PARTICIPATION
Seek meaningful participation
when market conditions
support investment opportunity.
NAVIGATION
An Actively Managed U.S. Equity
Investment Model
Designed to pursue long-term capital appreciation
in the U.S. equity market and to outperform the S&P 500
over full market cycles by adjusting portfolio exposure
as market conditions evolve.
Markets Change.
New Opportunities Emerge.
New Opportunities Emerge.
Participation. Adjustment. Flexibility.
ADJUSTMENT
Increase, maintain, or reduce
market exposure as the balance
between opportunity and risk
changes.
FLEXIBILITY
Maintain the ability to
reposition capital as market
conditions evolve.
If Markets Continually Change,
Should Portfolio Exposure Remain Unchanged?
Navigation was developed around a simple principle:
As the forces shaping the market change,
portfolio exposure should be capable of changing with them.
Before deciding how to navigate the market, we first ask how the market moves.
Performance Since Inception
March 1, 2021 – September 30, 2026
180.99%NAVIGATION
117.42%S&P 500 TOTAL RETURN
NavigationS&P 500 Total Return
Chart based on quarterly performance records; final values are reconciled to Merrill account records as of September 30, 2026.
Past performance is not a guarantee of future results.