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https://www.aim13.com/new-blog/2025/6/3/aim13-commentary-2025-q2-jt5pd monthly 0.5 2026-01-08 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/b99fe9f0-03a4-4183-a99b-57b5a469c60a/AIM+Q3+2025+Letter+1.jpeg PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: AIM13; ChatGPT https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/60ca54fc-416e-4a11-a387-ef52a76723c2/2.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/cbc47fbb-0545-4644-9cdb-9de3892653fc/3.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: Bloomberg https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/c42e493e-310c-4954-ad9a-0b11693a96f0/4.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/12d73e33-7662-4598-93fd-84d2a083b519/5.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/03cc8648-ab64-414e-8755-dd2dd7bcb267/6.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: Prof. Robert Schiller, Wall Street Journal, Nov. 4, 2025 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/944ed365-cb61-4b95-9ef0-8aa96eedbc97/7.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: Charlie Bilello https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/2931007c-86d9-431f-b9ef-b1ebd5e44b8d/8.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: The Kobeissi Letter https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/c39c4cc8-6298-4a8d-9dcd-e352e7881908/9.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q3 - Make it stand out Source: Bank of America https://www.aim13.com/new-blog/2025/6/3/aim13-commentary-2025-q2 monthly 0.5 2025-09-23 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/9eb86eaa-7b51-49b5-9a1a-bf1978eddd47/1.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q2 - Make it stand out Source: Pitchbook, Morningstar https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/c974ae63-ef57-4885-88f0-d008f7823780/2.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q2 - Make it stand out Source: Deutsche Bank Research https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/ca3cd3aa-0d14-4d6a-853a-f709d383fa8b/3.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q2 - Make it stand out Source: New York Federal Reserve https://www.aim13.com/new-blog/2025/6/3/aim13-commentary-2025-q1 monthly 0.5 2025-09-23 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/52497bcf-aba8-454a-a0e8-d0a5cddf9f1d/Screenshot+2025-06-03+163835.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/ea210c9d-0928-407c-8004-be90b2db4a77/Screenshot+2025-06-04+104615.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/f79e0223-41b5-4256-acd6-141c71db3dd0/Screenshot+2025-06-04+105318.png PAST INVESTOR LETTERS - AIM13 Commentary - 2025 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aim13.com/new-blog/2025/3/11/aim13-commentary-q4-2024 monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/c402b7f0-931d-4251-9312-8eea33274968/1+margin+debt.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q4 - Make it stand out Source: Barron’s https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/8e84f025-1402-485c-8b52-fcf55b7a5e00/2-interest+rates.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q4 - Make it stand out Source: @JamesEagle17 on LinkedIn; St. Louis Federal Reserve https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/cfe39259-ca08-4307-9e66-de95dc74467f/3.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q4 - Make it stand out Source: Factset, BofA US Equity & Quant Strategy https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/0ab2fdab-328a-4ce3-8072-e5d4f3b160b6/4.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q4 - Make it stand out Source: McKinsey & Company, State of the Phish Report, Proofpoint 2023 https://www.aim13.com/new-blog/2024/6/25/aim13-commentary-2024-q1-pch5a-zsaea monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/12ab7111-c770-4200-b566-794372bd6603/Screenshot+2025-01-10+102733.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q3 - Make it stand out Source: Charlie Bilello, Conference Board via LSEG; monthly data https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/3a51e2b1-7b8d-4fd4-95c8-aab6d44ee37a/Screenshot+2025-01-10+103254.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q3 - Make it stand out Sources: **Heck, Simons, and Chabris 2018 study (https://pmc.ncbi.nlm.nih.gov/articles/PMC6029792/); ***American Automobile Association (2018); data published by Schwab in Omar Agular’s “Overconfidence Bias” https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/595f0460-6c57-470e-a3c6-b36137d289c5/Picture1.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aim13.com/new-blog/2024/6/25/aim13-commentary-2024-q1-pch5a monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/4b06be4b-8b41-4394-94e3-f3c423149512/pic+1.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q2 - Make it stand out Source: ABC News, using data from U.S. Department of Treasury https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/02c7dad7-3be6-41c6-97d6-57294e957fd6/pic+2.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q2 - Make it stand out Source: The Economist https://www.aim13.com/new-blog/2024/6/25/aim13-commentary-2024-q1 monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/46e2bb15-670c-4819-b557-b262cf975e83/Screenshot+2024-06-25+155236.