All of our strategies follow well-defined exit rules that allow our winners to run, but are fast enough to exit out of positions to lock in gains and to protect capital.  Our exit rules played out perfectly as our portfolios went from 70% allocated to 15% allocated in the 5 days prior to Oct 10, 2018 which was the start of the correction.  The small and mid-cap benchmark indexes got hit especially hard and gave back 95% of its gains that accumulated from Nov 2016, the Trump presidential win, through Oct 2018.  Our Small & Mid Cap Alpha strategy closed the year with a +18.7% gain as compared to the benchmark, the Russell 2000 small-cap index, that ended the year with a loss of -12.2%.  We are pleased with how our well-defined exit rules protected our client’s capital and allowed the strategy to book a solid gain for 2018.