A Recession is Not on the Clock

Change is good

Dear Fellow Shareholders:

My comments this quarter will not differ much from my comments for the last several quarters. The bottom line is that our economy continues to chug along just as it has for the past decade. Many fear that the very length of the expansion we are enjoying will bring about its demise. But the end of our current expansion will not be due to its length. A recession is not on the clock. Instead, the expansion will eventually end due to excesses which have built up during the expansion.

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All investing involves risk. Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability and differences in financial reporting standards and securities market regulation. Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click this link to obtain a Prospectus, which contains this and other information, or call us at +1 (833) 722-6966. Read the prospectus carefully before investing.

© 2020 Seven Canyons. All rights reserved. Seven Canyons Funds are distributed by ALPS Distributors, Inc. (ADI).