As we embarked on 2021, our primary investment themes were the following: favour equities over fixed income, favour cyclical sectors over defensive sectors, favour small companies over large companies and favour the rest of the world over the U.S. Through the first three quarters of the year, our primary investment themes led us to the proper portfolio positioning, strong investment results and benchmark outperformance. The foundation of our investment thesis is that we are in the early stages of the next long-term economic expansion, where the corporate earnings recovery will continue, and broader economic growth will remain strong. However, throughout the long-term economic expansion, there are typically 2 to 4 smaller cycles, where growth will accelerate and moderate. In the third quarter, we began to observe signs that we are at the first cyclical peak within the long-term expansion. This increases the likelihood of a deceleration in corporate earnings growth. Broad-based economic metrics are also showing signs of moderating economic growth as we head into 2022. With a multi-year economic expansion still in front of us, we will be maintaining a growth tilt within our portfolio, favouring equities over fixed income. However, modest deceleration heading into 2022 suggests a focus on risk management and some patience with respect to investment returns will serve as a prudent approach. Notable tailwinds for the economy heading into 2022 are continued job growth, North American infrastructure spending supported by government programs and strong consumer spending supported by healthy household balance sheets. Headwinds blowing in the face of the economy will be a gradual tightening of financial conditions by central banks and less low-hanging fruit for corporate earnings growth. Looking out to 2022, we remain positive on the prospects for investment returns, however active management will be critical to achieve portfolio growth while minimizing volatility. Within the Matco Balanced Fund, our investment team continues to calibrate our asset mix while selecting strong companies poised to grow their businesses throughout the full economic expansion.