Dear friends of Arcus Capital Partners,
We hope this letter finds you well and that you are having a great start to the year. The first quarter of 2023 provided investors some reprieve after a difficult prior twelve months. During the quarter, stocks and bonds finished in the green but continued to experience high levels of volatility. The Federal Reserve (Fed) maintained its restrictive policy and raised short-term rates two more times. That said, global equities managed to rally and finish up nicely. Interest rates ended lower but oscillated violently during the quarter. Finally, commodities were weaker, except for gold. We maintain a positive view of equities and credit over the next twelve months; however, near-term headwinds could create periods of higher volatility and lower prices in the interim. We believe investors should maintain a long-term view and continue adding to positions on material weakness.