Commentary & Performance Updates

 Note – For mutual fund Quarterly Attribution & Performance Analysis, please contact your Swan Investment Representative.


Managing Expectations

One of the best ways to help investors understand the full-market cycle design of the Defined Risk Strategy (DRS) and properly inform expectations is to review previous DRS performance through cycles.

To best understand how the Defined Risk Strategy (DRS) works and to form reasonable expectations for its performance in various market environments is to examine historical performance.


Fortunately, we have a lengthy track record, going back to July of 1997. In that time, the DRS has been tested by almost every conceivable market environment from flash crashes, to periods of ‘irrational exuberance’ and multi-year bear markets, to easy money recoveries, downgrades of U.S. credit ratings, and the Global Financial Crisis, and most recently the COVID-19 pandemic.


We pulled much of that experience together in a document to better inform and manage investor expectations.