As Much of 2022 That Fits on One Page

Market behavior is truly complex. It’s difficult, probably impossible, to establish causality between current events and day-to-day market behavior as demonstrated by this graphic. Best to avoid market timing and choose a portfolio that fits your long-term objectives.

Data from 1/1/2022
12/31/2022. Source: FactSet, Avantis Investors. Past performance is no guarantee of future results.



Consumer Price Index (CPI): A commonly used statistic to measure inflation from the consumer’s perspective. The Bureau of Labor Statistics calculates
the index from detailed consumer spending information. Changes in CPI measure price changes in a market basket of consumer goods and services such
as gas, food, clothing, and cars.

Federal Reserve (Fed): The U.S. central bank responsible for monetary policies affecting the U.S. financial system and the economy. Gross domestic product (GDP): A measure of the total economic output in goods and services for an economy. S&P 500® Index: A market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The index is widely regarded as the best gauge of large-cap U.S. equities.

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
The opinions expressed are those of the portfolio team and are no guarantee of the future performance of any Avantis fund. This information is for an educational purpose only and is not intended to serve as investment advice. References to specific securities are for illustrative purposes only and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered constitute our judgment and, along with other portfolio data, are subject to change without notice.

Registered Representative and Financial Advisor of Park Avenue Securities L LC (PAS). OSJ : 5280 CARROL L CANYON ROAD, SUITE 300, SAN DIEGO CA, 92121, 619-6846400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of Amer ica® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. L IVING LEGACY FINANCIAL INSURANCE SERVICES LLC is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of Wes tPac Wealth Partners, L LC. CA Insurance License Number - 0F64319, AR Insurance License Number - 9233390.| 2023-148875 Exp. -1/25 | This article was written by an independent third party. It is provided for informational and educational purposes only. The views and opinions expressed herein may not be those of Guardian Life Insurance Company of America (Guardian) or any of its subsidiaries or affiliates. Guardian does not verify and does not guarantee the accuracy or completeness of the information or opinions presented herein.