Overall, I have been very pleased with Dividend Growth's performance this year. Through June 14, Dividend Growth had delivered 10.6% year-to-date total returns after fees, compared to a 6.1% return for same period for the Russell High Dividend Yield Index. (Disclaimer: Returns calculated and published by Covestor; past performance no guarantee of future results.)In the Tactical ETF, I slightly reduced our exposure to China by selling the DB X-Trackers China A-Shares Fund (ASHR) and initiated a new position in the Cambria Global Value ETF (GVAL), which is consistent with my view that European and emerging-market equities will outperform in the months ahead. Additionally, I added to our existing positions in Turkey and Russia via the iShares MCSI Turkey (TUR) and Market Vectors Russia (RSX) ETFs. Tactical ETF is enjoying a good year. Through June 12, Tactical ETF had delivered 8.2% year-to-date total returns after fees, compared to just 5.1% on the S&P 500. DISCLAIMER: The investments discussed are held in client accounts as of May 31, 2013. These investments may or may not be currently held in client accounts. Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.
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