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: UBS based on Pitchbook Date (2024) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/8f31d0a9-cb2f-4986-b31e-50f643f0ca0a/Screenshot+2024-06-25+155518.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: New World Advisors, based on data from Cambridge Associates U.S. Buyout Index. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/b64f06ea-d2b6-4472-a6c1-8716ccd9b350/Screenshot+2024-06-25+160735.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: Bloomberg, as of March 31, 2024, as republished by Oaktree Insights, 1Q 2024. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/6ee77121-5e7f-48f7-9e37-dcbfdff89fa3/Screenshot+2024-06-25+160907.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: JP Morgan First Quarter Review (2024) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/3a773190-591e-40e4-8006-da38ee46a4a5/Screenshot+2024-06-25+161304.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: Goldman Sachs Global Investment Research https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/03b6ff1f-ca3f-444a-9736-1d20652f5f08/Screenshot+2024-06-25+161442.png PAST INVESTOR LETTERS - AIM13 Commentary - 2024 Q1 - Make it stand out Source: New York Post (Feb 21, 2024) https://www.aim13.com/new-blog/2024/3/15/aim13-commentary-2023-q4 monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/9fb97b05-d614-4f8c-a46c-84694058000b/Screenshot+2024-03-15+093913.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q4 - Make it stand out Source: The New York Times, 10/29/23; based on data from U.S. Customs and Border Protection; by fiscal year, from October 1 to September 30; only encounters between ports of entry are shown. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/b6eb8cbc-8b56-4ba1-b95e-278e8af1e7f5/Screenshot+2024-03-15+094153.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q4 - Make it stand out Source: New York Post, 2/22/2024. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/219fde4c-31e0-4773-8f3a-c44a3b92076a/Screenshot+2024-03-15+094258.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q4 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1b8ae46b-e59b-4d5f-9b40-ec3fe539df00/Picture4.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q4 - Make it stand out Source: Politico based on data from U.S. Energy Information Administration 10/16/2023 https://www.aim13.com/new-blog/2024/1/4/aim13-commentary-2023-q3 monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/2aa8e4ca-25ef-4e6c-9d2b-a6985bfd0793/1.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q3 - Make it stand out Source: Carta https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/3df9127a-409e-4a12-93e8-39b662a1ee7f/Picture2.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q3 - Make it stand out Source: Wall Street Journal based on Pitchbook Data/LCD https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/99a0a632-7f5e-42f9-b5a1-99f41a0b9bfb/Picture3.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q3 - Make it stand out Source: JP Morgan Chase Institute https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/71de4be9-ab9c-47a8-a35f-409345a16382/Picture4.png PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q3 - Make it stand out Source: CME Group https://www.aim13.com/new-blog/2023/8/29/aim13-commentary-2023-q2 monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/ed4f1d25-bc7b-42af-9b01-1ec96bfa3c16/1-seven.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/03580fe9-be91-4cdd-b650-f984913a8b11/2-lion.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/768bcc0d-02da-48c3-981d-a5103262b3b0/3-office.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q2 - Make it stand out Source: Cushman & Wakefield, FDI Intelligence https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1dd355db-4429-422f-a7eb-4cccc208b018/4-student+loans.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q2 - Make it stand out Source: Financial Design Studio https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/fdfba277-0fd9-4284-9ea5-4f88eee87774/5-household+debt.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2023 Q2 - Make it stand out Source: JP Morgan https://www.aim13.com/new-blog/2022/12/1/aim13-commentary-2022-q3-j6fgl monthly 0.5 2023-03-17 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/0ff28c3c-d0e7-4e5d-bc60-f3b59e4faa96/1.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q4 - Make it stand out Source: Goldman Sachs as of 12/31/2022, based on data from SPDJI, Goldman Sachs Marquee Connect, investor letters provided to the Goldman Sachs Capital Introduction team, and HFR. Prevailing rate refers to 3-month ICE LIBOR annualized rate; equity returns refers to MSCI World TR; equity dispersion and correlation refer to S&P 500 realized intrastock correlation & dispersion; equity L/S alpha calculated on an equally-weighted basis using Jensen’s alpha methodology: Equity L/S returns minus beta-adjusted equity index returns minus risk free rate. Calculations are based on prevailing rate by month and then annualized. