May 2023 – Spectrum Updates

Thank you for your continued trust and confidence. We would like to inform you that we recently made some changes to the Liberty One Spectrum strategy. Our Investment Committee chose to sell Intel Corp (INTC) and replace it with Intuit, Inc (INTU).  

Intel (INTC) was replaced due to a dividend cut driven by the fundamental deterioration in its business and management’s plans to increase capital spending to reignite its growth. Although Intel has the margin to continue paying its current level of dividends, years of lost market share and declining business prospects ultimately led to the decision to cut the dividend in favor of increased capital spending.

Intuit (INTU) is a provider of financial management and compliance software for small-businesses, self-employed, and accounting professionals. Its products include QuickBooks, Turbo Tax, Credit Karma, MailChimp, and Lacerte. The company’s deep entrenchment in financial and accounting software for small-businesses and individuals creates a strong network effect, increasing switching costs and enabling the company to leverage its customer data to natively streamline and cross-sell products across their platform. Its high margin software business is coupled with strong growth potential to expand their markets and build a stronger platform, with its recent acquisition of MailChimp and Credit Karma. Additionally, the company expects to build a strong presence in the mid and enterprise markets that come with additional profit opportunities. Financially, the company is in a durable position, with strong cash flows and sound debt levels to continue supporting its growth while rewarding shareholders along the way with dividends and stock buybacks.

In summary, we see this change as our continued mission to generate value for you and your clients . You nor your clients need to act at this time. 

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

Released 4/18- Ben Pahl, President of Liberty One was a guest on Orion’s podcast, “The Weighing Machine,” hosted by Rusty Vanneman, CMT, CFA & Robyn Murray.

Listen as Rusty, Robyn, and Ben discuss why there has never been a better time to be a financial advisor.

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