December 2023 – Tactical Income Solution Updates

Thank you for your continued trust and confidence. We would like to inform you that we have made some changes to the Tactical Income Solution portfolio last week.

We’ve increased our Fixed Income effective duration exposure from 4.5 years to 7.2 years. The higher duration change reflects our expectations of peak nominal interest rates coinciding with a weakening economy. We accomplished this duration extension primarily by shifting our short duration bonds, tickers LLDYX (or similar) and DHEIX, to longer-dated bonds, ticker SPTL. Despite the recent narrowing of credit spreads, we are still favoring higher quality over low quality bonds in today’s environment.

We have also decided to retain our balanced, 50/50 allocation, split between Equities and Fixed Income given our neutral stance towards both asset classes today. Our investment committee considered adding additional exposure towards Fixed Income, but decided against it given the balanced risk/reward backdrop. Should economic conditions change as we navigate through 2024, we will proactively alter our positioning to better protect against the downside, maximize current income, and leave ample room for additional upside capture.

You nor your clients need to act at this time.

If you have any questions, please don’t hesitate to reach out t o us. Thank you for your continued trust and confidence.

Liberty One Investment Management, LLC is a Registered Investment Advisor with the SEC. Liberty One Investment Management’s ADV Brochure, which serves as Liberty One’s primary disclosure document, is available upon request at no charge or may be obtained directly from Liberty One Investment Management’s website at An investment in any Liberty One strategy involves risk of loss, including principal, as well as the potential for gain. Before investing, consider the investment objective, risk tolerance, potential for loss of principal, fees, and expenses. Past performance is no guarantee of future results. “Recession Resistant” is a marketing phrase we use to describe several of our defensive strategies and may not be indicative of future results. Dividends are not guaranteed to be paid or increased. Diversification and asset allocation do not ensure a profit or guarantee against loss. Liberty One Investment strategies may lose value, are not FDIC/NCUA insured. Liberty One strategies are not suitable for all investors.  Liberty One Investment Management (Liberty One) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive additional information regarding Liberty One, including GIPS-compliant performance information for Liberty One’s strategies and products, contact us at 847-680-9255 or email © 2023 Liberty One Investment Management, LLC

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