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/35a8c8a7-520c-49af-aa5f-ee5cbc702dbc/2.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q4 - Make it stand out Source: JP Morgan as 11/30/2022 based on data from FactSet, HFRI, U.S. Department of Labor, and J.P. Morgan Asset Management. All hedge fund returns are from HFRI Composite Index. “High” inflation is defined as any year-over-year headline CPI reading above the historical median, while “low” inflation is defined as any y/y headline CPI reading below the historical median. The historical median y/y headline CPI for the period 1991 through October 2022 is 2.46%. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/84bbf079-d8e2-499a-9b46-d9ccefc14a85/3.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q4 - Make it stand out Source: Deutsche Bank https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/7633be06-d34b-47eb-aada-fc1fdff368c4/4.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q4 - Make it stand out Source: Bloomberg, Mortgage Bankers Association https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/efe305ad-d1f8-46ff-bd76-779e4f463c04/5.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q4 - Make it stand out Source: Vanguard https://www.aim13.com/new-blog/2022/12/1/aim13-commentary-2022-q3 monthly 0.5 2022-12-02 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/d04016cf-740e-4773-97ba-7b64550e3522/1+-+man.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/27641428-5d93-481b-8c43-3cb404febb39/2+-+man.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/9d9bad95-1ffb-482f-a6ea-a9e8b4c81e9f/3+-+nasdaq.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/a6ee865b-1ed6-472f-bc07-7a49fd684204/4+-+blue+chips.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/2a2a4aa5-705d-4b53-981f-ea854ede6fdd/5+-+mortage.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Source: New York Times, October 27, 2022 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/28776667-e527-4eac-8b73-caad66274315/6+-+consumer+loans.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Source: Federal Reserve Economic Data https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/ad30e955-dc41-4e9c-9bf5-b0032c9bc019/6+-+reserve.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q3 - Make it stand out Source: Reddit https://www.aim13.com/new-blog/2022/8/29/aim13-commentary-2022-q2 monthly 0.5 2022-08-29 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/54794c0e-4e47-4d5b-b249-ff1fec794a2e/1-reality.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/c018e7bf-5b23-4ba1-93fc-fd0d00bde48d/2-quilt.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: Blackrock, as of July 1, 2022 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/7f13bc72-b6ee-4c2f-b642-10fedcd62aea/3-down+performance.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: UBS, using Bloomberg data (June 2022) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/7d7d97a3-0651-41fa-88ad-f0b06b96bf01/4-baltic.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: Carlyle, May 2022 (using Bloomberg and Census data) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/4afeb97d-2eb5-4f61-a3d1-8091741f1b6a/5-wages.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: The Washington Post, July 17, 2022 (using Bureau of Labor Statistics data) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/25bfc636-868a-4bb2-a082-be9ca04cc272/6-pe.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/e9bd0920-1f2b-4c64-95ca-dd9b5450744e/7-loans.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: Wall Street Journal, July 16, 2022 (based on S&P data) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/27e046db-a5a8-47c2-ac6d-721c0e4a78e7/8-loans2.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Source: S&P Global based on Leveraged & Commentary Data; data is rolling 3 months through July 31, 2022 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/edb1d2ac-b985-478a-849e-28507315c161/9-drones.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q2 - Make it stand out Bloomberg Businessweek, July 25, 2022 https://www.aim13.com/new-blog/2022/5/26/aim13-commentary-2022-q1 monthly 0.5 2022-08-25 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/30202726-b36f-4567-9561-c3ff0be7ef84/1.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/19a3f2f0-0a17-44ce-989a-78976c3bf216/2+-+black+white.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: Jon Adams, The New Yorker https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/0bf96740-edc4-4191-8374-ebed7efb3732/3+-+chart.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: University of Michigan (2022) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/87bf75ad-b7be-456a-a14d-4c869f4af2bd/4.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: Bank of America https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/cb6bd073-b134-4183-9764-481271aff13d/5+-+bird.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: Bloomberg, as reported by Doomberg.com, March 26, 2022 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/64f6e633-9b91-42f4-b64c-b8696bd0dddd/6+-+oil+%26+gas.