During August, the S&P 500 fell -6.4% and the PVG Loss Averse Equity Income Strategy was up .19%. The high in the market on July 20th to the low on August 25 was a decline of about -12.3% and over the same time period our strategy declined -2.4%, which is about 19.5% of the decline. We are not completely hedged, but when we believe it is appropriate, we may increase our hedge to further take out the market exposure impact.

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PVG – Equity Income Monthly Update (September 2015)