Wealth Advisor Chief Investment Officer 708-860-4112 thomas@riseinvestmentsusa.com Tom is a Principal at RISE, serving as Chief Investment Officer and co-chair of the firm's Investment Committee. In this role, Tom is responsible for the firm's investment research, asset allocation framework, portfolio construction, security/manager selection, and ongoing due diligence process. In addition, Tom serves as a Wealth Advisor offering financial planning that encompasses a goals-based approach for each of his clients. As a Wealth Advisor, Tom takes a holistic approach to focus on all key components of financial planning including cash flow planning, tax efficiency, risk management, and investment planning. Prior to joining RISE, Tom spent seven years at Bank of America Private Bank (formerly U.S. Trust), most recently as a Portfolio Manager. In that role, Tom worked with complex, high-net-worth families and individuals to create, implement, and manage customized investment strategies. Previous to Bank of America, Tom was a Valuation Associate for two years at Duff & Phelps. Tom earned his Bachelor of Science degree in Finance from the University of Illinois Urbana-Champaign in 2015. In addition, Tom is a Certified Financial Planner® ("CFP®") and holds the Chartered Financial Analyst® ("CFA®") designation. Outside of the office, Tom is often found fishing on a body of water, traveling, or researching 20th century American history. Tom resides in the Lincoln Park neighborhood of Chicago. Go back to Team page Click here for CFA® and CFP® designation requirements.