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: U.S. Energy Information Administration, Yahoo Weekly https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/2efc756c-2e0a-4bf3-9bec-7aa51fcad6aa/7.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: Pitchbook; bars represent the fund count, line represents deal value (capital raised), yellow dot is the current amount raised in 2022 as of May 5, 2022. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/df4b1d0f-f99e-410b-8383-daa9d8347b22/8+-+pitchbook.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2022 Q1 - Make it stand out Source: Pitchbook https://www.aim13.com/new-blog/2022/3/11/aim13-commentary-2021-q4 monthly 0.5 2022-03-11 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/314396a1-dc34-4530-80b3-fb17eb1d6649/1-high-water+mark.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q4 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/04dd7a2b-ff59-470d-88d6-f2adbc56effd/2-IPO.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q4 - Make it stand out Source: The Wall Street Journal, December 29, 2021. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524598310796-BYLMZIXQX65P23JZ6RZY/NegNumbers-01.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q4 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aim13.com/new-blog/2021/11/23/aim13-commentary-2021-q3 monthly 0.5 2021-11-23 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/30526dcc-849c-408b-98dd-fda63f8c4126/1+jaws.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/e4d88dae-973e-4f49-a197-17c8e703432b/sp500.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/0311a39c-cafd-4b0f-82d6-c14151db8419/2+hedge+funds+private.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q3 - Make it stand out Source: Goldman Sachs https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/caa325dd-7577-469d-b95b-859c416f2d77/3+stocks.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q3 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/f05327d8-7209-46b1-8479-a186d5a52ba8/4+breakfast.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q3 - Make it stand out Source: Financial Times https://www.aim13.com/new-blog/2021/8/26/aim13-commentary-2021-q2 monthly 0.5 2021-09-27 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991007410-NXIJG5KDOYBFLJTGBTG1/1-ernest.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991027426-UJY2K1NSRDSJ7XN0MJVM/2-reacting+responding.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991872215-CYFVPIUBQ4AP6911799Q/3-heavily+shorted.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991893775-0OMFGEL8RW83O3LN7WV5/4-shortinterest.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Source: SentimenTrader and Portfolio123 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991938592-YNI06WNZ61PQY9B5WO9Y/5-we+need+shorts.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Bloomberg Businessweek, June 26, 2021 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629991973534-4JFUZ1HZQTOS9CINHUY0/6-secondary+market.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Source: Bloomberg, Sundial Capital Research, June 27, 2021 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629992009970-1TSPK9VFDPRCT6LHNTGT/7-junk+bond.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Source: Bespoke Investment Group, as reported by the Wall Street Journal, July 9, 2021 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1629992052704-W3T4W5GSFHSI64R195YW/8-percent+change+consumer.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q2 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aim13.com/new-blog/2021/5/20/aim13-commentary-2021-q1 monthly 0.5 2021-05-20 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621538530389-3IGJJ1UCQPNVECFFFI2N/1+-+FIREHOSE.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621538463414-M7B5YGMBYLVQ6LDXLQQI/2-information+overload.png PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621539028595-ILMS9ULKEV8CVO1SIS3O/3-return.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621539223162-EPNN0HJ3F7E4S6WAEIDE/4-short+interest3.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621539259387-QF6XE1A1P0YR6OIM92K6/5-bears+disappear.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621539584748-N0QAG1E2PENF7GFF7EV7/covenant2.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1621539393712-DQC298OVKWESKI7SFW9O/7-lumber.png PAST INVESTOR LETTERS - AIM13 Commentary - 2021 Q1 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aim13.com/new-blog/2020q4 monthly 0.5 2021-03-01 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1614614778287-3HZGEOP7M6POZJ3I7E52/1-+info+sources.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1614615417271-IPYPNXR6PRB0BQZ2YGKP/2-400.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1614615446859-AUJ99GAVRQ59UKPNZ0TX/3-+options.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1614615485662-RC4KATN9PXVETOQMQ7VO/4+-+ipo.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q4 https://www.aim13.com/new-blog/2020/11/20/aim13-commentary-2020-q3 monthly 0.5 2020-11-20 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1605883511970-2KQWBLV3EB01BSMM7VM7/thomas+edison.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1605883850085-09FXLRZO9A8IVESP8GMM/kodak.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1605883931131-8MEWUI5NK45CGAOV0RAB/internet.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q3 Source: Visual Capitalist, August 11, 2020 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1605884030567-468WENBLAAQ5XL5JREN8/engine+market+share.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q3 Source: Gs.statcounter.com https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1605884119514-TZAQQM6T2HGZU6VV4QIL/interest+rate.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q3 Source: Duff & Phelps https://www.aim13.com/new-blog/2020/8/13/aim13-commentary-2020-q2 monthly 0.5 2020-08-13 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328131910-IJK1J4Z299KCGSXPIIP0/1+-+indice+performance.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328166242-XNKTAQ0CB5U6RWZV8JQZ/2+-+pic.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328301409-WDZV5L6G6ZD1L82021T2/3+-+lion.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328431889-BDU7SJBYOL6WRYJFVJGF/4+-+long+short+spread.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 Source: Novus (January 1, 2001 – June 30, 2020). Representative of the iShares S&P 500 Index returns. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328507244-BAXP6M72EE0R3YJPMYAJ/5+-+time+cover.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328567022-5CBPFZMSIMYLXUY68H78/6+-+economic+activity.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 Source: Bridgewater Associates, Daily Observations, August 6, 2020 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328603999-WYAHK8MJ409YU1AF06QU/7+-+sp500+stocks.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328636657-TEVTRNBR0FRLPV9WE88K/8+-+sp+outperformance.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 Source: Zerohedge and Gerard Minack, Downunder Daily https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328669030-GXUYQ70KT9VZTEU6Q7QX/9+-+wilshire.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1597328704728-J7M8C1FOBNVH9SNTQGLQ/10+-+tesla.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q2 Source: Financial Times https://www.aim13.com/new-blog/2020/4/29/aim13-commentary-2020-q1 monthly 0.5 2020-04-29 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162111224-DAPIDCN0K3MOH630WJQX/s%26p.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162004436-KOL1FX3B4XBMRA2S7OSJ/hf+industry.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 Source: Barclays https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162268219-K0IWO075877PGTYE0HLR/winston.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162411978-YSKAFYEQJVNIE7D6YARU/text.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162833395-VJFSA5HIQI6BB5PQB8HB/jobs.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 Source: Deutsche Bank https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588162960966-UYVX8764CWXGE7QAGPZM/loans.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 Source: Forbes, April 16, 2020 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1588163066943-FMND948ZXP7HCRAR4442/oil.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2020 Q1 https://www.aim13.com/new-blog/2020/2/13/aim13-commentary-2019-q4 monthly 0.5 2020-02-13 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581630829164-M0FY8ROASOSDMHNFYP11/1+-+control.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581630859714-A7QPKFT61IIG6ZOCWQ5H/2-graph.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 Source of Graph: J.P. Morgan Asset Management https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581630879852-BVMKYAN8WOTXKRTUVTOK/3-amazon.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581630896752-SM2YS8IRXS4MXWJPDMF6/4-49ers.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 Source: MSN.com https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581630997216-N77S3SILIC1TVMQN5W4U/5-ransomware.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 Source: Bloomberg https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581631019639-R5XR7OC3WR8AE40EAHMI/6-retirement.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 Source: Economic Policy Institute https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1581631040103-2EWB4EZN08UHFVR3627N/7-china+bonds.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q4 Source: Bloomberg https://www.aim13.com/new-blog/2019/8/30/aim13-commentary-2019-q2-jy2rw monthly 0.5 2019-12-06 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1575594520226-B9W8CCN2X3JECWPVG4X3/lethalweapon.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1575594945533-DWX27SK8ZOQ04JD60B87/levloan.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1575595037996-QU5IGNCQZUM92LJSL4LF/negbond.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q3 https://www.aim13.com/new-blog/2019/8/30/aim13-commentary-2019-q2 monthly 0.5 2019-12-05 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1567174675929-C27JTELFX1GZ74B763UL/plane.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1567174843133-5CO6TCDJUIHA3P104GEE/economist.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1567174932539-QP5RIY8OLSMX12SD5P4V/china.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q2 Source: Wolf Street https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1567174977031-4NLZ4A2R5PMBZU5FD2Y8/corp+bond.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q2 Source: Bianco Research; Bloomberg https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1567175101293-OUCJHWBYWPBAL5UJIEJL/manhattan+homes.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q2 Source: Skenderbeg Investment Management; Deutsche Bank https://www.aim13.com/new-blog/2019/5/31/aim13-commentary-2019-q1 monthly 0.5 2019-06-04 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1559325435691-YMCE1OZ2TQGP5J1D6ID4/lady_airplane.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1559325667906-3ZU9VYUE2EFQATO58OD1/umbrella.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1559325993788-ESIEYSNK6H385DXMCR4B/household_debt.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1559326056329-6LDNJN1EAJ59LYF3PUHK/ransomware.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1559326126189-BWO5KNB2IOHKSHVGETFY/drones.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2019 Q1 https://www.aim13.com/new-blog/2019/2/28/aim13-commentary-2018-q4 monthly 0.5 2019-02-28 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551368140414-BWC654QA99FRCGYB6831/oct+table.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551368187878-MYU7ICAL1Z3GXKER791S/worstQ4.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: OddStats https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551368214592-47VG47XHA94K1KJSD4XT/s%26P+intra.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551368234304-6IA4165NT3W2ZBXHB6L6/s%26p500+sectors.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: Visual Capitalist; FactSet https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551368267697-9LBXKQCB8MU1OGYY07KZ/global+equity+total+returns.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: Charlie Bilello https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369733276-X30J436A76Y9OV5UZ2D2/qatar.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: Novel Investor 1/6/2019, Morgan Stanley Wealth Management https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369763968-4IDE86AGF5EDQIDE1MT0/consumer+confidence.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: CNBC, Bespoke Investment Group https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369791708-UO1VPQPE7QXQ8ILEC7HW/outflows+active.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369816850-2TC27PX8EJ23S6KX44YN/loans.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: Thomson Reuters https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369842741-AWCUPVSC85AJHPBNE5W5/low+correlations.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: UBS https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1551369863934-59CYHOCGXWBA69BPLM1U/fed+funds.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q4 Source: Wall Street Journal https://www.aim13.com/new-blog/2018/12/4/aim13-commentary-q3-2018 monthly 0.5 2018-12-04 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543949331768-88ZONBFVTTOLVDDQCHYF/1+-+cartoon.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543948559437-E0DVELX4M76ZXUC74BZT/2+-+asset+class.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: Bloomberg, Morgan Stanley Research; Annual returns computed minus US headline inflation. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543948628745-9J2E2OQ2T8WPNDNHJN1R/3+-+emoji.JPG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543948692041-E5YCJR3FDMSCKUJOWE7Q/4+-+buy+and+hold.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: Zerohedge https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543948784581-NWVBK1WHDUG232XL1NH4/5+-+rolling+10yr.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: Cresmount Research https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543948936401-9DU0ZNRBBVELDWK9G75C/6+-+covenants.png PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: IMF using Moody’s data through 3Q 2018 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543949049372-MRVE6ESR9H8ZAGXPZIMM/7+-+consumer+credit.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: The Investors Podcast https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1543949116919-ZQOIHVMVPPKQ3NQML4IO/8+-+truck+drivers.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q3 Source: American Trucking Association https://www.aim13.com/new-blog/2018/8/20/aim13-commentary-2018-q2 monthly 0.5 2018-08-20 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788115495-H2UM6VOOCXKV6SIO7W34/20%25+decline+chart.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788415020-QTIY70UPKBTBMI1YCZ9M/boat+land+cartoon.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788488981-U1CZN7Y1YJ4QOYCJGKA3/long+short+eq.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788528356-6G99A0HP63M3ERAB9BLW/hedged+strategies.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788589127-MA5II2I5QMOWFAI4JYBV/doc+compare.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788636495-P3NUMA9IKPMFZ4I3R7SX/s%26p+stocks.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788662172-G2RAX5CFC7N57LPSVB2D/nasdaq.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788686753-V1TFT345L7HET5RZC3EX/margin+debt.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788712354-N04YEMSOOFLP4BXTK4P9/unemployment.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788734797-T6S7L2AO4GJI4ARYL72Z/credit+card.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1534788755447-FYZMY2LCORXJP8MC3M4K/facebook.PNG PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q2 https://www.aim13.com/new-blog/2018/5/21/aim13-commentary-2018-q1 monthly 0.5 2018-05-21 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526924791103-VWFUX22WICARGWFGRNI1/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526924862497-39ZOQRXDBDAJR75E8LQH/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526924895676-MN3URSCIXBVC6KYAO18C/3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526924949268-VCUIWKTU83T73S93ZH0O/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Moody’s https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526925075244-0B87ABPCT8RNDK2A959E/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Congressional Budget Office, Peter G. Peterson Foundation https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526927065289-Q9F7ETRI5AJ4Y2F37TGY/Screen+Shot+2018-05-21+at+1.23.25+PM.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Financial Times, ICE BofAML Indices https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526926110521-3CFDM46JPPA7R55W77EN/7.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Haver Analytics, Gluskin Sheff https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526926081593-D9NB3XL8EX26JRHV04P7/8.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Zerohedge https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526926952908-L7Y3GV68FY3HM2JVZRI8/Screen+Shot+2018-05-21+at+1.17.03+PM.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Wolfstreet.com, American Bankruptcy Institute, Zerohedge https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526926970037-VVDW8FYLN9GIFYL58VXK/Screen+Shot+2018-05-21+at+1.16.28+PM.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2018 Q1 Source: Sentieo https://www.aim13.com/new-blog/2018/4/26/alternative-investment-management-llc-3 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847481016-SSG5H02CIBVJQMICDRWV/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847501362-FE6KII1X8X7VW8GDDIBM/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Yardeni Research, Inc., Stock Market Indicators: Bull/Bear Ratios, February 7, 2018 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1525185698327-JC0R8817SOFORY6Z619H/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Bloomberg BusinessWeek https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1525185711983-B31ZDH4GZE4SBXHV8JY3/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847556704-7D9Z88318X32G7FOA0N1/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Schroders Global Investor Study 2017; US Investors. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847580868-506XWX8XPXJ8NP507POR/6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847607869-LBMC5KOJCM2JQS1J6ZKG/7.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: The Long View https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847624954-B81O1NTIM5YTT19TEAT6/8.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1525186201859-HT9WYYEHP6UCTRQFSPBV/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Seeking Alpha https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847658075-R6UW6U1OSFPHB8IMA9K8/10.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Pitchbook 3Q 2017 US PE Breakdown, data is through Sept. 30. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847683325-LW2GNM6V8SJ66WJEBDE3/11.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524847703930-I8FANUK8346Y61FNQSRI/12.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q4 Source: Seeking Alpha, as of January 26th https://www.aim13.com/new-blog/2018/4/26/alternative-investment-management-llc-2 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524779489735-4M2QIHYVTN4YCP4SH2HS/image-asset.jpeg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524779505403-DQ0DT9PEMHKWG5CJUAS4/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q3 Source: Goldman Sachs https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524779529965-5C3J8MEP242JK1X3F8YO/3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524779554889-JFKK3FUI7FZ1XBKLBQDN/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q3 https://www.aim13.com/new-blog/2018/4/26/alternative-investment-management-llc-1 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1526350398032-E8BORF1G40A2A1XOK778/Screen+Shot+2018-05-14+at+9.08.39+PM.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778264624-WGIP2KO5KD53E5DNBZHS/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778303900-97CK4KK6UHMNI4C75EAJ/3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778339053-ASAIHLRQBCUS6WXJSPVJ/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778493363-KB4VKDIGGSJL0LTPV6GD/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778528889-8NED3XX6IHTW67J35G3L/6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778552208-Q5FWGOUMM5TT5R09OGFC/7.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524778575168-AK9VGVJBUFTHUZWPRUNP/8.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q2 Source: 8 Common Biases That Impact Investment Decisions by Brad Sherman, Investopedia https://www.aim13.com/new-blog/2018/4/26/alternative-investment-management-llc monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776455837-ZBCIU22R957BXK8EP4IP/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776475242-5JJ1EEFF6IURYK7HDHG0/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776495553-F1FM2NGXEKSEJXHPUS4L/3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776516692-VX3L5MWMCUOPXO6RI5VA/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 Source: Federal Reserve, Federal Reserve Bank of New York https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776538901-F4RO8M4Z6RVDBKPBM2OR/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 Source: The Wall Street Journal https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524776562913-VWAOFT2MTCETX4CLG2OQ/6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2017 Q1 https://www.aim13.com/new-blog/2018/4/25/rebel-industries-llc-2 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524673986005-PI8539Y9BQXSIHWEC6W4/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674018632-8PFOWRTQ0X332SGDRCPB/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 Source: J.P. Morgan Asset Management https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674707124-ER9R9ZHFDA2S1D732PR9/3a.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674128055-M9RJXW3F2PBCRV8666IL/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674155192-EVEMZ0ZP2KRIISDJJ78E/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 Source: Real Investment Advice https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674182474-QMPYOPL37PYH1AHTWQZR/6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 Source: Business Insider https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674207444-9BDZH277ZQMHHM6FIPJT/7.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 Source: Bank of Canada https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674237610-1ONXJFWIRN6MYG3I5U96/8.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674276779-JL7A6SPU8OG12O5IA6RK/9.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524674299238-XYD3YKQMACDX9Y4MC67R/10.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q4 https://www.aim13.com/new-blog/2018/4/25/rebel-industries-llc-1 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671352069-LF5IV51RE34YSX4W44X6/1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671394365-7TTVYHOD476O2SH3TLX8/2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 Source: Barron’s, Nomura Securities https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671421862-PCJWKSL0RV25YOX7511I/3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 Source: Alternative Investment Management; J.P. Morgan Asset Management https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671448331-TRBLS8H0GN9F2RR85OQT/4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 Source: Wall Street Journal, Federal Reserve, and the BEA. https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671480182-HBV1383HE3TY67W6YH0C/5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524671511333-65G2SYYAWRJ4Z547IU8V/6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1525365798097-K5SRMX77KV3T6UL2SYDY/Deutsche+bank+missing+pic.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q3 Source: Deutsche Bank https://www.aim13.com/new-blog/2018/4/25/rebel-industries-llc monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667211318-Q8RBE4S35XSXTR7CYEPM/Photo+1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667245167-HUXMX1I49A5MCXCBM61H/Photo+2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667324533-HB2VHQR7JC31X4F06WFF/photo+3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 Source: McKinsey Global Institute (May 2016) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667446131-0ZTXX2TGMGRHEZKTDHU8/photo+4.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 Source: GMO LLC (as of July 31, 2016) https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667655720-8GJB50CK0LN96SICQ616/Photo+5.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667751414-AMFZI7NSZEOF2V6WPIDC/Photo+6.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667818730-RQ42U7N0PVE9B1F131PE/Photo+7.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524667860941-WOI2W1LX7HKHZHQRGOFE/Photo+8.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q2 https://www.aim13.com/new-blog/2018/4/24/rebel-industries-llc-1 monthly 0.5 2018-05-15 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524600280862-AF9KBGXTL9AVWZEXQX1C/Photo+1.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q1 https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524600461470-RSNSVPDFUK6PG8S17UON/Photo+2.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q1 Source: Milken Institute, Citi Research, Factset, Citi Fixed Income Indices https://images.squarespace-cdn.com/content/v1/5abd1fe30dbda368002074dc/1524600551050-XVNJ089G9GG13FICW0ZM/Photo+3.jpg PAST INVESTOR LETTERS - AIM13 Commentary - 2016 Q1 Source: J.P. 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